Latest HITs: C Corp values; Bossert fate; IHG to Dominica

Most valuable public hotel companies. Insider Monkey has published a report ranking the most valuable publicly held hotel companies in the world based on market capitalization as of February 8, 2023. See who is on the list.

Saving the Bossert. Reports surfaced on Friday that the Chetrit Group is working with hoteliers Ian Schrager and Ed Sheetz to potentially partner on the beleaguered 282-room Bossert Hotel in Brooklyn Heights, New York. The Commercial Observer reported that the new joint venture is trying to raise $26 million in equity to reposition and rebrand the property under Schrager’s Public Hotel brand. If successful, Chetrit would partner 50-50 with Schrager and Sheetz, who would manage the property. The deal also has Chetrit’s current $80 million equity interest written down to $11 million. A $112 million loan on the hotel is currently in default.

IHG adds in Dominica. IHG has signed a deal with owner Range Developments for a conversion to an InterContinental Hotels & Resorts property along Douglas Bay on the Dominica’s northwest side. The 151-room InterContinental Dominica Cabrits Resort & Spa (above) is planned for a spring 2023 reopening, marking the brand’s third Caribbean resort. Range Developments, a hospitality investment and development company serving the eastern Caribbean, is also developing two IHG-branded resorts in Grenada – Six Senses La Sagesse (4Q23 projected opening) and InterContinental Resort La Sagesse (1Q25 projected opening). To date, 19 of InterContinental Hotels & Resorts’ 208 open global properties are based across South and Central America, as well as Mexico and the Caribbean. Four regional hotels are among the 84 in the brand’s global pipeline.

Capuano adds president to title. Marriott International CEO Tony Capuano is also taking on the role of president due to the imminent departure of current President Stephanie Linnartz, the board has announced. Marriott also declared a quarterly cash dividend of 40 cents per share of common stock. The dividend is payable on March 31, 2023.