Latest HITs: Banyan Tree debuts in Europe; HAMA bullish; Noble buys in Virginia

Banyan Tree to Greece. Banyan Tree Group will debut in Europe in 2026 with the Banyan Tree Varko Bay on the Varko Peninsula in Pogonia, Aitoloakarnania, Greece. The resort will have 116 villas and 43 branded residences and will be built in partnership with Greek Elastic Architects. The resort aims to be the first in Europe to achieve LEED Gold certification. Banyan Tree Group operates over 60 hotels worldwide, with a potential pipeline of more than 50 projects by 2025.

HAMA members bullish. The Hospitality Asset Managers Association’s (HAMA) Spring 2023 Industry Outlook Survey reveal that the majority of its membership are looking forward to a positive year, with expectations high for RevPAR and GOP to exceed both budgets and 2019 levels. The top three issues: wage increases (65%), labor availability (57%) and demand (52%). Two-thirds (66%) of members believe the U.S. economy either already is in or will slip into a recession in 2023; 74% of membership actively are pursuing acquisitions; and 59% of members neither have nor are contemplating a management or brand change.

Noble buys in Charlottesville. Noble Investment Group has the Hampton Inn & Suites Charlottesville (Virginia) - At The University. The hotel will undergo a comprehensive upgrade to all hotel guestrooms and suites, public areas, and meeting spaces. The name of the seller and price paid were not disclosed by Noble.

Cincinnati area getting Margaritaville. A $140 million Jimmy Buffett Margaritaville Resort with a 264-room hotel is planned to open in early 2026 near Cincinnati at Newport on the Levee in Newport, Kentucky. Stormont Hospitality Group is partnering with North American Properties on the project. North American Properties purchased Newport on the Levee from Price Group in 2018.

Strong March in Canada. Canada’s hotel occupancy in March 2023 was its highest since October 2022, according to STR data. Occupancy was 62.6% (+4.2%); ADR was C$177.72 (+19.6%); and RevPAR was C$111.23 (+24.6%). Notably, the ADR increase against 2019 was the highest of the pandemic era, showing no signs of pulling back on a national level, according to STR. Rate improvements were seen during the weekdays, with the index again advancing on 2019 levels, suggesting that corporate rate increases implemented this year are starting to refelt in the weekday data.

PPHE fund approved. PPHE Hotel Group, London has received the necessary regulatory approvals for its newly launched European Hospitality Real Estate Fund with up to €50 million in cash and/or assets to accelerate its strategy of identifying, acquiring, and developing hotels across key European markets. Clal Insurance has committed to investing up to €75 million, and additional investors can participate for the remaining €125 million equity following the regulatory approvals. With full equity subscription and 50% bank leverage, the fund’s investment potential will be approximately €500 million. The hotel assets acquired by the fund will be operated by PPHE’s hospitality operating platform.

Meyer Jabara grows. Meyer Jabara Hotels, Danbury, Connecticut, has been selected by Miami-based Pappas Hotels to manage the 95-room Holiday Inn Express & Suites in Aiken, South Carolina. This deal marks the fourth Holiday Inn Express to be managed by MJH and its third hotel in South Carolina. MJH owns, operates or leases 30 hotels and 20 restaurants in 12 states throughout the eastern and central United States.