The latest on development, M&A and more, including news from Whitbread, IHG, Marriott and Hyatt.
CEO exits at Jumeirah. Jumeirah Group CEO Katerina Giannouka
has stepped down just a little over a year since taking over to further grow
the Dubai-based operator. She took over in December 2022 after working as president
of Asia Pacific for Radisson Hotel Group. Currently, the Jumeirah Group
operates 26 properties across the Middle East, Europe, and Asia.
First Mercedes-Benz
branded residence in U.S. Miami-based JDS Development Group and Mercedes-Benz
are collaborating on the 67-story Mercedes-Benz Places in Miami, which will include a
174-key hotel that has yet to be branded. The mixed-use residential project will have the first branded
real-estate project in the U.S. by Mercedes-Benz and is also one of the largest
projects currently under construction in Florida. The residential tower will
feature 791 Mercedes-Benz residences and initial occupancy will start in 2027.
Strategic investment for Montage. Irvine,
California-based Montage International has received a strategic investment from
Goldman Sachs Asset Management, BlackRock, Inc. and affiliate funds of Luxor
Capital Group, which assisted with the transaction. The transaction will allow
Montage to accelerate its next growth stage while giving its minority
shareholder, Austin, Texas-based Ohana Real Estate Investors, an exit. Montage
has 17 managed properties and features the Montage Hotels & Resorts and
Pendry Hotels & Resorts brands. Hotel Investment Today recently talked to
Ohana Real Estate Investors President Franco Famularo about the company’s
strategy and what it thinks of the credit market in 2024.
New Chambray in Atlanta. A $30 million, 125-key
Chambray Hotel will be built in the Atlanta suburb of Roswell, Georgia, thanks
to a joint venture from Roswell-based DSM Real Estate Partners and Austin,
Texas-based GarageCap. Charleston, South Carolina-based Indigo Road Hospitality
Group will manage the hotel, which will also carry the JdV by Hyatt soft brand.
Whitbread adds in Cork City. Whitbread PLC has
purchased a site in Cork City, Ireland, to turn into a 168-key Premiere Inn.
Whitbread opened its first location in Cork City in January.
Marriott growth in Caribbean, Latin America. Marriott
International said it has nearly doubled its organic deal signings over the
past year in the Caribbean and Latin America with 57 deals and nearly 7,300
rooms, creating a 155- project (24,000 room) pipeline in the
region. Marriott acquired the City Express brand portfolio in 2023, which added
150 properties and approximately 17,500 rooms to its portfolio in the region.
The company also said nearly 35% of its 2023 signings were conversions.
First Hyatt House in Tokyo. Hyatt Hotels Corp.
opened the 126-key Hyatt House Toyko Shibuya, the brand's first in Toyko and
the second in Japan. This is the 20th Hyatt hotel in the country.