The latest development, data and M&A news from around the world.
Curio Collection first. Hilton has signed a management
agreement for the first all-inclusive Curio Collection by Hilton property in
the Dominican Republic, the new-build Zemi Miches All-Inclusive Resort, Curio
Collection by Hilton expected to open in 2024. Located north of Punta Cana in
the coastal town of Miches, the 502-room resort is owned by Zemi Hotels &
Resorts, S.R.L. Hilton said it plans to nearly triple its portfolio in the
Dominican Republic over the next five years. It currently has five hotels in the
destination and has nine projects in various stages of development across the
country. Across the Caribbean, Hilton has nearly 30 hotels operating and approximately
30 hotels in development. Throughout the Caribbean and Latin America, Hilton
currently has a portfolio of more than 205 hotels and approximately 110 hotels
in various stages of design and construction.
Latin America pipeline. For 1Q23, the construction pipeline
in Latin America, quarter-over-quarter, increased 2% by projects and 3% by
rooms, according to Lodging Econometrics. At the close of 1Q23, the Latin
America pipeline stood at 546 projects/90,139 rooms – down slightly 3% by
projects and 2% by rooms year-over-year (YOY). Of the 546 projects/90,193
rooms, 226 projects/40,034 rooms are under construction. Projects scheduled to
start construction in the next 12 months stand at 160 projects/25,887 rooms, up
8% by projects and 17% by rooms YOY. The top countries at 1Q23 are Mexico with
210 projects/35,295 rooms; Brazil with 89 projects/15,456 rooms; the Dominican
Republic with 28 projects/6,538 rooms; Peru with 27 projects/3,326 rooms; and
Puerto Rico with 17 projects/2,658 rooms. Other countries with 17 projects
include Costa Rica and Argentina, with 1,884 rooms and 1,832 rooms,
respectively. Marriott International has 105 projects/17,344 rooms; Hilton has 103
projects/14,198 rooms; and Accor has 73 projects/9,164 rooms.
Luxe at Miami airport?: Related Companies and Fontainebleau
Development reportedly plan to develop a 451-room luxury hotel at Miami
International Airport if Miami-Dade County commissioners approve the proposal
for a 1.8-acre, 50-year ground lease. The lease is expected to generate
$240 million in revenue for the county over the next five decades, per the
filing. Once construction is completed, which is expected to take four years,
the developers will pay $2.5 million or 3.5% of the hotel’s gross revenue,
whichever is higher.
LuxUrban adds in Brooklyn. LuxUrban Hotels, which lease
hotels on a long-term basis and rents rooms in major metropolitan cities, has
signed a 25-year Master Lease Agreement (MLA), inclusive of two five-year
options, to operate the Condor Hotel in Williamsburg, Brooklyn. The company
also signed a 15-year MLA, inclusive of one five-year option, to operate the
Trinity Hotel in Los Angeles, California. The company also announced that
effective May 1, 2023, it started operating at 101 Bogart Street, a 65-unit,
mixed-use property in East Williamsburg-Bushwick, Brooklyn. As of March 31, the
company had 1,034 hotel rooms.
MMI management growth. MMI Hotel Group, Flowood,
Mississippi, any has assumed management of the 127-room Cambria Suites in Fort
Mill, South Carolina. MMI CEO Micajah Sturdivant state the company plans to
double its hotel portfolio within the next two years with a mix of company
owned, partnered and third-party managed lifestyle, soft branded, boutique
hotels and independent resorts.