A roundup of the latest news from the hotel development world as well as data points worth knowing.
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.