Latest news: NYC Edition for sale; Plamondon adds in PA; Virgin's debut in London

Edition hotel in NYC for sale. The Abu Dhabi Investment Authority has put its Edition hotel in New York on the market for about $271 million, according to The Real Deal. The 271-key New York Edition hotel is being marketed by Eastdil Secured. The wealth fund is asking about $66 million less for the hotel than when it purchased the property in 2015 from Marriott International for $337 million as part of its $815 million portfolio purchase of three Edition hotels. 

Plamondon acquires in Pennsylvania. Frederick, Maryland-based Plamondon Hospitality Partners has acquired the 93-key Holiday Inn Express & Suites Johnstown in Johnstown, Pennsylvania, from Pasquerilla Enterprises LP for an undisclosed price. The hotel will remain affiliated with IHG Hotels & Resorts and is now part of Plamondon’s 15 hotels in Maryland, Pennsylvania and Georgia. The sale was financed through Sumerset Trust Co. and 1st Summit Bank. The hotel was the last in Pasquerilla Enterprises’s once-expansion portfolio. 

Virgin making London debut. Miami-based Virgin Hotels will make its London debut with the 120-key Virgin Hotels London-Shoreditch on August 1. Virgin will reflag the Mondrian Shoreditch London, which will undergo “a gradual transformation to a fully fledged Virgin hotel,” according to the company. The hotel will be the eighth for Virgin Hotels and the 17th in its broader Virgin Hotels Collection.

Kimpton, IHG opening in Hawaii. IHG's Kimpton Hotels & Restaurants brand is partnering with Lehi, Utah-based Reef Capital Partners to turn the Coco Palms Resort in Kauai into a Kimpton Resort. It will mark the first location in Hawaii for the IHG brand. Following a renovation, the 350-key Coco Palms, A Kimpton Resort, is expected to reopen in 2026.

Marriott debuts Luxury Collection in Germany. Marriott International is expanding its The Luxury Collection portfolio into Germany with the opening of the 106-key Koenigshof, a Luxury Collection Hotel, Munich. The Luxury Collection has over 100 hotels and resort in 40 countries and territories. 

Germany still Europe’s top travel market. Germany remains Europe’s largest travel market, with France and the U.K. battling for the second spot, according to the latest research from Phocuswright. The research, announced at the Phocuswright Europe conference in Barcelona this week, also showed 1.5 trillion travel bookings globally last year, exceeding 2019 levels. By 2027, that number is likely to rise to 1.8 trillion bookings. The research found that the recovery has remained lopsided across regions, but this year, Eastern Europe and Asia are expected to get back in line with 2019 levels, catching up with the Middle East, U.S. and rest of Europe. In 2023, the European market took €327 billion in gross bookings and is expected to rise to €400 billion by 2027.

US hotel performance mixed. Hotel performance in the U.S. was mixed last week, according to CoStar. For the week of June 2-8, occupancy was 69.1% (-0.1% YOY); ADR was $160.90 (up 1.8%); while RevPAR was $111.26 (up 1.7%). Among the Top 25 markets, Houston saw the highest year-over-year increases in occupancy (up 14.8% to 71.1%) and RevPAR (up 19.3% to $85.20), while New York City reported the largest lift in ADR (up 9.1% to $358.25). The steepest RevPAR declines were in Detroit (down 8.7% to $83.43) and Atlanta (down 6.8% to $85.63).

Wellness hotels report. Wellness hotels showed a positive growth trend globally in 2023, although performances were uneven across different wellness categories and hotel asset classes, according to research from hospitality advisor RLA Global. The Wellness Real Estate Report today analyzed 2023 hotel performances in different wellness categories based on data from over 11,000 properties worldwide. It showed that luxury hotels with major wellness offerings led to TRevPAR three times larger than average upper upscale hotels in 2023. In addition, wellness upper upscale properties performed better in ADR and TRevPAR growth than luxury and upscale hotels. Click here for a copy of the report.