Latest news: Kempinski doubles in Dubai; Louis Vuitton brand emerging; Oetker to US

Kempinski doubles Dubai footprint. Geneva-based Kempinski Hotels has doubled its footprint in Dubai after signing a partnership with Abu Dhabi National Hotels to rebrand two properties. On January 1, the 72-story, 198-key Kempinski The Boulevard Dubai (formerly Address Boulevard) and the 245-key Kempinski Central Avenue Dubai (formerly Address Dubai Mall) opened under the new flags.

Archer returns to London. Archer Hotel Capital has completed the acquisition of the 210-key Hoxton Shoreditch and the 220-key Hoxton Holborn in London for a total of £215 million from Norlake Hospitality. The Following the transaction, the lifestyle properties will continue to be managed by Ennismore. Archer Hotel Capital owns 11 additional hotels across Europe, including the 483-room Hotel Arts Barcelona, the 470-room Westin Palace in Madrid, and the 192-room Conrad Dublin.

Kew Green ties up with IHG. Kew Green Hotels, Surrey, U.K., has acquired the 189-room Hotel Brooklyn Manchester and the 191-room Hotel Brooklyn Leicester with a franchise agreement to re-brand each hotel to IHG Hotels & Resorts’ voco brand by mid-2024.

Louis Vuitton’s first hotel. Luxury brand Louis Vuitton will open its first-ever hotel in Paris in 2026. The hotel on the Champs Élysées will be adjacent to the original Louis Vuitton store. Non-hotelier luxury brands have been moving into the hospitality industry, namely in branded residences.

Oetker to open first U.S. property. Germany-based Oetker Collection is opening its first U.S. property with The Vineta Hotel in Palm Beach. The 41-key hotel, which has been closed, is being renovated and scheduled to reopen this fall.

Driftwood refi. Driftwood Capital has secured $60 million in refinancing of the Hilton Cocoa Beach Oceanfront Hotel, a 295-key resort in central Florida’s Space Coast which will undergo extensive renovations. Berkadia Hotels & Hospitality secured through a national bank a three-year, floating-rate loan with two extension options, full-term interest only payments, and no required depository relationship. “Upon full funding, the $60 million loan offers substantial value to our investors, providing flexibility in transitioning from a CMBS loan to a balance sheet mortgage,” added Tanya Zapata Sutcliffe, VP of Acquisitions at Driftwood Capital.”

Extended-stay RevPAR growth slows. Extended-stay hotel’s 1% gain in RevPAR in November was the smallest increase since July, according to The Highland Group. Relatively small increases in ADR across all three extended-stay segments was the main reason for this as occupancy contraction was lower than the overall hotel industry.

Financing on Thompson Palm Springs. Dallas-based Hall Group has obtained a $46 million C-PACE loan for the 168-key Thompson Palm Springs, scheduled to open in May. Hall obtained the property in March 2020 after the previous owner, developer Lawrence Rael, defaulted on a $55 million construction loan by its lending platform, Hall Structured Finance. Atlanta-based Peachtree Group originated the new C-PACE loan.

China easing U.S. visa applications. China has simplified visa applications for tourists coming from the United States. U.S. tourist visa applicants will no longer need to submit air ticket bookings, hotel reservations or an invitation letter.

Historic Texas building to become Residence Inn. The former XTO Energy building in downtown Fort Worth, Texas, will be converted into a Residence Inn by Dallas-based Icon Lodging, according to a report. The $33 million renovation to the 11-story building is expected to take a year to complete. JLL and Houston-based Transwestern arranged the 2023 sale of the building.

Satori sells Holiday Inn Express. Atlanta-based Satori Collective has sold the 124-key Holiday Inn Express & Suites Alpharetta-Windward Parkway to Duluth, Georgia-based Bukhari Group Hospitality for an undisclosed amount. Through the sale, Satori said it achieved an approximate 24% internal rate of return and a 2x equity multiple.

Hard Rock in Athens. Florida-based Hard Rock International has broken ground on its second property in Greece with the Hard Rock Hotel & Casino Athens, scheduled to open in 2027. The 1,100-key hotel and casino, built with Athens-based GEK TERNA Group, will be its first integrated resort in continental Europe.

Hotel Okura adds in China. Toyko-based Hotel Okura Co., Ltd. has signed an agreement to operate and manage the 249-key Hotel Okura Suzhou in China starting in 2027. Hotel Okura signed the agreement in December 20 with Suzhou Ronghe Real Estate Co., Ltd., owned by Suzhou Harmony Development Group Co., Ltd., Marimo Holdings, Inc. and Sumitomo Corp.

Park Hyatt brand debuts in Morocco. Hyatt Hotels Corp. is debuting its Park Hyatt brand in Morocco with the 130-key Park Hyatt Marrakech, which opened in late December. The 19-acre resort sits adjacent to the 18-hole Al Maaden Golf Resort. The brand’s third hotel in Africa is joining the Park Hyatt Zanzibar and the Park Hyatt Johannesburg, which will open in 2025.