Latest news: Davidson adds USVI; Rockpoint sells in DC; Hyatt Orlando sale?

Davidson adds in the Caribbean. Atlanta-based Davidson Hospitality Group will operate two interconnected resorts in Frenchman’s Reef on St. Thomas, U.S. Virgin Islands: The Westin Beach Resort & Spa at Frenchman’s Reef and Morningstar Buoy Haus Beach at Frenchman’s Reef, Autograph Collection. The two properties pwned by New York City-based Fortress Investment Group reopened in 2023 following $400-plus million in renovations. They have 486 rooms, 85,000 sq. ft. of meeting space, 10 restaurants and bars and a spa.

Rockpoint sells DC hotel. Boston-based private equity firm Rockpoint has sold the Beach Hotel in Washington, D.C., for $26.8 million to an undisclosed buyer. According to the Washington D.C. Business Journal, the sales price is $13 million less than what Rockpoint paid for the property in 2018.

JV close to acquiring Hyatt Regency Orlando. A joint venture between Los Angeles-based Ares Management and Houston-based Rida Development is close to acquiring the 1,641-key Hyatt Regency Orlando from Hyatt Hotels Corp. in a deal that values the property for more than $1 billion, according to a report by Bloomberg. The JV would use a CMBS loan to close the transaction. Last week, during its earnings call, Hyatt said it expects to close on the sale of an asset by the end of August (which R.W. Baird analyst Michael Bellisario said is the Hyatt Regency Orlando). The deal would complete the company’s $2 billion asset sell-down commitment.

India leading APEC pipeline. India is projected to lead APEC (Asia Pacific, excluding China) in new hotel openings through 2026, according to Lodging Econometrics. In the second quarter, APEC’s total pipeline hit a record 2,056 projects with 406,118 rooms, marking a 6% increase in projects and a 1% rise in rooms year over year. There are currently 864 projects with 199,784 rooms under construction in the APEC region, while projects scheduled to start construction in the next 12 months have risen to 358 with 65,853 rooms, up 23% by projects and rooms YOY. India leads the APEC count by country with a record-high 610 projects with 75,280 rooms, accounting for 30% of the projects in the APEC pipeline. Vietnam is second with 247 projects and 85,760 rooms, Indonesia is third with 181 projects and 31,550 rooms. APEC cities with the largest project counts are Bangkok, with 67 projects and 15,394 rooms, followed by Jakarta, with 42 projects and 8,979 rooms, and Melbourne, with 40 projects and 7,496 rooms. India claims 25% of APEC openings in 2024 and has the largest number of new openings through year-end 2026.

Travel, hospitality hiring up in July. The U.S. Travel Association said travel and hospitality added 18,000 jobs over the two most recent reported months. USTA Vice President of Research Joshua Friedlander wrote that the leisure and hospitality sector currently employs nearly 17 million people, up almost 300,000 year-over-year.

Ascott Ltd. triples The Unlimited Collection. The Ascott Ltd. has unveiled a brand refresh of The Unlimited Collection as it has more than tripled its portfolio with 11 properties across Asia, Europe and the Middle East over the past year. The brand refresh reinforces the global positioning of The Unlimited Collection as a curated selection of independent upscale hotels. The brand debuted in 2020 with three properties in Singapore and has recently begun operations in Vietnam. Ascott also unveiled plans to expand The Unlimited Collection brand further across Malaysia and Indonesia in Asia.

Radisson adds in India. Radisson Hotel Group has signed a 100-key hotel under the Park Inn by Radisson brand in Chennai, India. The Park Inn by Raisson Chennai ECR property is a collaborative venture with Tamil Nadu, India-based Chanda Hotels. It will be the first for the brand in Chennai.

HAMA student case competition. The Hospitality Asset Managers Association is now accepting submissions for the 19th Annual HAMA Student Case Competition. Participating students from more than 40 undergraduate and graduate programs nationwide are given a return on investment scenario to analyze and formulate a recommendation to improve the business. HAMA has partnered with HotStats for benchmarking data and LARC for a market forecast of Boston. Students and/or professors who are interested should send an email to Adam Tegge at [email protected].