Breaking news about deals, development, data and more.
Hyatt House to India. Hyatt Hotel Corp. will debut the Hyatt House brand in the
National Capital Region of India as part of a mixed-use development, the
Flagship. Located in Noida, the 127-key Hyatt House Noida Sector 140A extended-stay
hotel, owned by IT Infrastructure Park Private Ltd, a subsidiary of CRC
Group, will be strategically located within the 11.16-acre site and serve a rapidly
rising commercial and industrial center. No opening date was announced.
Memorial Day data. More than 45 million people — 1.4 million more than last
year — will venture at least 50 miles from their homes between Thursday and
next Monday (Memorial Day weekend), with the vast majority going by car, auto
club organization AAA predicts. This record number breaks the holiday's
record set 20 years ago. Like last year, about 87% of travelers will be driving
to their Memorial Day destinations, AAA said. About 39 million people, or 1
million more than last year, are expected to take road trips.
Leela IPO. Schloss Bangalore, the owner of Indian luxury hotel chain
The Leela, is seeking a valuation of up to $1.7 billion after cutting its IPO
size by 30% due, in part, to a smaller debt load and better business conditions,
Reuters reported. Schloss set a price band of 413 rupees to 435 rupees per
share for the downsized $409 million IPO, valuing the company at about 145
billion rupees ($1.7 billion) at the upper end of the band. Schloss is selling
shares worth 25 billion rupees in the IPO, about 17% less than originally
planned, while Brookfield Asset Management is selling shares worth 10 billion
rupees, or about 8% of its overall stake, the IPO prospectus showed.
Ennismore grows in Greece. Ennismore, in partnership with Vivium, a single-family
office in Greece specializing in luxury residential and hospitality
investments, have signed a long-term partnership that will welcome Vivium’s Luura
brand to Morgans Originals soft brand collection. On the island of Paros, Luura
Cliff, with 39 keys, opens in April 2026 on the western side of the island, while
Luura Sand, with 45-plus keys, will open on the eastern side of the island in
2027. Four restaurants and bars will be curated by Ennismore’s F&B
Platform, with brands from the Rikas Hospitality Group and Paris Society, as
well as a new concept created for Luura by PSC Hospitality, the group’s F&B
consultancy studio. Further Luura properties are set to open around the
Mediterranean in the coming years. The addition of Luura to Morgans Originals
will follow Balfour in Miami Beach joining the collection this year, along with
the announcement of a Morgans Originals in Trojena, the mountain region of
Neom, Saudi Arabia.
Lux Collective to Oman. The Lux Collective, Singapore, in partnership with Adanté
Realty, have signed a deal to develop SOCIO By The Lux Collective, the
first-ever hotel and branded residences in Sultan Haitham City, Oman. The
agreement brings 219 branded residences keys and 170 hotel keys to Plot 97 to
99 within Yenaier Residences, the flagship sustainable development of Sultan
Haitham City. Both properties are expected to open toward the end of 2028.