Latest HITs: Schroders sells in Paris; Dream interrupted; women's program flourishes

Paris hotel sells. Schroders Capital, private equity specialist ExtendAM and family office Cèdre have finalized the sale of the 87-room Hotel Eiffel Blomet Paris to Financière M.P. Landowski.

Dream on hold. Construction work on Dream Las Vegas has reportedly stopped due to stalled financing with the developers reportedly owing tens of millions of dollars for the hotel-casino project. Dream developer Bill Shopoff told the Las Vegas Review-Journal that he owes approximately $25-30 million for work on the resort, and that construction “will restart once the terms of the financing are finalized.” He added that his group is in discussions with its lender and expects terms to be finalized potentially in the next couple of weeks. The hotel is slated to cost $550-$575 million, Shopoff said. The owners have been paying for the project with cash and are working on a $400 million-plus funding package.

Perelmuter to TPG. TPG Hotels & Resorts has appointed Ben Perelmuter president and chief operating officer. Perelmuter will oversee the operational performance of TPG’s entire hospitality portfolio. He most recently served as division president at Aimbridge Hospitality. Prior to that, he spent 11 years in hotel operations at large convention hotels and resorts.

Women's ownership program flourishes. Wyndham Hotels & Resorts has announced the continued momentum of its “Women Own the Room” program, which in its inaugural year has signed more than 30 hotels across the U.S. and Canada, 10 of which are now open. The program targets women’s advancement in hotel ownership. Nearly 50% of the hotels affiliated with Women Own the Room are new construction projects. Among them is the upcoming Microtel by Wyndham in New Castle, Colorado, owned by Elizabeth Avery and on track to break ground later this year. Since launching in January 2022, Women Own the Room has led to the opening of 10 hotels across the U.S., including the Travelodge by Wyndham in Macon, Georgia, owned by Women Own the Room member Preeti Singh (pictured above). She came to the U.S. in 2007 on a student visa, and while earning her Master of Business Administration degree from the University of Findlay, she volunteered and learned from a local family in their Travelodge by Wyndham hotel in Freemont, Ohio. In 2016, Singh bought her first hotel, and in response to the launch of Women Own the Room, she converted it to a Travelodge by Wyndham in 2022.

IHG grows in Egypt. IHG Hotels & Resorts has signed a management agreement with Arabella Group to develop three new hotels in Egypt between 2023 and 2026. The hotels – InterContinental North Coast Direction White, voco Cairo Arabella Plaza Cairo, and Crowne Plaza Cairo Arabella Clubhouse – will see IHG add over 500 keys to its Egypt portfolio. The new-build hotel projects, currently under construction, are set to open in notable areas of Egypt. The incoming new voco Cairo Arabella Plaza is scheduled to open its doors in July 2023, with the Crowne Plaza Cairo Arabella Clubhouse slated for a January 2026 opening and the InterContinental North Coast Direction White for a September 2026 launch. IHG currently has seven hotels in Egypt, and 13 hotels in the development pipeline.

IHG-AWC collab. IHG has agreed with Asset World Corp. Public Co. Ltd. to develop the Kimpton Pattaya in Thailand. This will be their second collaboration for a Kimpton Hotels & Restaurants property in the country. The strategic partnership between IHG and AWC already includes five properties. Opening in early 2028, the new-build Kimpton Pattaya will be located in central Pattaya, as part of the Aquatique, a concept devised by AWC which will be a first-of-its-kind in Pattaya as an all-in-one seaside destination. Kimpton’s global expansion continues to move at pace, with 76 open hotels at the end of 2022 and a 41-strong pipeline in destinations such as Bali, Rotan in the Caribbean and Mexico City.

Extended stay association. The Extended Stay Lodging Association (ESLA) has been created as a trade association dedicated to advancing the extended stay lodging industry by providing an impartial forum for stakeholders in the segment to share ideas, innovations, and best practices. Douglas Artusio, chairman and CEO of Dellisart Hospitality, will serve as founder and chairman of the new association, which will provide developers, owners, lenders, and other stakeholders with a combination of educational webinars and educational opportunities on a variety of topics, including educating and sharing historical market and industry data on extended stay industry.

GHA adds sustainability collection. UAE-headquartered Global Hotel Alliance has launched its Green Collection, bringing under one umbrella nearly 200 hotels, resorts and palaces operated by GHA hotel brands that are demonstrating their commitment to protecting people and the planet. Every Green Collection property has attained at least one certification from a globally recognized environmental organization.

Shaner-Prime Group first. Shaner Hotels has completed the conversion of the 124-room Courtyard by Marriott Marathon Florida Keys to the Courtyard Faro Blanco Resort.  The newly converted property, owned by Prime Group and operated by Shaner, marks Marriott International’s first Courtyard Resort in the United States. The hotel plans to add cabanas and additional lighting to the pool deck with more activities and on-site experiences for guests. Shaner Hotels, State College, Pennsylvania, has more than $1 billion invested in 60 hotel properties owned and managed across the U.S., Italy, Greece and the Bahamas.

ECHO update. Wyndham Hotels & Resorts has announced the continued expansion of its ECHO Suites Extended Stay by Wyndham brand, which in one year, now has more than 200 hotels in its development pipeline. Late last year, the brand broke ground on its first three hotels and nearly two dozen more ground breaks are expected for this year. The first ECHO Suites hotel is on track to open by the end of this year with additional hotels following in 2024. Fueled by the Infrastructure and Jobs Act and the CHIPS and Science Act of 2022, Wyndham believes there is a long-term opportunity for franchisees to realize $3.3 billion in additional room revenue, generating more than $150 million in incremental royalties for the company over the multi-year period of spend.