Latest news: Pursuit adds in Costa Rica; Marina Bay Sands tower; MG2 hospitality vertical

Pursuit acquires in Costa Rica. Denver-based Pursuit Attractions and Hospitality has acquired the 105-key Tabacón Thermal Resort & Spa in Costa Rica from an undisclosed seller for $111 million. The asset spans approximately 570 acres of rainforest at the base of the Arenal volcano. The property includes the hotel and the Tabacón Hot Springs, Costa Rica’s largest network of naturally flowing thermal mineral springs. JLL represented the seller in the transaction.

Marina Bay Sands tower begins. Las Vegas Sands has broken ground on its $8 billion development to expand the footprint of the Marina Bay Sands resort in Singapore. The new 55-story hotel tower, located next to the existing resort, casino, and convention center, will feature 570 keys and a 15,000-seat indoor arena for concerts and other entertainment. The project is scheduled to open in 2031.

MG2 launches hospitality vertical. Fort Worth, Texas-based M2G Ventures has launched a hospitality vertical and hired veteran executive Chris Hanrattie as managing director and head of hospitality to lead the efforts. M2G said it will focus on hospitality projects where it can implement its value-add strategies to drive RevPAR growth and improve operational efficiency.

Azul adds in Colorado Springs. San Diego-based Azul Hospitality has added the 168-key Hilton Garden Inn Colorado Springs Downtown in Colorado to its portfolio. A new rooftop bar, developed and branded by Azul, is slated to open this fall. The hotel also recently completed a new ground-level ballroom. Azul operates 24 brands and 28 restaurants in 32 markets across the U.S.

IHG adding in Japan. IHG Hotels & Resorts is partnering with Tokyo-based Fet System to rebrand two hotels as ANA Holiday Inn, bringing the first international-branded hotels to Sanda and Tosu City. The 130-key ANA Holiday Inn Kobe Sanda, currently The Celecton Premier Kobe Sanda Hotel, and the 126-key ANA Holiday Inn Tosu, currently Hotel Bientos, will undergo renovations and convert to the Holiday Inn brand in 2026. There are 15 Holiday Inns open and pipeline hotels across Japan.  In Japan, IHG has 54 hotels across 10 brands, with 17 hotels in the pipeline.

New CEO for Shangri-La Asia. The daughter of Malaysian tycoon Robert Kuok has been named the CEO of Shangri-La Asia, effective August 1. Kuok Hui Kwong, the sixth of Kuok’s eight children, has served as the company’s executive director since June 2016 and as its chairman since January 2017. The Shangri-La Asia group owns 81 of the more than 100 hotels it operates under four main brands: Shangri-La, Kerry, Hotel Jen, and Traders. Its hotel properties had a net asset value of US$10.83 billion (S$13.9 billion). Shangri-La Asia’s previous CEO, Lim Beng Chee, retired at the end of 2022 but remains on the board as a non-executive director.

GHA first half growth. The Global Hotel Alliance (GHA), an alliance of independent hotel brands, reported continued growth in the first half of 2025 with total hotel revenues reaching $1.5 billion, a 17% year-over-year increase. International stays accounted for 70% of all room revenue, totaling $810 million, a 21% jump YOY. The UAE took the top slot, followed by Thailand, Spain, Singapore, and Italy. The U.S. remains the leading international source market for GHA’s properties worldwide with loyalty program members based in the country generating 15% of all international room revenue in the first half. The top feeder markets were the U.K., Germany, China and Australia.

IHG adds in KSA. IHG Hotels & Resorts is partnering with Al Madinah, Saudi Arabia-based Arbah Tayba Real Estate Co., to sign the 383-key Crowne Plaza Madinah Al Haramain in Saudi Arabia. The hotel is scheduled to open in 2026 and will be managed by IHG. The company currently operates 45 hotels across six brands in Saudi Arabia with 47 hotels in the development pipeline set to open within the next three to five years.

BWH adding in the Philippines. BWH Hotels is partnering with Pampanga, Philippines-based Savers Group Holdings, which will accelerate the expansion of its portfolio of hotels and resorts in the Philippines. Savers Group Holdings currently owns two Best Western properties in the Philippines, Best Western Plus Metro Clark and Best Western Plus Hotel Subic, both of which have been fully renovated and relaunched in recent years. It is now set to become the authorized Area Development Office (ADO) and official representative of BWH Hotels in the Philippines to promote regional growth, investment, and community development. BWH Hotels currently operates a portfolio of seven hotels and resorts in the Philippines.