DEAL ACTIVITY DECLINES: Impacted by global economic conditions and fears of recession, deal activity in the travel and tourism sector declined by 42.4% in January compared to December 2022, according to the latest report by GlobalData. A total of 28 deals (consisting of merger and acquisition, venture financing and private equity deals) were announced globally throughout the month. Deal volume fell in key markets — the U.S., the U.K., China, Japan and Australia. There was a decline of 36.8%, 50% and 50% in the number of merger and acquisition deals, venture financing deals and private equity deals respectively in January compared to December 2022.
THAILAND’S SECOND VOCO: IHG Hotels & Resorts has signed voco Bangkok Surawong with Thailand-based Tawanna Property Co. Ltd. The 242-room former Tawanna Bangkok hotel will rebrand as the voco-branded hotel and will open in 2025 following a complete renovation. Situated in Bangkok’s Surawong area, the hotel will include two restaurants and bars, more than 500 square meters of meeting space, a gym, an outdoor pool and a children’s club. This is the second voco in Bangkok. More voco properties are planned for Seoul, Melbourne, Nanjing, and Chicago. IHG currently operates 33 hotels in Thailand under 10 brands, with 34 more on the way. By 2026, the hotel chain intends to more than double its presence in the country across all its brands.
HOTEL INDIGO SIGNS IN LONDON: IHG has signed its first flagship property in London for its upscale brand Hotel Indigo in partnership with the Lancaster Landmark Hotel Co. Slated to open in spring 2025, Hotel Indigo London K West Shepherds Bush will offer 252 rooms. The existing hotel will undergo renovations to feature a new design, a destination restaurant and bar, a boutique spa and business facilities. Hotel Indigo has 41 open hotels across Europe, with 16 more in the pipeline. The brand has opened 143 hotels globally and has more than 119 hotels in the pipeline. IHG plans to double the brand’s footprint in the next three to five years.
THE PALMETTO’S UPCOMING OPENING: New York-based real estate development and investment company Dreamscape Companies has announced that The Palmetto, its boutique hotel in Charleston, S.C., is set to open in March. Located in Charleston’s French Quarter, the 45-room hotel is Dreamscape’s first one in the southern market. Acquired in 2021, The Palmetto has been reimagined and will be managed by Plano, Texas-based Aimbridge Hospitality.
RADISSON GROWS POLISH PORTFOLIO: Radisson Hotel Group has opened its first Radisson Blu Resort in Ostróda, Poland. The hotel marks Radisson’s 18th in Poland. Radisson Blu Resort & Conference Center, Ostróda, Mazury , consists of 238 rooms, a lobby bar, two restaurants with terraces overlooking Lake Drwęca, an aqua park with a sports pool, a spa with 12 treatment rooms and more than 2,300 square meters of event space including four function rooms, seven conference rooms and an auditorium hall.