Latest news: Ritz-Carlton returns to Cancun; DC area hotel sells; Euro deals up

Ritz-Carlton returns to Cancun. Marriott International is partnering with Mexico City-based FibraHotel and Fibra Danhos and Los Angeles-based Beyond Ventures to bring The Ritz-Carlton brand back to Cancun, Mexico. The joint venture is developing the 131-key The Ritz-Carlton, Cancun, Punta Nizuc, along with 126 branded residences. The hotel and residences are scheduled to open in 2027.

Taylor Swift tour spikes RevPAR. JLL said the Taylor Swift effect on hotels is real, with RevPAR in markets in which she performed outperforming the global average by 490 basis points, which is equivalent to nearly $1 billion in incremental room revenue. The report said cities like Edinburgh, Scotland, Paris and Madrid saw the highest RevPAR gains during Swift’s tour dates. JLL is predicting similar spikes for hotels in Indianapolis, New Orleans, Toronto and Vancouver, which are part of Swift’s tour in the fourth quarter of 2024.

DC-area hotel sells. Bethesda, Maryland-based District Hospitality Partners has acquired the 315-key Hilton Washington D.C. Rockville Hotel & Executive Conference Center in Rockville, Maryland, from an undisclosed buyer for $33.75 million. JLL assisted with the transactions.

Hotel refi in Southern California. An affiliate of Irving, Texas-based Huntington Hotel Group secured $14 million in refinancing for the 120-key Home2Suites by Hilton Temecula in California. The floating-rate, three-year loan was obtained through MetLife Investment Management on behalf of the borrower. JLL assisted with the transaction.

US hotels down. Due to Rosh Hashana, the U.S. hotel industry from September 29 through October 5 reported negative year-over-year comparisons, according to CoStar data. Occupancy was 65.6% (down 3.4% YOY); ADR was $156.25 (down 4.4% YOY) and RevPAR was $102.44 (down 7.7% YOY). Among the Top 25 markets, Tampa saw the highest year-over-year increases in occupancy (up 24.1% to 81.3%) and RevPAR (up 22.1% to $125.39) as the market’s hotel performance was lifted by displacement demand from Hurricane Helene. The steepest RevPAR declines were seen in Las Vegas (down 25.9% to $118.51) and Chicago (down 25.8% to $115.05).

Hotel refi in Edinburgh. Brentford, U.K.-based The Ability Group recently closed a £25.3 million facility to refinance the 240-key Edinburgh Airport Hampton by Hilton Hotel. The existing junior and senior debt were refinanced onto a five-year loan of £23.5 million, significantly reducing the overall cost of debt for the borrower. London-based Arc & Co. assisted with the transaction.

Euro transactions up in 2024. European hotel transactions increase by 123% in the first half of 2024 year-over-year to €10.6 billion, according to the latest European Hotel Transactions survey. While single-asset transactions were up 50% compared to 2023, portfolio transactions doubled. Two £800 million portfolio transactions helped the U.K.’s transaction volume increase from €1.7 billion in all of 2023 to €4 billion in the first half of 2024, helping the U.K. reclaim its position as the most active country for hotel investment in Europe.

Hundreds protest NYC hotel bill. Hundreds of hotel and hospitality professionals gathered on the steps of New York City’s City Hall to voice their opposition to Intro 991, which has been dubbed the “Safe Hotels Act.”  The Hotel Association of New York City (HANYC) has signed off on a controversial City Council proposal that would create new licensing requirements for lodging businesses after the bill’s author made some modifications. However, other small hotel owners and associations are still against the bill.

WITT offers wellness certification. Wellness in Travel & Tourism (WITT), an independent organization composed of experts with over 125 years of combined experience at the intersection of hospitality, wellness, and travel, has launched the industry’s first wellness certification for hotels and resorts. This initiative aims to transform the hospitality sector by providing certification criteria that set properties apart in a competitive market, enabling them to enhance their wellness offerings and attract travelers. The evaluation focuses on five core pillars: healthy eating, holistic healing, nature, movement and local impact. WITT has already certified over 100 early adopter properties.