Latest news: W headed to Hainan; update on development in Greece; Palasino IPO

Marriott adds in Hainan. Marriott International has signed an agreement with Hainan Qianrui Industrial Development Co., Ltd. to bring the W Hotels brand to Sanya, the tourist hub located on China’s southerly island province of Hainan. Located in Sanya Bay, W Sanya is slated to open in the second quarter of 2028. With 260 rooms, the 15-storey building will boast a sprawling rooftop terrace. Marriott now operates nearly 70 luxury hotels in Greater China, six of which are in Hainan.

Greece development udpate. The "Greek Market Report | Hotel Investments 2024 - 2027" from Travelworks Public Relations said more than 60 hotel projects will be developed in Greece within the next four years and four out of 10 new hotels will operate under international brands, including the first Conrad, Waldorf Astoria and Six Senses, while the remaining six in 10 will be spearheaded by domestic entities. The report also cited GBR Consulting data that showed penetration of branded hotels in Greece has grown from 89 units/14,869 rooms in 2018 to 160 units/26,540 rooms in 2023 – an increase of approximately 80% in five years for both metrics. Regarding the main risks and challenges, the report pointed to an urgent need for strong destination management that will ensure the sustainability of the destinations and the preservation of its character and authenticity; the observed shortage of labor, which needs to be addressed by improving the career paths of employees; and climate change with heat in the summer months necessitating substantial investments in HVAC and insulation at hotels.

PIP program for Access Point Financial. Capital provider Access Point Financial has launched a PIP Renovation Program designed to support multi-unit, branded U.S. hotel owners in meeting franchisor-mandated improvements and refreshing their assets. Additionally, this program can include capex Loans for a property refresh that is not associated with a franchisor-mandated PIP. Key features Include loan size from $1 million to $5 million, with larger loans considered on individual basis; typical loan structure of 24 months, interest-only period followed by five-year fully self-amortizing period; and 1% origination fee.

Palasino IPO in Hong Kong. Central European casino and hotel operator Palasino is planning an IPO on the Hong Kong stock exchange, aiming to raise HK$372 million (US$47.6 million). The company is offering 143 million shares at HK$2.6 apiece. Palasino is being spun off from its parent Far East Consortium after it was acquired by the Hong Kong property developer in 2018. After opening its first casino Palasino Furth in Wald in the Czech Republic in 1995, the operator expanded its portfolio over the years and now owns three casinos and one resort in the country in addition to four hotels in neighboring Germany and Austria.