Breaking news about M&A, development, data and more.
Montage Kapalua trades. KWC Management, Memphis, Tennessee, the
hospitality investment management company of Kemmons Wilson Companies, have
acquired the 146-room Montage Kapalua Bay in Hawaii. Terms of the deal were not disclosed. Montage will continue to manage the property and KWC Management will bring in White Label Asset Management to assist in asset managing the
property.
Memphis developer heads to UAE. Wow Resorts, Memphis,
Tennessee, has signed a franchise deal with Marriott International to develop and
operate a JW Marriott hotel and branded residences in Ras Al Khaimah, United
Arab Emirates that will be valued at $1.3 billion. Expected to open toward the end
of 2026, the hotel will have 300 rooms, while the residences will have 524
units. Wow Resorts was co-founded by Bhupender “Bruce”
Patel and Anwar Aman, who separately own White Oak Group with a portfolio of 300 businesses, including
hotels, restaurants and gas stations across the U.S.
Thompson to Spain. Hyatt Hotels Corp. has agreed with Hoteles
Color Especial S.L. to develop the Thompson Seville in Spain. With an anticipated
opening in 2026, the 101-room property will be fourth Thompson Hotels property
in Europe. Previously announced Thompson hotels in Rome and Vienna open in
mid-2024 and 2025, respectively. There 18 Thompson Hotels currently open across
16 cities globally.
Miami Beach hotel trades. Kolter Hospitality, Delray Beach,
Florida, and PE firm BH Group, Aventura, Florida, have acquired the 84-suite
Crystal Beach Suites Miami Oceanfront Hotel on Collins Avenue near Bal Harbor
in Miami Beach. The hotel was acquired from Crystal Beach, Inc., and
Crystal Beach Development Corp. Kolter Hospitality currently operates 15
hotels in Florida with more 2,300 keys.
Valencia rebrands. Valencia Hotel Group, Houston, is rebranding
to Valencia Hotel as a reflection of how the independent hotel group’s
portfolio and mission has transformed since launching 20 years ago. In
conjunction with the rebrand, restructuring amongst its leadership team has
seen the appointment of Roy Kretschmer to chief operating officer, Wendy Norris
to vice president of Sales, Marketing & Revenue Optimization, and Trent
Freeman to vice president of Operations. Looking ahead, the group said it intends to
expand its portfolio to new markets and broaden its property management
services.
Ennismore’s 25hours extends into residential. The first
standalone branded residence by Ennismore’s 25hours Hotels brand, 25hours
Heimat Dubai, will open in the heart of Downtown Dubai, furthering Ennismore’s
strategic focus on branded residences, growing its global pipeline across
brands to 20 properties. Developed by East & West Properties, presented by
D&B Properties, and imagined and branded by the team behind the 25hours
Hotels, this new project will offer branded residences across 73 floors,
comprising studio, 1, 2 and 3-bedroom apartments and duplex penthouses. 25hours
Hotels has 15 hotels in operation across Germany, Dubai, Italy, France,
Switzerland, Austria, and Denmark, with a further nine hotels in the pipeline,
taking the brand to Indonesia, Australia, Portugal and Saudi Arabia. Ennismore’s
branded residential properties, including 25hours Heimat Dubai, are supported by Accor
One Living, the company’s mixed-use platform focused on supporting the
development and operation of branded residential communities.
First Hospitality adds in Indy. First Hospitality, Chicago,
has assumed management of the 90-key Hotel Indy in Indianapolis, Indiana. The
property marks First Hospitality’s first hotel with owner group
KennMar. The property is blocks away from Lucas Oil Stadium, Gainbridge
Field House, Hilbert Circle Theater, and numerous other Indianapolis
staples.
Springboard grows in LA. Springboard Hospitality has added
the 119-room Hotel Erwin in Los Angeles to its portfolio of 47 independent and
branded properties across 13 states in the U.S. Located directly across from
the Pacific Ocean, Hotel Erwin sits in a prime location bordering the famous
Muscle Beach, Windward Avenue, Venice Canals, and Abbot Kinney Boulevard where
noteworthy brands Farm Rio, Aviator Nation, Scotch & Soda, and more reside.
Practice grows in USVI. By-The-Sea Resort Properties,
developers of a 20-villa luxury resort at Botany Bay in St. Thomas, USVI, has
named Practice Hospitality to manage the property. This resort scheduled to open at the end of
2024 will be the sixth hotel under Practice Hospitality’s management.
US business travel data. According to a survey commissioned by the American Hotel & Lodging Association and conducted by Morning Consult, 68% of Americans whose jobs involve travel said they are likely to travel overnight for business during the last three months of 2023, up from 59% in 2022. Hotels are the top lodging choice for 81% of business travelers surveyed. The survey found that 32% of Americans are likely to travel overnight for Thanksgiving, up from 28% a year earlier, while 34% are likely to travel overnight for Christmas, up from 31% last year. Meanwhile, 37% of Americans said they were likely to travel overnight for leisure during the last three months of 2023, down slightly from 39% in 2022.
New development at NEOM. The Board of Directors of NEOM, the
sustainable regional development taking shape in northwest Saudi Arabia, have announced
Epicon, its latest luxury coastal tourism destination, including a residential
offering. Located on the Gulf of Aqaba, Epicon will feature two towers, one 225
meters tall and one reaching 275 meters. The towers will be home to an
ultra-premium 41 key hotel and luxury residences that comprise of 14 suites and
apartments. A short distance from the hotel is the Epicon resort, which will
feature 120 rooms and 45 residential beach villas.
European business travel improving. After a slower regional
rebound over the last few years, business travel spending in Europe is expected
to surpass its pre-pandemic spending level of $391.9 billion in 2025, when
spending is forecast to reach $414.9 billion, according to GBTA Business Travel
Index Outlook regional analysis. This is later than the forecast for global
business travel recovery, which is expected to reach $1.5 trillion in 2024 −
and grow to nearly $1.8 trillion by 2027. Business travel spend in Europe
continues to grow at a steady rate and is forecast to reach $449.9 billion in
2027. Overall, business travel spend in Europe has recovered to 69% of
pre-COVID (2019) levels and is forecast to recover to 90% of travel spend by
year end (2023). Western Europe is forecast to reach 94% and Emerging Europe to
67% of 2019 levels.