Latest HITs: New CEO at Iberostar; introducing LyvInn; Madison Capital's big loan

New CEO at Iberostar. Phil McAveety, former executive vice president and chief brand officer of Starwood Hotels and Resorts Worldwide, has joined Iberostar Hotels & Resorts as CEO. Iberostar stated this new job matches its expansion strategy recently developed because of its business alliance with IHG. In his previous role, Phil McAveety was responsible for global brand and digital strategy for Starwood Hotels and Resorts Worldwide and its brands. Prior to that, he served as global brand director for Camper International in Spain.

Introducing LyvInn. Navneet Bali, former CEO and chairman of German-based Meininger Hotels, is opening the first LyvInn hotel, a 164-room in Frankfurt located at the heart of the Europaviertel, one of the largest inner-city developments in Europe. Bali said the hybrid and lifestyle hotel brand is looking to expand in major European cities. The hotels will have flexible room structures combined with communal spaces, such as co-working desks and social areas for both extended-stay Lyv and short stay Inn customers.

Choice aligns with Amsterdam-based hotelier. Choice Hotels EMEA and Borealis Hotel Group, Amsterdam, have signed a strategic partnership that will allow Borealis to franchise Choice-branded upscale and midscale hotels across The Netherlands, Belgium, France, Germany, Austria, Spain and Denmark, as well as look for new opportunities in other European countries. Choice Hotels EMEA is in the process of repositioning its Comfort, Quality, Clarion, and Ascend Hotel Collection brands to the EMEA region. It recently introduced its Sleep Inn brand there, as well.

IHG grows in France. IHG Hotels & Resorts has signed a management contract with Groupe BMF and Groupe PFH for the 107-room Château Mont Royal in France, which will begin to trade as the InterContinental Chantilly. Following a renovation scheduled to be completed in 2024, the château property will become IHG’s third luxury opening in France in the past five years. IHG currently has 64 hotels operating under nine brands in France with a further 19 hotels in the pipeline.

Zeal partners with IHG. Zeal Hotels has signed an Exclusivity (sales and marketing) Agreement with IHG Hotels & Resort for their first net zero carbon hotel set to open next year in the U.K. The group recently obtained detailed planning permission for the 142-bedroom hotel and construction is due to begin in July.  The hotel will be managed by Valor Hospitality. Established in 2012, Zeal Hotels acquires, develops and maintains ownership of its hotels. The first UK site will be operated under a franchise agreement with IHG. Zeal Hotels is actively seeking further development opportunities.

Noble promotions. Noble Investment Group announced several promotions across its investment, capital markets, finance, and asset management teams. Dan Konzelmann has been promoted to vice president, responsible for executing strategies across Noble's investment platforms; Emily Feeney has been promoted to senior director, responsible for financing new asset acquisitions, managing capital market relationships, and asset sales; Jeff Pennington has been promoted to senior director, responsible for internal and external reporting, fund modeling, and valuations; and Bo Zhang has been promoted to senior associate, responsible for information, data, and analytics for asset management and investment management strategies.

BWH rebrands. As of May 15, BWH Hotel Group is reportedly changing its name to BWH Hotels and is introducing a refreshed master brand logo. The new name will emphasize BWH Hotels’ position as a diverse enterprise with 19 brands in every segment, from luxury and lifestyle, to upscale, midscale and economy.

Hyatt expands all-inclusive. An affiliate of Hyatt Hotels Corp. has entered into a management agreement with AF Partners to expand the luxury all-inclusive Inclusive Collection with the new 105-room Zoëtry Halkidiki in Greece. The resort is expected to open in mid-2024 in the vicinity of Sani and will be perched cliffside offering sweeping views of Mount Olympus and the surrounding Aegean Sea. A lift will provide guests with exclusive access to the beach directly from the resort.

Accor luxe grows in KSA. Accor, in partnership with Erth Real Estate Co., will open three hotels in Riyadh, Kingdom of Saudi Arabia, as part of a new master planned development project. The forthcoming luxury hospitality community will include a 230-key Raffles hotel, a 250-key Sofitel Serviced Residence, and a 60-villa MGallery resort, all set to open by 2027. The multi-faceted community will also include office towers, residential towers, and retail space, all built around a centrally located garden area. Erth Real Estate Co. is the owner and developer of the 4.2 billion Saudi Riyal mixed-use project at Al Yasmin District and has signed with Accor for hotel management. Within the Kingdom of Saudi Arabia, Accor currently operates 42 properties (16,000-plus rooms) and has a development pipeline of 34 properties which will add approximately 7,000 rooms to the group's portfolio by 2027.

Arizona development gets infusion. PE firm Madison Realty Capital has originated a $585 million loan to Five Star Development for the completion in Arizona of the 215-room Ritz-Carlton Paradise Valley, The Palmeraie and The Palmeraie, a mixed-use, ultra-luxury retail, dining and residential development with 80 single-level Ritz-Carlton Residences Villas, which are 100% sold, and 32 single-family Ritz-Carlton branded and serviced Estate Homes in Paradise Valley, Arizona. The loan will be used to finish construction of The Ritz-Carlton Resort and Residences in Paradise Valley at The Palmeraie, which is already 80% completed. Madison Realty Capital currently manages $10 billion in assets.

IHG adds in Cairo. IHG Hotels & Resorts and Egypt’s Arkan Palm for Real Estate Investment will build two more hotels in the capital city — InterContinental West Cairo 205, scheduled for a January 2028 opening, and the voco West Cairo 205 Suites, set to open by June 2026. The hotels will be a part of Arkan Palm for Real Estate Investments new mixed-use development — 205 an Arkan Palm Development — in West Cairo. The dual hotel signing, which will add 390 rooms to IHG’s portfolio in Egypt. IHG currently has seven hotels operating across four brands in Egypt and has a pipeline of 13 hotels due to open in the next two to five years.

Yotel adds in Bangkok. Yotel has signed its third deal of 2023, the Yotel Bangkok. The new-build hotel, opening in 2025, will be part of Cloud 11, a 250,000 sqm ground-up, mixed-use development from Magnolia Quality Development Corp. Ltd. being marketed to artists, makers, and tech entrepreneurs. It will feature Thailand’s largest rooftop park. The signing follows the announcement of Yotel Tokyo, opening late 2024.

Life House growth. Tech-forward hotel operator Life House is adding three managed hotels in Texas to its portfolio – the Hotel Dryce in Fort Worth, owned by Jonathan Morris and Allen Mederos; The Flats at St. Mary in San Antonio, owned by Frank and Shelly Markey and Craig Glendenning from Bright Lakes Real Estate; and a third property that will be announced soon.

Sage adds in SF. Sage Hospitality Group, Denver has added management of the 203-room Yotel San Francisco, becoming the 19th in the Sage Independent Hotel Collection and bringing the number of hotels Sage operates in San Francisco to four. The addition to the Sage portfolio marks the start of a working relationship with Monarch Alternative Capital, which took ownership of Yotel San Francisco in late 2022 following a loan purchase in the asset.

Big April in Amsterdam. Amsterdam’s hotel industry reported its highest ADR and RevPAR for any month on record, according to preliminary April 2023 data from STR. For April 2023 (year-over-year % change), occupancy hit 83.9% (+13.6%); ADR was €214.51 (+30.5%); and RevPAR was €180.07 (+48.2%). April was the first month with the market’s ADR above €200. In addition, occupancy was Amsterdam’s highest since October 2019.

UAE rebound continues. Dubai saw its saw highest April 2023 occupancy levels during the Eid-al Fitr holiday period, according to preliminary data from STR. In April 2023 (year-over-year % change), occupancy was 71.4% (+21.3%); ADR was AED751.19 (-4.7%); and RevPAR hit AED536.32 (+15.6%). The market’s highest occupancy level was recorded on Saturday, 22 April (90.1%) . Daily RevPAR for the month also reached its highest level on this date, at AED707.03.

Jakarta comeback. Jakarta posted its highest monthly ADR since August 2018, according to preliminary April 2023 data from STR. April 2023 (year-over-year % change) saw occupancy at 45% (-1.7%); ADR at IDR1,015,991.89 (+32.9%); and RevPAR at IDR456,808.80 (+30.6%). Overall, the market’s daily occupancy levels fluctuated between 30% and 60% throughout the month, with only one day falling below the 30% mark.

New China pipeline data. China’s hotel construction pipeline stands at 3,659 projects/680,959 rooms at the end of Q1‘23, down 1% by projects and 3% by rooms year-over-year (YOY), according to Lodging Econometrics data. China has 2,697 projects/484,152 rooms presently under construction, both at record highs. Fully, 219 hotels/38,162 rooms began construction in Q1 for a 60% YOY increase by projects and a 49% YOY increase by rooms. Also, new project announcements grew substantially in Q1, to stand at 278 hotels/42,362 rooms, with some entering directly into the under-construction phase of the pipeline. Projects scheduled to start construction in the next 12 months stand at 365 projects/69,191 rooms, while projects in the early planning stage stand at 597 projects/127,616 rooms. Cities in China with the largest pipelines at Q1 are led by Chengdu with 138 projects/27,770 rooms, then Shanghai with 116 projects/23,031 rooms, Guangzhou with 111 projects/23,350 rooms, Hangzhou with 98 projects/20,239 rooms, and Xi'an with 98 projects/17,657 rooms. The top franchise companies in China’s Construction Pipeline are Hilton with a record-high of 693 projects accounting for 124,796 rooms, IHG with record projects and room counts of 470 projects/97,692 rooms, and Marriott International with 373 projects/97,667 rooms. Next is Accor with record project counts for the country of 223 projects/38,175 rooms and JinJiang Holdings with 199 projects/20,190 rooms.