Pebble plans: In September, Pebblebrook announced it would pay US$5.2 billion to acquire hotel REIT LaSalle Hotel Properties, ending a series of offers that began in March (The deal is expected to close later this year.) Now, Pebblebrook has said it plans to sell between US$500 million and US$1 billion of assets from the combined portfolio. The bulk of sales are likely to come from the LaSalle side and from the East Coast, Bortz told Nareit. “The sales will allow us to finetune the portfolio from a size and diversification perspective.”
Keep your eye on wellness: The global wellness industry grew 12.8% in the last two years, from a US$3.7 trillion market in 2015 to US$4.2 trillion in 2017, according to an in-depth research report, the 2018 Global Wellness Economy Monitor, released today by the nonprofit Global Wellness Institute. This all-new data on the ten markets that comprise the global wellness economy provides fresh evidence that wellness remains one of the world’s biggest and fast-growing industries.
Europe wants the Chinese tourist: The European Travel Commission has reported that the EU-China Tourism Year, a major strategic political initiative, designed to promote Europe as a destination to the rapidly-growing Chinese tourism market, is delivering tourism growth as intended. The report is based on a study of Chinese travel to European Union countries undertaken by ForwardKeys, which monitors over 17 million flight booking transactions a day. For the first eight months of 2018, Chinese arrivals in the EU were 4.0% up on the same period in 2017. Growth in the first four months was up by 9.5% and in the second four months, up by 2.2%. Looking forward to the last four months of the year, Chinese bookings to the EU are currently 4.7% ahead of where they were at the same point last year. Outbound bookings from China to the rest of the world are currently 3.6% ahead.
MGM predicted quarterly: Brokerages predict that MGM Resorts International will report sales of US$2.99 billion for the current quarter, according to Zacks Investment Research. Five analysts have made estimates for MGM Resorts International’s earnings, with estimates ranging from US$2.85 billion to US$3.33 billion. MGM Resorts International reported sales of US$2.83 billion in the same quarter last year, which indicates a positive year-over-year growth rate of 5.7%. The firm is scheduled to announce its next quarterly earnings report on November 14.
Largest Sheraton in Colorado sold: Denver HS-EF Court Place, a joint venture between High Street Real Estate Partners (Atlanta, Georgia) and Eagle Four Partners (Newport Beach, California), has acquired the 1,231-room Sheraton Denver Downtown Hotel, the largest hotel in Colorado, for an undisclosed price. The new ownership group is developing a major renovation plan for the hotel including both guestrooms and public space to coincide with Marriott International’s re-launch of the Sheraton Hotels and Resorts brand, the third largest brand in its portfolio.
IHG in Melbourne: IHG has signed the Holiday Inn & Suites Melbourne Ringwood. Opening in 2020, the 164-room hotel will have all day dining and a bar and sits as part of a mixed-use development that will feature 82 residential units.
Minor in China: Minor Hotels signed two new management contracts in China under the company’s M Collection brand. Hengqin Zhuhai will be the first M Collection branded hotel in China and is scheduled to open in 2020. The second resort signed under the brand in China is a 54 key all villa resort in Hangzhou Yuhang, in the Zhejiang Province scheduled to be completed in 2022. The 54 keys will consist of 18 suites and 36 villas.
Strike in Detroit: Citing relatively low and stagnant wages compared to workers at other area hotels, the members of Unite Here Local 24 started what they call a “24/7” strike at Detroit’s Westin Book Cadillac hotel on Sunday. Hotel management could not immediately be reached, nor could a spokesperson for the Marriott corporation.