ENNISMORE TO INTRODUCE SO/ IN HUNGARY: Ennismore has signed a SO/ hotel in Budapest, marking the brand’s first destination in Hungary. SO/ Budapest is slated to open in 2026, following refurbishment of the exterior and interiors of an existing building. Located on the Pest Bank, the Sofitel Budapest Chain Bridge Hotel is being repositioned to open as SO/ Budapest. The hotel will feature 350 rooms, including 56 suites and two presidential suites. Inspired by the world of fashion, the rooms will be centered around the art of ‘getting dressed’ and feature backlit vanities, open-style wardrobes, dressing room mirrors and reflective surfaces. SO/ Budapest will offer four F&B venues, including a ground-floor restaurant with a terrace and café by Carte Blanched, Ennismore’s in-house dining concept studio, a lobby café on the first floor and a rooftop restaurant and club. The hotel will also offer more than 740 square meters of meeting and events spaces, along with 855 square meters of spa facilities with a pool and wellness space. Ennismore is set to open hotels in Hungary in the next few years, with properties from 25hours, JO&JOE and Mama Shelter opening in Budapest. Globally, Ennismore will open more than 15 hotels and over 50 restaurants and bars this year.
CORALTREE ADDS TO MANAGEMENT PORTFOLIO: CoralTree Hospitality has added Austria Haus Hotel in Vail, Colo. to its management portfolio. The 25-room boutique hotel is situated on the banks of Gore Creek in Vail Village. CoralTree has entered into a licensing agreement with Hyatt to manage the hotel under the Destination by Hyatt brand. The hotel features a lobby lounge, fitness center, laundry facilities, pool, business and concierge services. Denver-based CoralTree has over 35 hotels, resorts and residential rentals in its portfolio.
U.S. PERFORMANCE UPDATE: The U.S. hotel industry posted higher performance from last week and improved YOY comparisons, according to CoStar’s data through May 11.
- Occupancy: 66.1% (+2.1%)
- ADR: $162.14 (+4.4%)
- RevPAR: $107.24 (+6.6%)
Among the top 25 markets, San Francisco posted the highest YOY increases in each of the three key performance metrics: occupancy (+20.6% to 79.3%), ADR (+54.5% to $313.13) and RevPAR (+86.3% to $248.28). The market’s performance was lifted by the RSA Conference. Helped by NPE2024, Orlando saw the second-highest gains in occupancy (+18.6% to 75.7%) and RevPAR (+28.9% to $160.81). The steepest RevPAR declines were seen in Philadelphia (-27.1% to $101.16) and Nashville (-9.2% to $133.09).
PYRAMID GLOBAL’S NEW BRAND FOR WORKPLACE MANAGEMENT: Pyramid Global Hospitality has launched their new brand, PYRAMIDWORKS, which will create and manage curated office communities. The new division of the hospitality management company brings in more than 30 years of experience in managing training facilities, corporate campuses and several office space projects with brands like JetBlue, Paramount Pictures, Verizon, Deloitte and Whirlpool. PYRAMIDWORKS will offer services such as property management, cultural programming, tech support, corporate management training, F&B services and more.
