Latest news: Davidson expands portfolio; Loews reports loss; Hilton adds in Italy

Davidson adds 2 to portfolio. St. Louis, Missouri and Sydney, Australia-based Lennox Capital Partners has selected Atlanta-based Davidson Hospitality Group to manage two properties: The 204-key The Highland Dallas, Curio Collection by Hilton in Dallas and the 263-key The Westin St. Louis in St. Louis. The Highland Dallas will soon undergo a comprehensive, $13 million renovation of its public spaces and guestrooms. Last week, KSL Capital Partners sold Davidson Hospitality Group to middle-market private equity firm Nautic Partners, marking the group’s first foray into hotel management ownership. Davidson has 86 hotels and resorts in its portfolio.

Loews Hotels reports loss. New York City-based Loews said that, as part of its third-quarter results, its Loews Hotels division had a decrease in its results, primarily due to an impairment charged by a joint venture property. Loews Hotels reported a net loss of $8 million compared to net income of $17 million for the same period in 2023. The company said the decrease in revenue was also due to higher depreciation and interest expenses due to the opening of the Loews Arlington Hotel and Convention Center in the first quarter. The division reported an adjusted EBITDA of $64 million compared to $60 million for the same quarter in 2023 . It also noted that improved performance at city-center hotels was partially offset by decreased occupancy in Orlando.

Hilton adds in Italy. Hilton is expanding its presence in Italy by signing two hotels, the 112-key DoubleTree by Hilton Naples Oriente and the 124-kery Hampton by Hilton Rome St Peter’s. Hilton has signed a franchise agreement with F.G.N. Horn Srl for the first Doubletree hotel in Naples, which is scheduled to open next spring. The company signed a franchise agreement with Italyhotelmanagement Srl for the Hampton, which will be the brand’s first in central Italy and is scheduled to open in March. Hilton has a portfolio of 99 hotels in Italy that are open or in its pipeline.

New casino-hotel in Missouri. Colorado Springs, Colorado-based Century Casinos is opening a new casino and hotel in Caruthersville, Missouri, the company noted during its third-quarter earnings. The 26,000-sq.-ft. establishment will transform what was once the last remaining riverboat casino on the Mississippi River into a full-scale, land-based entertainment venue. The $51.9-million project is funded through a partnership with New York City-based VICI Properties Inc.

Albilad acquires in KSA. Al-Riyadh, Saudi Arabia-based Albilad Capital, through its Albilad Hospitality Fund, has acquired the 359-key Mövenpick Hotel & Residences in Riyadh’s Al-Ghadir district in a deal valued at approximately SAR 1 billion, according to Argaan. The project has 269 rooms and luxury residences and opened in December 2021. Albilad Hospitality Fund is focused on developing and owning luxury and tourism assets within Saudi Arabia’s hospitality sector.

New Melbourne hotel. Melbourne, Australia-based DCF Property Group has broken ground on its $180 million First Light development in Melbourne, including a 97-key Nu By YOO luxury hotel. Sydney-based La Vie Hotels and Resorts will manage the hotel. The hotel is scheduled to open in late 2026.

GBTA sustainability study. The GBTA Foundation, the charitable arm of the Global Business Travel Association (GBTA), unveiled findings from its Sustainability Acceleration Challenge, a global benchmarking initiative to evaluate the current state of business travel programs and the actions being taken by organizations to decarbonize them. The findings show that organizations have much work to do to accelerate the integration of practices if they are to materially reduce their business travel emissions, in line with corporate Net Zero targets by 2050. The study said European and global programs are well ahead of similar programs in North America and APAC and that finance, consulting, and technology sectors scored higher than average, while manufacturing and transportation/travel Services lag significantly behind. The study also found that the size of the travel program (based on travel spend) is directly related to the company's sustainability maturity level because large programs typically fare better than smaller ones. Click here for a copy of the study.