Centara, Baansuay partner: Centara Hotels & Resorts, Bangkok, and Baansuay Group (Suratthani) have signed a management agreement for Centra by Centara Hotel Surat Thani in Thailand. The project will involve the full renovation of an existing 110-room hotel, with work underway and an expected opening date of July 1, 2023. The renovation includes upgrades of rooms, multiple restaurants and meeting space. The second phase is expected to be completed in early 2025, which will see the construction of a new building to accommodate additional facilities like a big function room, swimming pool and fitness center. This will mark Centara’s first property in Surat Thani.
KSL acquires in Montauk: KSL Capital Partners, Denver, Colorado, has reportedly acquired the 96-key Marram in Montauk, New York, for US$78.5 million (US$820,000 per key) from Bridgeton Holdings. The hotel, along with the resort at 21 Oceanview Terrace and the 25-room Journey East Hampton was listed by Bridgeton in 2021.
Pro-invest to sell Holiday Inn Express portfolio: Pro-invest Hotels, which just opened the 294-room Holiday Inn Express Auckland City Centre, is also marketing for sale a portfolio worth A$1 billion (US$708 million) of Holiday Inn Express properties. The collection includes eight select-service hotels totaling almost 2,000 rooms in Sydney, Melbourne, Adelaide, Brisbane and Newcastle in Australia and New Zealand’s Queenstown.
PGIM Real Estate, Cairn partner for UK portfolio: PGIM Real Estate, Madison, New Jersey, has entered into an investment partnership with Cairn Group’s newly-created unit to acquire, develop and reposition assets in the U.K. The venture has already made its first investment in Brighton in England.
Post-pandemic travel sentiment: Despite surging prices, travel sentiment has improved and over 95% of markets in the U.S. are now in recovery or peak position achieving RevPAR indexed to 2019 at 80 or above, showed STR’s Market Recovery Monitor. About 70% of U.S. markets and 40% of global markets are recording higher RevPAR than pre-pandemic times. Despite the recovery, factors like travel restrictions and lingering concerns due to COVID-19 continue to influence travel decisions on a global scale. Consumers have shown increased enthusiasm for travel post-pandemic, with more than a third of respondents saying they are more likely to travel domestically or internationally in post-pandemic environment than before the pandemic. An overwhelming majority of travelers anticipate higher spending in 2022. About 57% said they would spend more on transport, while over half of the respondents said they were likely to pay more on accommodation and food and drink compared with a similar trip before the pandemic. At the same time, the cost of travel has emerged as a significant barrier for future travel for many consumers, with 59% stating that the increased travel costs would negatively affect their decision to travel in the next 12 months.