A once NYC Trump development gets the axe: Midtown’s Grand Hyatt Hotel is getting torn down. The glass-sheathed tower, Donald Trump’s first major Manhattan project, is being bought out by developers who plan to raze it and replace it with a 2-million-square-foot, mixed-use space. Manhattan developer TF Cornerstone and computer billionaire Michael Dell’s MSD Partners are in contract to buy the 100-year-old hotel and take over its ground lease, which expires in 2077, from Hyatt.
Airbnb travel target: The US$31 billion home-sharing giant has hired former Virgin Airlines CEO Fred Reid as its first-ever global head of transportation. Most recently, Reid was president of the Cora Aircraft Program, a division of Kitty Hawk focused on the development of an autonomous electric vertical takeoff and landing aircraft. The hire, according to Tech Crunch, suggests Airbnb has broad ambitions to further disrupt the travel and hospitality industry. Given the 500 million guest arrivals to Airbnb listings the company says it will have recorded by the first quarter of 2019, integrating transportation services could make for a smart move.
Marriott in Ghana: Marriott International has signed three deals across North and West Africa. The new deal signings highlight the company’s growth in Morocco and Ghana, while marking its debut in Liberia. The properties include The St. Regis Marrakech Resort in Morocco, the Residence Inn by Marriott Accra Kotoka Airport in Ghana and the Four Points by Sheraton Monrovia in Liberia.
Radisson signs 6: Radisson Hotel Group has signed six new hotels in Egypt as part of a portfolio deal across a number of its brands. The agreement was signed with existing business partner Zaghloul Holdings, a Cairo-based business conglomerate operating in real estate, contracting, tourism, commercial retail, entertainment and sports investment industries. The six hotels: Radisson Collection Hotel Cairo Heliopolis, Radisson Blu Serviced Apartments Cairo Heliopolis, Radisson Blu Hotel Cairo Golf City, Radisson Hotel New Cairo, Radisson Hotel & Resort Ain Sokhna and Radisson Blu Hotel & Resort Makadi Bay, Hurghada will mean Radisson Hotel Group becomes one of the largest international operators in the country, according to the company.
U.S. CapEx data: The International Society of Hospitality Consultants, in partnership with the Hospitality Asset Managers Association, has released the industry’s exclusive resource on hotel capital expenditures, ISHC CapEx 2018: A Study of Capital Expenditures in the Hotel Industry. Data was collected from more than 900 hotels, nearly doubling the sample size analyzed in the prior study, representing 139 markets across the U.S. The study is available for purchase in the form of a book or downloadable pdf.