Funding for Admiralty Arch redevelopment: British investors the Reuben brothers are closing in on a £180 million (US$239.79 million) deal to fund the transformation of the Admiralty Arch into a luxury hotel and apartment complex in central London. The new loan will reportedly replace an existing loan of £110 million (US$146.54 million) extended last year by the Reubens to Prime Investors Capital and its leader Rafael Serrano. The historic building is set to have 96 rooms which will stretch down The Mall towards Buckingham Palace, as well as a private members club. In 2017, Prime Investors Capital inked a deal with Hilton to convert a portion of Admiralty Arch into a Waldorf Astoria hotel. The redevelopment was scheduled to be completed by this year. The hotel and residences, however, are now slated to open in 2023.
Hotel Equities, Sethi Management align: Hotel Equities, Alpharetta, Georgia, and Sethi Management, Carlsbad, California, have entered into a strategic alliance which will see Hotel Equities providing operational oversight, resources and national support to all of Sethi’s hotels. Hotel Equities has begun transitioning all 15 of Sethi’s hotels into its portfolio from late October and will be completed by December. The alliance is expected to speed up strategic growth for both Hotel Equities and Sethi, which has a portfolio that includes Hilton, Marriott and Hyatt properties.
Dan Hotels names new CEO: Shlomi Tahan has been appointed as the new CEO of Dan Hotels, Tel Aviv, Israel, replacing Ronen Nissenbaum. Shlomi will be taking charge from February. Tahan has previously held several senior positions in the hotel industry, including CEO and owner representative of the Ritz-Carlton Herzliya Hotel. Nissenbaum, after four years leading Dan Hotels, announced that he would step down from the position citing personal reasons and his desire be with his family in the U.S.
Auberge’s new project: Auberge Resorts Collection, Mill Valley, California, announced The Dunlin, Auberge Resorts Collection, a resort located along the coastline in the waterfront community of the Kiawah River in Charleston, South Carolina. Auberge has partnered with The Beach Company and McNair Interests for the project, which is being financed by United Bank’s Charleston offices. The resort will include 72 cottage-style rooms and suites, 19 villas, along with two event spaces. The property’s ground breaking is scheduled for January 2022 and is expected to open in 2024. The architect is Robert Glazier, while Amanda Lindroth of Lindroth Design will work on the interiors.
Club Med grows US portfolio: Club Med, Paris, announced the growth of their all-inclusive mountain concept in the U.S. with a new property at Snowbasin Resort in Huntsville Utah, which is scheduled to open in December 2024. The 320-room property will mark the brand’s first Exclusive Collection (5-star) resort in the U.S. along with their first new resort in the country in more than 20 years. The resort will feature two-bedroom deluxe rooms, family suites and private penthouse suites and will also offer group ski and snowboard lessons.
Mohegan Gaming financing for South Korea: Mohegan Gaming & Entertainment, the Incheon, South Korea-based developer of integrated resorts, announced the completion of financing to develop the Inspire Entertainment Resort on Yeongjong Island, South Korea. The funding of US$1.55 billion will be used for the first phase of development of the resort. The project is slated to open in 2023. The first phase includes three 5-star hotel towers, a 15,000-seat multifunctional performance arena, a foreigners-only casino, convention center, retail space, indoor water dome experience and an outdoor theme space.
Radisson, Cosmos Hotel Group sign deal: Radisson Hotel Group and Cosmos Hotel Group, part of Moscow-based AFK Sistema, have signed an agreement in which seven existing hotels in Cosmos’ portfolio will join the Radisson Individuals brand. Four more hotels are scheduled to open by 2025 under the dual branding deal. These hotels will operate under the Cosmos Hotels brand and use the Radisson Rewards loyalty program. Cosmos’ portfolio currently comprises more than 20 hotels in 15 Russian and global cities, including properties under major international brands owned by Sistema and five third-party owners. Cosmos operates all of these properties.
Wyndham’s milestone in India: Wyndham Hotels & Resorts announced the addition of four new properties in cities of Jaipur, Varanasi, Mohali and Udaipur in India under the company’s Howard Johnson by Wyndham, Ramada and upscale Wyndham brands. These new hotels will grow the hotel franchising company’s portfolio in India to 50 properties. The company has a development pipeline of about 30 hotels in India, with eight scheduled to open in 2022. The 80-room Wyndham Chandigarh Mohali opened in October, while the 68-room Ramada by Wyndham Varanasi Katesar opened earlier this month. The 107-key Ramada by Wyndham in Jaipur and the 94-key Howard Johnson by Wyndham Udaipur are slated to open in December.
Twice a charm at DFW: The Hyatt Regency DFW International Airport has sold in the largest North Texas hotel transaction since the start of the COVID-19 pandemic. The 811-room hotel has been reacquired by the original developer, Dallas’ Woodbine Development, for an undisclosed price. The deal was negotiated by Hodges Ward Elliott.
Japan PE firm buys in Osaka: Baring Private Equity Asia’s real estate arm has acquired for an undisclosed price a newly-built select-service urban hotel on Osaka, Japan’s Midosuji Boulevard. The hotel will be converted to a 3-5-room Holiday Inn Express. The deal is BPEA Real Estate’s first hospitality asset purchase in Japan since the close of its BPEA Real Estate Fund II fund in 2018.
Accor to employ young employees: Accor announced its partnership with Year13, the New South Wales, Australia-based digital enterprise for high school leavers, to inspire young Australians to explore career opportunities in the hospitality industry. To attract more Australians, it launched ‘Work Your Way at Accor’ program earlier this month, which enables Accor team members to work around their goals with same day hire, flexible working for all, personalized work perks, open pathways to travel and work around the Pacific and career development. Accor is presently recruiting for more than 1,200 new career opportunities at many of its 340 hotels across Australia.
Alloggio goes public: New South Wales, Australia-based travel technology platform and vacation rental management company Alloggio has gone public through an initial public offering on the Australian Securities Exchange. The company raised A$16.5 million (US$11.77 million) and finished its first day with a market cap of A$33.1 million (US$23.6 million). The company plans to use the proceeds to grow its mid-market hotel divisions and holiday property management and acquire property management rights in Australia. Founded in 2015, Alloggio runs 879 holiday homes, units and apartments on behalf of owners and lists them on third-party online travel portals.