Briefs: Cycas grows with K+K deal; Ascott acquiring Oakwood

Cycas adds InterGlobe’s Europe portfolio: InterGlobe Enterprises, Gurugram, India, has appointed The Netherlands-based Cycas Hospitality to manage its portfolio in Europe, including 10 properties in the K+K Hotel portfolio in Paris, Barcelona, Prague, Vienna, Budapest, Bucharest and Munich. The partnership also includes the management of the 278-key Hotel Reichshof in Hamburg, Germany. Cycas is growing its team to work on the InterGlobe portfolio and has appointed new leaders in operations, people and culture, finance, commercial and property management. With the addition of InterGlobe’s portfolio, Cycas has grown to 12 countries, marking its first properties in Spain, Austria, The Czech Republic, Romania and Hungary.

Ascott Ltd.’s acquisition of Oakland Worldwide will be finalized in Q3 2022

Ascott acquiring Oakwood Worldwide: The Ascott Ltd., CapitaLand Investment Ltd.’s fully owned lodging business unit, is acquiring Oakwood Worldwide from Singapore-based Mapletree Investments Pte. Ltd. at an undisclosed price. Ascott plans to build upon Oakwood’s heritage and grow the brand alongside Ascott’s portfolio of global brands, a spokesperson told HOTELS. The acquisition will grow Ascott’s global presence by 81 properties and around 15,000 units. Around 8,500 operational units of Oakwood are expected to immediately contribute to Ascott’s recurring fee income streams after the deal is finalized in Q3 2022. The acquisition will expand Ascott’s global presence to over 150,000 units in around 900 properties across 200 cities in 39 countries. The deal will also add new markets including Cheongju in South Korea; Zhangjiakou and Qingdao in China; Dhaka in Bangladesh and Washington D.C. in the U.S.

Red Sea Development forms JV for Jumeirah resort: The Red Sea Development Co., Riyadh, Saudi Arabia, has entered into a joint venture agreement with Almutlaq Real Estate Investment Co., a subsidiary of Riyadh-based Al Mutlaq Group to develop Jumeirah The Red Sea, a 159-room luxury resort located on The Red Sea destination’s island hub Shura. The deal, valued at more SAR1.5 million (U$399,443), is under construction and set to open in 2024. Shura Island is part of the first phase of development and will feature 11 luxury, premium and lifestyle resorts and hotels, residential units, 118-berth marina, a championship golf course and retail, dining and entertainment venues. This is the first joint venture by the Red Sea Development Co., which is in talks with other investors for the project’s commercial assets. Once completed, The Red Sea Project will include 50 resorts totaling 8,000 keys and over 1,000 residential properties across 22 islands and six inland sites. The destination will also feature an international airport, golf courses, luxury marinas and leisure and entertainment marinas.

Choice, Suba sign franchise agreement: Choice Hotels Asia Pacific has signed a 15-year master franchise agreement with Mumbai, India-based Suba Group of Hotels in India effective from July 1. As per the agreement, all Choice Hotels in India will transition from a direct franchise market to a master franchise model. This deal comes soon after Choice Hotels shut down its Indian subsidiary. Suba has said it will assume charge as master franchise holder for all 58 Choice Hotels open and under development and hold exclusive rights to develop Quality, Comfort and Clarion brands in India. All the franchised hotels will also stay within the Choice Hotels portfolio and will continue to benefit from the existing distribution, marketing and franchisee performance services. The agreement will help Suba add 2,200 keys to its current portfolio of 2,900 keys, taking it to 5,100 keys across 57 Indian destinations. JLL served as the exclusive advisor to Choice Hotels Asia Pacific for the deal.

Caskade Group acquires Hotel Indigo: Caskade Group, London, has acquired the 52-key Hotel Indigo in Birmingham, England, at The Cube mixed-use development for £12.5 million (US$15.11 million). The transaction was led by Graham + Sibbald with joint agents Fleurets. Opened in 2010, the hotel features a whiskey and cocktails lounge along with a Marco Pierre White restaurant. Besides the hotel, The Cube also consists of 135 residential apartments, 111,500 square feet of office space, bars, restaurants and leisure venues.

Accor closes deal with Salter Brothers: Accor has announced it completed its hotel management portfolio agreement with Australian-owned fund manager Salter Brothers and added nine Mercure hotels in Australia to its collection. With the acquisition of the 10-hotel portfolio of Travelodge properties by Salter Brothers, the collection includes nine Mercure properties and an ibis Styles hotel in Sydney’s CBD. The addition of the nine Mercure hotels grows the brand from 44 properties in Australia to 53. For the first time in Australia, the agreement includes a link to ESG outcomes. Currently, Accor has over 340 properties in Australia.