Breaking news about deals, development, data and more.
Hilton Adelaide sells. Thai group Amora Hotels & Resorts has acquired the 377-room
Hilton Adelaide in Australia from private local owner 233 Victoria Square Hotel
Pty Ltd. for an undisclosed sum. Amora plans to rebrand the city’s largest
hotel when the Hilton contract expires in mid-2026 and announced plans for a $40
million renovation. It will mark the end of Hilton’s 40-year run at the
property. Amora operates hotels in Sydney, Brisbane, and Melbourne and will
assume management of the property. The Siriphatrawan family-owned group also
manages three hotels and resorts in Thailand.
Mixed results in US. The U.S. hotel industry reported mixed year-over-year
comparisons from March 2-8, according to CoStar data. Occupancy was 62.4%
(-1.4% YOY); ADR was $160.53 (+2.1% YOY); and RevPAR was $100.11 (+0.6% YOY). Among
the Top 25 Markets, Chicago saw the highest occupancy lift (+9.5% to 60.7%). Anaheim
reported the largest increases in ADR (+25.8% to $249.02) and RevPAR (+35.8% to
$188.97), due to Natural Products Expo West. Helped by Mardi Gras, New
Orleans reported the second-highest gains in ADR (+20.5% to $224.46) and RevPAR
(+17.2% to $162.86). Occupancy, however, declined 2.7% to 72.6%. The
steepest RevPAR declines were seen in Minneapolis (-31.0% to $62.77) and San
Diego (-23.7% to $127.21).
TPG adds HGI in Dallas. TPG Hotels & Resorts has added the 240-room Hilton Garden Inn Dallas Market
Center to its managed portfolio. The eight-story hotel features a fitness
center, outdoor pool, on-site dining and over 8,000 square feet of meeting
space.
Vanderpump hotel for Vegas. Caesars Entertainment is rebranding The Cromwell on the Las
Vegas Strip to The Vanderpump Hotel, partnering with reality TV personality and
entrepreneur Lisa Vanderpump. The Cromwell will undergo a complete renovation
beginning this summer, with completion targeted for early next year. Plans call
for a revamp of The Cromwell's reception area and all 188 guestrooms and
suites, plus a new lounge venue. Vanderpump has already partnered with Ceasars on
multiple casino-resort F&B projects.
Italy transaction outlook. Luxury hotels are driving Italy’s hotel transaction market,
according to the Italy Market Outlook 2023 from Global Asset Solutions. The
company reported that luxury properties made up 45% of all hotel investment
volume in 2024, with total hotel deals reaching €2.1 billion, 30% higher than
the decade-long average. Rome, Venice, and Milan continued to dominate as top
investment destinations. Rome led the way with €465 million in investments,
followed by Venice at €353 million and Milan at €173 million. Beyond these
urban hubs, resort destinations such as Sicily and Forte dei Marmi emerged as
key hotspots, accounting for nearly 39% of total investment volume. International
investors remained a driving force in deals, comprising 53% of total
investment. European, Middle Eastern, and U.S. buyers were particularly active.
Hotel operators also played a significant role, accounting for 38% of
investments as they increasingly sought direct acquisitions to gain greater
control over assets. Looking ahead, the market was expected to see continued
yield compression for premium assets, making core investments more competitive.