Latest HITs: Turkey in headlines; ADIA, Petra align; Treehouse to Adelaide

Wyndham milestone. Wyndham Hotels & Resorts has surpassed 100 hotels in Turkey with the opening of the 176-room new construction Days Hotel by Wyndham Istanbul Esenyurt. It will be followed by the opening of Ramada by Wyndham Karapinar in Central Anatolia; Istanbul New Airport Hotel, Trademark Collection by Wyndham; and the Wyndham Afyonkarahisar Thermal & Spa. Approximately 20 additional Wyndham properties are under development in Turkey, its fifth largest market globally.

Marriott flexes in Turkey. Marriott International has signed 13 deal (more than 2,000 rooms) in Turkey, where it currently has 48 properties and nearly 8,000 rooms across 21 brands. The projects include the introduction of Fairfield Inn by Marriott in Turkey with the signing of the 192-room Fairfield by Marriott Istanbul Yenibosna. The project will be a part of a mixed-use development in the Yenibosna district, which will also feature the 90-room Residence Inn by Marriott Istanbul Yenibosna. Both properties are projected to open in 2025. Aloft Hotels expects to open its second property in Türkiye following the signing of Aloft Istanbul Karakoy, which will add 100 rooms in the market by 2024.

ADIA's new asset manager. After completing two acquisitions from Meliá Hotels International, the The Abu Dhabi Investment Authority (ADIA) has announced it will be working with newly formed asset manager Petra, created by former Covivio executives Dominique Ozanne, Gael Le Lay and Elsa Tobelem. The pan-European hotel investor and asset manager with offices in Paris and Madrid will target value-add opportunities. Petra will operate alongside Hova Hospitality, a leased hotel vehicle which began operations in 2021 and has grown to assets under management of €1.4 billion. ADIA closed on two large portfolio acquisitions, including seven hotels in a joint venture with Meliá and a 17-hotel (2,587 rooms) Spanish portfolio managed by Meliá across 11 cities from private owners.

Extended-stay eeks out July RevPAR gain. While extended-stay occupancy declined for the fourth consecutive month in July, increasing average rates led to RevPAR gains, according to new data from The Highland Group. July’s 1.7% ADR gain was the smallest monthly increase since rates started rising 28 months ago but it lifted extended-stay RevPAR 0.4% compared to July 2022. ADR growth was slightly lower than the overall industry and extended-stay’s greater occupancy decline resulted in a smaller gain in RevPAR compared to all hotels. “Extended-stay hotel’s 9.2 percentage point occupancy premium above the overall hotel industry is slightly under the long-term annual average range but typical for the summer travel season,” said Mark Skinner, partner at The Highland Group.

Starboard adds in London. Starboard Hotels has announced the acquisition of The Bridge Hotel in Greenford, West London. The purchase was financed by OakNorth Bank, and is the group’s second London property, following the Hampton by Hilton London Park Royal. Starboard’s wider portfolio includes 21 hotels across brands from Hilton, IHG, Accor, Best Western and Wyndham. The recently agreed loan restructuring for 18 Starboard Hotels will lead to further investment in the company’s existing UK-wide portfolio and enable growth through new acquisitions. Starboard has headquarters in Beaconsfield, Bucks., and Chorley, Lancashire in England and has also announced the refurbishment and 42-bedroom extension of the Ibis Gatwick, and the 28-room extension of the Holiday Inn Derby Rivertlights.

Treehouse to Adelaide. SH Hotels & Resorts, the sustainable brand management company founded by Starwood Capital Group Chairman and CEO Barry Sternlicht, has announced its first Treehouse Hotel in Australia, scheduled to open in Adelaide in 2026. In addition to 248 guest rooms and suites, the property will feature over 500 square meters of indoor and outdoor event space. The property will be managed by SH Hotels & Resorts. The project is a product of a collaboration among public and private partners, including the Adelaide Economic Development Agency and ICD Property as a component of the Market Square office, retail, hospitality, and residential project, an $400 million mixed-use commercial development currently under construction in the historic heart of Adelaide.

NH coming to Australia. Minor Hotels will launch its first NH-branded hotel in Australia with the new-build, A$55 million NH Sydney Airport set for completion in 2026. The hotel is being developed alongside NH Collection Sydney which is due to open in 2025 as the first hotel under the boutique NH Collection brand in Australia. NH Hotels’ existing portfolio has more than 330 hotels in 30 countries.

Louisville growth. Developer Michael Motamedi has named Life House to operate The Wondrous World of the Duke, a property that will open in Louisville, Kentucky in Fall 2023.

US performance update. Lodging Analytics Research & Consulting (LARC) has released its latest Market Intelligence Reports for 60 markets under current coverage and the U.S. overall, stating U.S. RevPAR will increase by 6% to $99.02 in 2023, resulting in an annual RevPAR that is 14% above 2019 levels. LARC anticipates ADR to rise by 4.4% this year to $155.80, or 19% above 2019 levels, while occupancy will increase 1.6% to 63.6%. For 2024, LARC expects RevPAR to increase 4.4%, driven by a 4.3% increase in ADR and a 0.1% increase in occupancy. LARC anticipates 2023 U.S. hotel EBITDA to grow by 4% and hotel values to increase 8%. LARC believes 2022 hotel values were merely 1% below 2019 levels and will reach 2019 levels in 2023.

HoJo grows in Indonesia. Following an exclusive development agreement, Wyndham Hotels & Resorts has inked three new agreements with Indonesia Hospitality Group to expand the Howard Johnson by Wyndham brand in Indonesia, including the Howard Johnson by Wyndham Kota Kedoya Jakarta, Howard Johnson by Wyndham LA Hub South Jakarta, and Howard Johnson by Wyndham Treepark Tangerang. No further details on the projects were announced.

Loan by PMZ. Boutique investment banking firm PMZ Realty Capital has arranged a $27 million acquisition loan for the 104-room Holiday Inn Express & Suites Jacksonville Southeast Medical Center Area, Jacksonville, Florida, and the 117-room Hampton Inn Jacksonville Ponte Vedra Beach Mayo Clinic Area, Jacksonville Beach, Florida.

First CIO at Marcus. Marcus Hotels & Resorts, Milwaukee, Wisconsin, has appointed Tiffany Leadbetter Donato as its first chief investment officer. Donato will oversee all transactional activities, including acquisitions, co-investments, and new third-party management contracts. She has more than 25 of industry experience with the majority of her career spent with Hyatt Hotels Corp. where she most recently served as senior vice president of capital strategy and real estate.

Dimension adds evp development. Hotel management and development company Dimension Hospitality, Fort Lauderdale, Florida,  has appointed Jeff Shockley as executive vice president of development and analytics responsible for growing the company’s portfolio of nearly 80 all-suite, full, and select-service hotels and expanding operational and analytical technologies. In his previous role, Shockley helped develop and open more than 50 hotels under Marriott and Hilton flags and led the business intelligence team.