A-Rod will own Hiltons: Alex Rodriguez, the former New York Yankees MVP turned businessman, philanthropist and full-time Miami resident, is participating in a US$650 million hospitality fund with Miami-based investment firm CGI Merchant Group and Adi Chugh, founder of the New York-based Maverick Commercial Properties. The fund aims to acquire and develop 20 hotels across North America and the Caribbean over the next three years and reposition them under the Hilton brand. CGI works with an independent 501(c)(3), the Isabella Alycia Foundation, which focuses on assisting underprivileged male students and single mothers in health, economic and wellness. The hotels created by the new fund would donate a proceed of their revenue to the foundation.
Oxford’s US$115M deal: A big Midwest investment group has spent US$115 million to buy five San Francisco Bay Area hotels, including two in Silicon Valley, an indicator that veteran players see long-term potential in the region’s lodging market despite COVID 19-linked challenges. Oxford Capital Group bought a hotel in Palo Alto, one in Los Gatos, and three in San Francisco, in a series of just-completed transactions that arrive amid brutal economic woes unleashed by the coronavirus. Chicago-based Oxford Capital, acting through multiple affiliates, paid US$53.8 million for the two hotels in Santa Clara County and US$61.2 million for the hotels in San Francisco.
Hilton grows to 1M rooms, despite pandemic
In a year when the hospitality industry faced major challenges due to COVID-19, Hilton was still able to reach a portfolio of 1 million rooms in the fourth quarter. Meanwhile, Hilton’s overall development pipeline remains strong, with 2,640 hotels and more than 408,000 rooms globally. Three hotels that helped the company cross that threshold include: the Hilton Garden Inn Umhlanga Arch in South Africa, illustrating the company’s expansion into Africa; Tru by Hilton Savannah Airport, showcasing the fastest-growing new brand in Hilton’s portfolio; and the Hilton Garden Inn Guizhou Maotai Town in China, highlighting the company’s growth goals in the Asia Pacific market.
RLH’s Russell joins AHLA board
The American Hotel & Lodging Association (AHLA) announced that John Russell, CEO of RLH Corp., joined the 2021 AHLA board of directors. The board represents all sectors of the lodging industry including brands, owners and real estate investment trusts, management companies, independents and state associations. Russell became CEO of RLH in June after serving as interim CEO since December 2019.
Marriott bringing Sheraton to Patagonia region: Marriott International signed an agreement with Grupo Hoteles Panamericano to bring the Sheraton brand to Bariloche, a tourism center in the foothills of the Argentinean Andes. Set to open in January 2022, the property is expected to have 161 rooms after undergoing an extensive conversion. Located in Bariloche’s city center, Sheraton Bariloche, currently branded as Hotel Panamericano Bariloche, will be managed by Gotel Hotel Management under a franchise agreement. The Argentinean company was created to collaborate with Marriott International to further expand the presence of Marriott brands in Argentina, Uruguay and Paraguay.
Goco Retreat Moonstone in Norway: Bangkok-based Goco Hospitality is developing the Goco Retreat Moonstone, a lifestyle hotel located outside Bodø, in the north of Norway. Goco is partnering on the hotel with entrepreneur and Wessel Paternotte on the project, which is funded partly by Innovation Norway and three private investors. The 65-room high-end retreat will focus on traditional healing modalities in a lifestyle cabin resort. The hotel is set to open in 2023.
Marriott’s holiday strategy: Marriott Bonvoy, Marriott International’s travel program, launched the video for its holiday campaign. The campaign, with animated videos, focuses on staycations and road trips, and is anchored by a 70-second hero film that follows a family to a spectrum of hotels within the Marriott Bonvoy portfolio.