Latest news: Partner for Four Seasons residences; Pyramid adds four; Grape selling 23 in France

Partner for Four Seasons residence in Austin. Four Seasons Hotel and Resorts and Irvine, California-based Austin Capital Partners announced that New York City-based Turnbridge Equities has become the co-development partner of Four Seasons Private Residences Lake Austin in Texas. Turnbridge’s investment allows the project to start construction as planned this fall, with an expected opening at the end of 2027. JLL and Cobalt Equities arranged the transaction.

Pyramid adds four to portfolio. Pyramid Global Hospitality is adding four properties to its portfolio, including the 703-key Arizona Biltmore in Phoenix; the 474-key Naples Grande Beach Resort in Naples, Florida; the 217-key Chatham Bars Inn in Chatham, Massachusetts; and the 78-key Inn at Perry Cabin in St. Michaels, Maryland. Blackstone recently sold the Arizona Biltmore for $705 million to London-based PE firm Henderson Park. Pyramid manages over 240 properties across the U.S., the Caribbean and Europe.

Grape Hospitality selling 23 hotels in France. Paris-based Eurazeo Real Estate announced that its 70% owned subsidiary, Grape Hospitality, is in exclusive negotiations to sell a portfolio of 23 hotels in France. Eurazeo said the sale would allow the group to further refocus on the mid-range and upscale segments. Grape Hospitality owns and operates 85 hotels and manages 22 hotels, totaling over 10,000 rooms operated under franchise contracts across seven European countries. The transaction is expected to be finalized by the end of the year and would represent a 15% premium to the portfolio’s value. It is expected to generate net proceeds of approximately €35 million.

Marriott adds in India. Marriott International has entered an agreement with the Balwa Group to debut its Tribute Portfolio branded hotel in Mumbai, India. The 49-key boutique hotel The Ballard, a Tribute Portfolio Hotel, is scheduled to open in March 2026. Marriott’s Tribute Portfolio, a collection of independent hotels, has over 100 properties across nearly 30 countries and territories.

TGI Fridays growing inside hotels. Dallas-based TGI Fridays opened a new restaurant inside the Hilton Garden Inn in Hollywood, California, and said the model represents a growth opportunity. The opening was executed in collaboration with Plano, Texas-based Aimbridge Hospitality and the restaurant chain said the renovation maximized underutilized space to create a full-service bar and restaurant experience at a fraction of the cost and time of a traditional streetside restaurant location. “There is massive white space for TGI Fridays within travel-driven locations, representing an incredible growth opportunity for our brand,” said Friday's Chief Development Officer Chris Devlin.

US adds 700 hotel jobs in May. Hotels in the U.S. added 700 jobs to their payrolls in May, according to a report from the American Hotel & Lodging Association. The report said total hotel employment stands at about 1.92 million, according to the Bureau of Labor Statistics, which is almost 200,000 fewer workers than in February 2020. The report said since the pandemic, average hotel wages (up 26.4%) have increased more than 20% faster than average wages throughout the general economy. Still, despite these increases, there are currently tens of thousands of open hotel jobs in the U.S., according to Indeed.

Apple Hospitality REIT sues LuxUrban. Miami-based LuxUrban Hotels is being sued by a subsidiary of Richmond, Virginia-based Apple Hospitality REIT for allegedly squatting at Hotel 57 in New York City, owing $1.8 million in rent and failing to pay unionized employees. LuxUrban began subletting the 17-floor property to Apple Eight Hospitality Ownership in May of 2023. Apple Eight sued this week in New York, alleging that LuxUrban defaulted on its rent obligations soon after the 15-year lease agreement went into effect. LuxUrban, which leases hotel properties in New York, Miami, Los Angeles and New Orleans, is currently facing multiple lawsuits.

Travel worth 2% of US GDP. The Global Business Travel Association (GBTA) released a study that says the U.S. business travel industry is responsible for almost 2% of the country’s GDP and 3.5% of its employment. The U.S. spent the most on business travel in 2022 (the latest year that full data was available) at $421.1 billion and supported six million jobs. Of the direct jobs supported by business travel, 38% were in food services, 19% in accommodations and 11% in transportation and warehousing. The study also found that 430 million business trips were taken in 2022 and an estimated 67% were for transient purposes. Business travelers are taking longer trips (4.1 days in 2022 compared to 3.3 days in 2017), and the average traveler spent $632 per trip, with 34% of that spent on lodging.