LaSalle buys Ibis Styles Tokyo Bay. Chicago-based LaSalle Investment Management acquired Ibis Styles Tokyo Bay hotel through its LaSalle Asia Opportunity V fund. The 126-room hotel is close to the Tokyo Disney Resort in Hinode, Uruyasu City. The hotel will open on July 2 and will be operated by AAPC Japan KK, the Japanese subsidiary of France-based AccorHotels. “We have seen a remarkable growth in the rate of inbound travelers in recent years and expect hospitality assets in the region to perform well, backed by a strong support base of investors,” said LaSalle Japan’s head of acquisitions, Kunihiki Okumura.
Central, South America RevPAR up in May. Hotels in the Central and South America region saw RevPAR jump by 35.1% to US$68.34, according to STR. ADR rose 34.3% to US$125.66 and occupancy increased by 0.6% to 54.4%. In Argentina, the absolute occupancy level was the highest for any May since 2008. In Ecuador, an 11.4% rise in demand outweighed supply growth and boosted occupancy levels. But ADR declined for the third consecutive month. Strong performance in Panama was driven by a 4.9% jump in demand, the highest increase in room nights sold for any month since October 2017.
Fire damages Estes Park hotel. A weekend fire resulted in US$5 million in damage to Mary’s Lake Lodge in Estes Park, Colorado. More than 50 firefighters tackled the blaze, limiting the spread of the flames to the main lodge. The firefighters evacuated 230 people from the lodge Saturday evening and there were no major injuries. The cause of the fire hasn’t been determined.
Middle East declines while Africa gains. Occupancy at hotels in the Middle East fell 10.7% to 57% in May, according to STR. RevPAR fell 9.1% to US$86.45 while ADR gained 1.7% to US $151.62. The picture was better in Africa, where ADR gained 4.6% to US$109.67 and RevPAR increased 2.8% to US$59.73. Occupancy fell 1.7% to 54.5%. Bahrain reported only 14 days with RevPAR growth due to a shift in the Ramadan calendar and a surplus in new supply. Increased tourism boosted performance in Egypt, although the 16.2% increase in RevPAR was the lowest year-over-year change since October 2016. In South Africa, a 4.2% decrease in demand was the worst for any month since January 2015.
Jury awards US$42 million in wrongful death lawsuit. The jury in the wrongful death civil trial of Kari Hunt Dunn found fault with the hotel where Dunn was stabbed by her estranged husband in 2013. The 31-year-old mother was fatally stabbed by her husband at the former Baymont Inn & Suites, in Marshall, Texas. Dunn’s father filed the lawsuit against hotel owner OM Lodging LLC and Dunn’s husband, Brad Dunn, in November 2015. The jury found Brad Dunn, as well as the hotel, at fault for Kari Dunn’s death.
Radisson Hospitality floating notes. Radisson Hospitality AB plans to offer €250 million (US$292.2 million) of senior secured notes due 2023. The company plans to use the proceeds to repay outstanding borrowings under existing credit facilities and for general corporate purposes, to fund its five-year operating plan, including further investment and to create a liquidity buffer. The notes are to be listed on the Official List of Luxembourg Stock Exchange.