Breaking news about M&A, development, data and more.
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.

Holiday Inn Express & Suites Alpharetta-Windward Parkway
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.