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Briefs: The US$2B Korean partnership with this U.S. film company

An Expedia bot: Expedia Group is launching a bot powered by artificial intelligence designed to aid growth for lodging companies. Rolling out in the first half of next year, the tool will be available on the Expedia PartnerCentral platform. 

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Paramount in Korea: A U.S. casino resort complex equipped with a Paramount theme park will be built near Korea’s Incheon Airport by 2022. Incheon International Airport Corp. will develop the Inspire Integrated Entertainment Resort at its international business zone, under an agreement signed Thursday with U.S. casino resort operator Mohegan Gaming and Entertainment Partners and film producer and distributer Paramount Pictures Corp. Some US$2.4 billion will be invested in the construction of the massive facility, which will include a multipurpose performance hall for K-pop singers, a 5-star hotel, convention center and casino for foreigners only. Paramount Pictures will be in charge of developing virtual reality content with scenes from its movies. 

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3 partners buy 3 Holiday Inns: AWH Partners, LLC, Maddd Equities and Joy Construction Corporation announce the purchase of three Holiday Inn hotels in the Boston suburbs, Holiday Inn & Suites Boston-Peabody, Holiday Inn & Suites Marlborough and Holiday Inn Boston-Dedham Hotel and Conference Center in an off-market transaction. Spire Hospitality, AWH’s full-service hospitality management company, is now managing the properties. The group signed long-term franchise agreements with IHG and will begin extensive renovations to each of the hotels, including upgrades to the guest rooms, common areas and meeting space.

‘Grab’ing up Oyo: Ride-hailing major Grab has invested a shade over US$100 million in hospitality chain Oyo Hotels & Homes. The Singapore-based company has been diversifying beyond its core ride-hailing business in an effort to become an “everyday super app” for Southeast Asia, and taking a stake in Oyo represents a significant step in that direction.

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Red Planet partnership: Red Planet Japan has formed a joint venture with funds managed by GreenOak Investment Management K.K., the Japanese arm of GreenOak Real Estate, that will develop Red Planet branded hotels in select city centers throughout Japan. The venture shall have total capital of approximately ¥22.2 billion (US$.19 billion) available to finance up to six new hotels in Japan over the next two years. Through the new venture, Red Planet Japan plans to build hotels across major Japanese city centers, commencing with a 160 room hotel in Hiroshima. 

Fusion signs Alba: Wellness-inspired hospitality brand Fusion has recently signed a management agreement with the 5-star Alba Wellness Resort Hue in Vietnam and the neighboring Thanh Tan Hot Springs Hotel. The resort and hotel combo offers innovative spa and wellness facilities, a range of outdoor pursuits, and the only Japanese-style onsen baths in Vietnam. 

Interstate signs 3: Arlington, Virginia-based Interstate Hotel & Resorts has signed three branded hotels – the Courtyard by Marriott Salt Lake City Downtown, Hyatt House Salt Lake City/Downtown and Fairfield Inn & Suites by Marriott Salt Lake City Downtown in Salt Lake City, Utah.  

Lungarmo adds to portfolio: Lungarno Collection has added a new hotel to its portfolio, which currently includes four hotels in Florence and one in Rome. Portrait Milano, opening in Fall 2020, will be the third hotel in the Portrait brand and the sixth hotel of Lungarno Collection. The building also boasts a baroque entrance which was designed in 1652.

Negative performance in Jeddah: STR’s preliminary November 2018 data for Jeddah, Saudi Arabia, indicates negative performance comparisons affected by continued supply growth. Based on daily data from November, Jeddah reported the following in year-over-year comparisons:

Supply: +8.1%  
Demand: +3.4%
Occupancy: -4.3% to 43.9%
ADR: -10.1% to SAR624.69
RevPAR: -14.0% to SAR274.35

Strong supply continues to affect performance levels in the market. Additionally, STR analysts note that the winter months are typically slower for Jeddah hotels as King Salman’s entourage and government officials head back to Riyadh.

But looking good in London: STR’s preliminary November 2018 data for London indicates higher performance levels. Based on daily data from the month, London reported the following in year-over-year comparisons:

Supply: +2.0%
Demand: +4.6%
Occupancy: +2.5% to 85.9%
ADR: +3.0% to GBP156.94
RevPAR: +5.6% to GBP134.85

STR analysts note that performance was helped by World Travel Market London and the Nitto ATP Finals. The absolute occupancy level ranks among the highest for any November in the U.K. capital. 

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