Apple Hospitality acquires three hotels: Apple Hospitality, Richmond, Virginia, has acquired a portfolio of three hotels for a total price of US$126 million. The three hotels include the 157-key Hilton Garden Inn Fort Worth Medical Center in Fort Worth, Texas, for a purchase price of US$29.5 million (about US$188,000 per key); the recently-renovated 112-key Homewood Suites by Hilton Fort Worth Medical Center in Fort Worth for a purchase price of US$21.5 million (approximately US$192,000 per key); and the 243-key Hampton Inn & Suites by Hilton Portland Pearl District in Portland, Oregon, for US$75 million (around US$309,000 per key). After the acquisitions, Apple Hospitality’s portfolio consists of 219 hotels with 28,747 rooms across 36 states.
The Standard launches Miami residences: Standard International and Rosso Development in collaboration with Midtown Development announced the launch of The Standard Residences, Midtown Miami. The 12-story building will feature 228 pied-a-terre-style residences ranging from two bedrooms to studios, ranging in size from 432 square feet to 965 square feet. The residences are slated to break ground in 2022 and is expected to completed by 2023. The building’s architecture and design will be designed by Arquitectonica and Urban Robot. Residence owners will be able to lease out their units for terms for as short as one month and have access to preferred pricing at all The Standard properties. Social amenities will span 34,000 square feet across five floors. The lobby will include lounge areas and a Café. The rooftop will include a 60-foot, resort-style sunset pool, and rooftop restaurant and bar. Wellness offerings include a state-of-the-art sweat room and fitness center, an infrared sauna, an indoor pickleball court, and yoga and stretch studios. A social floor features a karaoke bar and screening room, while co-working spaces include a private boardroom and zoom rooms. Yes, there is also a pet spa. The ground floor of the property will showcase 10,000 square feet of retail boutiques.
Island Hospitality grows portfolio: Island Hospitality Management, West Palm Beach, Florida, announced the acquisition of three properties in Lansdale, Pennsylvania, and Ashburn, Virginia, totalling 414 rooms and 12,500 square feet of meeting space. The company has acquired 170-key Homewood Suites by Hilton Lansdale, near Valley Forge National Historical Park; the 90-key Homewood Suites by Hilton Dulles-North/Loudon; and the 154-room Embassy Suites by Hilton Dulles North Loudon. In January 2022, Island Hospitality will open the new 174-key Home2 Suites by Hilton Woodlands Hills Los Angeles.
Deal activity improves: Deal activity in the travel and tourism sector saw a 22% increase (59 deals) during October 2021, according to latest data by GlobalData. This is the second consecutive month to see a rise in deal activity in this sector. Venture financing and M&A deals which were announced in October rose by 61.5% and 33.3%, compared to the previous month, while the number of private equity deals fell by 31.3%. Deal activity improved in the U.S., Japan, Australia, France and South Korea during October compared to the last month. However, deal activity fell in China and India.
Blackstone improves offer for Crown: Blackstone Group increased its offer to US$6.2 billion for Crown Resorts, the beleaguered Australian casino firm. The AUD12.50 (US$9.09) per share proposal is Blackstone’s third offer, while rival bidder and Australian casino operator Star Entertainment Group has withdrawn its proposal claiming regulatory uncertainty. Crown has faced misconduct inquiries in every state it operates in along with losses brought upon by the pandemic and the resultant lockdown. It also faces a public inquiry in governance and anti-money laundering compliance at its casino in Western Australia, along with a federal anti-money laundering probe.
Trend study on sustainability: Sustainable consumption is progressing towards awareness, with seasonal and regional being the most relevant, according to the Heilbronn Hospitality Symposium B2C and B2B Hospitality Survey. Around 32% consciously (very) or situationally (somewhat) pay attention to the ecological certification of food and beverages, the study found. About 78% of guests accept higher prices for food and beverages and 69% accept higher room charges due to higher wages and the consequence of the pandemic. About 35% accept this price rise of about 5% for food, beverages or the overnight stays. With the expectation stemming from sustainability and ecology, about 63% accept higher prices for ecological certification of hotels and restaurants. Roughly 23% do not understand spending a higher price for food and beverages. In case of overnight stays, about 31% are not willing to accept a surcharge on the room rate for higher wages.