A quick roundup of global hospitality news.
HOLIDAY INN CLUB VACATIONS ACQUIRES FOUR MEXICAN RESORTS: Holiday Inn Club Vacations Inc., a vacation ownership company and IHG partner, has acquired four beachfront resorts in Mexico’s Cancun, Playa del Carmen and the Riviera Maya from Royal Resorts. The acquisition includes most of Royal Resorts’ related companies and corporate operations. The acquired properties will be Holiday Inn Club Vacations Inc.’s first resorts outside of the U.S. These four resorts — The Royal Sands, The Royal Cancun, The Royal Haciendas and Grand Residences by Royal Resorts — will collectively add over 850 villas to the company’s portfolio of destination resorts. It is expected to take a year for the complete integration of the properties, which will continue to operate normally during this process. Once completed, IHG customers can book these properties through IHG and avail benefits of IHG One Rewards. The four resorts will join IHG’s global collection of 18 brands and over 6,000 hotels worldwide. As part of a separate agreement, Tortuga Resorts U.K. Ltd. is acquiring the entities which own and operate the remaining Royal Resorts properties – The Royal Islander and Royal Uno All Inclusive Resort & Spa.
MANDARIN ORIENTAL HOTEL, RESIDENCES IN ATHENS: Mandarin Oriental has announced the development of a new hotel and new residences in Athens. Located on the city’s shoreline, Mandarin Oriental Athens will be developed by BELT Riviera S.A., a TEMES S.A. company, and Hellinikon S.M.S.A., a wholly-owned subsidiary of Lamda Development. The property is scheduled to open in 2027 within The Ellinikon, an €8 billion ($8.62 billion) sustainably built urban regeneration project. The hotel will offer 123 rooms and suites and 17 branded residences, including waterfront villas and apartments. With views of the Aegean Sea, the property will feature multiple dining venues, indoor and outdoor event spaces and a spa. This will be the second Mandarin Oriental property in Greece, following the partnership with TEMES S.A. for the development of Mandarin Oriental, Costa Navarino, which will open this summer.
MARRIOTT PARTNERS WITH RAPPI: Marriott International has signed an agreement with Latin American technology firm, Rappi, Inc. to ramp up everyday earning opportunities and offer elevated travel experiences for Marriott Bonvoy members and Rappi users. Marriott Bonvoy members will soon be able to sync their Rappi and Marriott Bonvoy accounts, resulting in exclusive benefits, like earning Bonvoy Points for qualifying Rapi purchases while offering more benefits to Rappi Prime users. Currently, Marriott Bonvoy has more than 5.8 million users in the Caribbean and Latin America. This partnership will help Marriott extend its services to Rappi’s over 30 million users in nine countries.
$140M REFINANCING FOR SOHO BEACH HOUSE: Walker & Dunlop, Inc. has arranged $140 million in loan proceeds for the refinancing of Soho Beach House, a private members club and hotel in Miami Beach, Fla. Soho House & Co selected JPMorgan Chase Bank, N.A. and Citi Real Estate Funding Inc. for a 10-year, fixed-rate, interest-only loan; which repaid the existing debt, repatriated equity and covered financing and closing costs. Located in a 1940s tower overlooking Miami Beach, the modernized seven-story main building features 35 suites and a dedicated amenity space on the first three floors. The 16-story beachfront tower includes full-floor suites with wraparound private terraces and ocean views.
SHERATON OPENS MILESTONE 150TH HOTEL: Sheraton Hotels & Resorts has opened Sheraton Kagoshima, marking the brand’s 150th property in the Asia Pacific region and the first Sheraton property in Japan showcasing the brand’s modernized design concept as part of its transformation journey. Located at Kagoshima in Kyushu Island, the 228-room hotel features a lobby, a workspace, three restaurants, two bars and a club for Marriott Bonvoy Elite members and Club-level guests. Sheraton Kagoshima also offers three event venues totaling 6,565 square meters of space which can host up to 300 persons. Sheraton’s portfolio currently consists of more than 430 properties across 75 countries.