Latest news: Standalone Four Seasons residences; CEO for Coast Hotels USA; Six Senses to Japan

First standalone Four Seasons residence in Florida. Miami-based CMC Group and Fort Lauderdale, Florida-based Fort Partners have partnered with Four Seasons Hotels and Resorts to open the first standalone Four Seasons branded residence in Florida with the 70-room Four Seasons Private Residences Coconut Grove. Four Seasons Private Residences has 53 branded residence properties worldwide, and three-quarters of future Four Seasons projects include a residential component.

New CEO for Coast Hotels USA. Vancouver-based Coast Hotels Ltd. has named a new CEO for its U.S. subsidiary and made other leadership changes. Jin Sasaki, the company’s current president, will relocate to Seattle and become president and CEO of Coast Hotels USA, a newly established subsidiary of Coast Hotels Ltd. Sasaki will spearhead the new company’s rapid expansion plans in the Pacific Northwest. In addition, Takamasa Machiura, who currently holds a leadership position with APA Hotels, will now serve as president and CEO of Coast Hotels Ltd. 

First Six Senses in Japan. IHG Hotels & Resorts is debuting its Six Senses brand in Japan with the opening of the 81-key Six Senses Kyoto. Six Senses operates 25 hotels and resorts worldwide, with 42 more in the pipeline. 

Valor adds in Alabama. Atlanta-based Valor Hospitality Partners will manage the 149-key DoubleTree Suites by Hilton Hotel Huntsville South in Huntsville, Alabama. Valor has over 95 properties in its global portfolio. 

California-Vegas high-speed rail breaks ground. A new high-speed rail system connecting Southern California and Las Vegas broke ground on Monday. The system is touted as the U.S.’s first true high-speed rail system and will run a 218-mile route between Las Vegas and three California stops. The project received $3 billion in funding from the Bipartisan Infrastructure Law. 

Canada has marginal increase in transient occupancy. After four consecutive months of year-over-year declines, the hotel industry in Canada reported a marginal increase in transient occupancy, according to CoStar data. Through March 2024, occupancy was at 61.0% (down 2.1% year-over-year), ADR was CAD185.23 (up 3.9%) and RevPAR was CAD112.99 (up 1.7%). Manitoba recorded the highest March 2024 occupancy level at 77.1%, 0.9% above 2023. Among the top markets, Toronto saw the highest occupancy (73.4%), up 2.2% over March 2023, while Ottawa-Gatineau had the biggest occupancy drop (57.1%, down 10.4%).

New Orlando sports, entertainment district. SED Development, JMA Ventures and Machete Group have announced a new sports and entertainment district in downtown Orlando that will include a full-service, 260-key hotel, 270 residential units, a 3,500-capacity live entertainment venue, Class A office space and a variety of dining and shopping venues. The district is scheduled to be completed by March 2027.

Kempinski adds two in China. Kempinski Hotels will open two dual-branded Kempinski and Bristoria hotels in Yangzhou Economic Development Zone in China. Both hotels are scheduled to be completed in 2025. Kempinski is partnering with a wholly-owned Yangzhou Economic and Technological Development Zone Culture and Tourism Group Co. subsidiary for the 93-key Kempinski Hotel Yangzhou Nuoyuan and the 312-key Bristoria Hotel Yangzhou.

Apex adds in Scotland. Edinburgh, Scotland-based Apex Hotels has acquired the 51-key Meldrum House Country Hotel and Golf Course in Aberdeenshire, Scotland, from an undisclosed buyer for an undisclosed amount. This will bring Apex’s portfolio to 10.

Paris hotel sells. Morgan Stanley and France-based owner-operator Quinspark Investment Partners have acquired the 430-key Pullman Paris Tour Eiffel from French REIT Amundi Immobilier’s Opcimmo for €330 million (€767,000 per room), according to HVS.  

Gruppo Statuto acquires in Berlin. Italy-based Gruppo Statuto has acquired the 145-key Hotel de Rome, a Rocco Forte Hotel in Berlin, from Singaporean sovereign wealth fund GIC and Germany-based Caleus Capital Partners for a reported €145 million (€1 million per room), according to HVS. The hotel is managed and leased by the British hotel group Rocco Forte Hotels, although the lease is reported to expire soon.

Nrep adds in Oslo. Nordic developer Nrep, through its NSF V fund, has acquired the 260-key Comfort Hotel Karl Johan in Oslo from CBRE Investment Management for an undisclosed price, according to HVS.

JV acquires in Portugal. PGIM Real Estate, the real estate branch of PGIM and Portuguese real estate investment company Sierra Sonae, have formed a joint venture targeting hospitality investments and has acquired its first asset in Porto, Portugal, according to HVS. The asset is expected to open in the second half of 2024 and will be an upper-upscale hotel. According to the story, the JV aims for a gross asset value of some €200 million. The hotels will be managed by Lisbon-based Iberian Hospitality Solutions.

Gruppo CHC acquires 3 in Italy. Italy-based owner-operator City Hotels Company Holding (Gruppo CHC) has acquired a portfolio of three Italian hotels totaling 536 rooms across the cities of Naples, Bologna and Parma from Bayview Italia, Scudo Immobiliare and Tirrenium Leasing, according to HVS.

Extendam adds in France. French PE firm Extendam has acquired the 140-key Hilton Garden Inn Sevilla in Spain from Blackstone-owned Aliseda Inmobiliaria, according to HVS. Extendam’s economy and mid-market European hotel portfolio comprises some 340 hotels and roughly 26,500 rooms, amounting to a gross asset value of around €3.8 billion.

MV Investments acquires in Serbia. Serbian developer Millenium Team, through its subsidiary MV Investments, has acquired the 132-key Hotel Jugoslavija in Belgrade, Serbia, from Danube Riverside amidst bankruptcy proceedings, for RSD3.2 billion (RSD 24.2 million per room), or €27 million (€205,000 per room), according to HVS. The site is to be fully redeveloped by Millenium into a residential, business and hotel complex over four years for approximately €400 million.