The OWO, Raffles Hotels & Resort's first property in the U.K. Latest HITs: Raffles London coming; Club Med deal in Indonesia; positive US resultsBy Jeffrey Weinstein | September 8, 2023Share The latest news about development, M&A and performance. Raffles London prepares for opening. After eight years of restoration, September 29 will mark the opening of The OWO, the first hotel in the U.K. for Raffles Hotels & Resorts. The hotel in Whitehall, London, will have 120 rooms and suites while The OWO Residences by Raffles with 85 branded residences will mark the first Raffles-serviced residences in the UK and Europe. House in the former Old War Office, the property has been developed by the Hinduja Group, an international multi-billion-pound business with experience in restoration and renovation of historic buildings, and Onex Holding, a private investment group with a strong track record of developing and operating strategic and critical infrastructure. The property will feature nine restaurants and three bars, as well as a grand ballroom and a spa in partnership with Guerlain and Pillar.Club Med deals in Indonesia. A MoU has been signed between Paradise Indonesia and Club Med to enter into a mutually exclusive partnership for the development of a portfolio of new upscale all-inclusive resorts across Indonesia. To be rolled out across several phases with a development target of more than five new resorts, the first phase consists of three resorts to be developed in the next five years in key tourism destinations, namely North Sulawesi, Bali, and West Java. With operations in 40 countries and nearly 70 resorts, Club Med will open 17 new resorts between 2023 and 2025, including 10 extensions or renovations of existing resorts. Paradise Indonesia has 30 years of experience developing and creating lifestyle destinations in Indonesia’s largest cities with 25 business units across eight cities.Village Hotels on the block. KSL Capital Partners has reported hired Morgan Stanley to lead an auction of the 33-unit budget U.K. chain, Village Hotels. KSL paid about £485 million for the business in 2014 from De Vere Group. The news comes at Canada’s Brookfield continues to try to sell Center Parcs properties in the U.K.US performance still positive YOY. Following seasonal patterns, U.S. hotel performance from August 27 through September 2 showed mixed results from the previous week but positive comparisons year over year, according to CoStar data. Occupancy was 62.7% (+0.2% YOY); ADR was $150.52 (+1.8% YOY); and RevPAR was US$94.38 (+2% YOY). Among the Top 25 Markets, Minneapolis saw the largest year-over-year increases in occupancy (+19.1% to 74.4%) and RevPAR (+26.7% to $101.06). Las Vegas posted the highest lift in ADR (+9% to $181.61) and the second-largest jumps in occupancy (+15.9% to 74.4%) and RevPAR (+26.3% to $135.07). New Orleans saw the steepest RevPAR decline (-17.2% to $61.20).Ritz-Carlton Residences to Baku. Azerbaijani real estate developer Pasha Development has reportedly signed a management agreement with Marriott International to bring The Ritz-Carlton Residences to Baku and is slated to open in 4Q23. Located in Baku’s Nasimi district, The Ritz-Carlton Residences, Baku, with 79 apartments, are situated in the landmark 31-story building. Fourteen floors are already home to The Ritz-Carlton, Baku – the brand’s first hotel in the country.Canadian TRevPAR on the rise. TRevPAR values for the Canadian hospitality market have seen a significant surge in 2023, according to new data from HotStats. The market saw a dip in 2022 TRevPAR compared to 2019, but this year’s numbers have not only recovered from that dip but also surpassed previous years, as well. The data shows that Gross Operation Profit Per Available Room (GOPPAR) and total department profit saw similar trends in 2023 after a dip the previous year. HotStats says there are warning signs for the sector, however, as the GOP margin for year-to-date 2023 took a 0.5% decline compared to 2022. This suggests that hoteliers are having to work harder to convert top-line revenue into bottom-line gains.