Breaking news about M&A, development, data and more.
Chinese outbound
travel grew in 2023 but still lags. Chinese foreign
travel grew 11 times in 2023 compared to the year before but still lags 59%
below 2019 levels, according to China Trading Desk. The survey found that 30.7 million people traveled to
the top 20 locations outside of China, significantly up from the 2.67 million
in 2022. Those numbers are still dwarfed by the 74.4 million who left the
country in 2019. And Chinese travel to the U.S. still lags behind. In 2019,
more than 4.4 million Chinese visited the U.S. Last year, that number was
439,000. The survey also forecasts a 50% increase in travel for 2024, including
a prediction of more than 1.3 million Chinese visiting the U.S.
IHG bringing Garner brand
to Japan. IHG Hotels & Resorts will
launch its Garner brand in Japan, marking the first deal outside of
North America for the midscale brand. IHG and Axe Management Partners signed a
letter of intent to add three conversion hotels in Osaka that will open in the second
half of 2024.
Margaritaville resort to anchor 3,100-acre Texas development. A few days after a Hard Rock hotel was announced just across the border in Oklahoma, a huge 3,100-acre development that will be anchored by a Margaritaville resort has been announced. McKinney, Texas-based Craig International is partnering with the Choctaw Nation of Oklahoma, N9 Capital Partners and Dave Johnson, founder and former CEO of Plano, Texas-based Aimbridge Hospitality (who is now CEO of Horizon Capital Partners) on the Preston Harbor development on the Texas side of Lake Texoma that will be anchored by a $100 million Margaritaville resort. The 250-key Preston Harbor Margaritaville Resort will begin construction later this year.
Hilton has historic fourth quarter. Hilton ended 2023 with its strongest development pipeline in history and opened more new hotels in 4Q23 than any other quarter. The chain opened more than 132 hotels and approximately 24,000 rooms in the fourth quarter and 395 hotels and approximately 63,000 rooms for the entire year, representing a growth rate of 4.9%. It signed nearly 1,000 hotels and 130,000 rooms in 2023, up 45% from the previous year. Its total pipeline now stands at nearly 3,300 hotels and 462,000 rooms.
The Pig Group acquires Barnsley House. UK-based The Pig
Group has acquired the Barnsley House hotel in England. The seller and amount
were not disclosed. The property, built in the 17th century and located in the
Cotswolds village of Barnsley, will close in February for
renovation and reopen this summer as The Pig and Village Pub.
$40.6M refinance for Charlotte
Home2 Suites. Huntsville, Alabama-based
Doradus Partners has secured a $40.6 million refinance loan of the 180-key Home2
Suites Charlotte Uptown. New York-based Berkadia Hotels & Hospitality secured
the loan through Atlanta-based Peachtree Group.
KSL hires executive. Denver-based KSL Capital Partners has hired Kevin Neher as a partner and co-head of strategic operations. Neher previously worked at McKinsey & Company and has a background in advising leisure and travel businesses.
New program for ownership. Hilton has created a new program called “Unlocking Doors,” designed to create a better pathway for new and aspiring hoteliers to hotel ownership. The program is designed for those new to the industry who have traditionally faced hurdles with access to affordable capital. The program provides support through educational programs, networking opportunities and access to affordable capital through a partnership with Bridge, a digital platform by Foro Holdings that connects businesses to more than 75 lenders across the U.S. Hilton Supply Management will also offer access to the Bridge platform to all U.S.-based suppliers.
Pipeline down for most of world in 2023. With a significant number of hotels in the planning phase, the Americas was the only region in the world
to show an increase in overall hotel pipeline activity in 2023, according to CoStar. Construction activity, year-over-year, was down everywhere
except Asia Pacific. For the Americas region, the total number of rooms under
contract was 860,042, an increase of 16.7%, with that growth coming from the
rooms in the final planning (289,394 up 18.1%) or planning (370,033, up 30%)
stages. The number of rooms under construction was 200,615, down 3.1%, with the
U.S. holding the majority of rooms in this category. In Europe, rooms under
construction was down 9.7% while the total rooms under contract was down 4.7%
YOY. Germany led the region in construction activity, followed by the UK. In
Asia Pacific, the number of rooms under construction was up 2%, while the total
number under contract was down slightly by 0.3%. China led the region with over
300,000 rooms under construction. In the Middle East and Africa region, rooms
under construction was down 8.6% while total rooms under contract was down
3.9%. Most of the region’s construction activity is in the Middle East, with
Saudi Arabia and the UAE leading.
Crescent adds in Dallas. Dallas-based
Crescent Hotels & Resorts has added The Westin Dallas Park Central to its management portfolio. The 536-key property has 43,0000 sq. ft. of event space.
IHCL opens 200th. Mumbai-based
Indian Hotels Company Ltd. has opened its 200th hotel with the launch of the
83-key Gorbandh Palace, under its SeleQtions brand, at Jaisalmer in Rajasthan,
India. IHCL now operates 23 hotels under various brands in Rajasthan.
Swiss-Belhotel adds
in Nairobi. Hong Kong-based Swiss-Belhotel has signed its
second property in Nairobi, Kenya with the 146-key Nairobi Safari Club by
Swiss-Belhotel. The hotel, built in 1984, is owned by Mukawa (Hotels) Holdings
Ltd. and will be rebranded on March 1.
Signet adds 4th property. London-based The
Signet Collection has acquired The Deans Place Hotel in Alfriston, England,
from an undisclosed buyer. The price was also not disclosed, but it was brought
to market last summer for £3.9 million. The 35-key hotel, which dates back to
the 14th century, will open in December and is the fourth property for the
company.