Breaking news about M&A, development, data and more.
Ennismore branded
residence in Spain. London-based Ennismore, through its SLS brand, will
have its first standalone residence in Spain with the 33-key SLS Madrid
Infantas Residences. SLS will manage the property, which will open this spring.
Ennismore’s currently has over 25 branded residences open or under development.
ISROTEL expands to Greece. Israel-based
ISROTEL is launching a new ALUMA brand under which the company will operate
hotels in Europe. The first will be the SKYLARK hotel in Athens, which will
open in the coming months. ISROTEL, one of the largest hotel owners and
operators in Israel, plans to open two other hotels in Greece in 2024 and plans
to open in Italy, Portugal and England.
Ovolo Hotels partners with SLH. Hong Kong-based
Ovolo Hotels has partnered with Small Luxury Hotels of the World (SLH) to grow
its presence in Asia Pacific and globally. The partnership will help Ovolo grow
its portfolio through SLH’s sales, distributions and marketing platforms. Ovolo
will start integrating eight hotels into the SLH collection with plans for its
two By Ovolo hotels to be integrated by the first quarter of 2024. SLH
currently has a collection of 550 independent hotels in over 90 countries.
Extended Stay sells in North Carolina. Charlotte-based
Extended Stay America has sold a property in Cary, North Carolina, for $5.84
million. The 71-key Extended Stay America Suites Raleigh-Cary-Harrison Avenue
was sold to Amba Mata LLC, an entity registered to Chiragbhai Patel. Extended
Stay has sold five properties in the Triangle area of North Carolina in the
past seven months.
Refinance of Kimpton in Atlanta. Zurich-based ACRON
AG has refinanced a loan for the 214-key Kimpton Overland Hotel Atlanta
Airport. Dallas-based Civitas Capital Group provided the mezzanine loan,
allowing the borrower to pay down its existing senior lender and have an
improved blended rate on the hotel’s financing.
Westin Tempe could face foreclosure. The 290-room
Westin Tempe is facing potential foreclosure after failing to make its loan
payments, according to a report in the Phoenix Business Journal. Las
Vegas-based CAI Investments owns the property as CAI Tempe Hotel Partners LLC,
which modified its loan agreement with Hall Structured Finance multiple times
in 2023. The construction loan was issued in 2019, and the hotel opened in 2021.
IHG expands in India. IHG Hotels & Resorts
is establishing a presence in North East India by signing a Holiday Inn in
Guwahati. The 150-key hotel is scheduled to open in January 2028. IHG signed a
management agreement with Yuvaan Developers Private Limited for Holiday Inn
Guwahati. IHG has 45 hotels operating across five brands in India, with a
pipeline of 45 more in the next three to five years.
Hyatt adds in Goa, India. Hyatt Hotel Corp.
is opening the 135-key Ronil Goa in Goa, India. This marks the entry of the JdV
brand in Southwest Asia. The rebranded hotel debuted more than 35 years ago.
Sotetsu debuts in Thailand. Japan-based
Sotetsu Hotel Management and Hi Metta Karuna Panya are opening the Sotetsu
Grand Fresa Bangkok, which will mark the company’s first hotel in Thailand and
its third outside Japan. The 129-key hotel is scheduled to open on April 9.
67% of hotels have staffing shortages. More than
two-thirds of hotels continue to experience staffing shortages, according to a
new survey by the American Hotel & Lodging Association (AHLA). Over the
last six months, 82% of respondents have increased wages, but 72% say they are
still unable to fill open positions. According to the survey, 48% said
housekeeping is the hiring need.