Anbang updates progress on Waldorf. Anbang Insurance Group announced on Tuesday the start of the second phase of the restoration efforts at Waldorf Astoria New York. Upon completion slated for 2021, the project will include 350 residential condominiums, approximately 350 new hotel rooms and suites and renovated public and event spaces for guests. It said that the entry-level room category for the hotel will be on average 650 square feet. All landmarked common areas will continue to be open to the public as well. The property’s on-site residential sales office is also under construction at the corner of Park Avenue and 50th Street, in anticipation of the start of condominium sales next year.
All-time record in US room demand. The U.S. hotel industry reported mixed results in July 2018, according to data from STR. ?In a year-over-year comparison, occupancy was down 0.2% to 73.6%; ADR increased 2% to US$133.44; and RevPAR was up 1.8% to US$98.17. U.S. hotels have now posted 101 consecutive months of year-over-year RevPAR growth and establish an all-time record in demand, which topped 120 million room nights sold. However, there was enough supply growth (+2.1%) to outpace the year-over-year increase in demand (+1.9%), and that led to the first monthly occupancy decrease in the U.S. since last July.
Boutique brand launch. American private investor Marcy Holthus has launched boutique luxury hotel brand Pilot Hotels. It will initially Incorporate the 12-room Washington School House Hotel in Park City, Utah and the soon-to-launch Hotel Château du Grand-Lucé in France’s Loire Valley. Michael Gregory has been promoted to managing director.
Tel Aviv deal. Isrotel Ltd. and White City Buildings have bought the Dizengoff 99 building in Tel Aviv from the heirs of the Matalon family for NIS 62 million (US$17 million) and will convert it into a hotel that will be by the Isrotel chain. Isrotel will then pay White City Buildings rent on the 50% that the developer owns.
First makes deal. Rosemont, Illinois-based First Hospitality Group has acquired and will manage the 140-room Hampton Inn Pittsburgh/Monroeville in Monroeville, Pennsylvania. The hotel will undergo US$2.5 million in renovations starting in Q4 2018.
New management in Siam Reap. Bangkok-based Hospitality Management and Development Asia will open their first managed property, the 48-room boutique Treeline Urban Resort in Siem Reap, on November 1, 2018.
PAH grows in Indiana. Phoenix American Hospitality has acquired two new hotels – the Hilton Garden Inn and Homewood Suites – both located in Fort Wayne, Indiana. With the addition of these hotels, the company now owns 16 hotels nationwide. All hotels will be managed by PAH Management.
BW Signature to Asia. Best Western Hotels & Resorts will introduce its newest brand, BW Signature Collection by Best Western, to Asia for the first time this year, following the signing of a 199-room lakeside resort – Tawaravadee Resort – in Thailand’s historic Prachinburi province. The property is owned by My Green Resident Co. and is scheduled to launch in the third quarter of 2018.
Hurricane update for St. Thomas. The St. Thomas Department of Tourism said Tuesday that more than 50% of the territory’s traditional hotel accommodations remain closed since 2017 following Hurricanes Irma and Maria. Several properties have provided timelines for reopening beginning at the end this calendar year through the end of calendar year 2019. Of more than 4,500 pre-storm available traditional overnight accommodations (hotels, bed and breakfasts, resorts, timeshares, etc.), there are approximately 1,800 available today territory wide (approximately 1,050 rooms in St. Thomas, nearly 150 rooms in St. John, and around 600 rooms in St. Croix). Additionally, there are more than 600 villas and 200 charter yachts available in St Thomas/St. John. In St. Croix, there are about 300 villa units. Airbnb said it currently has 830 listings in St. Thomas, 250 in St. John and 350 in St. Croix.
Melco IPO coming. Melco Resorts & Entertainment has confirmed that it is continuing preparations to launch an Initial Public Offering of shares in Studio City International Holdings – the holding company for its Studio City integrated resort in Macau. Studio City is 60% owned by Melco Resorts, which in turn is 51.2% owned by Melco International. The latter announced last year that it intends to spin-off New Cotai, the privately owned investment firm that owns the other 40% of Studio City International Holdings, as part of its IPO.