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News in brief: IHG, Accor, Summit

IHG Kuwait: InterContinental Hotels Group signed an agreement with Kuwaiti conglomerate Bukhamseen Group Holding to build and operate its hotels exclusively in Kuwait.The agreement includes country-wide exclusivity for Bukhamseen for a 10-year term and covers six IHG brands: InterContinental Hotels and Resorts, Crowne Plaza, Holiday Inn, Holiday Inn Resort, Holiday Inn Express and Staybridge Suites.

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Accor: Two German-based Accor properties – the 147-room Novotel Suites Parkstadt Schwabing and the 149-room Ibis Parkstadt Schwabing – have sold to Aviva Investors Real Estate France, the real estate investment vehicle of Aviva France Group.

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Summit: Summit Hotel Properties acquired the 181-room Courtyard by Marriott Charlotte City Center in Austin, Texas for US$56.3 million and has entered into a management agreement with OTO Development. The hotel’s guestrooms and public space were recently renovated, and the company plans to invest approximately $US0.8 million into redesigning the bar and bistro area.

 


Dallas Regency: The 240-room Dallas-based Regency Hotel was purchased by an affiliate of Las Vegas-based The Siegel Group.

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