DALATA ACQUIRES LONDON HOTEL FOR £44.3M: Dublin-based Dalata Hotel Group plc has acquired the new 192-room hotel in London for £44.3 million ($53.49 million). Under the deal, Dalata has acquired the entire issued share capital of Tide Developments Ltd. from Furadino Holdings Ltd. Tide Developments, which has a gross asset value of £45.1 million ($54.46 million), owns the freehold interest of the hotel. The purchase price will be financed through Dalata’s existing cash and banking facilities. The hotel comprises a ground-floor lobby and a restaurant and bar. Before opening this summer, Dalata will invest £2 million ($2.41 million) to upgrade the property and launch it under the Maldron brand. This will be Dalata’s first Maldron-branded property in London and the 18th one in the U.K.
CANOPY BY HILTON DEBUTS IN CANADA: Hilton, Easton’s Group of Hotels and The Gupta Group have announced the opening of Canopy by Hilton Toronto Yorkville in Toronto, which marks the brand’s debut in Canada. The 184-room boutique hotel joins a global portfolio of 35 properties. Located between the Yorkville and Rosedale neighborhoods, the hotel’s design is led by Studio Munge. The hotel includes two dining venues, an indoor pool, a fitness center and 3,500 square feet of meeting space.
U.S. PERFORMANCE UPDATE: Hotel performance in the U.S. increased compared to the previous week, as per STR’s data through Feb. 11.
- Occupancy: 57.8% (-8.7%)
- ADR: $150.97 (+13.4%)
- RevPAR: $87.21 (+3.6%)
While occupancy did not rise over 2019 in any of the top 25 markets, Dallas came closest to its 2019 comparable (-0.7% to 66.1%). Driven by Super Bowl LVII, Phoenix posted the highest ADR (+129.5% to $387.06) and RevPAR (+114.3% to $300.09) increases. The steepest RevPAR declines were recorded in San Francisco (-55.9% to $116.00) and Seattle (-24.1% to $78.84).
MGM CLOSES GOLD STRIKE SALE: MGM Resorts International has closed on the sale of the operations of Gold Strike Tunica to CNE Gaming Holdings, L.L.C., a subsidiary of Cherokee Nation Businesses, for $450 million in cash. MGM Resorts will use the proceeds from the sale to strengthen its balance sheet, deploy capital to growth opportunities and return money to shareholders. For the year ended Dec. 31, 2022, Gold Strike reported a net income of $47 million and an adjusted EBITDAR of $98 million. At the closing of the deal, MGM Resorts’ master lease with VICI Properties, Inc., which includes Gold Strike, will be amended to reduce the annual rent by $40 million to account for the sale of Gold Strike’s operations.