Breaking news about development, deals, data and more.
SBM launches Monte-Carlo One - Hotels & Residences. One
year after the acquisition of the Palace des Neiges in Courchevel, France,
Monte-Carlo Société des Bains de Mer has unveiled the name of its hotel
project: Monte-Carlo One – Courchevel. It said this is the first of its emerging
international brand, Monte-Carlo One - Hotels & Residences, dedicated to
the development of hotel and residential activities in new markets. The group
said this investment illustrates the company's desire to develop new growth
drivers. The ambition is to open the doors of the Monte-Carlo One - Courchevel
to its first customers for the 2026/2027 winter season.
Ritz-Carlton to Xiamen. Marriott International has signed an
agreement with China’s Xiamen Green Development Investment Group to introduce
The Ritz-Carlton to Xiamen Island in Fujian Province. The 228-room
Ritz-Carlton, Xiamen will be part of a mixed-use development that features
retail spaces and a 340-meter office tower. It will become the tallest landmark
in Xiamen and the wider Fujian province. The project will also include 144
fully furnished Marriott Executive Apartments.
Extended-stay demand growth outpacing increasing room supply.
November was one of the best months in 2024 for extended-stay hotels, according
to The Highland Group data. It marked the sixth consecutive month of 3% or
higher supply growth. However, in all but one month, the gain in demand was
faster and an increasing occupancy trend is emerging. With ADR also growing,
November’s room revenue and RevPAR increases were among the strongest in more
than a year. November’s performance for economy extended-stay hotels was
especially good with monthly RevPAR growth the highest since August 2022.
Southernmost Meliá. Argentina’s Grupo Mirgor and Spain’s
Meliá Hotels International will develop a 200-room Gran Meliá hotel in Ushuaia,
Argentina, as part of Grupo Mirgor’s business diversification. The hotel,
representing an investment of over $50 million, is set to open in 2028. Upon
completion, it will be the southernmost facility that Meliá manages globally. The
hotel will feature two restaurants, a bar and a lobby bar, and an auditorium
with an 800-person capacity.
Calendar shift aids US performance. The U.S. hotel industry
reported positive year-over-year performance comparisons for the week ending
December 21, according to CoStar data. Growth was elevated due to the
Hannukah calendar shift as well as the compressed business travel period
between Thanksgiving and Christmas. As expected, actual levels were
significantly lower than the prior week because of the seasonal slowdown. Occupancy
was 48.9% (+11.4% YOY); ADR was $135.79 (+2.7% YOY);a nd RevPAR was $66.36
(+14.3% YOY). Among the Top 25 Markets, Tampa reported the largest
year-over-year increases in occupancy (+37.9% to 71.5%) and RevPAR (+63.8% to $110.51).
The market has been among the national performance growth leaders in recent
months due in part to hurricane recovery demand. New York City once again
reported the highest ADR lift (+20.1% to $351.39). Oahu Island was the
only major market with decreases in each of the three key metrics: occupancy
(-4.0% to 66.4%), ADR (-16.7% to $259.60) and RevPAR (-20.0% to $172.27).
New Cordish casino, resort. The Cordish Companies have
announced the February 13, 2025, grand opening of the new $270-plus million Live!
Casino & Hotel Louisiana in Bossier City, Louisiana, (pending approval from
the Louisiana Gaming Control Board).