The
latest on global M&A, development, data and more.
Four
Seasons New York reopens. Four Seasons Hotel New York in Midtown Manhattan reopened on Friday
after being closed since March 2020. The 52-story hotel is reopening with rooms
across multiple categories, with all suites expected to be available in 2025.
Later, the hotel will also debut one-, two-, and three-bedroom extended-stay
rooms, some of which include terraces. In June, Four Seasons also agreed with owner Ty Warner Hotels and Resorts to reopen in 2025 another long-shuttered property, the 206-key Four Seasons Resort The
Biltmore Santa Barbara in California, which has also been closed since March
2020.
MCR $300M
refi. New York
City-based MCR Hotels is refinancing a 22-hotel portfolio with a $300 million
CMBS loan, wrote analyst Michael Bellisario of R.W. Baird. The portfolio
has 22 select-service hotels and 2,855 rooms. The loan is SOFR+360 bps with an initial
term of two years with three one-year extensions. According to Bellisario, the hotels
have an average age of 20 years, and their trailing 12 months RevPAR was $93 (which
is up 1.5% vs. 2019).\
DiamondRock
acquires in Minneapolis. Bethesda, Maryland-based DiamondRock Hospitality Co. has acquired the
245-key AC Hotel Minneapolis Downtown from an undisclosed seller for $30
million ($122,000 per key). JLL Hotels & Hospitality represented the seller
on the all-cash acquisition. The hotel was built in 2016 and is located in
downtown Minneapolis.
IHG adds
InterContinental in India. IHG Hotels & Resorts has signed a management agreement with Chennai,
India-based Adyar Gate Hotels to develop InterContinental Kodaikanal Resort in
India. The 100-key hotel is scheduled to open in 2028 and will be the sixth
InterContinental in India. IHG currently has 46 hotels operating across five
brands in India and a pipeline of 58 hotels due to open in the next three to
five years.
Mandarin
Oriental adds in Abu Dhabi. Abu Dhabi-based Aldar is launching Abu Dhabi’s first-ever Mandarin
Oriental Residences, which will open later in November. Mandarin Oriental Hotel
Group will manage the 226-key property.
Events
lift Dubai, Melbourne and Munich. CoStar reported that several events increased the hotel
performance in Dubai, Melbourne, Australia and Munich, Germany. Diwali
celebrations helped Dubai’s hotel industry post its highest October occupancy
level since 2012. Occupancy was 82.2% (up 1.4%), ADR was AED819.76 (up 2.5%)
and RevPAR was AED673.98 (up 3.9%). Several events, including multiple concerts
by Olivia Rodrigo and Coldplay, lifted Melbourne hotel performance in October,
with occupancy at 75.3% (up 4.5%), ADR was AUD221.36 (up 4.2%) and RevPAR was
AUD166.61 (up 8.9%). Munich hotels also saw a spike in ADR and RevPAR during
Expo Real in October. Occupancy was 78.5% (up 5.6%), ADR was €162.73 (up 9.6%),
while RevPAR was €127.73 (up 5.7%).
Peter
Island Resort reopens. Peter Island Resort, the largest private island resort in the British
Virgin Islands, is reopening on December 1. Since its closure in 2017, the
52-key resort has undergone renovations to the entire property.
HPL
acquires in Singapore. Singapore-based Hotel Properties Ltd. (HPL) has acquired the 407-key
Concorde Hotel and three-story retail podium along Orchard Road in Singapore
from an undisclosed seller for S$821 million, according to HVS.
Club
Wyndham acquires in Japan. Club Wyndham, a subsidiary of Orlando-based Travel + Leisure Co., has
acquired the 32-key Shirakabaso Resort in Nagano, Japan, for an undisclosed
amount. The resort will be rebranded to Club Wyndham Shirakabaso Shiga Kogen,
the first international resort located within the Joshin’etsu Kogen National
Park. As part of the rebranding, Club Wyndham will renovate the guest suites
and public spaces, rework the deck into an outdoor family-friendly space, and
add a new restaurant.
IHCL adds
in India. Indian
Hotels Co. Ltd. (IHCL) is partnering with Ahmedabad, India-based Praveg Ltd. for a new Ginger hotel in Diu, marking its expansion in the Indian Union
territory of Daman and Diu. The 45-key property will be spread across three
acres on the Jallandhar beach coastline.