Latest news: Columbia Hospitality adds 4; US performance sags; Accor grows in India

Columbia Hospitality adds 4. Seattle-based Columbia Hospitality has expanded into the Northeast with four new signings in New York and Massachusetts. The new hotels include the 83-key Callicoon Hills in Callicoon, New York, and The Lenox Collection of bed-and-breakfast hotels, which includes The Whitlock, The Constance and The Dewey in Lenox, Massachusetts (the properties have a combined 66 rooms). The four hotels share the same ownership.

U.S. performance falls week-over-week. Hotel performance in the U.S. decreased week-over-week because of the Easter holiday, according to CoStar. For the week of March 24-30, occupancy was 62.3% (down -5.6% from the previous week); ADR was $157.14 (down -0.7%); and RevPAR was $97.83 (-6.3%). Among the top markets, New York City had the largest year-over-year increases in occupancy (+13.2% to 88.2%), ADR (+14.1% to $285.98) and RevPAR (+29.1% to $252.18) while Houston saw the steepest RevPAR decline year-over-year (-22.3% to $68.44) because of the comparison to the NCAA Men’s Final Four the previous year.

Limestone acquires in Madrid. Zug, Switzerland-based Limestone Capital has secured financing for the acquisition and rebranding of a hotel in Madrid. The financing was provided by Banco Pichincha Espana as a senior debt facility with a loan-to-value ratio exceeding 50%. The 88-key hotel will be rebranded as an Aethos hotel.

King Street acquires in Venice. New York-based King Street Capital Management has acquired The Bauer Hotel in Venice from Austria-based Signa for an undisclosed amount. King Street will explore opportunities for the property, including potential redevelopment or a sale, with the goal of reopening as a Rosewood-branded hotel in 2025.

Chevel Collection joins GHA loyalty program. Cheval Collection has signed an agreement with Global Hotel Alliance to be the first serviced apartment operator in Europe to join its loyalty program — GHA DISCOVERY. It’s the first loyalty program for Cheval Collection, which will integrated into GHA DISCOVERY later this year. Chevel Collection has 13 luxury residences with 800 apartments in London, Edinburgh, Scotland and Dubai. 

Travelodge adds in London. Travelodge is opening a 150-key hotel near London’s Stratford Station. Construction will begin next month, and the hotel aims to open by the end of 2025.

Accor development in India. Accor signed a record-breaking 11 hotels in India in 2023 and plans to open six more nationwide in 2024. The company currently operates 62 hotels in India and openings in 2024 include Raffles Jaipur in Rajasthan, Grand Mercure Goa Candolim, Mercure Chandigarh, ibis Styles Mysuru, and three from the Novotel brand.

Las Vegas Sands $1.5B revolving credit agreement. The Las Vegas Sands entered into a new $1.5 billion revolving credit agreement with a group of banks with The Bank of Nova Scotia acting as administrative agent. The credit line includes a $150 million sub-facility for issuing letters of credit and is effective until April 3, 2029.

UK hotel demand rises. Demand in UK hotels picked up in February, according to the latest data from RSM. Occupancy jumped to 71.4% in the UK and 73.2% in London in February, up from 68% and 68.2%, respectively, in February 2022, while ADR increased slightly to £127.19 in the UK and £188.15 in London. RevPAR increased £90.8 year-over-year in February and rose to £137.69 for London hotels over the same period.