Latest news: Waldorf in NYC delayed; Trump Org’s Vietnam deal; Swiss Life, B&B complete deal

Waldorf in NYC reopening delayed. The Waldorf Astoria New York’s reopening has been postponed until the spring, according to a story in Travel Weekly. The Manhattan hotel had most recently aimed to open before the end of 2024. The Waldorf is amidst a major revamp, transforming a hotel with 1,400 guestrooms into one with 375 hotel rooms and 375 condo residences. Hilton, parent of the Waldorf Astoria brand, said, "The timing of the reopening has been thoughtfully adjusted to ensure that we are able to dedicate the necessary time that goes into the highest level of craftsmanship, attention to detail, and preservation of this historic icon." Initially acquired by China’s Anbang Insurance Group from Hilton for $1.95 billion in 2015, the Waldorf Astoria New York’s redevelopment was originally expected to take around two to three years following its 2017 closure. 

Trump Organization hotel deals. The Trump Organization plans to build a $1.5 billion complex of hotels, golf courses and homes in northern Vietnam through a joint venture with Vietnamese developer Kinh Bac City Development Holding Corp. and IDG Group. Bloomberg also reported another agreement was signed between the Trump Organization and Hung Yen Hospitality, a subsidiary of Kinh Bac City. The JV will develop hotels, golf courses and luxury residential homes, according to a statement on the Trump Organization’s website. The New York Times is also reporting that the organization was in talks about Israeli hotels before the Oct. 7 attacks last year and says it wants to resume those talks in the future.

Swiss Life, B&B complete 23-hotel deal. Swiss Life AM France, the French investment arm of the Swiss insurer Swiss Life, has finalized the acquisition of 22 budget hotels in France with Paris-based B&B Hotels as part of a previously disclosed deal with Paris-based Grape Hospitality, according to HVS. Swiss Life AM France has acquired the hotels, while B&B Hotels will take ownership of the business assets and will operate the hotels under long-term lease agreements. The entire portfolio was renovated between 2017 and 2020.

Crescent adds in Cleveland. Fairfax, Virginia-based Crescent Hotels & Resorts will manage the 491-key Hotel Cleveland, Autograph Collection, a historic property in downtown Cleveland. The former Renaissance Cleveland Hotel underwent an extensive multi-year renovation of $80 million and reopened in April 2024 under its original name. The hotel opened in 1918 and will be part of the Latitudes: Lifestyles by Crescent collection.

Tropicana implosion. The Tropicana hotel on the Las Vegas strip was imploded early Wednesday morning. The casino was the third-oldest on the strip and closed in April. The implosion clears land for a $1.5 billion baseball stadium that will become the new home of the Oakland Athletics.

Sleeperz converting to Marriott. London-based Resident Hotels has signed a franchise agreement with Marriott International to convert its four Sleeperz Hotels to the Four Points Flex by Sheraton brand. Following the purchase of a majority stake in Sleeperz Hotels by Mactaggart Family & Partners, Resident Hotels has operated the portfolio since November 2022. The Sleeperz Hotels portfolio currently features over four hundred rooms across the four properties in Cardiff, Dundee, Edinburgh and Newcastle in the U.K. The hotels are due to complete the rebrand by the end of 2025 and will undergo renovations. Earlier this week, Danish hotel company Zleep Hotel signed an agreement to rebrand its 14 properties in Denmark to Four Points Flex by Sheraton.

Braemar adds Shah to board. Dallas-based REIT Braemar Hotels & Resorts Inc. said veteran hospitality executive Jay Shah has joined its board of directors. Shah has been a senior advisor to Hersha Hotels & Resorts since 2023 and has been a trustee since 2006.  He served as Hersha’s executive chairman and was the company’s CEO for 17 years.

Hilton Grand Vacations adds in Kyoto. Orlando, Florida-based Hilton Grand Vacations Inc. has purchased the 63-key Citadines Kyoto Karasuma-Gojo in Kyoto, Japan, from an undisclosed buyer for an undisclosed amount. This will be the company’s first property in Kyoto and its third property in Japan. Renovations are expected to begin in the second quarter of 2025, with completion scheduled to end in the first quarter of 2026. JLL assisted with the transaction.

Hilton adds in Grand Cayman. Hilton is partnering with developer NCB Group to add a new hotel on Grand Cayman Island in the Caribbean. Kailani Grand Cayman, which will be part of Hilton’s Curio Collection, is scheduled to open in late 2025.

Oxley selling stake of Malaysian hotel. Singapore-based Oxley Holdings Limited said its wholly owned subsidiary, Oxley Rising Sdn. Bhd. has agreed to sell a 30% stake in a luxury hotel under development in Kuala Lumpur, Malaysia, for MYR250 million to Malaysia-based Artisan Hospitality Sdn. Bhd. and Kindway Express Limited (KEL), a related company to Langham Hotels Management. The hotel will be operated under the Langham brand and is expected to open in late 2027.

Auckland occupancy up for tour. Auckland, New Zealand hotel booking levels are as high as 84% for Coldplay’s tour next month, according to the latest data from CoStar. Over the course of October and November, Coldplay is set to perform 11 times across three markets in the region: Melbourne, Sydney, and Auckland. As of 30 September, Auckland was showing the highest occupancy levels on the books, peaking at 84.1% on Friday, 15 November. That represents a 33.9% increase from the same time last year. The second-highest occupancy on the books (79.1%, up 25.5% year over year) falls on the following night.

ASHG acquires FLI Group. Frankfurt, Germany-based hotel investment company Alchemy Step Hotel Group (ASHG), a joint venture between British private equity firm Alchemy Special Opportunities LLP and German owner-operator Step Partners GmbH, has entered an agreement to acquire Ghent, Belgium-based FLI Group for an undisclosed amount, according to HVS. FLI’s portfolio consists of eight hotels and 1,063 rooms in four of Belgium’s largest cities. The properties will be managed by Step Partners GmbH, with plans for refurbishments and repositioning for some of the locations. With this acquisition, ASHG’s portfolio has 13 hotels across Belgium and Germany.

Art-Invest Real Estate acquires 4 in Germany. Cologne, German-based Art-Invest Real Estate has acquired four B&B Hotels in Germany from Paris-based investor Covivio, according to HVS. The portfolio has a total of 400 rooms in Berlin, Cologne-Frechen, Koblenz and Oberhausen. All hotels will be leased on a long-term basis to French hotel group B&B Hotels.