Latest news: CapMan buys in Nordics; DiamondRock sells in DC; Limestone buys Nobu London

Limestone buys Nobu London. Zug, Switzerland-based Limestone Capital has acquired the 164-key Nobu Hotel London Shoreditch in East London from an undisclosed seller for an undisclosed amount. The hotel opened in 2017, temporarily closed in 2020 and reopened in 2022. 

CapMan acquires portfolio of 28. CapMan Hotels II, an investment fund and a division of Helsinki, Finland-based CapMan Real Estate, has acquired a portfolio of 28 hotels and 4,709 rooms from Midstar Fastigheter AB, part of Stockholm-based Midstar Hotels AB. This transaction is one of the largest of its kind in the region and significantly expands and diversifies CapMan Hotels II’s Nordic hotel portfolio. CapMan said the acquisition of hotels complements its current portfolio with properties in Copenhagen, Stockholm, Gothenburg, and Oslo and regional hotels in prime locations.

DiamondRock sells in DC. Bethesda, Maryland-based REIT DiamondRock Hospitality Co. has completed the sale of the 410-key Westin Washington, D.C. City Center to Washington, D.C.-based LaSalle for $92 million. The sales price represents an 11.2x multiple on 2024 hotel EBITDA and a 7.5% capitalization rate on 2024 hotel net operating income, or a capitalization rate of 5.6% inclusive of DiamondRock’s projected capital expenditures.

Host earnings. Bethesda, Maryland-based Host Hotels & Resorts reported comparable hotel total RevPAR up 3.3% in the fourth quarter year-over-year, driven by improvements in food and beverage revenues from group business and an increase in other revenues from ancillary spend. Comparable hotel RevPAR was up 3.0% as a result of higher rates driven by transient leisure demand. However, results were tempered by a continued imbalance in international outbound travel from the U.S. compared to international inbound travel. Host reported net income of $109 million, down 19%, and operating profit margin down 210 basis points; both were affected by a $35 million decrease in net gains on insurance settlements.

Park Hotels & Resorts earnings. Tysons, Virginia-based REIT Parks Hotels & Resorts said its fourth quarter and full-year performance exceeded its expectations despite the impact of renovations and strike activity in the latter half of 2024. CEO Thomas Baltimore said when adjusting for the impact of strike activity, the fourth quarter’s comparable RevPAR would have increased by more than 3%, while the full-year comparable RevPAR would have grown by a sector-leading 4.2%. Overall, the REIT reported comparable RevPAR was down 1.4% year-over-year, comparable occupancy was down 1.5% YOY and comparable ADR was up 0.7% YOY. The REIT said it disposed of three non-core assets in 2024, including the sale of two joint venture hotels for a combined $200 million. Since 2017, Park has disposed of 45 hotels for over $3 billion.

JLL select-service, extended-stay study. Select-service hotels have demonstrated robust growth and resilience, with record-breaking RevPAR, near-full demand recovery, superior operational efficiency compared to full-service hotels and inflation-resistant profitability, according to JLL’s U.S. Select-Service and Extended-Stay Hotel Outlook 2025 report. RevPAR reached a record high $78 in 2024, 14% above 2019 levels, and demand surged by 232,000 room nights year-over-year, nearly fully recovered from 2019. The number of brands in this sector has grown from 184 in 2000 to 214 today, now representing 74% of the sector’s total room supply. Since 2021, the sector has generated $62.6 billion in liquidity, representing nearly 50% of total U.S. hotel investment volume.

US hotels lower in January. The U.S. hotel industry reported lower performance results from the previous month in January, according to CoStar data. For the month, occupancy was 52.5% (+1%), ADR was $151.20 (+3.4%) and RevPAR was $79.42 (+4.5%). Overall U.S. hotel RevPAR was driven by a variety of factors, including the impacts of Hurricanes Helene and Milton, the L.A. wildfires, and the inauguration. Among the Top 25 markets, Tampa experienced the highest occupancy level (+17.6% to 79.9%), due to the impact of Hurricanes Helene and Milton. Markets with the lowest occupancy for the month included St. Louis (42.9%) and Minneapolis (43.1%).

IHG milestone in Japan. IHG Hotels & Resorts has passed 50 open properties in Japan – where it remains on track to double its estate following market debuts by three brands. IHG has broadened its appeal to owners and guests in Japan over the past 12 months by strategically growing its portfolio across segments including the opening of Six Senses Kyoto, two hotels in IHG’s first collection brand, Vignette Collection and most recently, new midscale conversion brand Garner with three hotels in Osaka.

First Hyatt Regency in Central America. Hyatt Hotels Corp. is partnering with Panama City, Panama-based Grupo Desarrollo Bahia to open the 382-key Hyatt Regency Panama City, the first Hyatt Regency hotel in Central America. The hotel will join Hyatt’s existing portfolio in Panama including Dreams Playa Bonita Panama, Hotel La Compañia and Hotel La Compañia del Valle, part of The Unbound Collection by Hyatt.

Minor’s record year. Minor Hotels has posted its strongest full-year results on record, with a 16% jump in net profit to THB 5.1 billion and a 9% rise in total revenue to THB 134 billion for 2024. The record-breaking numbers underscore heightened global tourism demand, particularly in Minor’s home market of Thailand as well as in Europe where it operates more than 280 properties. The global hotel owner and operator, with a portfolio of more than 560 properties in 58 countries, ended the year on a strong note with a fourth-quarter profit of THB 2.2 billion, representing a 14% year-on-year increase.

IHG growth in Turkey. IHG Hotels & Resorts is partnering with Artas Turizm Isletmeciligi Sanayi ve Ticaret Ltd. Sirketi to sign the Crowne Plaza Istanbul West in Turkey. IHG operates 33 open hotels in Turkey across five brands, including 13 Crowne Plaza properties. Crowne Plaza Istanbul West will become the 9th open and pipeline Crowne Plaza in Istanbul, joining 17 in development across Europe and 140 worldwide.

Ireland hotel trades. Dublin-based Nubility Capital Ltd. has sold the 70-key Nuremore Hotel & Country Club in Carrickmacross, Ireland, to a group of investors led by the McGettigans, a well-known family of hoteliers, according to RTE. The hotel closed in 2023 and was offered for a guide price of €6 million and will now undergo renovations.

Radisson adds in Vietnam. Radisson Hotel Group is expanding in Vietnam with the signing of the 352-key Radisson Blu Hotel, Ha Long Bay. The 30-story hotel is set to open in the second quarter of 2025.

Oyo bringing DanCenter to India. Oyo’s parent company, Oravel Stays, is launching its European holiday homes brand, DanCenter, in India. Oyo Vacation Homes acquired DanCenter in 2019. Oyo said the brand is in advanced discussion with Provident Group to launch the premium serviced apartments in Goa. DanCenter is a Danish brand founded in Denmark in 1957, comprising 12,000 properties across Denmark, Spain, Norway, and Germany.