Breaking news about deals, development, data and more.
Stambules promoted. Sage Hospitality Group, Denver, promoted
Dean Stambules to chief investment officer to oversee all new business
initiatives, including the identification of investment opportunities for both
acquisitions and development as well as the growth of Sage’s third-party
management portfolio – for both hotels and restaurants.
Strong December for extended-stay. December 2024 was the
best month for economy segment extended-stay hotels RevPAR growth since June
2022. December was another very good month for extended-stay hotels overall
with demand growth outpacing the change in supply and room revenues gaining 5%
or more for the third consecutive month.
Aperture adds. Aperture Hotels, Atlanta, has added the 160-room
Hotel Indigo Atlanta – Vinings Galleria to its portfolio of premium hotel
properties.
Record pipe for Canada. Canada’s construction pipeline has
reached record-breaking counts of 333 projects/43,413 rooms, showing robust
growth of 13% for both projects and rooms year-over-year (YOY), according to
Lodging Econometrics data. At year-end 2024, projects under construction stand
at 76 projects/10,442 rooms, up 15% by projects and 16% by rooms YOY. Projects
scheduled to start construction in the next 12 months total 87 projects/11,698
rooms, reflecting a modest 2% increase in projects but a substantial 19%
increase in rooms YOY. Projects in early planning also experienced significant
growth at Q4 with a 19% increase by projects and 9% by rooms YOY, to close the
quarter with 170 projects and a record-high 21,273 rooms.
4 B&B Hotels sold. French real estate investor Remake
Asset Management, on behalf of the SCPI Remake Live fund, has acquired a
portfolio of four B&B-branded hotels (553 rooms) in Poland from French real
estate investor Covivio for PLN 142.5 million (PLN 257,700 per room), which is
equivalent to €33.5 million (€60,600 per room). All hotels are leased on a
long-term basis to French hotel group B&B Hotels.
Dublin property trades. Irish owner-operator FBD Hotels
& Resorts, a subsidiary of Irish holding company Farmer Business
Developments, has entered an agreement to acquire the 202-room Grand Hotel
Malahide in County Dublin, Ireland, from the Ryan family, for €55 million
(€272,300 per room). FBD plans to refurbish the bedrooms, bar and dining
facilities, conference and wedding spaces, leisure amenities and IT systems.
This transaction will expand FBD's portfolio in Ireland to five hotels.
AX Partners buys on Ibiza. Spanish private equity real
estate investor AX Partners has acquired the 38-room Sir Joan Hotel on Ibiza, Spain.
The buyer intends to renovate the hotel and transform it into the first NH
Collection Hotels & Resorts property in the Balearic Islands, which is
expected to lead to a revaluation of €28 million (€736,800 per room). AX
Partners also plans to acquire a new hotel on the Costa Brava in the coming
months.