Latest news: KWC buys Montage Kapalua; big Wow in UAE; Thompson to Spain

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.