Latest news: Aspen Hospitality grows; Czech hotels part of JV; Hilton debuts Tru in NYC

New hotel in Boulder, Colorado. Aspen Hospitality is developing the 254-key Limelight Hotel Boulder that will open on the University of Colorado campus in August 2025. Construction began in January on the hotel, and the conference center hotel will have 25,000 sq. ft. of meeting space and a 15,000 sq. ft. ballroom.

CPIPG sells 50% stake in eight hotels, CPI Hotels. Luxembourg-based CPI Property Group (CPIPG) is selling a 50% stake in a subsidiary that owns eight hotels in the Czech Republic as part of a joint venture with Slovakia-based Best Hospitality Properties (BHP). BHP will also take a 50% stake in the CPI Hotels management company. The gross transaction value was approximately €347 million, with a 50% stake totaling €173 million. CPIPG and BHP entered into a long-term JV agreement to manage the investment, and CPI Hotels will continue to operate the hotels. CPIPG expects to use the proceeds to pay off debt and the JV will look to expand its hotel business.

Hilton debuts Tru brand in NYC. Hilton is opening its first Tru by Hilton property in New York City with the opening of the 101-key Tru by Hilton Brooklyn. Tru by Hilton has more than 250 locations open across the Americas.

Virgin Hotel Glasgow on the market. The Virgin Hotel Glasgow in Scotland has been put on the market for sale. The 17-story hotel closed in December after just four months in operation after Lloyd Development Ltd. was forced to enter administration. Now Lloyds has asked Savills to bring the 165-key luxury hotel (with a capacity for 242) to market.

Hyatt to debut Andaz in Florida. Hyatt Hotels Corp. will debut its Andaz Brand in Florida when the renovated The Confidante Miami Beach becomes the Andaz Miami Beach and opens in the fourth quarter of 2024. Hyatt has 29 Andaz properties around the world.

Scandic adds in Finland. Stockholm-based Scandic has signed a long-term lease agreement with Espoo, Finland-based developer SRV for a new 144-key Scandic Go in Oulu, Finland. The hotel is scheduled to open during the second half of 2025. This will be Scandic’s third hotel in the city. 

SLS residence in Madrid. Ennismore's SLS brand will launch its first self-contained residences in Spain, with the SLS Madrid Infantas Residences in Madrid. The 33-key SLS Madrid Infantas Residences will come to market later this spring.

Record performance in Australia, Rio and Dubai. Hotel performance jumped in Australia, Rio de Janeiro and Dubai, according to CoStar data. Sydney and Melbourne saw their highest ADR on record because of Taylor Swift’s Eras Tour. For February, Melbourne saw occupancy up 78.5% (up 8.5% year-over-year), ADR at AUD244.80 (up 11.4%) and RevPAR at AUD191.88 (up 20.9%), while Sydney had occupancy at 86.5% (up 5.9%), ADR at AUD329.05 (up 16.4%) and RevPAR at AUD284.47 (up 23.2%). Aided by Carnival, Rio de Janeiro had its highest ADR and RevPAR since 2016. Rio had ADR at BRL996.92 (up 9.1% YOY) and RevPAR at BRL694.02 (up 4.0%). A series of events pushed Dubai to all-time highs in occupancy in February. Dubai’s occupancy was at 90.8% (up 3.4% YOY), while ADR was AED887.06 (up 9.3%) and RevPAR was AED805.21 (up 13.1%).

Singapore group acquires Scottish hotel. Singapore-based Buxani Group has purchased the 134-key The Highland Hotel in Strathpeffer, Scotland, from Coast & Country Collection for an undisclosed amount. Compass Hospitality will manage the hotel. Christie & Co. completed the sale.

Cheval adds in Dubai. London-based Cheval Collection will manage its second property in Dubai under its Cheval Maison flag, repurposing The Leadership Pavilion in Expo City Dubai. The 150-key Cheval Maison—Expo City Dubai is scheduled to reopen in 2025 after extensive renovations.

Accor buys back shares from Jinjiang. Accor has repurchased a block of 7 million shares from Jinjiang International for €39.22 per share. The share repurchase will amount to €275 million and is part of Accor’s €400 million share buyback program for 2024. Following the transaction and cancellation of the repurchased shares, Jinjiang International’s stake in Accor will be reduced from 7.96% to 5.33% of the share capital.  

Radisson adds in UK. Radisson Hotel Group has signed the 46-key The View Hotel Folkstone, a member of Radisson Individuals. Since its launch in 2020, this will be the 75th hotel in the Radisson Individuals brand and the seventh in the UK and Ireland.

CapitaLand Ascott Trust board chair retiring. Singapore-based CapitaLand Ascott Trust (CLAS) said Bob Tan will retire as the chairman of the CLAS boards and be replaced by Lui Chong Chee on April 22 as part of the CLAS board renewal process. Tan has served as chairman since 2016, while Chee joined the board on February 1.