Latest news: Pandox closes in Montreal; Hyatt debuts Caption in APAC; US performance up

Pandox sells Montreal hotel. Stockholm-based Pandox AB has sold the DoubleTree by Hilton Montreal to Montreal-based Artifact Group and its partner, KingSett Capital, for approximately $58.1 (C$80 million). The 10-story, 595-key hotel is the second Montreal hotel sold by Pandox in the past few years. The deal was initially disclosed in late February and closed on April 12. Colliers Hotels and Eastdil Secured assisted with the sale. 

Hyatt adds first Caption in Asia Pacific. Hyatt Hotels Corp. is opening the 254-key Caption by Hyatt Zhongshan Park Shanghai, which marks the introduction of the brand in Asia Pacific. Hyatt is collaborating with Fungseng Prosperity (China) Ltd. on the project.

U.S. performance eclipses previous week. Aided by the solar eclipse, hotel performance in the U.S. increased last week, according to CoStar data. For the week of April 7-13, occupancy was 65.8% (+2.8%), ADR was $160.20 (+2.9%) and RevPAR was $105.48 (+5.8%). Philadelphia had the largest year-over-year increase in occupancy (+23.2% to 77%) and RevPAR (+45.7% to $133.79), driven by WrestleMania 40. Dallas, positioned along the solar eclipse path, posted the largest ADR lift (+20.1% to $150.33) and the second-highest jump in RevPAR (+38.8% to $117.50). The steepest RevPAR declines were in Tampa (-24.1% to $135.79) and Orlando (-20.9% to $134.48). 

Shakespeare adds in Sydney. Australian developer Shakespeare Property Group has acquired the 90-key Woolstore 1888 hotel in Sydney from boutique hotel chain Ovolo for A$55 million ($35.3 million). Shakespeare is in discussions with a new operator to take over property management. 

IHG adds in India. IHG Hotels & Resorts has signed a management deal with Ivy Hotels & Resorts to bring the first Crowne Plaza to Uttarakhand in India. The 110-key Crowne Plaza Dehradun Rajpur Road is scheduled to open in April 2028. IHG currently has 46 hotels open across five brands in India, with a pipeline of 49 due to open in the next few years.

MCR proposes two new hotels in Miami. MCR Hotels is looking to develop two hotels next to its Hilton-branded property near the Miami International Airport, according to a report in The Real Deal. MCR is proposing a pair of eight-story, 200-key hotels adjacent to the 508-key Hilton Miami Airport Blue Lagoon and a five-story, 700-space parking garage for the Hilton, which will remain. It is also planning parking garages for the new hotels. MCR owns the land, which it paid $118.3 million last year.

Hyatt adds Hamptons hotel. Hyatt Hotels Corp. said The Bentley Hotel Southampton in New York has joined the company’s portfolio in collaboration with the property’s owner and operator, Bijal Hospitality. The 40-key hotel is amid an extensive renovation and is expected to join the JdV by Hyatt brand in mid-2024. This will be the first Hyatt property in the Hamptons.

New hotel in Cincinnati suburb. Irvine, California-based Spectrum Development Group, in collaboration with Chicago-based Acumen Development Partners, is building a new boutique hotel in the Cincinnati suburb of Hamilton, Ohio, on the site of a former city building. The $55-$65 million project will have 150-160 rooms and be the second Marriott property in the city.

Leonardo adds in the Czech Republic. Fattal Holdings' Leonardo Hotels is expanding in the Czech Republic with the addition of the Brno: The NYX Hotel Brno by Leonardo Hotels. The 170-key hotel will open in mid-2028 and will be the hotel group’s second property in the Czech Republic after the NYX Hotel Prague, which opened in 2017.

Related wins bid for Palm Beach hotel. New York-based Related Cos. has been selected to build a second convention center hotel for Palm Beach. The Palm Beach County panel of county and tourism leaders selected Related even though the company didn’t deliver what the county said it wanted. The county requested 600 rooms, for the hotel to be adjacent to the convention center and not a Hilton-branded hotel. Related proposed a 404-key Hilton hotel across the street from the convention center but was still selected from the three bids.

No new hotels in Amsterdam. Amsterdam will no longer allow new hotel buildings to be built as part of a fight against mass tourism. A new hotel can only be built if another closes and if the total number of rooms doesn’t increase and the hotel is more sustainable. This is the latest in a series of moves by the Dutch capital to mitigate overtourism in the city.

Las Vegas Sands earnings. The Las Vegas Sands announced net revenue of $2.96 billion (up from $2.12 billion in 1Q23) and net income of $583 million (up from $145 million in 1Q23) as part of its first-quarter earnings. Occupancy and RevPAR were up in 2024 year-over-year for its five hotels in Macao, while occupancy was slightly down, but RevPAR was up for its Marina Bay Sands hotel in Singapore. LVS repurchased $450 million of its shares during the quarter.