Latest news: Signa sells in Venice; Ault holds Midwest portfolio; extended-stay revenue down

Signa sells Hotel Bauer in Venice. Austrian-based Signa Prime Selection, which is insolvent and part of the troubled Signa empire, has sold the Hotel Bauer on Venice’s Grand Canal as part of a deal with Germany-based Schoeller Group for an undisclosed amount. The Schoeller Group bought three properties from Signa and the deal is expected to close in the coming months. Signa has owned the Bauer since 2020, and it is currently under renovation and scheduled to open next year under the management of Hong Kong-based Rosewood Hotel Group.

Ault no longer selling Midwest portfolio. Las Vegas-based Ault Alliance said it is no longer selling a portfolio of four hotels in the Midwest. The four hotels were valued at approximately $91 million in assets at the end of 2023 and made $16.5 million in revenue for the year. The four hotels are the Hilton Garden Inn, Residence Inn and Courtyard in Madison West in Wisconsin, and the Hilton Garden Inn in Rockford, Illinois.

Extended-stay revenue declines. Extended-stay hotel room revenue posted its first monthly decline in over three years in March, but the contraction was far lower than the overall hotel industry, according to The Highland Group. Total extended-stay revenue fell 0.2% in March but was significantly less than the 1.6% contraction that STR/CoStar has estimated for the overall hotel industry, according to Mark Skinner, a partner at The Highland Group.

New hotel at Singapore airport. Changi Airport Group (CAG) and real estate group OUE Limited Guests will open the 255-key Hotel Indigo Changi Airport in 2028 at Terminal 2 of the Changi Airport in Singapore. It is touted as Singapore’s first “zero-energy” hotel.

IHG adds in India. IHG Hotels & Resorts has signed a management agreement with India-based Brigade Group to bring the InterContinental brand to Telangana, India. The 300-key InterContinental Hyderabad Neopolis is scheduled to open in 2029.

Michelin reveals U.S. hotel awards. The Michelin Guide revealed its list of U.S. hotels winning its new award, the Michelin Keys. Michelin gave awards to 122 U.S. hotels, including 11 Three Key hotels, 33 Two Key hotels and 80 One Key hotels. The Three Key hotels are all in California and New York City, while the Two Key hotels are in California, Washington, D.C., Miami, Chicago and New York City. The One Key hotels are in California, Colorado, Washington, D.C., Florida, Georgia, Illinois and New York.