Briefs: Amangani sells for about $2M per key; Hines, Accor to develop in Italy

Amangani sells at $2M/key: HOTELS has learned that Larkspur, California-based Canyon Equity has sold the ultra-luxury, 40-key Amangani resort in Jackson, Wyoming, for “around US$2 million per key.” Hodges Ward Elliott brokered the deal for the first Aman branded resort developed in the Americas, and the only resort designed by world-renowned architect Ed Tuttle.

Mandarin Oriental to Cairo: Mandarin Oriental Hotel Group announced its first hotel in Egypt with a management agreement to rebrand the iconic Shepheard Hotel in Cairo. The project is being developed by Al Sharif for Tourism and Hotels, an Egyptian Closed Joint Stock Company. The property is currently undergoing renovation, with Paris-based interior designer Sybille de Margerie working on preserving the building’s heritage design while improving the existing facilities and services. Once completed, the hotel will reopen in 2024 as Mandarin Oriental Shepheard, Cairo. The hotel will feature 188 rooms and 88 suites, many with balconies overlooking the city, the Bile and Gezira Island, as well as five restaurants and bars, and wellness components.

Rendering of Hines and Accor’s hotel at MilanoSesto

Hines, Accor to develop in Italy: Hines, Houston, Texas, and Accor have announced plans for a hotel at MilanoSesto, Italy, through an agreement with real estate fund Unione 0. Unione 0, which is managed by Prelios SGR and invested in by Hines and Cale Street, has entered into a binding agreement with Accor for a hotel which will be developed on the Unione 0 private site at MilanoSesto on a 25-year lease through the hotel group’s partner, Amapa. Hines is a strategic advisor and development manager of the 13-year MilanoSesto project, while Prelios serves as the manager of the real estate fund and asset and project manager of the entire initiative. The 301-key hotel will operate under two brands — 204 rooms will be managed by Novotel and offer services like rental accommodations and short-stay, while 97 serviced apartments will be managed by Adagio and will be used as a medium-long stay accommodation. The hotel will be designed by design firm Antonio Citterio Patricia Viel. Unione 0, which spans 250,000 square meters, is currently under construction. The hotel’s excavation work will start from August, with construction of the buildings slated to begin by the year’s end. Besides the hotel, the buildings will include office space spanning 48,000 square meters, student accommodation for 700 people, 285-unit affordable residential apartments and 480 free-market residential apartments.

Kimpton Baltimore sells for US$18.6 million: The Kimpton Hotel Monaco Baltimore Inner Harbor in Baltimore, Maryland, has been acquired by Douglas Development, Washington, D.C., for US$18.6 million, a little more than half the price the hotel was sold 10 years ago. The new owner said it plans to spend an additional US$6.5 million to renovate the 202-key, 13-story hotel, which houses the B&O American Brasserie. In 2011, an arm of Kimpton Hotels & Restaurants acquired the hotel for US$33 million, after the bankruptcy of Baltimore and Charles Associate which spent around US$65 million to purchase and renovate the hotel between 2007 and 2009. Douglas Development has said the hotel’s lender, Stonehill Strategic Capital, foreclosed on the property during the pandemic and in 2021 an affiliate of the company bought it at auction for US$12 million. Formerly the headquarters of B&O Railroad company, the hotel will continue to be operated by Kimpton with TPG Hotels and Resorts as the third-party manager.

SH Hotels to operate Skt. Petri Hotel: Skt. Petri Hotel in Copenhagen, Denmark, will be operated by SH Hotels & Resorts, the New York-based affiliate of private investment firm Starwood Capital Group, under its luxury hospitality brand, SH Collection. SH Hotel will reinvent the hotel into Northern Europe’s first 1 Hotel-branded property, in keeping with Copenhagen’s sustainability status and pledge to convert to a fully carbon neutral urban center by 2025. The 17th-century hotel features 288 modern rooms, including 42 rooms with balconies, a penthouse suite with terrace and a presidential suite with terrace. The hotel marks Starwood’s first real estate investment in Denmark.

Marriott apartments in Australia: Marriott has signed an agreement with Sunnyland Investment Group to open the first Marriott Executive Apartments in Melbourne, Australia. The 180-room all-suite hotel will be a part of a mixed-use project consisting of 244 fully residential apartments with premium facilities and services. Construction of the US$170 million project is expected to start in 2024 and will be completed by mid-2026. The property will include studio, one-bedroom and two-key apartments with separate sleeping, living and working areas, along with gourmet kitchens. Marriott International currently operates 27 properties across Australia through 12 brands.

Oakwood grows in South Korea: Oakwood, Singapore, has signed a management contract for Oakwood Hotel Cheongju in North Chungcheong province, South Korea. In partnership with A&D Partners Ltd., Oakwood will manage the 250-room hotel comprising 150 rooms and 100 apartments, with a scheduled opening date in 2026. The hotel will grow Oakwood’s presence in South Korea to three properties. The company plans to open 20 properties across Asia Pacific this year.

Rentyl, Nicklaus Companies partnership: Rentyl Resorts, Kissimmee, Florida, has partnered with Palm Beach Gardens, Florida-based Nicklaus Companies. In collaboration with Rentyl, Nicklaus Companies will foray into the single-family residence lodging hospitality sector and introduce the new branded lodging hospitality services globally to its developers. The companies have collaborated on their first project in The Bear’s Den Resort Orlando, Florida, the first Jack Nicklaus-branded resort. Rentyl hopes to brand over 100 high-end residential resort experiences with Nicklaus in the next five years.

APAC recovery outlook: The Asia Pacific region was the most adversely impacted during the pandemic in terms of travel and tourism, as the countries had one of the toughest travel norms in the world. However, countries in the region are gradually reopening and on their way to recovery, as per a recent report by ForwardKeys. Tickets for travel to major APAC destinations are increasing, with India leading the way. India has recovered 80% of 2019’s level in the week of March 5, 2022. Fiji came next, recovering 61% of 2019’s levels, followed by the Philippines (48% recovery), Singapore (43%) and Australia (38%). India’s success in reactivating was led by the advance announcement of its reopening plans for the year, which helped generate interest and awareness. Fiji’s recovery was led due to travelers’ preference for less crowded places with plenty of outdoor activities.

USTA calls for phasing out travel restrictions: In a letter to incoming White House COVID-19 Response Coordinator Ashish Jha, the U.S. Travel Association (USTA) has renewed its call to replace pandemic-era travel advisories, restrictions and requirements with endemic-focused policies that will allow travel to resume freely and fully. The U.K. and Canada recently took similar actions to ease remaining restrictions on travelers. The letter stated that despite declining hospitalizations and infection rates, increased vaccinations and immunity and a strong public health infrastructure to tackle the virus, most of the pandemic-driven federal travel policies were still being implemented. While the public health benefits of these policies have significantly reduced, the economic consequences continue to increase. In 2021, business travel spending was 56% below 2019 levels and international travel spending was 78% below pre-pandemic levels, the letter pointed out, calling on Dr. Jha to prioritize the removal of travel requirements “that no longer fit with the current environment and to set clear timelines and metrics for when others will be lifted.”