Latest HITs: Raffles debuts in Boston; Posadas grows in Cancún; Meridia's new fund

Historic Raffles opens in Boston. Raffles Boston opened on Friday in the city’s Back Bay, marking the first Raffles Hotel & Residences in North America and the first mixed-use development for the 136-year-old brand in North America. The 35-story sustainable new-build from the ownership team of Cain International, Noannet Group and Saunders Hotel Group has 147 guestrooms and a variety of gathering spaces for guests, residents and locals, including the 17th floor Raffles Writer’s Lounge, a signature Raffles space made famous for the esteemed writers and poets who have frequented it within the flagship Raffles Singapore.

Posadas grows footprint in Cancún. Fiesta Americana Travelty, formerly known as La Colección Resorts by Fiesta Americana and part of Posadas’ umbrella brand, in collaboration with Grupo Xtra, a comprehensive real estate services company, have broken ground on the $300 million Mayan Riviera: Live Aqua Riviera Cancún and Grand Fiesta Americana Riviera Cancún All Inclusive Resort & Spa. These projects will add 1,052 new hotel rooms, leading to a 25% increase in Posadas’ regional hotel room capacity, which currently stands at 2,777 rooms. The hotels are expected to open in late Q1 2025 and early 2026.

World Cup helps Sydney. Helped by the FIFA Women’s World Cup, Sydney in August recorded its highest monthly performance levels since March 2023, according to preliminary August 2023 data from CoStar. Occupancy in August hit 80.7% (+26% YOY); ADR was A$261.83 (+9%); and RevPAR hit A$211.19 (+37.3%). When looking at daily data, the highest occupancy level in Sydney (94.8%) was seen on August 16, the day of the Australia vs. England semifinal match. That level was followed closely by August 12 (93.1%), the day of the quarterfinal match between England and Colombia. Sydney’s daily occupancy levels remained above the 70% mark throughout the month apart from three days.

Meridia closes new fund. Spanish investor Meridia has launched its Meridia V fund with two initial acquisitions in Spain – the Hotel Gallery in Barcelona and Hotel Molina Lario in Málaga – totaling 213 rooms in the 4-star segment.