Latest news: Highgate expands; US business travel to remain slow; Pivot to Key West

Highgate expands luxury portfolio. New York City-based Highgate is assuming management of the 160-key Joule in Dallas and the 240-key Le Meridien Central Park in New York. It also announced it will manage the 155-key Amrit Ocean Resort in Singer Island in Florida, the 192-key Monterey Beach Hotel in California and the redevelopment of the 163-key Bellevue Hotel Philadelphia, which will all open in 2024.

Biz travel to grow slowly. U.S. domestic business travel volume is projected to remain below pre-pandemic levels until 2026, while total business travel spending — both domestic and international — is not forecast to recover before 2028, according to at U.S. Travel Association (USTA) forecast prepared by Tourism Economics. The USTA projects business travel volume and spending to grow year-over-year through 2027 but at a declining rate each year. Global business travel spending is projected to reach $265.5 billion in 2024, nearly 87% of 2019 levels. By 2027, it is expected to reach $282.7 billion, 92.4% of pre-pandemic levels.

IHG appoints Harwood as new SVP. IHG Hotels & Resorts has appointed Leanne Harwood as its new senior vice president and managing director of Luxury & Lifestyle Americas (LLA), effective March 1. Harwood will oversee the daily operations of LLA and drive performance and operations of IHG’s six luxury and lifestyle brands.

New Hard Rock on Oklahoma-Texas border. Davie, Florida-based Hard Rock International, in partnership with Oklahoma-based Pointe Vista Holding Co., is building a Hard Rock Hotel at Lake Texoma and The Residences at the Hard Rock Hotel Lake Texoma along the Oklahoma-Texas border. Construction is scheduled to begin in March and is expected to be completed in the second quarter of 2026. It will be part of a 2,700-acre master-planned resort community.

Pivot will manage Key West properties. Atlanta-based Pivot, the lifestyle operating vertical of Davidson Hospitality Group, has been chosen by San Francisco-based KHP Capital Partners to manage the Key West Historic Inns Collection in Florida, a portfolio of five properties that include Winslow’s Bungalows, Lighthouse Hotel, Ridley House, Ella’s Cottages, and Fitch Lodge. Pivot currently operates the Islamorada Resort Collection in Florida, while Davidson operates 22 properties in the state.

Brookfield, CBRE partner on property management. New York-based Brookfield Properties has partnered with CBRE Group to deliver property management services. Brookfield will anchor CBRE’s new property management division — CBRE Investor Portfolio Management, and will hand off day-to-day property management to CBRE. However, Brookfield will continue to manage the properties’ cash flow and investment side.

First StudioRes for Marriott. Marriott has broken ground on its first StudioRed brand hotel in Fort Myers, Florida. Concord Hospitality begin construction of the property which is scheduled to open in Spring 2025. 

New hotel at SeaWorld. Orlando-based SeaWorld Entertainment has announced plans for a 250-key hotel within the Discovery Cove of its Orlando park. This hotel is considerably smaller than the 504-key hotel that SeaWorld announced in December. Both hotels are expected to open in 2026.

New luxury hotel in England. A new luxury hotel near Alnwick Castle in England is set to open this summer. The 48-key Bailiffgate Hotel is located on the former Duchess High School site.

Shipping container hotel to open in Texas. Hotel Herringbone, a 21-key boutique hotel made from converted shipping containers, will open in Waco, Texas, in March. San Diego-based Rad Lab partnered with FreeForm Development and Lucky Find Hospitality to redevelop the project.

Marina Bay Sands starts $750M renovation. Las Vegas Sands is investing $750 million in a second round of renovations for The Marina Bay Sands casino and hotel in Singapore, which will renovate Tower 3 of the complex. It is expected to be completed in 2025. The first phase of the renovation began in 2022 for $1 billion.

Marriott adds 3 in Mexico. Marriott International is adding three hotels into the Guadalajara and Puebla markets in Mexico. Aimbridge will manage the properties, which are undoing conversions and will reopen in 2024. The 142-key Aloft Guadalajara Country Club is the sixth Aloft in Mexico while the 216-key Sheraton Guadalajara Expo will be the first for the brand in the city. The 154-key Delta Hotels Puebla Mexico is the second for the brand in that market.

Plans for KSA’s THE RIG. THE RIG, one of Saudi Arabia’s Public Investment Fund’s (PIF) entertainment projects launched its masterplan for the project in Dammam. The design is inspired by offshore oil platforms and will include three hotels with 800 rooms, 11 restaurants, an extreme sports and adventure park, marina and helipads.

Atari Hotel in Vegas? An Atari Las Vegas hotel that was first proposed in 2020 might become a reality in 2024. Scottsdale, Arizona-based GSD Group said it is looking for a five-to-seven-acre site near the Strip for the development. The company hopes to bring the Atari hotels to seven other cities across the U.S.

New F&B arm for Hilton. Hilton has launched StiR Creative Collective, an in-house consulting and development arm that will reimagine food and beverage for Hilton partners and independent hospitality operations in the Americas and EMEA. StiR has already completed notable projects in Seattle, Toronto and Monterrey, California. 

Lotte to make U.S. debut in Chicago. South Korea-based Lotte Hotels & Resorts is bringing its first hotel to the U.S. with a 191-key L7 Hotels by Lotte, which will open in downtown Chicago this Spring. The project is currently being converted from a Kimpton Hotel Monaco Chicago. Lotte has four brands and 34 properties in nine countries. 

Construction loan for dual-branded San Diego hotel. Atlanta-based Peachtree Group has helped San Diego-based Baxter Hotel Group secure a $73 million construction loan and CPACE financing for developing a 263-dual branded Home2 Suites/Tru by Hilton Hotel in San Diego. Baxter expects to begin construction on the 16-story hotel and expects a 22-month construction timetable. The property will have a 130-key Home2 Suites and a 133-key Tru by Hilton Hotel.

KSL closes latest fund. Denver-based KSL Capital Partners has closed its travel and leisure-focused private credit fund, KSL Capital Partners Credit Opportunities Fund IV, LP, with total commitments of $1.26 billion. The fund, which exceeded its $1 billion target, includes a diverse group of state and county pension funds, corporate pension funds, sovereign wealth funds, endowments, foundations and insurance companies.

GJHM adds JW Marriott in India. India-based Gujarat JHM Hotels (GJHM), in collaboration with Greenville, South Carolina-based Auro Hotel, will bring a JW Marriott to Surat, Gujarat, in India. The 300-plus-key JW Marriott Surat Resort & Spa will be GJHM’s third Marriott hotel in Surat and will feature 10,000 sq. ft. of meeting space.

JV acquisition of Montage Kapalua Bay. Memphis-based KWC Management, Cape Town, South Africa-based Lionshead Capital Partners and New York-based Machine Investment Group have made a joint-venture acquisition of the 146-key Montage Kapalua Bay on the Hawaiian island of Maui. Irvine, California-based White Label Asset Management will provide asset management services, while Irvine-based Montage Hotels & Resorts will continue to oversee resort operations. The property was built in 1998 and renovated in 2014.

Dallas JW Marriott could sell. Plano, Texas-based Sam Moon Group is exploring the sale of the 267-key JW Marriott Dallas Arts District for around $190 million, according to a Bloomberg report. The report said Sam Moon Group has tapped investment bank Eastdil Secured to advise on the proposed sale. Dallas ranks third lowest across the top 25 U.S. hotel markets, with only 3.3% of its hotel supply in the luxury segment, according to CoStar data. The JW Marriott is part of a slate of luxury projects in the Dallas area being developed right now.

Coast Hotels adds two in Canada. Vancouver-based Coast Hotels Ltd., an APA Hotel Canada subsidiary, is adding two franchise properties in Dawson City, Yukon, to its portfolio. The Eldorado, a Coast Hotel, takes inspiration from the Eldorado Gold Mine, and the 19-key Midnight Sun, a Coast Hotel, will open seasonally from May to September.

International Hotel Investments names new managing director. International Hotel Investments (IHI) has named Simon Naudi as managing director, effective immediately. Naudi had been CEO of Corinthia Hotels Limited (CFL) for the past eight years, which IHI owns.

New Remington COO. Dallas-based Remington Hospitality has promoted Jason Reader to COO. Reader succeeds Stan Kennedy, who will transition into the role of managing director until his retirement on April 5. 

HVMG names chief growth officer. Atlanta-based third-party hotel operator and investor Hospitality Ventures Management Group has named Mike Woodward executive vice president and chief growth officer. He previously worked at Focus Brands and Wyndham Hotels & Resorts.

DHG names president. Mississippi-based Desai Hotel Group has promoted Greg Tankersley to president. Tankersley has three decades of hospitality experience.