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New LA
hotel next to SoFi. Construction
is underway for the 300-key Kali Hotel and Rooftop, Autograph Collection in Los
Angeles, which will be part of Stan Kroenke’s Hollywood Park mixed-use
development that includes the NFL’s SoFi Stadium, which is home to the Los
Angeles Rams and Chargers. The hotel is being developed by Corona,
California-based KPC Development Co., which owns and builds properties in India
and California. KPC is leasing the land for the hotel from Kroenke. This will
be the company’s first hotel in the U.S. and it will be part of Marriott’s
Autograph Collection. The hotel is scheduled to be completed in spring 2026,
ahead of three significant LA sporting events: the FIFA World Cup in 2026, the
Super Bowl in 2027 and the 2028 Summer Olympics.
Sunstone
settles strike. Irvine, California-based Sunstone Hotel Investors said the hotel workers’
strike that has been happening at its 1,190-key San Diego Bayfront hotel (which
represents 23% of the REIT’s portfolio) since September 1 has concluded with
workers ratifying a new four-year contract.
Wynn
updates UAE project. Las Vegas-based Wynn Resorts provided some updates at an investor presentation
last week on its luxury resort and casino, which is currently being built at
Wynn Al Margan Island in Ras Al Khaimah in the United Arab Emirates. The cost
of the development has increased significantly from the previously mentioned
$3.9 billion to $5.1 billion. Wynn announced recently that it was awarded the
first commercial gaming operator’s license for the UAE. Wynn said it expects
37% of its gaming revenue from international ultra-high-net-worth customers,
with around 29% from other international travelers and 34% from the domestic
market. Wynn also said it expects the UAE gaming market to be worth between $3
to $5 billion, or 1% of the country’s GDP. Other estimates have been higher.
Tata
leadership remains in the family. A day after the death of legendary Indian business titan and
former leader of the Indian Hotels Co. Ltd. (IHCL), Ratan Tata, his
half-brother Noel Tata, has been named as the new chairperson of Tata Trusts.
Tata Trusts is the company’s philanthropic arm, which holds a majority stake of
66% in Tata Sons - one of India’s largest business groups, with annual revenues
in excess of $100 billion. From 2010 to 2021, Noel Tata ran the group’s global
trading and distribution firm, Tata International, which saw its revenue rise
from $500 million to over $3 billion over that period.