Latest HITs: Le Richemond; Fed speak; Marriott dual-brand

Jumeriah takes Le Richemond. Dubai-based Jumeirah Group has added its fifth hotel in Europe, its first in Switzerland and 26th overall with the acquisition of the famed, 109-room Le Richemond in Geneva on the banks of Lake Geneva. The property will undergo extensive renovations to be completed by 2025 and will include the introduction new F&B spaces as well as Jumeriah’s wellness and fitness concepts.

Standard adding in NYC? Standard International has reportedly acquired the 97-room Sixty Soho from the Pomeranc family. Standard would not comment when asked about the news, but reports suggest it paid more than $1 million per key. This would mark Standard’s third hotel in Manhattan.

Fed chief Powell speaks. With employment data still running hot, Federal Reserve Chairman Jerome Powell warned Tuesday that interest rates could rise more than expected in the months ahead. The good news, however, is Powell said he sees inflation beginning to ease. “The disinflationary process, the process of getting inflation down, has begun and it’s begun in the goods sector, which is about a quarter of our economy,” he said. “But it has a long way to go. These are the very early stages.” Nonfarm payroll increased by 517,000 jobs in January, reportedly tripling Wall Street’s expectations.

Hyatt grows in KSA, Pakistan. Hyatt Hotels Corp. said it has entered into management agreements with Rua Al Madinah Holding Co. to manage three new Hyatt-branded hotels (1,729 rooms) in the Kingdom of Saudi Arabia, including Grand Hyatt Madinah, Hyatt Regency Madinah and Hyatt Place Madinah. The three properties will be part of the Rua Al Madinah project and are set to be the first Hyatt-branded hotels in Madinah. Hyatt also announced a franchise agreement with FP Global (Private) Limited for the 94-room Hyatt Regency Lahore DHA, the first Hyatt-branded hotel in Pakistan. Situated within Defence Housing Authority Phase 6, the conversion property will be operated by Valor Hospitality Partners and is expected to open its doors in 2024.

Resort fee rumblings. There is word coming out of Washington, D.C., again about the U.S. government wanting to take action to at least make resort fees more transparent during the booking process. President Joe Biden will call on Congress to act to curtail what his administration calls “junk fees.” The call for legislative action is intended to require hotel to provide up-front disclosure of resort fees, which the administration said are often opaque early in the booking process.

Marriott dual brand in Suzhou. Marriott International has signed a deal with Suzhou Chunji Real Estate Development for a dual-branded 190-room Ritz-Carlton and 270-unit Marriott Executive Apartments (rendering above) in Suzhou, a major city in Eastern China, near China Central Place mixed-use development. The two complex properties plan to open at the end of 2024 and in the middle of 2025, respectively. In Suzhou, Marriott International currently operates 15 hotels across eight brands.

Financing for Utah development.Sonnenblick-Eichner Co. has arranged $50 million of construction financing for Phase I of the Lionsback Resort in Moab, Utah, a 175-acre development located adjacent to Canyonlands and Arches National Park in eastern Utah. Proceeds from this fixed-rate, non-recourse construction loan will be used to complete the Phase I onsite infrastructure improvements and vertical construction of the initial 34 single family homes, as well as the horizontal infrastructure of Phase II. To be built over five phases, at build-out, the $350 million development will include 188 single-family residences “Casitas” and a luxury, destination resort hotel. The project will be the first luxury residential development in the city of Moab.

Minor grows in Italy. Bangkok-based Minor Hotels is expanding further into Europe with the spring 2023 opening of the 52-room Anantara Grand Hotel Convento di Amalfi in Italy, a rebranding of the former NH Collection Grand Hotel Convento di Amalfi. It marks the second Anantara property in Italy and the brand’s eighth in Europe.