Pebblebook selling one, rebranding two: A strategic redevelopment plan by Pebblebrook Hotel Trust plan is progressing with the just-announced US$72.9 million sale of the 132-room Hotel Amarano Burbank in Los Angeles to a third party. The sale represents a 15.8X EBIDTA multiple and a 5.7% net operating income cap rate based on the Amarano’s 2018 performance. Pebblebrook also said it will reflag two Washington, D.C., properties: the 178-room Kimpton Mason & Rook Hotel and the 193-room Kimpton Donovan Hotel. Following renovations, both will become Viceroy Hotels.
Asia-Pacific hotels feel trade war effects: There’s fallout from the U.S.-China trade war affecting the Asia-Pacific hotel business, according to a Colliers report. RevPAR for the region dropped 7.2% during the first quarter, while overall occupancy dropped to 67.4%, the report noted. Colliers is expecting 3%-4% growth in revenues for hotels in the region this year, but if the trade war escalates it could mean no growth or possibly negative growth. Hotels in Ho Chi Minh City, Kuala Lumpur and Phuket saw declines of more than 10%, but Hong Kong’s business remains strong.
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Delaware North beefs up Yellowstone portfolio: The 86-room Best Western by Mammoth Hot Springs in Gardiner, Montana, the latest addition to Delaware North’s portfolio, is the company’s fifth hotel adjacent to Yellowstone National Park. The Buffalo, New York-based company also operates 12 general stores under a contract with the U.S. National Park Service. Delaware North also plans to expand its existing Yellowstone Vacation Tours business to Gardiner.
Booking.com, Expedia accused of unfair competition: A Danish travel booking website has accused Booking Holdings and Expedia of breaching EU antitrust laws. Nustay — which is known to undercut prices of the other two OTAs, offers direct bookings and charges hotels lower commissions — has charged the two rivals with punishing hotels that appeared on its site and pressuring hotels to keep prices artificially high. “We really have the possibility to give a better product to the consumers at a lower price, but we are seeing a tremendous effort from Expedia and Booking.com to kill us before we even get a chance to get a foothold,” Nustay CEO Mathias Lundoe Nielsen told Bloomberg.
Chartwell plans new suburban Atlanta Hilton: A 249-room Hilton is in the works for the fast-growing northern Atlanta suburb of Alpharetta. Set to open in early 2021, the eight-story hotel will be located along the Georgia Highway 400 corridor within the Windward Park mixed-use development. Meeting space, a signature restaurant and an outdoor poolside cocktail bar are part of the plan.
Social media’s role growing for travelers: Travel websites still rule, followed by recommendations from friends and family, but social media is weighing more heavily into affluent travelers’ hotel selection decisions, according to YouGov. Forty-two percent look for direction from travel review websites, followed by friends/family (32%), internet search engine results (31%), hotel websites (30%) and social media (20%). No surprise: Gen Z and millennials are most likely to rely on social media, with Facebook leading the way.
Twin Cities Four Seasons in the works: The Four Seasons Hotel and Private Residences Minneapolis is expected to debut in early 2022. The 34-story structure rising above Nicolett Mall in the North Loop neighborhood will have 222 rooms, a restaurant and bar, an expansive pool deck overlooking downtown, a spa complex, event spaces and 31 private residences on the upper floors. The project is a partnership with Colorado-based United Properties.
Davidson takes on restaurant management: Atlanta-based Davidson Hotels & Resorts has formed Davidson Restaurant Group. The in-house restaurant division, headed up by Senior Vice President Greg Griffie, will provide partners with design and concepting consultation, technology implementation, staffing, and overall F&B program development. Davidson manages 85 restaurant concepts with 15 more in the pipeline.