Excelsior bidders: Mandarin Oriental International received interest from potential buyers of the Excelsior hotel in Hong Kong. There were at least five bids for the property valued at HK$30 billion (US$3.8 billion), including a Chinese-backed consortium of Sun Hung Kai Properties Ltd. and Hysan Development Co., the Hong Kong Economic Journal reported on Saturday. Mandarin Oriental said Friday it had received offers while no decision had been taken on a sale.
Australia’s BBB sells: Australia’s Impact Investment Group bought the Beach Hotel in Byron Bay from Melbourne businessman Max Twigg for A$70 million (US$56 million). The hotel was first put on the market by Twigg in June 2016 when it came with price expectations of between A$75 million (US$60 million) and A$80 million (US$64 million).
More from the Australian Financial Review
Viceroy lawsuit: Viceroy has denied the allegations of a lawsuit filed by the CEO of Five Holdings, the owner of the Viceroy Palm Jumeirah hotel, which has been at the center of a management dispute since June. The lawsuit, filed by Kabir Mulchandani, cites a consultant report dated in August justifying the wrongful removal of Viceroy as the manager of the Viceroy Palm Jumeirah Hotel just two months earlier.
Middle East pipeline data: Lodging Econometrics data shows that the construction pipeline trend report for the Middle East states that the total pipeline has 561 projects/154,627 rooms, up 13% by projects year-over-year.
There are 339 projects/98,653 rooms under construction, up 20% by projects year-over-year. Those scheduled to start construction in the next 12 months are at 125 projects/32,116 rooms, up 21%, while projects in early planning at 97 projects/23,858 rooms are down 12%.
Dalata deal: Dalata Hotel Group has entered into an agreement with Martin Ferris to acquire the long leasehold interest of the 33-room Clarion Hotel in Dublin for €8.58 million (US$10.24 million).
Kingdom Holding sells interest: Kingdom Holding Company (KHC) chaired by Saudi billionaire Prince Alwaleed Bin Talal, has sold its 90 per cent interest in the Four Seasons Resort Langkawi, Malaysia. The interest was sold to Leisure Ventures, an affiliate of Singaporean-listed Hotel Properties Limited.
MGM Connecticut casino: MGM Resorts International will develop the MGM Bridgeport in Bridgeport, Connecticut. Representatives from the company said the project would bring in 7,000 jobs, and US$50 million in fees paid to the state. The casino will have 2,000 slot machines, 160 table games, a 700 seat theater, a 300 room hotel and retail and dining options.
Three for WoodSpring: WoodSpring Hotels has executed three additional license agreements with West77 Partners, a Bellevue, Washington-based real estate investment company, bringing the brand’s in-state portfolio to six hotels. This agreement marks the ninth deal between the two companies, on plan to build 25 hotels in and around the Seattle MSA. The three hotels will be in the Tri Cities (Richland), Lakewood and Kent markets. Richland is expected to break ground this year, while the Lakewood and Kent sites are projected to break ground mid-year 2018. WoodSpring Hotels property management company will operate all three properties.