Breaking news about M&A, development, data and more.
JV
with Sage Hospitality acquires Florida resort.
Denver-based Sage Hospitality Group has entered into a joint venture agreement
with Irvine, California-based Aspect Real Estate Group, Jacksonville,
Florida-based Corner Lot and Jacksonville-based Kelco Management and
Development to acquire the 193-key One Ocean Resort & Spa in Atlantic
Beach, Florida, from Dallas-based REIT Ashford Hospitality Trust (AHT) for $87 million, according to an 8-K filing. AHT announced the sale last week as part of its plan to
divest properties to pay off its debt. Sage said it will implement a capital
improvement plan and reposition the resort in 2025.
IHG debuts InterContinental in Cape Town. IHG
Hotels & Resorts is partnering with the V & A Waterfront to debut the
InterContinental brand in Cape Town, South Africa. The 306-key InterContinental
Table Bay Cape Town will open in the fourth quarter of 2025 following a
multimillion-dollar redevelopment by V & A Waterfront. The hotel opened in
May 1997 and is located in the Victoria & Alfred Waterfront, a mixed-use
destination in the oldest working harbor in the Southern Hemisphere.
SH adding in Mexico.
Coconut Grove, Florida-based SH Hotels & Resorts will open the 1 Hotel
& Homes San Miguel de Allende in Mexico. The property, with approximately
97 hotel rooms and 48 residences (branded as 1 Homes), is scheduled to open in
2027.
Kaya acquires in London.
Istanbul-based Kaya Holding has acquired the historic Great Northern Hotel in
London from an undisclosed buyer for an undisclosed amount. Kaya Turizm Grubu,
one of Turkey’s largest hotel chains, will extend its reach with this property
in King’s Cross in London. This also marks the company’s first investment
outside of Turkey. Kaya Holdings’ portfolio includes 13 hotels.
Sheraton opens 100th in Greater China. Marriott International said it is opening its 100th
Sheraton in Greater China with the opening of the Sheraton Lanzhou Anning in
Lanzhou of Gansu province. Sheraton has over 425 hotels and
resorts in 70 countries and territories around
the world.
SkyCity building in New Zealand. New
Zealand-based SkyCity Entertainment Group has completed construction for its
303-key star Horizon Hotel in Auckland, which will open on August 1. The hotel
is connected to the New Zealand International Convention Center, which is
currently under construction, and the SkyCity Auckland Precinct. Both of those
projects are scheduled to open in 2025.
Wyndham adds in India.
Wyndham Hotels & Resorts is partnering with Jamshedpur, India-based CSN
Developers Pvt. Ltd. to open a Wyndham Garden Hotel at Adityapur in
Jamshedpur. The approximately 55-key hotel is under construction and is
scheduled to open by February 2025.
BWH returns to Aruba. BWH
Hotels has added the Aruba Boutique & Art Hotel to its BW Signature
Collection portfolio, which marks the re-entry of BWH into the Aruba market.
The hotel opened in April 2024.
Wyndham rolls out guest engagement
platform. Wyndham Hotels & Resorts is rolling
out Wyndham Connect, which is designed to help owners increase revenue and
personalize guest experiences. The new guest engagement platform, which was
announced at its conference last year, is available throughout North America
and is already being used in around 2,000 hotels.