The latest development and M&A news from around the world.
Kerten grows in KSA. Saudi Arabia’s Royal Commission for
AlUla (RCU) and the AlUla Development Co. (UDC) have chosen Kerten Hospitality
to manage and operate a new facility in AlUla under one of the groups’
lifestyle brands: Cloud7. The Cloud7 Residence AlUla will be home to 150
serviced bungalows by the end of 2023. Cloud7´s vision is to create a unique
and affordable community, led by local talent which will contribute to the
mission of the Royal Commission for AlUla to create employment locally and to
accelerate the development plans for AlUla (providing 5,000-plus keys within
the destination by 2030) and position the region as a global tourism hub while
preserving the heritage sites in the area. Kerten has 12 lifestyle brands and 11
operational projects, part of a global footprint of 50 projects across three
continents and in key destinations: Egypt, Georgia, Italy, Jordan, the Kingdom
of Saudi Arabia, Morocco, Kuwait, Turkey, the United Arab Emirates, etc. Kerten Hospitality´s operations in the
Kingdom are tripling in 2023.
Cordish moves into Louisiana. The Cordish Companies,
Baltimore, Maryland, has agreed to acquire Diamond Jacks Casino & Hotel in
Bossier City, Louisiana, with the intent to work with Foundation Gaming &
Entertainment to redevelop the property, which has been closed since March
2020, into a Live! casino resort and entertainment destination. The project
will include the construction of a land-based casino to replace the existing
casino riverboat. The company currently has over $1 billion under construction
adjacent to its Texas Live! development in the Arlington Entertainment District
in North Texas, along with new developments in Florida, Alabama, Georgia, North
Carolina and Tennessee.
Club Med out in Utah. Club Med will not develop its Utah
mountain resort, which in 2021 was announced as the brand's first new all-inclusive
in the United States in more than 20 years, according to Travel Weekly. Developer
Snowbasin Resort's parent company, Grand America Hotels & Resorts, said
that the decision to halt the project came as Snowbasin "felt it right to
reassess the path ahead." Club Med also stated it still plans to pursue a
return to the U.S. market with a year-round resort.
ELLE to Amsterdam. Dutch developr Extendam has signed a deal
with Black Label Hospitality to operate what will become after a renovation the
first Dutch Maison ELLE-branded hotel in Amsterdam. The transaction is being
financed by a debt from the Dutch bank ABN Amro. ELLE magazine opened its first
lifestyle Maison ELLE hotel in Paris in 2022. Valotel is the master licensee of
ELLE Hospitality for Europe, China and Southeast Asia.
HGI to Bangkok. Hilton has signed a franchise agreement with
Siamese Asset PCL for the 224-room Hilton Garden Inn Bangkok Ram set to open in
2025. The hotel will be part of a mixed-use development in the Ram-Intra - Khan
Na Yao neighborhood, home to several key international schools and medical institutions.
McKinsey offers staffing solutions. McKinsey has published a
report identifying three staffing practices to help overcome staffing issues
and restore service. The article highlights the value of adopting a flexible
and agile staffing model that aligns with dynamic demand. Among the suggested
innovations: using standardized, activity-based metrics to forecast frontline
coverage needs; redesigning roles to combine jobs; and creating job networks
across properties. Click here to read the full report.
HGI sells in Tampa. Hunter Hotel Advisors announced the sale
of the 152-room Hilton Garden Inn Tampa East Brandon, Florida. MIG Real Estate
sold the property to Mike Desai and Bruce Patel for an undisclosed amount.