Rezidor’s new operating plan: Rezidor Hotel Group intends to deliver revenue growth of 6% to 7% after implementing a new operating plan, it said at an investment meeting in Frankfurt. The company’s five-year plan includes repositioning 30 to 35 of its hotels with a total capex of €140 million to €150 million (US$172 million to US$184 million). The company will also invest €75 million to €80 million (US$92 million to US$98 million) in FF&E and key money in new hotels, and focus on a net opening of 13,000 new rooms, including aligning its global portfolio around its Radisson brand. It predicts an EBITDA margin of 13% to 15% by year-end 2022 but warned of modest profits for the next couple of years.
Swiss International: Swiss International of Baar, Switzerland, signed two hotels in Saudi Arabia. Swiss Spirit Residences Al Joury, the first of that brand, opened this month in Jeddah with 69 suites. And the 80-room Swiss Spirit Hotel & Suites Al Baha will open in April.
Upland in Massachusetts: Upland Capital acquired the Harbor View Hotel on Martha’s Vineyard in Edgartown, Massachusetts. The company plans to renovate the 127-year-old property later this year. The seller was Scout Real Estate Capital LLC; Upland declined to name the purchase price.
Dalian sells London property: Chinese billionaire Wang Jianlin’s Dalian Wanda Group continues to shed assets, this time in London’s One Nine Elms luxury residential project, for about 59 million pounds ($81.5 million). Guangzhou R&F Properties is the buyer, according to Bloomberg.
Minor in Beirut: Minor Hotels is introducing its Oaks brand to Lebanon in mid-year, signing a management agreement for a 110-room hotel with Allied Investment Group to operate Oaks Beirut.
N.Y. resort and water park: The owners of Camelback Resort in New York are developing the Kartrite Hotel & Indoor Waterpark on the Resorts World Catskills campus in Thompson, New York. The indoor waterpark and 324-room luxury hotel is planned to open in early 2019.
Hotel Hotel gets new name, owner: Canberra, Australia, developers Molonglo Group selling the leasehold for the 68-room Hotel Hotel in New Acton to Hong Kong-based Ovolo Hotels. The hotel will be rebranded, with the new name to be determined. It’s Ovolo’s third Australian hotel purchase in seven months. The purchase price was not given.
Read more in the Canberra Times