Latest HITs: Accor deals in Morocco; Gold Coast Sheraton trades; IHG growth in India

Accor deal in Morocco. Accor has reached an agreement with Mutris – a Moroccan investment company bringing together private and institutional investors – under which Accor will, firstly, sell its 33% stake in Risma, Morocco’s leading publicly listed hotel operator, to Mutris at a price of 130 dirhams per share, and secondly, sell its Risma bonds on the market. Completion of the transaction is expected in the third quarter of 2023. By reorganizing its equity investments in Morocco, Accor said it is continuing to simplify its minority holdings already in motion, with the sale of the shares held in Orbis (Poland) in 2020 and H World Group (China) in 2023. Accor added that it is also strengthening its resources to accelerate, through AGM, its development in Morocco and to continue playing a major role in promoting and raising the profile of this destination worldwide. Present in Morocco for 30 years, Accor has 39 hotels (6,000 guest rooms), along with four hotels (700 rooms) under development.

Gold Coast Sheraton trades. The Sheraton Grand Mirage Resort on Australia’s Gold Coast has been acquired, subject to the buyer obtaining approval to the transfer of the liquor license, by the Karedis and Laundy families, who jointly own a number of beachfront hotels, including the Sofitel Noosa, Manly Pacific and Crown Plaza in Terrigal. Colliers’ head of hotel transactions Karen Wales said the sale represents an uplift of more than 80% per key on the last high-end hotel to trade on the Gold Coast, the Hilton Surfers Paradise, which sold in 2019 for $355,000 per key. Colliers, McVay Real Estate and JLL negotiated the sale of the Sheraton Grand Mirage Resort on the Gold Coast hotel on behalf of The Star Entertainment Group and consortium partners, Chow Tai Fook Enterprises and Far East Consortium.

Dauntless in Bethesda. Dauntless Capital Partners has purchased the 216-key Hilton Garden Inn Bethesda Downtown from Bethesda Hotel Associates, an affiliate of The Donohoe Companies. This investment is the final acquisition of Dauntless Capital Partners Fund I, L.P. and joins two others in the Washington, D.C. area within the Dauntless portfolio. Dauntless has selected Twin Bridges Hospitality to asset manage for the hotel, its 16th in total. The property is set to undergo an immediate renovation.

Pan Pacific grows in Thailand. Pan Pacific Hotels Group, a member of Singapore-listed UOL Group Ltd., has signed a luxury development with Metro-Ply Family of Companies for the Pan Pacific Serviced Suites Bangkok, which is slated to open in 2026. The 34-story building will be designed by Leo Design Group and comprises 191 suites furnished by Hong Kong-based firm NIB Creation. Level 14 will be dedicated to leisure spaces, including a pool, poolside restaurant and bar, outdoor gardens, fitness center, wet spa and residents’ lounge.

EOS leadership appointments. EOS Hospitality, New York City, has appointed Simon Mais as chief executive officer and Mark Keiser as president and chief development officer to define the company’s strategic direction, manage overall operations, and not only expand but diversify the company's portfolio. Mais and Keiser have more than 50 years of combined experience in development, operations and management. EOS currently operates a portfolio of 50 hotels with more than 7,000 keys.

Silverstein's NYC casino bid. In a bid to win one of three New York gambling licenses, New York-based real estate investment firm Silverstein Properties has proposed a plan to develop a hotel, casino, residential with more than 100 units of 100%, permanently affordable housing, and entertainment complex called the Avenir on the far west side of Manhattan in New York City. Once completed, the Avenir would be home to 600,000 square feet of gaming, restaurant and entertainment space. The complex will consist of two 46-story towers and 1,000 hotel rooms. A public sky bridge will connect two structures. The company would collaborate with Greenwood Gaming and Entertainment, which owns and operates Parx Casino in Pennsylvania. “Our city and state face a confluence of historic challenges right now,” said Chairman Larry Silverstein. “These include a housing crisis, public safety challenges, budget shortfalls, and a commercial real estate market in transition. We need to work with State and local leaders to do everything we can to make New York the best place to live, work and visit. We’ve done it before, and I am confident we can do it again. I’ve always said you should never bet against New York; This city and state will come back bigger and better than ever before.”

Holiday Inn resort in India. IHG Hotels & Resorts has signed a management agreement with AHG Hotels & Resorts Pvt. Ltd. to develop the 300-room Holiday Inn Resort Kasauli in India. IHG stated that Kasauli has emerged as one of the most sought-after leisure destinations in North India, known for its proximity and accessibility from Shimla, Chandigarh, and New Delhi. IHG currently has 45 hotels operating across five brands in South West Asia and has a pipeline of 39 hotels due to open in the next two to three years.

Trump DC lawsuit dismissed. The U.S. Supreme Court on Monday ordered the dismissal of a lawsuit by a group of 17 congressional Democrats who had sought details about a 2013 government lease for former President Donald Trump’s Washington, D.C. hotel, which the Trump Organization sold last year for $375 million. The court acted after the lawmakers this month voluntarily dropped their 2017 lawsuit against the General Services Administration, the agency that manages federal government real estate. The justices last month had agreed to hear a bid by President Joe Biden's administration to block the lawsuit.