Breaking
news about deals, development, data and more.
Vegas
hotel rebrand. The
293-key NoMad Las Vegas has rebranded into The Reserve at Park MGM, with plans
to join Marriott Bonvoy’s Autograph Collection this month. The rebrand was
official as of December 17, and there are currently no plans for renovations.
South
Carolina boutique developed. Florence, South Carolina-based Raines, Rock Hill, South
Carolina-based The Warren Norman Co., Noble Food and Pursuits, Comporium, and
WinthropLIFE are developing a boutique hotel in Rock Hill with a mission to
employ people with disabilities. The 56-key Lantern Hotel Rock Hill is being
built in a historic building that sat vacant for more than a year after the
Warren Norman Co. bought it and the adjacent Roddey Trust Building for a
combined $3.3 million.
Connecticut
hotel reopening. Mashantucket, Connecticut-based Mashantucket Pequot Tribal Nation (MPTN) is
reopening the Two Trees Inn in Ledyard, Connecticut, which has been closed
since COVID. The property is scheduled to reopen in the spring, and MPTN has
selected Waterford, Connecticut-based Waterford Hotel Group to operate the
property. The hotel was built in 1993.
Noble
promotes exec. Atlanta-based
Noble Investment Group has promoted Dustin Fisher to principal and head of
acquisitions. Fisher joined Noble in 2008 and has been a driver of the
platform’s growth and evolution. He has played a role in developing
differentiated strategies and investment solutions that have
advanced Noble’s hospitality reach. Fisher will lead Noble’s acquisitions strategy, support capital
deployment, and help expand investment verticals.
Economy
extended-stay resilient. Extended-stay hotels further demonstrated the sector’s resilience in November to the
eight-month-long hotel industry downturn, especially at lower price
points, according to a report by The Highland Group. Economy extended-stay
hotels have incurred far lower RevPAR declines than all economy class hotels
for six straight months, and the contraction in mid-price extended-stay hotel
RevPAR has been about two-thirds the loss reported for all mid-price hotels
over the last three months. “Extended-stay hotels are expected to see a
negative change in RevPAR in December and possibly early into 2026, but the
decline should not be as large as corresponding classes of all hotels,
especially at lower price points,” said Highland Group Partner Mark Skinner.
Hunter rebrands. Atlanta-based Hunter Hotel Advisors has rebranded to Hunter Advisors, which it says creates a unified brand system across its hotel advisory company and hotel investment conference.
Copenhagen hotel sells. Urban Partners has acquired a residential and hotel project in Copenhagen, Denmark, from Skanska for DKK 608 million ($93.5 million). The transfer of the properties will take place upon completion of construction, scheduled for the summer of 2028. The project will comprise 210 residential units and 143 hotel apartments.
Convene
acquires NeueHouse. New York City-based Convene Hospitality Group (CHG) has completed the
acquisition of NeueHouse, founded in 2011 as a collaborative alternative to
coworking spaces and social clubs. Under the terms of the agreement, CHG has
acquired the brand's intellectual property and the operations of the NeueHouse
Madison Square location in New York City. There are no current plans to reopen
NeueHouse’s Los Angeles locations.
Whitbread
is adding in the UK. Whitbread PLC, the parent company of Premier Inn, the U.K.'s largest hotel
company, is planning to build a 82-key Premier Inn in Chichester in the
U.K., satisfying the company’s goal of having a second hotel in the cathedral
city. Currently, Whitbread has more than 86,000 bedrooms and 840 hotels in the
U.K. and Ireland, and sees the long-term potential to expand to 125,000 rooms
in these two markets.
IHCL adds in Bengaluru. Indian Hotel Co. Ltd. (IHCL) is partnering with
Billore Ventures Pvt. Ltd. to develop a new Gateway hotel in Hennur, Bengaluru,
India. The 350-key Gateway Hennur, Bengaluru, will be IHCL’s 20th hotel in
Bengaluru, including 11 under development.