Latest news: Henderson Park rebrands Caley; Washington Hilton refi; Alps deals

‘Caley’ rebranding. Landmark Edinburgh hotel, The Caledonian, is set to receive a multi-million-pound transformation and this summer rebrand from Waldorf Astoria to Curio Collection by Hilton. Private real estate investment fund manager Henderson Park, together with its in-house hospitality operator and asset manager, Klarent Hospitality, plan to invest over £35 million in the transformation of the 120-year-old property. Having acquired ‘The Caley’ in July 2023, Henderson Park and Klarent Hospitality will focus improvements in the infrastructure, bedroom refurbishment as well as upgrading and restoring the public areas. There are also plans to extend the hotel to over 300 rooms by early 2026.

Washington Hilton refi. Oaktree Capital Management and Clearview Hotel Capital have secured $229 million of CMBS debt from Morgan Stanley to refinance their Washington Hilton hotel. The deal closed Friday on the 1,107-key, 12-story hotel in Washington D.C. ‘s Dupont Circle neighborhood.

Roanoke properties dealt. Kalyan Hospitality has acquired the Courtyard by Marriott and Residence Inn Roanoke Airport, totaling 214 keys. Hunter Hotel Advisors, who represented the seller, said the buyer is a significant regional owner who plans to improve their economies of scale within the growing Roanoke MSA. The new owners will renovate the hotels to current brand standards.

New leader at Hospitality America. Third-party management company Hospitality America has named Ben Campbell as president and CEO, transitioning from his COO position with the company that operates some 40 hotels. Hospitality America Founder and CEO Chris Cargen has retired and will assume the newly created position of Chairman of the Board. In 2015, Campbell joined Hospitality America, starting as director of sales, then held multiple GM positions until he was promoted to regional director of operations and then chief operating officer.

French Alps transaction update. Mountain towns in the French Alps have recently seen an uplift in investor interest, according to a new JLL report. The Savoie and Haute-Savoie regions alone have seen hotel transaction volumes double over the past two years, breaking records with more than €800 million ($875 million) of hotel deals closed. “Due to the warming climate, and limited new supply of ski resorts, more snow-sure locations at higher altitudes are commanding premium values,” says Matthieu Subit, JLL’s vice president of Hotels and Hospitality for EMEA Capital Markets. In fact, 80% of 2023 transactions in the Alps were located at, or above, 1800 meters. Prime resorts generated significant investor interest, with €235 million ($257 million) of hotel deals closed in the exclusive area of Courchevel, accounting for 56% of all transactions in the region. Institutional investors have been the most active participants, accounting for almost 60% of total deal volumes, including the acquisition of Club Med properties in Samoens and La Rosière in 2022, and the Club MMV La Plagne in 2023.

Mixed performance in US. U.S. hotel performance from March 17-23 decreased from the previous week but showed positive comparisons year over year, according to CoStar data. Occupancy reached 65.3% (+0.7% YOY); ADR hit $162.28 (+2.5% YOY); RevPAR was $106.01 (+3.2% YOY). Among the Top 25 Markets, New Orleans reported the largest year-over-year increase in occupancy (+13.6% to 75.5%). Las Vegas posted the highest ADR lift (+14.2% to $217.27). The steepest RevPAR declines were seen in Chicago (-12.0% to $87.95) and Nashville (-10.0% to $131.14).

IHG’s China pipeline. IHG Hotels & Resorts has announced the signing of 24 hotel franchise projects in Greater China. Of the 24 new signings, 19 are for Holiday Inn Express hotels. A road show to announce the deals included multiple Holiday Inn and Even Hotels project signings. IHG features 12 brands within the Greater China market with 1,200 openings or properties in the pipeline.

Phuket’s branded residential boom. Phuket has seen an unprecedented onslaught of overseas buyers transform the island into the largest leisure branded residences real estate market in the world. For example, earlier this year, KP Ho’s Banyan Group announced that an adjacent land bank to their Laguna Phuket integrated resort would be developed into a $2 million lifestyle-led branded real estate offering. Some of the brands entering the market include The Standard in Bangtao, an area that has also seen announcements by Bangkok developer Sansiri and Dubai-funded green-space real estate play Gardens of Eden spread over 73 rai (29 acres) of ocean-facing land. C9 Hotelworks’ Managing Director Bill Barnett says post-pandemic has seen a flood of Thai-listed real estate groups return to Phuket, spurred by an accentuated return to trading of the resort market and stabilization of tourism. He added that motivation for developers is soaring demand created by an influx of affluent overseas and domestic property buyers who are relocating to the island or viewing investment in branded property as a safe haven.

Four Seasons Yacht update. Four Seasons Hotels and Resorts, together with luxury yachting company Marc-Henry Cruise Holdings, Joint Owner/Operator Four Seasons Yachts, and Italian shipbuilder Fincantieri have unveiled the first 10 voyages in the Caribbean and Mediterranean (30 countries, 130 destinations) for the Four Seasons Yachts in 2026. The first Four Seasons Yacht, currently under construction in Ancona, Italy, will travel westbound as part of its repositioning and will welcome guests to set sail in the Caribbean Sea from January to March 2026. The first Caribbean itineraries feature seven nights through destinations including St Barths, Nevis, the Grenadines, St Lucia, Barbados, Martinique, Guadeloupe, Curaçao and Aruba. The first Grand Mediterranean voyages will begin in March 2026 and will include sailings through Croatia, Gibraltar, Montenegro, Italy, Portugal, Spain, and Türkiye. The Mediterranean itinerary will also highlight the Greek Isles, with stops in Athens, Ios, Santorini, Milos, and more.