Breaking news about M&A, development, data and more.
Record ADR for Super Bowl. Las Vegas ADR is
forecasted to reach $573 for February 9-11, which would be the highest level
for any Super Bowl weekend on record, according to STR. The market is projected
to have occupancy of 87.9%, which would result in RevPAR of $504. Those numbers
would surpass what the city had for the Formula One Vegas Grand Prix event in
November ($502 ADR, $390 RevPAR).
Canada’s projects increase 10% YOY. Canada’s hotel
construction pipeline closed 2023 with a 10% increase in projects
year-over-year, according to Lodging Econometrics. Canada
ended the year with 294 projects and 38,396 rooms in the pipeline, close to the
record 305 projects at the end of 2019. Canada has 66 projects and 8,998 rooms
under construction (projects are up 27% with rooms up 36%), and 85 projects and
9,810 rooms are scheduled to start in the next 12 months. It has 143 projects
and 19,588 rooms in the early planning stages. LE analysts expect Canada’s
construction pipeline to continue to expand through 2024 as construction starts
increased 44% YOY by projects and 49% by rooms in 2023. Upper-midscale projects
account for nearly 50% of the projects in the total pipeline. The province of
Ontario accounts for 59% of the projects and 60% of the rooms in the pipeline,
while Toronto is the leading city with a record 65 projects and 9,391 rooms.
New CEO for Corinthia. London-based Corinthia Group has named Simon Casson as
CEO of Corinthia Hotels Ltd., effective April 6. Casson succeeds Simon Naudi,
who was promoted to Group CEO. Casson previously worked at Four Seasons Hotels
and Resorts. Corinthia has nine luxury hotels worldwide.
New tower for Singapore hotel. The Marina Bay Sands hotel in Singapore has cleared a big hurdle in its expansion plans after Singapore’s Urban Redevelopment Authority approved the Las Vegas Sands' plan to develop a fourth hotel tower. The project will sit on an empty plot alongside the other three towers and include a 587-key hotel.
Peachtree approaching $750M in CPACE. Atlanta-based Peachtree Group secured $150 million in CPACE financing in December and is approaching $750 million in that type of financing since its inception in 2019. “In this challenging lending market, Commercial Property Assessed Clean Energy financing has emerged as a crucial source of liquidity,” said Jared Schlosser, SVP of origination and head of PACE for Peachtree Group. “This financing option is becoming increasingly essential as owners grapple with looming debt maturities and limited refinancing opportunities.” Notable hospitality CPACE transactions in 2023 for Peachtree include three in California: (The Thompson in Palm Springs, El Caminante in Dana Point and Palihotel in San Francisco); as well as The Marriott Tribute Hotel in St. Augustine, Florida, and the DoubleTree by Hilton Youngstown Downtown in Ohio.
Choice fully migrates to cloud. Choice Hotels International has closed its last data
center and said it has become the first hotel company to migrate entirely to
the cloud. The migration with Amazon Web Services began five years ago. The company
said the move will allow it to update its hotel-facing operations and
management tools more efficiently and more easily layer in AI and other cloud
technologies.
Whitbread adds in Ireland. Whitbread has
opened its first Premier Inn outside of Dublin with the 187-key Cork City
Centre Premier Inn in Cork City, Ireland. Whitbread now has six Premier Inn
hotels in the country.