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news about deals, development, data and more.
JRK acquires in La Jolla. Los Angeles-based JRK Property Holdings has closed on the acquisition of the 394-key Hilton La Jolla Torrey Pines in La Jolla, California, from Dallas-based REIT Braemar Hotels & Resorts for $165 million. JRK made the acquisition through its
$350 million hospitality fund.
Braemar originally announced the sale in May.
Virgin, Preferred strategic partnership. Miami-based
Virgin Hotels has signed a strategic partnership with Newport Beach,
California-based Preferred Hotels & Resorts that will add nine Virgin
Limited Edition properties to Preferred’s Legend Collection. All of the properties will
have access to Preferred’s reward programs.
New hotel in North Naples, Florida. The $80 million, 160-key The Perry Hotel Naples in North Naples, Florida, will open this fall. It will be the second location for The Perry, a boutique hotel brand
launched in Key West in 2017. Key West, Florida-based FOD Perry Naples LLC of Key West purchased the 6.3 acres for the hotel site for $4.8 million from Bay House Campus LLC.
Moxy Centennial Olympic Park
New Moxy in Atlanta. Atlanta-based Nexera Capital and Emerge Hospitality Group are building the Moxy Centennial Olympic Park, a 13-story, 183-room hotel in Atlanta’s downtown entertainment district. The hotel is scheduled to open in Q2 2026. New
York City-based The LCP Group provided the construction financing.
US weekly performance down YOY. U.S. hoteliers performed better for the week of July 7-13 versus the previous week but had lower comparisons year-over-year, according to CoStar. Occupancy was 69.2% (down 3.7% YOY); ADR was $158.21 (down 1.5%),
while RevPAR was $109.51 (down 5.2%). Among the Top 25 markets, Houston saw the highest year-over-year increases in each of the three key performance metrics: occupancy (up 13.4% to 72.2%), ADR (up 22.4% to $137.17) and RevPAR (up 38.8% to $98.97)
as the market’s performance was impacted by the effects of Hurricane Beryl. The steepest RevPAR declines were seen in Denver (down 29.4% to $125.40) and San Diego (down 26.7% to $188.40).
Garden Inn reopens in Georgia. Atlanta-based Aperture Hotels and Satori Collective will reopen the 120-key Hilton Garden Inn Columbus, Georgia, in August following a multi-million-dollar renovation. The renovation touched all of the hotel’s public
spaces, guest rooms and meeting rooms.
Marriott adds branded residence project in India. Marriott International has signed an agreement with Delhi NCR-based Whiteland
Corp. for the Westin Residences Gurugram, which will be the first
residential development project in India under the Westin brand. The
development will be the largest standalone branded residence project in India.
The first phase will feature 674 residences and is set to launch in the second
quarter of this financial year.
Scandic Q2 earnings. Stockholm, Sweden-based Scandic Hotels said its net sales rose 3.1% in Q2 2024 by 5,871 million SEK while its average occupancy rose to 64% (up from 63% in Q2 2023). RevPAR for the hotel chain was 871 SEK (up from 828 SEK a
year ago), while adjusted EBITDA was 841 SEK (up from 772 SEK a year ago). In July, Scandic signed two new agreements for hotels in Gothenburg and Umeå in Sweden. The company also signed an agreement for sustainability-linked long-term financing.
“Scandic delivered a good quarter with improved results and higher profitability. We’re maintaining a high pace to grow the hotel portfolio and strengthen ourselves even more commercially. Bookings are good, in line with last year, and with a more
stabilized economy in the Nordics, we have a positive outlook on market development,” said President and CEO Jens Mathiesen.