Latest news: LVHM buying in Venice?; Hogwarts adds in NYC; Braemar proxy fight over

LVMH could acquire Hotel Bauer. Paris-based LVHM and its hotel group could acquire the Hotel Bauer in Venice, Italy, according to a Bloomberg report. The Hotel Bauer is reportedly for sale for €275 million and LVHM’s offer is currently being evaluated by Eastdil Secured and King Street Capital Management. The LVHM group already owns the Hotel Cipriani in Venice and recently announced a partnership with Accor to boost the potential of Orient Express train travel. In April, the Bauer was reportedly sold to Germany-based Schoeller Group. 

Hogwarts acquires NYC hotel. Garden City, New York-based Hogwarts Capital has acquired the 70-key U Hotel in New York City from struggling Chinese developer Fantasia Holdings Group for $30 million. Fantasia purchased the eight-story property in 2014 for $34.9 million.

Braemar, Blackwells end proxy fight. Dallas-based REIT Braemar Hotels & Resorts agreed with activist investor Blackwells Capital LLC, to end a proxy fight for positions on its board. Under the agreement, Blackwells will withdraw its board nominations and proposals and vote in favor of Braemar’s directors and proposals at its upcoming shareholder meeting. In return, Blackwells committed to purchase 3.5 million shares of Braemar’s stock in the open market, which the REIT will partly fund. Blackwells has been a critic of Ashford Inc. and the REITs it advises: Braemar and Ashford Hospitality Trust. It has singled out Ashford Inc.’s Chairman and CEO Monty Bennett for much of its criticism. 

US hotel performance up.  Hotel performance in the U.S. increased from the previous week and had positive comparisons year-over-year, according to the latest data from CoStar. For the week of June 23-29, occupancy was 71.9% (up 3.2% YOY), ADR was $162.81 (up 3.6%), and RevPAR was $117.13 (up 6.9%).  Among the top 25 markets, Minneapolis saw the highest year-over-year increases in each of the three key performance metrics: occupancy (up 20.1% to 74.8%), ADR (up 15.7% to $150.42) and RevPAR (up 39.0% to $112.46) thanks to the U.S. Olympic Gymnastics Trials and the Twin Cities Pride Parade. The steepest RevPAR declines were in New Orleans (down 30.6% to $82.54), Denver (down 8.2% to $159) and Philadelphia (down 8.2% to $110.22).

KAJ acquires 2 in Fargo. Sioux Falls, South Dakota-based KAJ Hospitality has acquired the Hilton Garden Inn Fargo and Home2 Suites by Hilton Fargo, which are the company’s fifth and sixth properties in the Fargo area. The 110-key Hilton Garden Inn Fargo, which is scheduled for a renovation, and the recently renovated 107-key Home2 Suites by Hilton Fargo are located next to each other. KAJ Hospitality now manages a portfolio of 17 Hilton, Marriott and IHG properties across the Midwest.

Ascott, S Hotels partner for UK growth. The Ascott Ltd. is partnering with S Hotels & Resorts Public Co. Ltd. to expand its business further in Europe. This collaboration will expand Ascott’s portfolio in the U.K. The partnership is the first for the companies and will introduce Ascott brands across key cities in the U.K. Ascott is the lodging business unit wholly owned by CapitaLand Investment, while S Hotels is the international hospitality company under Bangkok-based Singha Estate Public Co. Ltd. S Hotels currently has a portfolio of 25 hotels and over 2,600 rooms in the U.K.

Hard Rock in Spain taken off market. The Hard Rock Hotel in Marbella, Spain, has been taken off the market because of a lack of offers for its €140 listing price. The property’s owners, Stoneweg Hospitality and Bain Capital Credit, will instead keep the property because of its ongoing profitability. Stoneweg and Bain bought the property, then the Hotel Andalucia Plaza, in 2021 and renovated it as they repositioned the asset as a luxury destination.

IHG adds in Greek Islands. IHG Hotels & Resorts is opening its first property in the Greek Islands with the 199-key InterContinental Crete.  

DoubleTree opens 100th in APAC. DoubleTree by Hilton said it has surpassed 100 properties in Asia Pacific with the opening of six properties across the region: DoubleTree by Hilton Jakarta Kemayoran and DoubleTree by Hilton Jakarta Bintaro Jaya in Indonesia; DoubleTree by Hilton Kyoto Station and DoubleTree by Hilton Osaka Castle in Japan; DoubleTree by Hilton Bengaluru Whitefield in India and DoubleTree by Hilton Yantai Golden Coast in China. Hilton said it has nearly 80 additional DoubleTree properties in its APAC pipeline and is on target to surpass 1,000 total Hilton hotels in the region by 2025. 

Japan Hotel REIT acquires four. Japan-based Japan Hotel REIT Advisors Co., Ltd., which is majority-owned by Singapore-based SC Capital Partners Pte. Ltd., has acquired four properties for JPY 56.2 billion, according to HVS. These acquisitions include two full-service properties in Okinawa and two in Tokyo. The Okinawan properties are the 352-key Okinawa Harborview Hotel and the 448-key Southern Beach Hotel and Resort Okinawa, which were acquired for JPY 21.5 billion and JPY 16.2 billion, respectively. The Tokyo properties are the 75-key Mimaru Tokyo Shinjuku West and the 169-key Hotel Amanek Shinjuku-Kabukicho, acquired for JPY 9.7 billion and JPY 8.8 billion, respectively. The sellers were undisclosed.

Ananda sells five serviced apartment subsidiaries. Thailand-based Ananda Development Public Co. Ltd. has sold the ordinary shares in five service apartment subsidiaries: AMH Ratchada Co., Ltd., AMH Sukhumvit 8 Co., Ltd., AMH Sukhumvit 59 Co., Ltd., AMH Sathorn Co., Ltd., and AMH Pattaya Co., Ltd. to Thailand-based Mitsui Fudosan Asia Development Co., Ltd. for THB 2.54 billion, according to HVS.

Dublin market pops with three big events. Dublin’s ADR surpassed the €300 mark for just the second time this year and the sixth time in its history with a trio of big events, according to CoStar data. Taylor Swift had concerts in Dublin June 28-30, and her tour overlapped with Dublin Pride and the All-Ireland GAA quarterfinals. The market’s hotel performance peaked on Saturday, June 29, with occupancy at 95.5%, ADR of €305.30 and RevPAR of €291.59.

Onyx adds in Malaysia. Thailand-based Onyx Hospitality Group is debuting its first Shama hotel and serviced apartment in Malaysia with the opening of the 87-key Shama Suasana Johor Bahru. Malaysia is the first country to have all three Onyx brands: Amari, OZO, and Shama.

AAHOA applauds SCOTUS Chevron’s decision. The AAHOA (Asian American Hotel Owners Association) said it supports the U.S. Supreme Court’s decision to overturn the 1984 Chevron U.S.A., Inc. v. Natural Resources Defense Council, Inc. case, which will provide for judicial oversight over federal regulatory actions. “AAHOA applauds the ruling that evens the playing field for our small business hotel owners from burdening regulations inconsistent with the law,” said AAHOA President and CEO Laura Lee Blake.