Breaking news about deals, development, data and more.
Big moves by First Hospitality. Chicago-based owner-operator
First Hospitality assumed management and operations of the Hotel Ardent, Dayton, Ohio;
Lively Hotel, Oklahoma City, Oklahoma; and opened Tempo by Hilton Louisville
Downtown NuLu, bringing the number of lifestyle properties to 25-plus in its
overall portfolio of 70 hotels. First Hospitality is set to open and has
assumed management of seven new restaurants, bringing the total number to 30-plus
restaurants in the portfolio, including its first international property,
Carnivale Bahamas located on Paradise Island. First Investors, an affiliate of
First Hospitality, continues strategic investments in two new development
projects: the Tempo by Hilton Louisville Downtown Nulu which opened its doors
on May 1, and Hotel Ardent in Dayton, Ohio, which is slated to open this fall. In
partnership with Veritas Development, Gatehouse Capital is leading the
development of the 132-key Lively Hotel at Oklahoma City, scheduled to
open in late August.
Malmaison in Edinburg trades. German fund manager Patrizia has
acquired for £25 million the 72-room Malmaison hotel in Edinburgh city center
on behalf of one of its U.K. institutional clients. The asset reportedly has
the third highest ADR in Malmaison’s 17-property portfolio and is expected to
reach 85% to 90% occupancy this year. The hotel was redeveloped and launched in
2020.
Frasers sells in Singapore. Frasers Property is selling a
72-unit serviced apartment complex along the Singapore River to SGX-listed
developer Tuan Sing Holdings for nearly $104 million) as the company struggles
with an 82% drop in earnings in the six months ending March 31. The deal puts
Frasers on track for its second disposal of a hospitality asset in less than
two months after the company in March agreed to sell a serviced residence near
Changi airport to a joint venture led by TPG Angelo Gordon.
Accor adds on Hainan Island. Accor Greater China, together
with Sanya Jinghai Cheng Real Estate Development Co. Ltd., signed a deal
for a new MGallery Hotel Collection in Sanya city center on the
Chinese island of Hainan. The 187-room, 25-storey tower is set to open by the
end of 2025. Along with the recent
signing of Chengdu Financial City – MGallery Collection, Accor is set to
open five hotels in Greater China this year, including the recently
opened Dunhua Mansion Taipei – MGallery Collection. This will double the
brand’s portfolio in the country, from its current five hotels in operation, to
10 by the end of 2024.
Mandarin coming to Rome. Mandarin Oriental Hotel Group is
partnering with Merope Asset Management, an Italian real estate investment and
development company, to develop the Mandarin Oriental Rome, scheduled to open
in 2026. This property will bring the Mandarin’s Italian portfolio to five. The
hotel will be housed in ten 19th-century villas, originally built as homes,
surrounded by lush, landscaped gardens. The villas will accommodate 108
guestrooms and suites.
Aparthotel brand launches in UK. New lifestyle-driven
aparthotel brand SeaSpace will launch its first property on the site of the
former Sands Resort in Cornwall, U.K., this summer. It will be the first in a
series of coastal aparthotels under the new flag, with discussions underway
with investors and developers around growth strategies. Guests can book one of
56 self-catering studios and two or three-bedroom apartments. Each has been
de-signed for open plan living, with fully-kitted-out kitchens, dining/worktables.
The flagship site will be supported by a team delivering 24/7 concierge,
housekeeping and community.