Breaking news about M&A, development, data and more.
Four Seasons to Telluride. Two prominent Florida developers,
Fort Partners and Merrimac Ventures, are reportedly developing a Four Seasons
hotel and residences project in the ski town of Telluride, Colorado. The $1
billion development is scheduled to break ground in Mountain Village this April
and take about three years to be completed. The hotel will include 52 keys and 68
residences in two separate buildings starting at $4 million. Fort Partners is
led by Nadim Ashi, who has opened four such hotels across Florida, including
its flagship property The Surf Club. Merrimac Ventures is a real estate
investment and development firm focused on residential and mixed-use
development led by brothers Nitin and Dev Motwani.
Marriott adds 2 at
China National Convention Center. Marriott
International has signed an agreement with Beijing North Star Co. Ltd.
to open the third Ritz-Carlton and the first Marriott Marquis Hotel in China as
part of the China National Convention Center Phase II project in Beijing. The
282-key The Ritz-Carlton Beijing, North will have about 10,000 sq. ft. of
meeting space, while the 671-key Beijing Marriott Marquis Hotel has almost
35,000 sq. ft. of meeting and event space. Both are scheduled to open in 2026.
Saudi fund tops list. Saudi Arabia’s
Public Investment Fund (PIF) was the top spender for global sovereign wealth
funds last year, according to Global SWF research. The fund
increased from $20.7 billion in 2022 to $31.6 billion in 2023, even as most of
its counterparts curtailed spending. The PIF accounted for about a quarter of
the $124 billion deployed by state-owned investors. Overall, global sovereign
wealth funds spent 20% less than in 2022.
Thailand, China visa-free on March 1. Thailand and China
will implement a reciprocal visa-free scheme for citizens starting on March 1.
Travelers from both countries will no longer be required to submit visa
applications in advance for visits to either country. Last year, 3.4 million Chinese
people visited Thailand, the country’s second largest group of visitors.
Accor expands in India. Accor is
partnering with Shree Kamalam Elite Resorts Pvt. Ltd. to add a 160-key Grand
Mercure Jaipur Kukas in India, its eighth Grand Mercure in the country. The
six-story hotel will have over 20,000 sq. ft. of meeting space and is scheduled
to open in 2028.
PM adds in Jacksonville. Chevy Chase, Maryland-based PM Hotel Group will manage
the 322-key Southbank Hotel Jacksonville Riverwalk. The hotel is currently
undergoing a renovation and will change flags to be part of Marriott
International’s Delta Hotels portfolio.