Latest news: SAK acquires in DC; Margaritaville to Panama; Rentyl, Davidson partner

SAK acquires in DC. Ashburn, Virginia-based SAK Developers has acquired the 142-key Staybridge Suites Tysons-McLean in the Washington D.C. metro area from Atlanta-based Noble Investment Group for an undisclosed price. Noble acquired the hotel in 2017. Hunter Hotel Advisors assisted with the transaction.

First Margaritaville in Panama. Orlando-based Margaritaville is partnering with Panama-based Grupo Los Pueblos for a new beachfront project, Margaritaville Beach Resort & Residences Playa Caracol, in Playa Caracol, Panama. The project will debut in mid-2027 and will have 261 residences, 80 cottages and 181 multifamily units. Margaritaville has 40 lodging locations and over 20 additional projects worldwide.

Rentyl, Davidson partner in Orlando. Kissimmee, Florida-based Rentyl Resorts and Davidson Hospitality Group have partnered on a first-of-its-kind condominium project with Embassy Suites in Orlando. The 317-unit Embassy Suites by Hilton Orlando Sunset Walk is a five-building condominium project developed by Kissimmee-based Sunset Walk Residences. The first two buildings are scheduled to open in May, and three others will open later this year. 

U.S. performance up. Hotel performance in the U.S. from May 5-11 was higher than the previous week and had a positive year-over-year comparison, according to CoStar. Occupancy was up 66.1% (up 2.1% YOY); ADR was $162.14 (up 4.4% YOY); and RevPAR was $107.24 (up 6.6% YOY). Among the top 25 markets, San Francisco had the highest year-over-year increases in occupancy (+20.6% to 79.3%), ADR (+54.5% to $313.13) and RevPAR (+86.3% to $248.28), while Orlando saw the second-largest lifts in occupancy (+18.6% to 75.7%) and RevPAR (+28.9% to $160.81). The steepest RevPAR declines were in Philadelphia (-27.1% to $101.16) and Nashville (-9.2% to $133.09).

Mirage closing, transitioning to Hard Rock. The Mirage in Las Vegas is closing in July to transition into the Hard Rock Hotel & Casino and Guitar Hotel Las Vegas. The rebranded Hard Rock resort will feature a nearly 700-foot guitar-shaped hotel tower and is scheduled to open in spring 2027.

Maverick adds St. Louis. Chicago-based Mavericks Hotels and Restaurants is now managing The Last Hotel STL in St. Louis, Missouri. The 142-key hotel, located in downtown St. Louis, was originally opened in 1909. 

Ennismore adds in Hungary. London-based Ennismore has signed its first property in Hungary with the SO/ Budapest. The 350-key hotel will open in 2026 following extensive renovations to the interior and exterior of the building. Ennismore operates 145 hotels over 17 in over 35 countries and is set to open over 15 hotels in 2024. 

IHCL will open its first Taj-branded residence. The Indian Hotels Co. Ltd. (IHCL) is scheduled to open its first Taj-branded residence in Chennai in the first quarter of 2027. The project, the Taj Sky View Hotel & Residences, is a joint venture with Chennai-based AMPA Group and will have 253 rooms and 123 luxury housing units.

IHG adds in Japan. IHG Hotels & Resorts has signed its first management contract in Japan with Toyko-based Kajima Corp. to open the 100-key ANA Holiday Inn Resort Karuizawa in 2025. This agreement is the first step in a longer-term partnership with Kajima. The hotel operates as a President Resort Karuizawa and will undergo extensive renovation and reopen in the first quarter of 2025.

First Tribe in New Zealand. Accor is launching its Tribe brand in New Zealand with the opening this summer of the 60-key Tribe Auckland Fort Street. There are 15 Tribe hotels worldwide and over 40 under development.

WorldHotels adds in China. WorldHotels, owned by BWH Hotels, has signed the 196-key Hangzhou ZhongWei Goethe Hotel in China. The hotel first opened in 2007 and had extensive renovations in 2021.

CBRE: Korea a top Asia Pacific market. Robust domestic and international demand has cemented Korea’s status as one of the top hotel markets in the Asia Pacific over the past few years, according to research from CBRE. ADR in Korea in the first quarter increased by 43% compared to the same period in 2019, while RevPAR increased by 49%. Occupancy was also up 2% compared to 2019. Korea’s luxury and upscale segments are expected to outperform over the next six to 12 months, and with a limited supply pipeline over the next four years, CBRE expects hotel performance to continue to improve. Click here for a copy of the study.

Cross adds in Thailand. Bangkok-based Cross Hotels & Resorts is introducing its hybrid hotel brand, Luman, by opening the Lumen Bangkok Udomsuk Station in Thailand. The 102-key hotel is Cross’ second joint venture with Italmar (Thailand). Cross’ portfolio has 28 hotels over six brands across Indonesia, Thailand, Japan and Vietnam.