Latest news: Azora adds in Portugal; Coury adding 7; easyHotel funding

Azora grows in Portugal. Azora, the Madrid-based European real estate investment manager, on behalf of its Azora European Hotel and Lodging Fund, has completed the acquisition from Oxy Capital / Fondo Aquarius of the 177-room Marriott Praia d’El Rey in Óbidos, Portugal. The transaction includes two 18-hole golf courses and the management of a large rental pool of apartments in Praia d’El Rey. The hotel will continue to be operated with the Marriott brand under a franchise agreement and managed by Blue & Green. The acquisition strengthens Azora’s position in the Portuguese market, expanding its presence to seven hotels. Azora currently has more than 12,000 keys under management.

7 new hotels for Coury. Coury Hospitality is announcing three new openings and four developments across the U.S. It will open Hall Park Hotel, owned by Hall Group and the first Autograph Collection lifestyle hotel in Frisco, Texas, in September 2024. The 105-room Seahaus Hotel in Atlantic City, New Jersey, will open in the first quarter of 2025. The Elmore Hotel in Southlake, Texas, will join Marriott’s Tribute Portfolio in Q2 of 2025. Four new developments include the 181-room Chisholm Creek in Oklahoma City, Oklahoma, part of Marriott’s Autograph Collection and set to open in Q4 2026; the 125-room Hotel Vin Pinnacle Hills, anticipated to open as part of the Autograph Collection in Rogers, Arkansas, in 2027; another 176-room Autograph Collection hotel is scheduled to open in early 2027 in Fort Worth, Texas; as well as a 181-room Autograph Collection hotel in Flower Mound, Texas.

Mixed results in US. For the week ending May 25, the U.S. hotel industry reported mixed performance results from the previous week but positive comparisons year over year, according to CoStar data. Occupancy was 67.7% (+1.6% YOY); ADR was $160.67 (+2.3% YOY); and RevPAR was $108.73 (+3.9% YOY). Among the Top 25 Markets, Houston saw the highest year-over-year increases in occupancy (+20.9% to 74.1%) and RevPAR (+29.2% to $89.15). Las Vegas reported the only double-digit lift in ADR (+10.9% to US$217.53). The steepest RevPAR declines were seen in Detroit (-13.0% to $80.20) and San Francisco (-8.3% to $136.79).

easyHotel expanding. U.K.-based budget chain easyHotel has secured £48.5 million in funding for carbon reduction initiatives and expansion plans across Europe. The funding injection comes via two refinancing agreements: a £42.5 million loan facility from Santander UK to improve energy efficiency at several properties, and an additional £6 million loan from BRED Banque Populaire to expand in France, including the financing for a new 110-bedroom hotel in Marseille. The group is currently building hotels in Barcelona, Alicante and Valencia and expects further refinancing deals to be announced for Spain ‘soon.’ EasyHotel CFO Charles Persello said during its earnings call:  “Looking ahead, our development team are working across more new hotel deals than ever before as we step up our growth of low carbon and great value hotels across Europe over the coming years.”

Brand opportunities in Spain. International hotel brands will continue to pour into Spain, according to Global Asset Solution’s Spanish Hotel Market Outlook 2024. The company said that it expected to see budget brands join the swelling numbers of luxury flags as both domestic and international tourism grew. The study reported that the recovery of purchasing power in Spain and Europe and Spain's greater geopolitical stability in relation to competing countries would boost the tourism sector to new records in 2024. This year was expected to see a 2.3% increase on the year in ADR, with occupancy up 1.1% and RevRAR rising by 3.4%. “Secondary destinations are now catching the eye of budget hotel brands such as Ibis, Holiday Inn Express and B&B in cities like Lugo, Girona, Logroño, Mataró, and Sant Cugat. The breadth of offering is ever expanding in this inspiring country,” said report author David Bóveda. He added, “Despite the popularity of coastal areas, major international luxury hotel chains have focused on big cities like Madrid, Seville, Barcelona, and Bilbao.”