Concord has new owner. Alleghany Capital Corp, has acquired a majority interest in owner-operator Concord Hospitality Enterprises Co., Raleigh, North Carolina. Founded in 1985, Concord manages over 100 properties and nearly 15,000 rooms across North America. Concord President and CEO Mark Laport said Alleghany Capital will allow Concord to further enhance its portfolio and execute on a robust pipeline. The deal is not expected to impact Concord’s culture or day-to-day operations.
Marriott likes homesharing. Marriott International on Tuesday announced the expansion of its Tribute Portfolio Homes homesharing pilot in collaboration with Hostmaker, a London-based home rental sharing management company. The duo will expand to Paris, Rome and Lisbon in addition to London, where they launched a five-month pilot. Beginning today, travelers can choose from more than 340 properties across four European markets.
Hyatt gives up Oasis. Vacation-rental management company Vacasa continued its buying spree announcing on Tuesday it has acquired the home-sharing company Oasis, in which Hyatt Hotels Corp. had a minority interest. Portland, Oregon-based Vacasa claimed this week it had overtaken Wyndham Vacation Rentals as the largest vacation-rental management company in North America with more than 10,600 vacation homes listed on its site across the U.S., Europe, South and Central America, and South Africa. Oasis, a high-end home-rental business, has properties in 17 cities, both in the U.S. and abroad.
Pullman for Accra. AccorHotels and Platinum Properties, have announced the signing of a deal to develop the Pullman Accra Airport City, the country’s first Pullman branded hotel and Pullman Living serviced apartments located in the heart of Accra’s Airport City. The partnership will lead to the opening of the 363-key hotel and serviced apartments, making it the largest hotel and the first dual hospitality offering in Ghana set to open in 2021.
Four Seasons private residence. For its first standalone private residential project in North America, Four Seasons reported Tuesday that it has started construction of Four Seasons Private Residences Los Angeles with more than half of the units already sold. In partnership with Genton Development Co., a privately held real estate investment company and developer in Southern California, the luxury project located between Beverly Hills and Melrose is one of two individual Four Seasons branded private residences worldwide, along with London’s Twenty Grosvenor Square.
Another designer likes hotels. The Roberto Cavalli group is entering the hotel business in Dubai in partnership with Dico International, the strategic investment arm of the Dubai-based Damac property developer. The Florence-based company’s first 5-star hotel is expected to be completed in 2023. “This is the first of at least five hotels in 10 years,” said Cavalli’s CEO Gian Giacomo Ferraris. Damac is investing US$500 million in the Dubai project.
Manhattan hotel for sale. AIG Global Real Estate has enlisted Eastdil Secured to sell its 310-room Embassy Suites by Hilton New York Midtown Manhattan with hopes to fetch more than US$200 million, according to The Real Deal. The 39-story hotel opened in January and has been fully operational since July. AIG owns the majority stake, which was co-developed by Hidrock Properties and the Buccini/Pollin Group, the report said.
Radisson’s Africa growth. Radisson Hospitality AB said on Tuesday that it has signed 10 new hotels in Africa to date in 2018, accelerating its expansion across the continent. Radisson Hotel Group has 90 hotels and 18,000-plus rooms in operation and under development across 31 countries in Africa and plans to reach 130 hotels and 23,000-plus rooms by 2022. In addition to the Radisson Hotel & Apartments Abidjan Plateau and the Park Inn by Radisson Lusaka Longacres that were announced earlier this year, eight new deals include the Radisson Collection Ikoyi Lagos, Nigeria (165 rooms by 2020); Radisson Hotel Lagos Ikeja, Nigeria (92 rooms); Park Inn by Radisson Serviced Apartment Lagos VI, Nigeria (55 apartments); Radisson Red Hotel Abidjan, Ivory Coast (165 rooms by 2021); Radisson Blu Hotel, Casablanca, Morocco (120 rooms by 2019); Park Inn by Radisson Tunis, Tunisia (102 rooms); Radisson Blu Hotel Niamey, Niger (196 rooms by 2019); and the Radisson Blu Hotel Conakry, Republic of Guinea (123 rooms by 2019).
Two Roads to Kaua’i. Kukui‘ula, a luxury resort and residential club community with 38 residences in Kaua‘i, will be marketed and managed by Two Roads Hospitality under it’s Destination Residences Hawaii brand, as The Lodge at Kukui’ula.
REIT acquisitions. Summit Hotel Properties has acquired the 150-room Residence Inn by Marriott Boston Watertown in Massachusetts for US$71 million or at approximately US$473,000 per key. The Austin, Texas-based REIT also reports that it has closed on the sale of the 148-room Hyatt Place Fort Myers/at the Forum in Fort Myers, Florida for US$16.5 million, or approximately US$111,000 per key.
Profit in Europe continues. August represented a third consecutive month of significant profit growth for hotels in Europe as GOPPAR levels soared by 11.8% due in part to increases across all revenue departments as well as cost savings, according to the latest data tracking full-service hotels from HotStats. August was another outstanding month of profit growth for hotels in Europe, following year-on-year increases recorded in June (up 23.4%) and July (up 16.9%).