Development, investment news in brief from around the world.
Hyatt expands all-inclusive. Hyatt Hotels Corp. has
announced a multi-property collaboration with Be Live Hotels that will include
the growth of the Sunscape Resorts & Spas brand in the Caribbean. The deal
is expected to expand Hyatt’s Inclusive Collection, which was introduced
following Hyatt’s acquisition of Apple Leisure Group in 2020, by nearly 2,000
rooms. Two 4-star Be Live Hotels properties in the Dominican Republic, owned by
Spanish hospitality company Globalia, will be renovated and transformed into
Sunscape Resorts & Spas. The renovated hotels are expected to open in 2023,
bolstering the family-friendly brand’s presence in the Caribbean.
Sale in Scotland. Scotland’s Crerar Hotels has been sold for an undisclosed
price to a joint venture between Blantyre Capital and operating partner
Fairtree Hotel Investments. Led by owner Paddy Crerar, the group has operated seven,
4- and 5-star hotels. They will become a key part of the new owners’ plans to
build a significant luxury UK hotel portfolio.
Mondrian in Mexico. Ennismore has signed a deal with developer Inzigna Capital
to operate the Mondrian Tulum Hotel & Residences in Mexico, which is
scheduled to open in 2025. The hotel in the downtown area of the city will have
64 rooms and the residential project will comprise 151 units, including
different configurations from 3-bedroom townhouses to a 4-bedroom Casa VIP. This
is Ennismore’s second property in Tulum, joining the recent signing of
JO&JOE Tulum.
Peachtree grows management. Peachtree Hospitality Management has entered into agreements
with full-service hospitality developer TEKMAK Development Co. to provide
third-party management services for a portion of its hotel portfolio. PHM
will assume operations of the SpringHill Suites Dallas Rockwall (shown above) on August 1,
2023, and is slated to manage two under-construction hotels, a dual-branded
TownePlace Suites by Marriott and Fairfield by Marriott in Paris, Texas, and a
TownePlace Suites by Marriott in Forney, Texas. Third-party management now
accounts for nearly a third of Peachtree’s 92-hotel managed portfolio.
New Mint House CEO. Residential hospitality brand Mint House, New York City, has
appointed Christian Lee as chief executive officer. Lee was recruited by
Mint House Founder and previous CEO Will Lucas to further scale and drive
its next phase of growth. Lee's career spans 25 years of operations, finance,
strategy, and corporate development roles. He previously served as CFO of
Transfix, a transportation solutions provider. He also served as managing director
of WeWork Asia, based in Shanghai. Mint House operates more than 25
properties across 16 markets, offering design-forward spaces that offer the
amenities and conveniences of a home with hotel services.
Moxy sold. DelMonte Hotel Group, a hotel management and development
company headquartered in Rochester, New York, has acquired the Moxy Chattanooga
Downtown.
PMZ arranges Courtyard finances. Boutique real estate investment banking firm PMZ Realty
Capital LLC has arranged acquisition financing for the 186-room Courtyard by
Marriott Austin – University Area. The $20.75 million non-recourse acquisition
loan with a flexible floating rate priced over SOFR was provided by a portfolio
lender to cover 73% of the overall total project costs.
Inspirato-Saks deal. Luxury travel subscription brand Inspirato has entered into
a strategic marketing partnership with Saks Fifth Avenue. Starting in 2Q23, nearly
3,000 Saks stylists will be empowered as Inspirato brand ambassadors to
introduce their clients to Inspirato’s offerings, both online and in Saks Fifth
Avenue stores. Saks stylists will receive comprehensive training on Inspirato’s
offerings and then introduce Inspirato and its benefits to their clients with
support from Inspirato’s sales team and a variety of brand collaborations. As
part of the agreement, all Inspirato members will be invited to apply for the
SaksFirst Card so that they can participate in the SaksFirst Rewards Program.