Latest news: Is Accor buying Habitas?; dual-brand in NOLA, W Fort Lauderdale trade

Accor acquiring Habitas?: Accor is in advanced talks to acquire lifestyle brand Habitas, Bloomberg has reported, sourcing people with knowledge of the matter. The deal would reportedly go through Accor’s majority-owned subsidiary Ennismore. The price for the deal was not clear. Mexico-based Habitas operates properties in Mexico, Namibia and Morocco, among other countries — and has been growing in Saudi Arabia following an initial investment by the KSA’s Public Investment Fund in 2022.

W Fort Lauderdale trades. New York-based Related Companies has reportedly sold the 346-room W Fort Lauderdale to Blackstone for $97.6 million ($282,000 per key), a big discount to the asking price six years ago. Blackstone reportedly paid another $55 million for the hotel operations. Related Companies and Related Fund Management bought the hotel in 2015 for a reported $90 million. “This transaction reflects our ability to play offense in today’s market and is a terrific opportunity for our investors. We continue to have strong conviction in leisure hospitality and travel and intend to expand our footprint in this sector,” Blackstone said in a statement.

Dual-branded Marriott trades in NOLA. Robert Guidry along with Guidry Land Partners and Orlando businessman David Bansmer have purchased for $73 million the 410-room dual branded New Orleans Courtyard by Marriott and Spring Hill Suites Hotels located near the Ernest N. Morial Convention Center/Arts and Warehouse District of the Central Business District. The name of the seller was not disclosed. These hotels were sold unencumbered by management and fee simple. InterMountain Management has been selected as the new management company. They also operate the buyer’s 19-story, 232-room Residence Inn on St Charles Avenue in New Orleans. Hospitality Real Estate Consultants, together with Cushman Wakefield Commercial Real Estate Services, were the brokers of record.

Driftwood buys in Raleigh. Driftwood Capital has acquired from Stonebridge Companies the 225-key Marriott Raleigh Durham Research Triangle Park in North Carolina’s Research Triangle area. The terms of the deal were not disclosed and Franklin BSP Realty Trust originated a multimillion, two-year loan with three one-year extension options at a competitive interest rate. Driftwood will carry out a $9 million renovation to upgrade guest rooms, implement a central air system, and introduce amenities such as an expanded fitness center and M Club lounge. The hotel is Driftwood’s third acquisition in North Carolina and its second within the Research Triangle.

Hyatt grows in KSA. Hyatt Hotels Corp. has entered into management agreements with Knowledge Economic City (KEC) in Saudi Arabia for two new Hyatt-branded hotels, the 446-rrom Hyatt House Madinah KEC and the 130-room Hyatt Centric Madinah KEC. The two properties will be part of Al Aliyah, the first phase of the newly developed city.

Passover hurts US performance. As expected with Passover, U.S. hotel performance for April 21-27 came in lower than the previous week and comparable period last year, according to CoStar data. Occupancy was 65.7% (-1.2% YOY); ADR was $154.44 (-1.3% YOY); and RevPAR was $101.42 (-2.5% YOY). Among the Top 25 Markets, Seattle reported the only double-digit increase in occupancy (+15.6% to 74.6%). Detroit, host of the NFL Draft, posted the highest jump in both ADR (+21.8% to $147.83) and RevPAR (+25.6% to $94.74). The steepest declines were seen in San Francisco/San Mateo: occupancy (-16.7% to 67.5%), ADR (-37.3% to $190.91), and RevPAR (-47.7% to $128.79).

Ohana switches to Hilton soft brand. Ohana Real Estate Investors has rebranded two boutique hotels. The 135-room Hotel Centro Sonoma Wine Country and the 90-room Knoll Hotel Napa Valley in California have joined Tapestry Collection by Hilton and Ohana said the newly developed properties are now appropriately positioned to maximize their values. Ohana purchased both properties in late 2023 and developed a repositioning strategy.

Big refresh at Venetian. The 25-year-old Venetian Resort Las Vegas has announced a $1.5 billion reinvestment project. The resort’s comprehensive top to bottom reimagining will touch everything from a rebrand of The Venetian’s iconic lion logo to a redesign of the resort’s 4,000 suites. The redevelopment will include the addition of a new chef-led culinary concepts to be announced later this year. Gaming and sports betting spaces will be updated, as will the resort’s convention center.

Steigenberger adds in Egypt. Germany’s Steigenberger Hotels AG has signed contracts with the Egyptian government to manage and operate hotels and tourist facilities at the Great Transfiguration project site St. Catherine in South Sinai. Steigenberger will be charged with managing resorts located on land owned by Misr Sinai Tourism Co. within the project site. The project is funded by the New Urban Communities Authority with a budget of EGP 10 billion. It includes the development of St. Catherine Airport, eco-lodges, mountain hotels, and a new residential neighborhood in Zaitouna. The overall project will provide more than 1,000 hotel rooms, positioning the city as a significant tourist destination.