Breaking
news about development, deals, data from Maverick, Ennismore, IHG, IHCL, Accor, WorldHotels and more.
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.