Latest HITs: Nobu, Plaza Athenee mashup; Meliá conversion; Rimrock Resort trades

Nobu, Plaza Athenee mashup. Thai real estate developer Asset World Corp Public Co. (AWC) and Nobu Hospitality are extending their existing collaboration to redevelop and rebrand as Plaza Athenee Nobu Hotel and Spa the existing, AWC-owned Hotel Plaza Athenee New York and a special EAC building located by the Chao Phraya River in Bangkok. Both hotels are scheduled to open in 2026. The announcement marks Nobu’s first hotel in New York City and follows an exclusive agreement AWC signed with Nobu Hospitality in July 2022 to open the first Nobu restaurant in Thailand by 2023 on the top floor of The Empire, AWC's flagship lifestyle mixed-use office complex located in the bustling central business district of Bangkok.

Canadian resort trades. Oxford Properties Group, alongside an existing institutional capital partner, has acquired the 330-room Rimrock Resort Hotel on Sulphur Mountain in Banff National Park in Canada for C$170 million. Oxford, the real estate arm of the OMERS pension plan, plans a “comprehensive top-to-bottom renovation” with Accor newly signed to manage the resort. The renovation due to be completed in 2024 will be part of a “significant investment” of up to $100 million by Oxford and partner but the hotel will remain open throughout. Oxford already owns the Fairmont Banff Springs, Fairmont Chateau Lake Louise, Fairmont Jasper Park Lodge and Fairmont Chateau Whistler hotels in Western Canada.

Anantara to NEOM. Minor Hotels, Bangkok, will expand its luxury Anantara brand in the Kingdom of Saudi Arabia with its 2026 debut of a 270-key hotel in Trojena, the year-round mountain destination in NEOM that will be home to the Gulf’s first outdoor ski resort. The Anantara resort will be located in the Water Village, part of the Valley Cluster of Trojena. Trojena is planned to complete and welcome visitors and new residents in late 2026 and will host the Asian Winter Games in 2029.

Meliá conversion in Costa Brava. Meliá Hotels International has signed a new 200-room hotel in Lloret de Mar, bringing the company to one of Spain's most outstanding holiday destinations - the Costa Brava. The Gran Hotel Monterrey, in the coastal town in Girona, will be renovated and adapted to the Meliá Hotels & Resorts brand thanks to the agreement between the hotel and the property's asset manager, Okami Hotels. The future Meliá Lloret de Mar is expected to open in the second quarter of 2024.

Opportunity in Singapore. JLL research suggests Singapore’s co-living market has the potential to expand by close to 3,000 keys by the end of 2023, building on the 9,000 rooms currently managed by 20 active co-living providers. COVID-19 induced housing construction delays, the combined effects of increasing property prices, rising interest rates and residential property market cooling measures have channeled housing demand into co-living. According to over 30 domestic and international investors surveyed by JLL, approximately 80% of respondents indicated that they had invested or are interested in investing in co-living real estate in Singapore. JLL analysis revealed that family offices and high net worth individuals are most optimistic about the sector and are particularly drawn to co-living as a means of stable income and portfolio diversification. According to JLL, 40.7% of the investors surveyed indicated their preference to co-invest in real estate with operators to mitigate risks and align interests.