Living that Ascott Lyf: The REIT Ascott Residence Trust has acquired a greenfield site for US$62.4 million for its inaugeral development project. It will build the first co-living property in Singapore’s research and innovation business hub, one-north. Located at Nepal Hill, the property is expected to be managed by its sponsor, The Ascott Limited, under the co-living brand, Lyf, targeted at the millennial segment. The property, Lyf One-North Singapore, will have 324 rooms and is expected to open in 2021.
MGM to lease Hard Rock site, buy assets: MGM Resorts International is buying the operating assets of Hard Rock Rocksino Northfield Park in the Cleveland metro area from MGM Growth Properties for around US$275 million and will lease the property from MGM Growth. Going forward, the firm will pay an MGM Growth subsidiary US$60 million a year to rent the property.
Huazhu data thief caught? Chinese police said Wednesday they had arrested a 30-year-old man in connection with the theft of client information from Shanghai-based hotel operator Huazhu Group. Shanghai police have been investigating a possible data breach at Huazhu after state media said nearly 500 million pieces of customer-related information from the hotel operator had emerged in an online post.
Global hotel rates to increase 3%: The increase in hotel rates is largely due to demand growth slightly outpacing supply in most markets, according to the BCD Travel 2019 Industry Forecast. Hotel rates are expected to increase by 1-3% worldwide, with little variation by region. Much wider ranges can be seen on a country level, such as in India, where a 6% to 8% rate increase is forecast. Inversely, lower rates are most likely in African markets, particularly in Ethiopia and Morocco. In the U.S., hotel occupancy is generally higher year-over-year, especially in the major cities, thanks to the continued strength of the U.S. economy. Travelers may experience severe availability issues in some locations.
Ethiopia leads development in East Africa: The country once again heads the league for hotel development in East Africa, according to a regional focus from the annual hotel pipeline survey by Lagos-based W Hospitality Group. The hotel development pipeline in Ethiopia is almost 50% up on last year’s strong figures, with Addis Ababa accounting for 86% of the total, almost 5,000 rooms in 25 hotels. There is also planned expansion in Awassa, Bahir Dar, Bishoftu, Gondar, Hawassa and Langano.
4th Taj in Dubai: The Indian Hotels Company Limited has signed an agreement for a fourth Taj hotel in Dubai in partnership with Ithra Dubai LLC, a wholly owned subsidiary of Investment Corporation of Dubai (ICD). The 200-room hotel, which will be located in the Deira Creek, is projected to open in early 2022.