Fattal’s TASE IPO underway: Fattal Hotel Management’s TASE IPO is underway. Fattal, owned by businessperson and hotelier David Fattal (72% of the share capital), his divorced wife Hadassah Fattal (9.5%), and Migdal Insurance and Financial Holdings Ltd. (18.5%), today published a prospectus for an offering of 10% of the company’s share on the TASE. The planned company value for the IPO is NIS 4.2-4.5 billion (US$1.2-1.5 billion). At the same time as the equity offering, Fattal is expected to register its existing NIS 100 million (US$29.2 million) in Series A bonds, which will become marketable. The offering is scheduled for early next month.
Aspen REIT qualified by SEC: Aspen REIT has been qualified by the SEC. Investors can now subscribe for shares in the St. Regis Aspen Resort. Upon closing of the planned US$33.5 million Reg A+ IPO, Aspen REIT will be the first single-asset REIT to list on a national securities exchange in the United States.
New boutique hotel for St. Paul: A new US$60 million boutique hotel is planned to open in downtown St. Paul, Minneapolis. The building owner will convert empty office space into a 127-room Marriott Tribute hotel, which will be called Hotel Mears. Construction is expected to start in June with completion slated for December 2019.
Marcus managing in Cali: Marcus Hotels & Resorts has been selected to manage the 83-room Murieta Inn and Spa in Rancho Murieta, California, which opened today.
Preferred Hotels & Resorts 2017 year-end results: Last year, the company generated US$1.35 billion in reservations revenue on behalf of its member properties worldwide, a 22% increase over 2016; welcomed 103 new properties; and boosted its points-based I Prefer hotel rewards program by launching a mobile app and members-only rates.
STR data, U.S. pipelines: According to data from Lodging Econometrics, the five U.S. markets with the largest hotel construction pipelines by project count are: New York with 180 projects/30,699 rooms; Dallas with 149 projects/17,860 rooms; Houston with 146 projects/15,714 rooms; Nashville, dipping below 120 projects for the first time since the second quarter of 2016, has 116 projects/15,793 rooms; and Los Angeles has 110 projects/16,733 rooms.
New York has the most new hotel openings forecasted for 2018 with 57 hotels/9,534 rooms, followed by Dallas, which is expected to open 34 hotels/3,841 rooms, followed by Houston with 31 hotels/3,113 rooms. New York is also forecasted to open the most hotels in 2019 with 37 projects/4,601 rooms, followed closely by Houston with 36 projects/4,381 rooms expected to open next year.