Latest news: Four Seasons grows in Istanbul; Canada performance; Accor adds in Romania

Four Seasons residences for Istanbul. Four Seasons Hotels and Resorts, in partnership with Tay Group, owners of Four Seasons hotels in Istanbul at Bosphorus and Sultanahmet, are developing the Four Seasons Private Residences Istanbul, which is set to open in 2024. Located at the meeting point of the Ulus, Etiler and Levent neighborhoods, the residences will be located next to the city's best upscale shopping districts. It will offer 82 homes comprised of Penthouses, a Sky Loft, Garden Suites and Apartment Residences.  Four Seasons currently operates 53 branded Private Residence properties around the world, with three-quarters of future Four Seasons projects including a residential component.

Canada’s October data. Canada’s hotel performance in October fell month over month, but continued a stretch of year-over-year growth, according to Co Star. October 2023 occupancy was 68.1% (+2.2% YOY); ADR was C$196.25 (+8.8% YOY); and RevPAR was C$133.57 (+11.2% YOY). CoStar lifted its 2024 forecast with ADR projections s at 1.8%, while occupancy growth is forecasted to be more marginal at 0.4%. Following three months of single-digit, year-over-year growth, RevPAR in October grew double-digits for the first time since June. Full-service and urban hotels performed particularly well, with weekday occupancy in downtown Vancouver exceeding 2019 levels for the first time since March. There was also growth in group demand compared to the last few months, but despite improvements, the segment remains below average levels. The silver lining is group rates, which are up 26% compared to 2019, were stronger than the transient rate index for the first time. Among the provinces and territories, Nova Scotia recorded the highest October occupancy level (75%), which was 6.3% below 2022. Among the major markets, Vancouver saw the highest occupancy (77.7%), which was 0.1% ahead of October 2022. The lowest occupancy among provinces was reported in Prince Edward Island (56%), down 25.8% against 2022. At the market level, the lowest occupancy was reported in Edmonton (+10.1% to 59.5%).

Hilton mixed-use for Dubai. ESG Hospitality (ESGH), the hospitality arm of Emirates Stallions Group (ESG), is partnering with Hilton to develop Mallside residences and a Curio Collection by Hilton hotel in Dubai. This 18-floor hotel and residential tower is scheduled for late 2026 completion and will feature a range from studios to three-bedroom apartments, as well as the hotel and extensive retail, food and beverage, and lifestyle offerings. ESGH will hold the majority stake of 51%, while Montgomerie Proprietary Investment Ltd. will secure a 49% interest.

Onyx grows in Laos. Bangkok-based Onyx Hospitality Group has signed a deal with Tang Chareon Group to develop the 248-room Amari Vientiane in Laos, marking the group’s second Amari brand property in the country and scheduled to open in 2024. Onyx said it expects to operate 50 properties across Southeast Asia by 2025.

Accor franchises again in Romania. Accor has signed a franchise agreement with Grand Hotel West, to develop a 90-room Mercure hotel in Ordea, Romania, scheduled to open in early 2026. Already under construction, the hotel will be located in southeastern Oradea, 4 km away from the future Nokian Tyres factory and only 17 km from Borș, one of the most important crossing points on Romania's border with Hungary.

Swedish portfolio trades. Host Property AB, Stockholm, has sold 51% of its shares of eight regional Swedish First Hotels with 967 rooms to Gelba Fastigheter, Stockholm. Four hotels are in the southern part of Sweden, while the remaining four are in the northern region from Sundsvall to Örnsköldsvik. Several of these properties holds significant potential for development, according to Host.

Croatia resorts sold. CPI Property Group has signed an agreement to sell to Eagle Hills, a real estate and hospitality investor and developer based in Abu Dhabi, Sunčani Hvar Nekretnine d.o.o. and Sunčani Hvar d.d., the companies owning and operating Sunčani Hvar Hotels, a resort hotel portfolio on the island of Hvar, Croatia. The price has not been disclosed.