The latest on development, M&A, data and more, including news from Warner
Leisure, IHG and Indian Hotel Co. Ltd. and more.
Marriott adds in Hong
Kong. Marriott International has signed an agreement with
Hong Kong-based Victoria Park Hotels Ltd. to launch The Park Lane Hong Kong,
Autograph Collection in early 2025. The 28-story, 820-key hotel is expected to
join the Autograph Collection Hotels’ portfolio. Marriott currently operates 13
hotels in Hong Kong across 10 brands.
Citadel’s Miami tower will include high-end hotel. Florida
billionaire Ken Griffin is advancing plans for a $1 billion tower in Miami’s
Brickell that would be one of the tallest towers in the city and include a
high-end hotel on the top floors, according to a report in The Real Deal. The
tower would be the headquarters for Griffin’s Citadel and Citadel Securities,
which he moved from Chicago to Miami in 2022. Construction is ongoing for the
tower, originally slated for completion later this year.
Mixed performance in US. U.S. hotel performance from
February 25 to March 2 showed mixed results over the previous
week, according to CoStar data. Occupancy reached 62.5% (-0.3% YOY); ADR
hit $155.29 (+2.7% YOY); and RevPAR was $97.12 (+2.4% YOY). Among the Top
25 Markets, Seattle reported the largest year-over-year occupancy increase
(+12.1% to 66.5%). Las Vegas, helped by the NAHB International Builders’
Show, posted the highest growth in ADR (+25.4% to $249.30) and RevPAR (+36.5%
to $217.82). The steepest RevPAR declines were seen in Detroit (-9.8% to $66.13)
and St. Louis (-8.3% to $62.56).
Accor’s first Tribe in Poland. Accor is opening
its first Tribe hotel in Poland by signing the 168-key Tribe Kraków Stare
Miasto. The hotel, scheduled to open in 2025, will be the fifth Accor property
in Kraków. It will be owned and will be operated by AccorInvest.
Warner Leisure names CEO. U.K.-based Warner
Leisure Hotels has hired Paul Pomroy as its next CEO. Pomroy has almost
30 years of hospitality experience and comes to Warner from McDonald’s UK where
he served as CEO and chief restaurant officer and corporate SVP, international
operated markets. Warner Leisure is a Bourne Leisure brand and positions itself as the
U.K.’s only hotel chain that caters exclusively to adults.
Ivy Hotel Chicago refinance. The 63-key Ivy
Hotel Chicago has secured a $12 million refinance of floating-rate bridge loan
financing from an institutional investor. New York City-based RobertDouglas
advised on the transaction.
IHG’s Vignette opens in UK. IHG Hotels &
Resorts has opened its first Vignette Collection hotel in the U.K. with the
133-key Halyard at Ropewalks Liverpool. There are currently six Vignette
Collection properties worldwide, with 19 more in the pipeline.
IHCL adds in Surat. Indian Hotel Co.
Ltd. (IHCL) has signed a new hotel in Surat, Gujarat, India, partnering
with Rishi Shah on the 175-key IHCL—SeleQtions hotel. It will mark IHCL’s 23rd hotel in Gujarat.