Breaking news about development, deals, data and more.
Highgate rebrands in Portugal. Highgate is rebranding four
of its managed portfolio assets in Algarve, Portugal, under the Marriott
International umbrella. Each located within the Salgados Beach resort
destination, the newly rebranded and co-located Westin Salgados Beach Resort,
Algarve; The Residences at The Westin Salgados Beach Resort, Algarve; Algarve
Marriott Salgados Golf Resort & Conference Center; and Marriott Residences
Salgados Resort, Algarve, will be the first Highgate managed properties in
Portugal to join Marriott International’s portfolio. Highgate Portugal is
also overseeing comprehensive redesigns of each property’s public spaces, guestrooms,
and food and beverage outlets. Renovations are set to begin in late 2024 for
targeted reopenings in 2025. Highgate has expanded its footprint in Europe
through the creation of Highgate Portugal with a portfolio of 17 hotels and
three golf courses.
More on Hard Rock deal in Queens. Hard Rock International has put
out a press release with new renderings of Metropolitan Park, the partnership
with New York Mets baseball team owner Steve Cohen to create an $8
billion privately funded project that would include a casino and hotels
nearby the Citi Field stadium in Queens, New York City. The project is now
moving forward with ULURP (Uniform Land Use Review Procedure), New
York City’s process for public approval of the development. Metropolitan
Park would transform 50 acres of asphalt around Citi Field into a
reimagined space that would include 20 acres of new public park space, 5 acres
of community athletic fields and playgrounds, a Queens Food Hall, a live music
venue, and a Hard Rock Hotel and Casino with bars, restaurants and a
sportsbook.
Good week for US hoteliers. The U.S. hotel industry reported
positive year-over-year comparisons for the week of September 15-21, according
to CoStar data. Occupancy was 68.9% (+0.5% YOY); ADR was $168.80 (+2.0%
YOY); and RevPAR was $116.22 (+2.5% YOY). Among the Top 25 Markets, Houston
saw the highest year-over-year lift in occupancy (+10.7% to 69.0%). Driven by
Dreamforce 2024, San Francisco reported the largest increases in ADR (+60.9% to
$363.09) and RevPAR (+71.6% to $300.36). The steepest RevPAR decline was
seen in New York City (-14.5% to $379.90), due to a comparison against the week
of the general debates during the United Nations General Assembly.
Yotel adds Belfast. Yotel plans to open in Belfast in late 2026 with a new-build,
165-key property in the historic Shaftesbury Square. It marks the 35th signed
hotel, bring the brand’s key count to nearly 8,000. Andras Hotels is investing £17
million in the project. A Proposal of Application Notice has been submitted to
Belfast City Council, kickstarting the planning process for this proposed
development. Other Yotels are currently planned in Tokyo, Bangkok, Kuala Lumpur
and more.