Breaking news about deals, development and data featuring IHG, Hilton,
Marriott Crestline and more.
Certares acquires in
Boston. New York City-based investment firm Certares has
purchased the 390-key Hilton Boston Back Bay for $171 million. The property,
which includes a 209-space parking garage, is the one that Ashford Hospitality
Trust said it sold in late February. Certares made the acquisition with Sacramento, California-based Belcourt Capital
Partners. Since launching its real estate platform in early
2021, Certares has acquired 12 hotels and 2,700 keys across the
country.
Taylor Swift tour boosts Singapore. Thanks to six
dates on Taylor Swift’s Eras Tour, Singapore posted its highest-ever March ADR
and RevPAR numbers, according to CoStar. Singapore’s ADR was S$358.91
(up 12.7% year-over-year), while RevPAR was S$284.03 (up 18.5% YOY). Occupancy
was 79.1%, which was also up 5.1% YOY.
European investment expected to surge. European hotel
investment volume is expected to surge in 2024, according to the Savills
European Investor Sentiment Survey 2024, which shows an increased appetite from
investors in hospitality. According to Savills’ latest research, investment
volumes for European hotels this year are expected to surpass 2023 numbers as
more than €1 billion (£860 million) of UK hotel assets have already transacted
in 2024. Last year, the UK recorded €2.62 billion (£2.24 billion) in hotel
transactions, which was slightly ahead of the €2.61billion (£2.23 billion)
recorded in Spain.
The Apartment Group acquires in UK. U.K.-based The
Apartment Group has purchased the Raven Hall Hotel in Scarborough, U.K., for
£4.35 million from an undisclosed buyer. The 62-key hotel sits on 90 acres and
includes a nine-hole golf course.
Crestline adds in SF. Fairfax,
Virginia-based Crestline Hotels & Resorts will manage the 248-key Kimpton
Alton Fisherman’s Wharf, San Francisco. Crestline managed 127 properties with
nearly 17,800 rooms in 19 states and Washington, D.C.
IHG opening 12 in Vignette Collection. IHG Hotels &
Resorts is adding 12 Vignette Collection properties worldwide.
The first hotel added is the 133-key The Halyard Liverpool, Vignette
Collection. IHG launched the Vignette Collection brand in 2021 and has 11
around the world, with 23 in the pipeline. The company wants to open 100 new
Vignette properties in 10 years.
Hyatt adds in Tennessee. Hyatt Hotels Corp.
is opening a 123-key Caption by Hyatt Chattanooga in Tennessee in early 2026.
3H Group is developing the hotel.
New Marriott in Nashville. Nashville-based
Sila Developments plans to build a 14-story, 205-key Marriott Element hotel in
the SoBro area of Nashville. Sila paid $6 million for a 0.38-acre plot of land
after announcing plans for the hotel last year.