Latest news: Freed debuts in Toronto; Wyndham's group platform; Ruby in London sold

Toronto skyscraper will feature first Freed Hotel in Canada. Toronto's Freed Developments is opening its first Freed Hotel and Residences in Canada as part of an $800 million tower in Toronto. The project will have a 100-key luxury hotel and 400 luxury condominiums and will also feature the first Katsuya restaurant in Canada, which is being develop by Sam Nazarian’s sbe. It is scheduled to open in 2028.

Wyndham debuts a group travel platform. Wyndham Hotels & Resorts has simplified the group travel process at 5,600 of its economy and midscale hotels by introducing Groups360. The platform will allow travel planners and managers to browse rates and directly book 10 to 50 rooms without contacting the hotel or engaging in a traditional request for proposal (RFP). Meeting space for events can also be booked through the platform. 

Ruby Zoe hotel in London acquired. Frankfurt-based Deka Immobilien has acquired the Ruby Zoe hotel in London for around EUR 62 million. The 173-key hotel opened in May 2023 and is leased to Ruby Hospitality UK Ltd., a subsidiary of Munich-based Ruby GmbH hotel group. It was originally developed by Frogmore and is the second Ruby hotel in London.

Red Sea Global financing for Four Seasons resort. Saudi Arabia-based Red Sea Global has entered into a SAR2 billion ($533 million) financing agreement with Riyad Bank. The financing will support RSG’s joint venture with Kingdom Holding Co. to develop a 159-key Four Seasons Resort on Shura Island in Saudi Arabia, which is scheduled to open in 2025.

Parks Hotel debuts on Indian exchange. India-based Apeejay Surrendra Parks Hotels debuted on the Indian stock exchange on Monday with a premium of over 20% over the issue price. The company is the eighth-largest hotel chain with asset ownership in India. It operates under several brands, including The Park, The Park Collection, and Zone by Park.

Pipeline at record high in Asia Pacific. The hotel construction pipeline surged to record highs in the fourth quarter in Asia Pacific (excluding China), according to Lodging Econometrics, increasing 4% year-over-year with 1,977 projects and 402,156 rooms at the end of 2023. Projects currently under construction account for 47% of the region’s pipeline, while projects scheduled to start construction in the next 12 months increased 8% YOY. Projects in the early planning stages increased 11% YOY and hit an all-time high with 713 projects and 124,470 rooms. Luxury projects grew 9% YOY, upper upscale grew 12%, and upscale projects grew 6%. India led APAC with a record 514 projects and 61,075, which accounted for 26% of the region’s projects. Vietnam was second with 253 projects and 88,827 rooms. Bangkok, Thailand, was the largest city, with 61 projects and 14,915 rooms. The APEC region had 357 new hotels and 54,470 rooms open in 2023. LE expects another 381 hotels and 74,341 rooms to open in 2024.

Hotel Equities awarded by Marriott. Atlanta-based Hotel Equities was named a top performer by Marriott International for franchise management companies operating more than 50 of the brands’ hotels in Q4 2023.