Goldman to buy chain? Goldman Sachs Group is in discussions to buy the B&B Hotels chain from Paris-based private equity firm PAI Partners, reportedly for about US$2.2 billion. The transaction is expected to close later this year, PAI said in a statement on Monday. No financial deals were provided officially but according to Bloomberg, PAI, which bought the French company in 2016, would triple its initial investment if a sale goes through. The French chain has more than 479 hotels in Europe.
Wynn in talks for MGM’s Boston casino: Wynn Resorts Ltd. and MGM Resorts International confirmed that they are in talks regarding Wynn selling the US$2.6 billion Encore Boston Harbor to MGM. The scheduled June opening of the resort wouldn’t be affected, they said. MGM recently laid off scores of employees amid a cost-cutting move, and last week it was learned that the company thinks it could pay as much as US$800 million for lawsuits related to the 2017 massacre outside its Mandalay Bay hotel in Las Vegas; it’s not clear when settlements would be reached.
Read more in the Las Vegas Review-Journal
U.S. hotel performance: According to STR, the U.S. reported positive year-over-year results during the month of April: Occupancy was up 0.3% to 68.0%; ADR rose 0.9% to US$131.85; and RevPAR was up 1.2% to US$89.67. “Considering that the Easter calendar shift pulled group occupancy down 6.3%, any increase in nationwide RevPAR would have been considered respectable,” said Jan Freitag, STR’s senior vice president of lodging insights, adding that the 12-month moving average for ADR growth is 1.9%, the first time since early 2011 that it has fallen below 2% growth.
Italian icon sold: London investment firm Centricus acquired the Capri Palace Hotel & Spa in off the coast of Italy, according to Bloomberg. Financial details weren’t disclosed.
Trump roils Ireland visit: U.S. President Donald Trump, who will stay in Ireland for two nights during a European visit to commemorate the anniversary of D-Day, is causing a diplomatic stir: He wants the Irish prime minister to come to his golf course in Doonberg for a meeting, and the government wants to follow host protocol to determine the location. There have been “attempts at compromise,” CNN reports.
Marriott marketing: Marriott International introduced its first marketing campaign for its extended-stay category, called “Room for Possibility,” featuring its Residence Inn, Element and TownePlace Suites brands. It’s the first campaign from the company since it introduced its integrated Bonvoy loyalty program this year.
Hyatt in Portugal: A Hyatt Hotels affiliate entered a franchise agreement with Realtejo – Hotelaria e Turismo S.A., a subsidiary of United Investments Portugal and Fibeira, to develop the first Hyatt branded hotel in Portugal, the Hyatt Regency Lisbon. The 200-room hotel with apartments, located across from the city’s conference center, is expected to open in late 2020.