A quick roundup of global hospitality news.
$750M CONSTRUCTION LOAN FOR MIXED-USE PROJECT NEAR HARVARD UNIVERSITY: JLL’s Capital Markets group has arranged a $750 million construction loan for the first phase of the Enterprise Research Campus in Allston, Mass., representing one of the country’s biggest construction loans closed year-to-date 2023. The campus is a 900,000-square-foot mixed-use development close to Harvard University. The first phase will comprise a 345-unit multi-housing building, a conference center operated by Harvard University and two laboratory buildings, which will be developed by Breakthrough Properties. The development will also consist of street-level shops, restaurants and more than two acres of open space for events. JLL represented the developer, Tishmann Speyer, to secure the financing led by Otera Capital.
HOLIDAY INN RESORT IN PATTAYA: IHG Hotels & Resorts has partnered with Thailand-based hospitality and restaurant company, Destination Group, to sign a Holiday Inn Resort in Pattaya. This is the third collaboration for a conversion property in Thailand between the two partners, following the recently signed Holiday Inn Resort Phuket Surin Beach and Holiday Inn Resort Phuket Karon Beach. The 318-room family-friendly hotel is expected to open in late 2024 after it converts from the former Mountain Beach Resort. The hotel will include three restaurants and the signature KidSuite and Kids Stay & Eat Free program. Currently, IHG has 34 open hotels across Thailand and a pipeline of 37 more. The company plans to double the size of its portfolio in the country in the next five years.
ZEAL HOTELS PLANS NET ZERO CARBON HOTEL: Zeal Hotels has acquired a site for a 142-room net zero carbon hotel at Exeter Science Park in England. Zeal Hotels has signed an exclusivity agreement with IHG Hotels & Resorts for the hotel, which will be managed by Valor Hospitality. Construction is scheduled to start in July. The upscale lifestyle hotel, which will open in Q4 2024, aims for at least a BREEAM rating of Excellent with a target of Outstanding. Solar panels will be installed at the hotel for its energy requirements, and locally-sourced food and beverage will be an important point of the hotel’s operation. The hotel will feature a gym and meeting room.
FIRE LOOKOUT TOWERS CONVERTED TO VACATION HOMES: Kristie Wolfe, the Airbnb host and creator of minimalist rental homes, has launched her new property — MoonPass Lookouts: An Elevated Forest Experience. Located in the forests of Wallace, Idaho, MoonPass Lookouts is set on a 55-acre property and rises 30 feet in the air offering 360-degree views of the forest. The property comprises five custom-made fire lookout towers and a museum, each tower featuring a smart glass roof for stargazing. Each of the pet-friendly towers will offer fully-equipped kitchens, a private sauna and a wood-burning stove.
MMI HOTEL GROUP TO OPERATE FONTANA VILLAGE RESORT: MMI Hotel Group has been selected to operate Fontana Village Resort & Marina in Fontana Dam, N.C. Located amidst the Smoky Mountains, the property is spread across 356 acres and features a 91-room lodge, 124 cabins, two restaurants, two pools (including a lazy river), a general store, sports fields/courts, a gas station, post office building, a 60-slip marina with 18 floating cabin moorings and an 18-hole miniature golf course. Cabins range from one- to four-bedroom units with views of the mountains and include a living room.