NoMad heads to auction. Mezzanine lender Colony Capital has initiated a UCC foreclosure auction on the 168-key NoMad Hotel in New York City. The hotel, owned by the Sydell Group and Make It Nice, reportedly hasn’t shown any outward signs of distress, but full ownership will be auctioned on June 6.
Legend starts anew. Gordon Campbell Gray is launching a new venture in his native Scotland, the Wee Hotel Co. He has bought the first of what could many premises to be owned by the new company, namely the 12-bedroom Pierhouse Hotel and Seafood Restaurant in Port Appin on the shores of Loch Linnhe in Argyll. Gray is known for his advocacy of the hotel industry being more environmentally friendly and has pledged to make that aim part of this new boutique hotel company. Gray said “further acquisitions” by the Wee Hotel Co. will be announced later this year.
Cosmo for sale. Blackstone Group is reportedly exploring a sale of the Cosmopolitan hotel and casino in Las Vegas, according to the Wall Street Journal. Deutsche Bank AG and PJT Partners Inc. have been retained to explore strategic alternatives for the property, including a sale, people familiar with the matter said. Blackstone acquired the Cosmopolitan in 2014 for US$1.7 billion, and it has sunk another $500 million into finishing and renovating the property.
Read Wall Street Journal report
Airbnb keeps spreading wings. Lyric, a platform for consumers who struggle to decide between a hotel and an Airbnb, has on Wednesday announced the close of a US$160 million Series B financing led by Airbnb. Other investors who participated in the round include Tishman Speyer as well as existing investors such as Starwood Capital’s Barry Sternlich. Lyric secures its own inventory in multi-family residential buildings through partnerships with landlords. It is currently available in 13 markets and cofounder and CEO Andrew Kitchell says that the company is operating legally in every one of them. The company provides Studios, 1BR and 2BR units, with a starting price around $200/night, depending on the market. With the new funding, Lyric hopes to expand from its current 500 units across 13 markets to 1,000 units by the end of the year.
Dual-brand for Tampa. Bromley Companies, partnering with Concord Hospitality, has announced a 226-room dual-branded Aloft and Element project for Tampa, Florida, set to open in 2021.
Xcaret near Playa del Carmen. Mexican tourism company Xcaret and hotel chain City Express will invest US$400 million to build a new hotel. Xcaret Arte will have approximately 900 rooms and be located adjacent to the Xcaret theme park south of Playa del Carmen, Quintana, Roo. City Express has said it want to open 40 new hotels by 2021.
Icon returning to St. Barths. The 34-room Eden Rock–St. Barths, part of the Oetker Collection, is set to reopen on December 22, according to General Manager Fabrice Moizan. The hotel was damaged by Hurricane Irma in 2017.
Park Inn to Uzbekistan. Radisson Hospitality AB, part of Radisson Hotel Group, is adding a new location for the Park Inn by Radisson portfolio with the signing of Park Inn by Radisson Tashkent City Hotel & Apartments in Tashkent, Uzbekistan. The newly built 300-room hotel with to serviced apartments is due to open in 2021 in the capital of Uzbekistan. The partner of this project is Lotus Gas Invest, the owner of the brand Real House, one of the leading construction companies in Tashkent.
Vietnam developments. Hotel and serviced residences operator Far East Hospitality said on Wednesday it is expanding into Vietnam with two boutique hotels set to open in Ho Chi Minh City by the end of the year. Its foray into Vietnam comes following a deal with real estate developer Five Elements Development to manage 56-room Le Cong Kieu Hotel and 30-room Ngo Van Nam Hotel.