Latest news: Dallas Tru trades; Leonardo grows in Berlin; Accor adds in KSA

Dallas hotel trades. Investor Ray Washburne’s Charter Holdings and hotel management company Liberty Hospitality have acquired the 152-room Tru by Hilton Dallas Market Center from Texas-based investment company Napali Capital. The buyers plan a renovation that will include a rooftop bar to be run by Washburne’s restaurant group, M-Crowd. The details of the transaction were not disclosed. Napali Capital, Roanoke, Texas bought the hotel in 2021, marking its second hotel acquisition. The hotel was an adaptive reuse of a 1965 bank building, developed by Magnolia Hospitality Group.

Leonardo takes Berlin property. Fattal Hotel Group’s Leonardo Hotels is taking over management of the Crowne Plaza Berlin – Potsdamer Platz. During a transitional period, which will be used for renovations and redesigns while operations continue, the hotel will initially operate under the name Hotel Berlin Potsdamer Platz by Leonardo Hotels. From spring 2025, it will be called The Posthouse Berlin and will belong to the Leonardo Limited Edition brand. The Posthouse Berlin will be the seventh Leonardo Hotels property in Berlin and the first Leonardo Limited Edition hotel in the capital. In total, the hotel group's portfolio in Germany includes almost 70 hotels and five brands. Leonardo Hotels Central Europe, based in Berlin, is responsible for a portfolio of 111 hotels with over 18,000 rooms in 48 destinations and 10 countries.

2024 UK M&A volume. U.K. hotel investment transactions are estimated to have reached £5.75 billion in 2024, according to new data from Savills, more than double the volume recorded in 2023. This marks the highest level of activity in the sector since 2018. The resurgence was largely driven by portfolio transactions (such as Blackstone’s acquisition of Village Hotel and KKR and Baupost’s purchase of 33 Marriott hotels), which accounted for 55% of total investment volumes, equating to £3.14 billion. Portfolio volumes grew by 582% year-on-year and compared to the 10-year annual average portfolio volumes in 2024 were 61% higher. Regional volumes totaled £3.34 billion in 2024, representing 58% of the total. This marks a 217% year-on-year increase and is 24% above the 10-year average. London also saw significant growth, with transaction volumes rising by 105% year-on-year to £2.40 billion in 2024, following a steady 17% year-on-year increase in 2023.

Hong Kong hotel tax is back. Hong Kong authorities have reintroduced a 3% Hotel Accommodation Tax that had been waived since 2008, while all travelers using the airport will have to pay higher flight fares due to an increase in security fees. The hotel tax is expected to bring in HK$1.1 billion (US$141.6 million) in government revenue. According to the Hong Kong Tourism Board, Singapore charges a 19% tax on hotel rooms, comprising a 9% goods and services levy and a 10% mandatory service charge. Thailand has a 17% room tax that includes VAT and a service charge, while South Korea has a 10% levy on room rates. Mainland China charges 3% to 6% VAT on rates.

Accor grows Tribe brand in KSA. Accor has signed a deal with Naif Alrajhi Investment for the first Tribe and Tribe Living properties in Saudi Araba within King Salman Park project. The mixed-use development will include residential units, commercial offices, retail spaces, restaurants, a school, hotel, community facilities, and public spaces. The new-build Tribe Riyadh King Salman Park will feature 250 rooms, two restaurants, including a rooftop dining experience, alongside meetings and banquet facilities. Tribe Living Riyadh King Salman Park will have 150 apartments, ranging from studios to three-bedroom units, paired with shared spaces like a clubhouse. Residents will also have access to the hotel’s dining and recreational amenities.

NH Collection grows in Italy. Minor Hotels Europe & Americas will add the NH Collection Alagna Mirtillo Rosso to NH Collection Hotels & Resorts brand in Italy. Located in the Pennine Alps, the 4-star, 56-room property will undergo a renovation and officially open its doors under the new brand in March 2025. The current Hotel Mirtillo Rosso is owned by Lara Ponti. This marks the NH Collection brand’s 17th hotels in Italy. In total, Minor Hotels Europe & Americas has 60 properties in Italy under the Anantara, Tivoli, Avani, NH Collection, nhow and NH brands.

Casago buys Vacasa. Casago, a Phoenix-based vacation rental property management company, is acquiring Vacasa, a Portland-based competitor that has nearly eight times as many homes in its portfolio. The deal takes Vacasa private three years after it went public through a SPAC merger with TPG Pace Solutions. Vacasa had two rounds of layoffs this year and the COO left the company. Founded in 2001, Casago manages nearly 5,000 properties in 72 cities in the U.S., Mexico, Costa Rica and the Caribbean, compared to 38,000 for Vacasa, according to its latest letter to shareholders. Casago uses a franchise model, with local property managers in each of its markets that provide services to homeowners and guests.