CRESCENT ACQUIRES HOMEWOOD SUITES BY HILTON DESTIN: Crescent Real Estate LLC has acquired the Homewood Suites by Hilton Destin through its investment vehicle GP Invitation Fund III, LP. The hotel’s purchase price was not disclosed. The 95-room, newly constructed all-suite hotel is located along Emerald Coast Parkway and is operated under a franchise agreement with Hilton. Crescent has selected HEI Hotels & Resorts to manage the hotel. Opened in 2022, the extended-stay hotel offers studio, one- and two-bedroom suites with separate living and sleeping areas and fully equipped kitchens. Amenities include a resort-style outdoor pool, a hot tub and a fitness center.
JW MARRIOTT ADDS IN CHINA: JW Marriott, part of Marriott International’s luxury portfolio, has expanded its portfolio in China and opened in Xi’an. The opening of JW Marriott Hotel Xi’an Southwest marks the brand’s second location in the city. Located in Xian’s Hi-tech Industry Development Zone within the business district, the hotel is close to some of the popular attractions. Inspired by the Tang dynasty and the Chinese Ancient Academy, the hotel’s design blends Chinese culture with contemporary luxury. JW Marriott Hotel Xi’an Southwest has 292 rooms and suites, each floor featuring a mini exhibition area showcasing the city’s culture and history. The hotel also offers two restaurants and a lounge bar, a signature JW Garden on the sky terrace, a fitness center, a yoga room, an indoor pool and more than 2,100 square meters of event space, including a grand ballroom and eight function areas. At present, there are 120 JW Marriott hotels across 35 countries.
M RESORT SPA CASINO’S SECOND RESORT TOWER: M Resort Spa Casino, the team headquarters hotel of the Las Vegas Raiders, has broken ground on the expansion of the resort. A second resort tower will be constructed, marking the development phase for the PENN Entertainment property, which opened in March 2009. The expansion project has a budget of $206 million and will add 384 rooms and 15,000 square feet of convention space, doubling the resort’s footprint to a total of 774 rooms and suites. The expansion will also add enhanced amenities, new dining concepts and local partnerships. Marnell Architecture has designed the new tower, which will be constructed by the PENTA Building Group. The construction is expected to be completed in 18 months, with the opening scheduled in summer 2025. The 390-room M Resort Spa Casino features more than 92,000 square feet of gaming space, 11 restaurants and bars, a fitness center and a 100,000-square-foot pool and events piazza. The resort is operated by PENN Entertainment.
CANADA HOTEL PERFORMANCE: Hotel performance in Canada followed seasonal trends and slipped month-over-month but continued to record YOY growth, according to CoStar’s November data.
- Occupancy: 62.1% (+0.5%)
- ADR: CA$179.18/US$134.02 (+5.8%)
- RevPAR: CA$111.19/US$83.16 (+6.4%)
Canada’s performance returned to single-digit growth in November, CoStar said, and room rates fueled most of the RevPAR growth. With the performance reflecting the slowing growth of ADR in the past few months, softer room rate growth is likely to continue till mid-2024. Among the provinces and territories, Manitoba saw the highest occupancy level in November (70.6%), 7.5% below 2022. Among the major markets, Toronto posted the highest occupancy (74.1%), which was 1% behind 2022. The lowest occupancy was recorded in Prince Edward Island (46.5%), down 22.5% from 2022. At the market level, the lowest occupancy was reported in Edmonton (+4% to 55.7%). Looking ahead, CoStar forecasts occupancy to dip every month till the end of Q1 2024.
JEWEL PUNTA CANA SELLS:Â Playa Hotels & Resorts N.V. has closed on the sale of the Jewel Punta Cana for $82 million. Playa anticipates the sale to generate total net proceeds of $70 million. The group has entered into a long-term management deal with the new owner to manage the resort. The transaction was completed on December 15. Proceeds from the sale will be used for general corporate purposes, Playa said in a statement. Currently, the company owns and/or manages 24 resorts totaling 9,027 rooms.