Latest news: Uber buying Expedia?; Regent back in the US; UK deal volume

Uber explores Expedia buy. The Financial Times reported on Wednesday that Uber has explored a potential bid for Expedia as part of a plan to develop a “super app.” Truist Securities wrote that Uber contacted advisors in recent months regarding the potential acquisition. Uber CEO Dara Khosrowshahi served as Expedia’s CEO from 2005 to 2017 and remains on the board of directors. No formal approach has been made to Expedia and there are no current discussions. Uber’s interest was deemed to be “at a very early stage.”

DC filling up for inaugural. With the presidential campaign in the homestretch, Washington, D.C. is seeing a surge in hotel and vacation rental bookings for early 2025, as visitors rush to secure spots ahead of a potentially historic Inauguration Day. A Travel Weekly search on the Marriott International, Hilton and IHG Hotels & Resorts websites for hotels in the capital over the January 20 inauguration found that dozens of properties in the city were listed as sold out. A search of Hilton and IHG properties showed only three with availability in the D.C. area, all in Virginia or Maryland. And prices at those properties started at $650 per night.

Regent back to US. The Regent brand has officially returned to the U.S. with the opening of the Regent Santa Monica Beach. Part of IHG Hotels & Resorts’ luxury and lifestyle portfolio, the brand’s new flagship property in the Americas has 167 guestrooms and suites, with most offering panoramic views of the Pacific Ocean, Santa Monica Beach, and its namesake pier. The hotel includes a Chef Michael Mina-run restaurant, a Guerlain Wellness spa and an elevated pool deck overlooking the Pacific Ocean. Regent Hotels & Resorts joined IHG Hotels & Resorts in 2018 and today includes Regent Hong Kong, Carlton Cannes, a Regent Hotel, Regent Shanghai on the Bund, and Regent Phu Quoc in Vietnam. The debut of Regent Jeddah in 2024 and Regent Kyoto in 2025 will lead the brand’s next wave of openings.

Positive week in US. Helped by the Columbus Day/Indigenous Peoples’ Day calendar shift, the U.S. hotel industry for October 6-12 reported positive year-over-year comparisons, according to CoStar data. Occupancy was 70.3% (+2.4% YOY); ADR was $166.88 (+1.4% YOY); and RevPAR was $117.28 (+3.8% YOY). Among the Top 25 Markets, New Orleans saw the largest performance lifts across each of the three key performance metrics: occupancy (+20.1% to 75.6%), ADR (+13.1% to $194.70) and RevPAR (+35.9% to $147.18). The market’s performance was driven by the Water Environment Federation's Technical Exhibition and Conference. Atlanta saw the second-highest increases in occupancy (+15.6% to 77.5%) and RevPAR (+20.6% to $102.59), due to displacement demand from Hurricane Milton. The steepest RevPAR declines were seen in Oahu Island (-10.3% to $218.20) and Tampa (-9.8% to $88.67), the latter due to the impacts of Hurricane Milton.

Two Six Senses for Italy. IHG Hotels & Resorts’ Six Senses brand has signed management agreements with Gruppo Statuto for the Six Senses Milan and Six Senses Lake Como. The 68-room Six Senses Milan will open in 2025 and be located in the heart of the artistic Brera quarter, while Six Senses Lake Como will open in 2028 following a full restoration of the Grand Hotel Cadenabbia on the lake’s western shores. The number of guest rooms within the six-story property will be significantly reduced to accommodate 102 generously sized rooms and suites as well as more space dedicated to the spa and wellness area. These two hotels Six join 30 open hotels in the country, and an additional eight in development. These two latest Italian signings also establish Gruppo Statuto as a leading Italian real estate group with a portfolio of international hotels, having acquired Six Senses London and Six Senses Ibiza in addition to Six Senses Rome.

Four Seasons deals in Greece. Four Seasons Hotels and Resorts and Blue Iris Investments S.A, an investment vehicle of AGC Equity Partners, a global alternative asset investment firm, announced plans for the 94-room Four Seasons Resort Mykonos scheduled to open in 2025. The resort will be located along the coastline of Kalo Livadi Bay on 60,324 square metres (649,322 square feet) of land.

Rosewood Exumas gets go-ahead. After a public consultation mandated by the Department of Environmental Planning and Protection on October 3, the $200 million development by Yntegra Group on East Sampson Cay in the Exumas, the Bahamas, is moving ahead in partnership with Rosewood Hotels and Resorts and is scheduled to open in 2028. In addition to developing less than 50% of the 124-acre island, sustainable building practices will be prioritized, native plants will be used in at least 80% of the landscape design, and 14,000 native trees will be grown in the nursery throughout its development. A 150-unit employee housing facility will also be developed.

UK deal volume update. Transaction volume in the U.K. through 3Q24 reached £4.7 billion, an 181% increase on the same period in 2023, bringing the year-to-date total to 230 properties (representing c. 25,500 rooms) to have changed hands in 2024, according to new Cushman & Wakefield data. Deals in Q3 were largely driven by single-asset transactions in London, Edinburgh and the U.K. regions. London accounts for 51% of major deals in Q3. Transaction volumes in the U.K. hotel real estate market reached c. £732 million in Q3 2024 as investment momentum continued albeit at a slower pace relative to the first and second quarters. Cushman & Wakefield said it is now experiencing a greater bullishness to get deals done, fueled by a greater meeting of minds between buyers and sellers on pricing, the ability to price in base rate compression, and the general resilience of hotel performance.

CDL grows UK portfolio. CDL Hospitality Trust has entered into an asset and business purchase agreement with Hotel Exe Ltd., Plaza Properties and Plaza Retail to acquire Hotel Indigo Exeter and two retail units in the U.K. for $33.2 million and is expected to be fully funded through debt. The property comprises a 104-room boutique hotel, with spa and gym facilities, as well as two retail units. The property is located at the entrance of the Princesshay Shopping Centre.