The latest global news about development, M&A and data.
Hawaii tragedy update: The death toll from catastrophic
wildfires in Hawaii reached at least 106 on Wednesday morning and is expected to at least double in the days ahead, according to reports. Some 1,300 people are still missing. The fires have caused an estimate $5.6
billion in damage with some 2,700 buildings destroyed in Lahaina where
temperatures were estimated as high as 1,000 degrees Fahrenheit. As of Tuesday, the Lahaina
fire was 85% contained, the Upcountry fire was 60% contained and the Pulehu/Kihei
fire was 100% contained, according to Maui County officials.
Aimbridge leadership. Third-party management giant Aimbridge Hospitality has named
industry veterans Tiffany Cooper as Chief Development Officer – Americas &
Caribbean, and Niall Kelly head of Development – EMEA. Cooper most recently
served as Head of Development, North America and Caribbean for Kimpton Hotels
& Restaurants. Most recently, Kelly served as a development consultant to
Marriott International, undertaking various deal structures from leases and
residential deals to management and franchise.
Accor grows in Turkey. Accor has signed an agreement with
Kaya Group to introduce the first Mövenpick property to the eastern Turkish
province Diyarbakır. The 153-room Mövenpick Diyarbakır opened on August 14.
“Diyarbakır has great potential in terms of not only trade but also tourism. We
believe that our investment in Diyarbakır will significantly impact increasing
the allure of both Diyarbakır and Türkiye,” said Şeyhmus Kaya, Kaya Group
chairman of the board of directors.
GBTA revises forecast. The Global Business Travel Alliance
has forecast an accelerated rebound on business travel spend, now estimating to
reach $1.8 trillion by 2027. It cites pent-up demand, return of travel and
meetings, improved COVID landscape, stable economic conditions and inflationary
factors as the leading reasons for its revision. Spending is now expected to
surpass its pre-pandemic spending level of $1.4 trillion in 2024. In 2022,
global business travel spending rose 47% to $1.03 trillion, with strong gains
continuing and 32% growth expected in 2023.
Marriott grows luxe in China. Marriott International has
signed an agreement with New Development Group to introduce the Edition brand
to Dali in Southwestern China. The brand’s third property in China is expected
to open in December 2025. Marriott now has nearly 70 luxury hotels in Greater
China.
Delta to Times Square. Delta Hotels by Marriott has debuted in New York City with
the 310-room Delta Hotels by Marriott New York Times Square at 340 West
40th Street, marking the brands 31st hotel. Marriott said the owners of
the property are the Mehta family.
Veriu growth. Australia’s Veriu Group will open its first South Australian
property, Veriu Adelaide, midway through 2024. Developed in partnership with
Pelligra Group, the project is also one of the group’s first office
conversions, with the transformation of over 5,000 sqm of vacant office space
into the 111-apartment hotel. The property will offer a mix of studio,
interconnecting studios and one-bedroom suites, designed to accommodate solo and
group travel, for business or leisure. Veriu Group recently opened Punthill
properties in Essendon North and Parramatta, its second Melbourne Veriu
property, Veriu Collingwood, and started construction on various other sites in
Victoria, NSW and the ACT.