APPLE HOSPITALITY COMPLETES ACQUISITION OF EMBASSY SUITES IN UTAH: Apple Hospitality REIT, Inc. has completed the acquisition of the Embassy Suites by Hilton South Jordan Lake City for $36.8 million (or $191,000 per key). The 192-room hotel opened in March 2018 and is located in South Jordan, Utah. Apple currently has two more hotels under contract for purchase. These include the 260-room Embassy Suites by Hilton currently under construction in downtown Madison, Wis., for $78.6 million and the 256-key Motto by Hilton to be developed in Nashville, Tenn., for $96.7 million. Apple expects to complete the acquisitions of the Madison Embassy Suites by Hilton and Motto by Hilton in mid-2024 and 2025, respectively. Apple’s portfolio currently consists of 224 hotels with over 29,600 rooms across 87 markets throughout 37 states and one property leased to third parties. The company’s hotel portfolio comprises 120 Hilton-branded hotels, 99 Marriott-branded hotels and five Hyatt-branded hotels.
HELSINKI HOLIDAY INN TO REBRAND UNDER SCANDIC: Holiday Inn City Centre in Helsinki will rebrand under the Scandic brand. Scandic Hotels has signed a long-term agreement with Exilion, the hotel’s landlord, to extend the agreement and rebrand the hotel. Scandic acquired Restel in 2017 and has operated the property under a lease agreement with Exilion and a franchise agreement with IHG. The hotel will be rebranded in 2025 and known as Scandic Helsinki. Located near the Helsinki Central Station, the hotel offers 174 rooms. As part of the extension, the landlord will fully renovate the property starting September 2024. Refurbishments will include investments in the façade and interiors as well as sustainability-related enhancements to lower energy consumption and operating costs and elevate the guest experience. Shared spaces and dining areas will be adapted to optimize operations. The guestrooms will be furnished as Room Collection, Scandic’s design room concept.
THE ADDRESS COLLECTIVE EXPANDS TO SCOTLAND: The Address Collective, the family-owned Irish hotel group, is expanding to Scotland and has announced a new luxury boutique hotel in Glasgow City Centre. The Address Glasgow will be the group’s first hotel outside of Ireland and the fifth Address Collective-branded hotel overall. The hotel is owned and managed by Brian and Ciara McGettigan, members of the McGettigan family. The classical-listed building was initially designed for Lancashire Insurance Co. in the 1890s. After a £9 million ($11.25 million) investment by the McGettigans, the hoteliers aim to transform the 95-bed property into a luxe urban retreat. Slated to open in early 2024, the six-story hotel will have a wellness spa with a gym, plunge pool, heated loungers and a Himalayan rock salt sauna. The Address Glasgow will also have an open-plan eatery and cocktail bar on the street level and meeting rooms. The Address Collective has another property under development in Dublin, which will open in early 2025.
ANOTHER PLACE TO SCOTLAND:Â Another Place, the collection of lifestyle hotels, has announced its first hotel in Scotland with the addition of The Machrie to the Another Place collection. Located on the Isle of Islay, the hotel comprises 47 guestrooms and lodges and a championship-links golf course along the beach at Laggan Bay. This acquisition follows a month-long pop-up in August. Another Place has also acquired a pub, the Brackenrigg Inn. The traditional pub, which includes a bar, rooms, meadows and views across Ullswater, will undergo renovations and open in February 2024.
CANADA HOTELS REVPAR GROWTH: Hotel performance in Canada slipped YOY, following seasonal patterns, but continued a stretch of YOY growth, according to CoStar’s October data.
- Occupancy: 68.1% (+2.2%)
- ADR: CA$196.25/US$143.12 (+8.8%)
- RevPAR: CA$133.57/US$97.4 (+11.2%)
Following three months of single-digit YOY growth, RevPAR saw double-digit growth for the first time since June. Full-service and urban hotels posted impressive performance, with weekday occupancy in downtown Vancouver surpassing 2019 levels for the first time since March. Group demand also surged compared to the last few months, but despite improvements, the segment remains below average levels. Among provinces and territories, Nova Scotia saw the highest occupancy levels in October (75%), 6.3% less than the 2022 levels. Among the major markets, Vancouver posted the highest occupancy (77.7%), 0.1% higher than October 2022. Prince Edward Island recorded the lowest occupancy (56%), slipping by 25.8% from 2022. At the market level, Edmonton witnessed the lowest occupancy (+10.1% to 59.5%).