Latest news: Pimco gives back 20 hotels; Ascott grows Crest Collection; Internova soft brand

Pimco gives back 20 hotels. A joint venture tied to a Pacific Investment Management Co. (Pimco) fund has reportedly surrendered a portfolio of 20 hotels with a $240 million mortgage. The properties, located in cities including San Antonio and Carmel, Indiana, were forfeited in a deal that closed in September, according to commentary filed this week by the loan’s servicer. The Pimco portfolio, valued at $326 million when the debt was originated in 2017, was cut 16% to $272.8 million in a December appraisal. The hotels were owned by a 10-year-old Pimco real estate fund that had a 99% stake in a joint venture with a limited liability company linked to hotel operator Steven Angel, according to loan documents. Angel’s Fulcrum Hospitality manages more than $6 billion in assets, according to the company’s website.

Ascott grows Crest Collection. The Ascott Ltd., a Singapore-based lodging business unit wholly owned by CapitaLand Investment, is accelerating growth of The Crest Collection brand. With seven properties operational in Singapore, Jakarta, Paris, Penang and Tours, Ascott is slated to open The Crest Collection properties further in London, Bucharest, Hanoi, Tokyo and a fourth property in Paris. The Crest Collection, which has witnessed a 40% increase in total number of units year-on-year since 2022, is a portfolio of hotels and serviced residences with more than 1,500 units across 12 properties that are both operating and in the pipeline. The Crest Collection aims to integrate heritage stories with curated hospitality experiences through “A Story Behind Every Door.” Following openings of The Robertson House by The Crest Collection in Singapore, The Grand Mansion Menteng by The Crest Collection in Indonesia and The George Penang by The Crest Collection in Malaysia, Ascott will be debuting The Cavendish London as the brand’s first property in the United Kingdom and Citadines Saint-Germain-des-Prés Paris in France.

NewcrestImage jv acquires two Marriotts. A joint venture of NewcrestImage, Dabu Group, and Preeminent Hotels has acquired ownership and operation of two Marriott-branded hotels -- the 90-room Courtyard and the 90-suite Residence Inn – located in The Woodlands, 35 miles north of Houston. The transaction closed during the week of October 9. Both properties will be fully renovated starting next year and will remain open during the renovations.

Mixed US performance. U.S. hotel performance for the week ending October 14 increased from the previous week, and year-over-year comparisons remained mixed, according to CoStar data. Occupancy was 68.5% (-2.3% YOY); ADR was $164.25 (+3.2% YOY); and RevPAR was $112.51 (+0.8% YOY). Among the Top 25 Markets, Oahu Island saw the largest year-over-year increases in occupancy (+17.8% to 85.2%) and RevPAR (+29.7% to US$243.22). Las Vegas posted the highest lift in ADR (+14.7% to US$226.94) and the second-largest jump in RevPAR (+21.1% to US$199.88). New Orleans saw the steepest RevPAR decline (-28.3% to US$107.38).

Amsterdam tourist tax jumping up. In 2024, Amsterdam will have the highest tourist tax in all of Europe, at 12.5% of the lodging rate, according to a new Amsterdam Tourism Policy. The price hike will affect cruise ship passengers as well as those staying in hotels, B&Bs, and other similar establishments. The present tourist tax in Amsterdam is 7%. For an average lodging cost of €175 per night, this entails a tax increase from $16.18 to €21.80. The fee was introduced in large part to change foreigners’ impressions of Amsterdam. Advertisements for Amsterdam’s “infinite possibilities” have reportedly contributed to the city’s reputation as a place where almost anything goes.

Posadas, Kempinski alliance. Mexico-based hotel operator Posadas has announced a strategic alliance with Kempinski Hotel Cancún to better commercialize the 363 rooms in Quintana Roo. This property will be available through Posadas’ commercial platform, adding a new option to the company’s destinations, which already totals 29,833 rooms in Mexico and the Dominican Republic. This marks the beginning of numerous international alliances highlighted José Lorenzo, commercial director of Posadas.

Omni to Punta de Mita. Omni Hotels & Resorts has officially broken ground on Omni Pontoque Resort at Punta de Mita, the brand's first luxury resort in Mexico slated to open in 2026. This beachfront resort will feature 244 guest rooms and suites as well as two 4-bedroom villas with views of the Pacific Ocean. Omni is developing the resort in collaboration with The Beck Group, Farouki Farouki, Girvin Associates, HKS Architects, Robert Glazier Architects and Waldrop & Nichols Studio.

Internova adds soft brand. Internova Travel Group has launched Curated Hotels & Resorts, featuring 400 lifestyle properties. The program was designed to complement, and sit between, Internova's other hotel programs: the price-competitive Worldwide Hotel Program, which has more than 46,000 properties (chains and independents), and Select Hotels & Resorts, a collection of 1,600 4- and 5-star properties. Curated Hotels includes independent properties as well as properties from preferred partners like Hyatt, IHG, Hilton, Marriott, Accor and Design Hotels. Internova advisors affiliated with Altour, Global Travel Collection, Nexion Travel Group and Travel Leaders Network have access to the program. Clients staying at a Curated hotel will get $100 in on-property spending credit when staying for two or more consecutive nights and room upgrades when available.