Latest news: NewcrestImage buys; Wyndham grows Dolce; meet the Michelin Key

NewcrestImage buys. Dallas-based NewcrestImage LLC, in partnership with Dabu Group, has acquired the 294-room Marriott Dallas/Fort Worth Westlake hotel in Westlake, Texas, with plans for a complete renovation. The name of the seller and price paid was not disclosed.

Dolce by Wyndham grows. Wyndham Hotels & Resorts announced it will open the upscale 178-room Dolce by Wyndham Versailles – Domaine du Montcel in France’s Yvelines region by December 2023. The property was once owned by the Oberkampf-Mallet family and has been fully renovated to preserve the historic building. The property sits on 14 hectares of gardens surrounding the estate which a conference center with 18 meeting rooms and a 550 sqm Baccarat ballroom, making it the largest in the region.

Deal in French Alps. La Française Real Estate Managers, a real estate management company with €32 billion in assets under management, has acquired off plan from ADIM Lyon, a subsidiary dedicated to VINCI Construction’s real estate development, a 4-star, 164-unit hotel resort close to the center of La Salle-les-Alpes in France. This off-market transaction was concluded on behalf of a real estate investment fund. The delivery date is set at the end of 2025 and the asset will be fully leased under a long-term lease to an experienced operator, MMV. A subsidiary of Compagnie des Alpes, MMV has been operating in the French Alps for more than 30 years, with 21 sites in 16 stations in the Alps.

Accor bond issue. Following the rating upgrade to Investment Grade by Fitch and Standard & Poor's, Accor has placed a €500 million perpetual hybrid bond issue with a 7.25% coupon. It said the bond was oversubscribed by 4x. The proceeds of this issue will be dedicated to the reimbursement of its existing hybrid bond with a first call date in January 2024, for which a tender offer was launched and will remain open until Monday October 9, 2023. The new perpetual hybrid bonds have a first call date in April 2029, with a 7.25% coupon until that date. The securities will rank junior to all senior debt, and they will be recognized as equity, in accordance with IFRS standards. They will be assigned “intermediate” equity content by Standard & Poor's and Fitch, i.e. with 50% of the securities being accounted as equity.

Introducing the Michelin Key. The Michelin Guide has unveiled the Michelin Key, which in 2024 will recognize “the most exceptional hotels throughout the world.” Like restaurants, the Michelin Guide intends to independently recommend establishments that constitute true destinations. “In response to the hyper standardization of accommodation (design, interior decoration, attention to detail in the room, etc.), we wish to arouse the emotion of customers by directing them towards establishments that excel in all areas—architectural choices, the art of craftsmanship and detail to doing a job and asserting your own personality,” it stated in its release. The Michelin Key will be awarded following one or several stays conducted anonymously by The Michelin Guide selection teams, who are currently in the field and will reveal the first Michelin Key selection in the first half of 2024.

Marriott to Papua New Guinea. Marriott International is entering a new country by entering into agreement with Steamships Trading Co. to develop Marriott Executive Apartments in Papua New Guinea’s downtown Port Moresby. The mixed-used development at Harbourside South will feature a retail floor and three floors of A-grade commercial space. Further, plans are in place for a leisure floor that will house a lap pool, leisure pool, a fitness center, three spa treatment rooms, and a recreational zone for children.

Tourism reopens in West Maui. West Maui reopened to tourism om Sunday, led by an initiative of the state’s governor to boost the economy despite opposition from some Lahaina residents. Five hotels in the area were accepting reservations again, according to their websites and the Maui Hotel and Lodging Association. In addition, eight timeshare properties were opening early this month, including some a few miles from the fire zone. The reopening fell on the two-month anniversary of the wildfire that killed at least 98 people and destroyed more than 2,000 structures. The rebound is expected to take time with a slow ramp-up of visitors.

Wyndham grows in Taiwan. Wyndham Hotels & Resorts has opened the 85-key Tryp by Wyndham New Taipei Linkou and the 197-room Wyndham Sun Moon Lake in partnership with Qingyu Property Co. Ltd. and Lijing Enterprise Co. Ltd., respectively, marking the first hotels for each brand in the China-Taiwan region. According to the Taiwan Tourism Bureau, the region recorded over 2.6 million inbound arrivals in the first half of the year and is set to reach 6 million by the end of 2023. Tourist numbers are expected to hit 12 million in 2024, especially with recent resumption of allowing inbound tourists from mainland China.