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Ashford announces preliminary net losses for Q4. Dallas-based
Ashford Hospitality Trust announced its preliminary expectations for net losses
through the fourth quarter and the full year. Ashford reported a preliminary
estimated range of net loss of approximately $30.3-32.3 million, or $0.87-0.93 per
share. It also reported a preliminary estimated range of Adjusted EBITDAre of
$61.6-$63.6 million, and a preliminary estimated range of Adjusted FFO $12.2-14.2
million. The net losses for the full year are estimated at $192.7-194.7
million, or $5.58-5.64 per share. Final results for the REIT will be released
on February 28. In late January, Ashford updated its plan to pay off debt and
listed 12 hotels at various stages of being available for sale.
CoStar: Vegas see Super jumps. U.S. hotel performance for the week ending February 10 was mixed year-over-year according to CoStar data. Occupancy was 56.2% (down 2.7% YOY), ADR was $160.96 (up 6.8%)
while RevPAR was $90.40 (up 3.9%). Among the top 25 markets, Oahu Island saw
the largest increase in occupancy (up 8% to 82.9%). Because of Super Bowl
week, Las Vegas saw the biggest jumps in ADR (up 126.1% to $445.05) and RevPAR
(up 139.9% to $335.61). CoStar said on Friday and Saturday nights, Vegas’ occupancy
hit 80%, and ADR ballooned to over $700. Despite a PGA event, Phoenix had the
biggest RevPAR decline because of its comparison to hosting the Super Bowl the
year before (down 33.9% to US$198.13).
Lore Group joins GHA. London-based Lore Group has joined the Global Hotel Alliance (GHA), the world’s largest alliance of independent hotel brands. This will allow the Lore Group’s five hotels in Amsterdam, London and Washington, D.C. to join GHA’s portfolio of more than 800 hotels in 100 countries and take part in its loyalty program, GHA Discovery. The integration is expected to go live in May.
Franchise fee guide released. HVS has released its 2023 U.S. Hotel Franchise Fee Guide, which provides a review of various hotel brands based on their applicable fees. The guide allows hotel investors and owners to compare the cost of a brand affiliation against the total cost of such a commitment. It is available for purchase here.
Hari Punja Group adds in Fiji. Suva, Fiji-based Hari
Punja Group of Companies is building a 258-key star luxury hotel at Wailoaloa
Beach, Nadi in Fiji. The FJ$220 million project will begin construction this June
and is scheduled to open in June 2026. Rydges
Australia will manage the hotel upon completion.
Indian Hotel Company expands
portfolio. Indian Hotel Company
Limited (IHCL) has expanded its brand portfolio by entering into a strategic
alliance with Kolkata, India-based Ambuja Neotia Group and
its Tree of Life Resorts & Hotels. Ambuja Neotia purchased the Tree of Life
chain last October and owns more than 750 rooms in its portfolio (with another
200 in its pipeline) that are being managed by IHCL. Initially, IHCL says it
will help the chain with sales, marketing, distribution, training, loyalty and
branding support, but the partnership could expand in the future.
Far East REIT grows revenue. Singapore-based Far East
Hospitality Trust REIT had a 27.8% increase in revenue for its FY 2023 at S$106.8
million. CEO Gerald Lee said the REIT’s hotels and serviced residences showed a
strong recovery in 2023 and surpassed pre-pandemic levels in 2019. Far East’s net
property income grew 27.7% to S$98.7 million.
Hotel Indigo Newcastle upgrades. The 148-key Hotel
Indigo Newcastle in England is getting a £2M renovation from its new owners. Oxford,
England-based KE Hotels purchased the hotel last March for an undisclosed sum,
11 years after it opened.