A quick roundup of global hospitality news.
HOTEL VINTAGE SEATTLE SELLS FOR $33.7M: Pebblebrook Hotel Trust has closed on the sale of the 125-key Hotel Vintage Seattle in Seattle for $33.7 million to a third party. For the 12 trailing months ended March 31, the property’s net operating income was $0.8 million and its hotel EBITDA was $1.1 million, with the sales price reflecting a 31x EBITDA multiple and a 2.3% net operating income capitalization rate. Proceeds from the hotel’s sale will be used for general corporate purposes. This may include lowering the company’s outstanding debt and repurchasing common and preferred shares.
HOTEL INDIGO DEBUTS IN SOUTH AMERICA: Hotel Indigo, part of IHG Hotels & Resorts’ Luxury & Lifestyle Collection, has achieved a triple milestone with the opening of Hotel Indigo Galapagos on the island of San Cristobal in Ecuador. The hotel is the first IHG property in the archipelago and the brand’s debut in South America. The 35-room hotel is owned and operated by BPO S.A. Each room consists of an ocean-view open space with a private balcony and a lounging area with a minibar. The hotel comprises three suites, an on-site restaurant, a spa, gym, pool, wellness patio, jacuzzi, business center, event spaces and a gift shop. Located in the “Enchanted Islands,” a UNESCO World Heritage Site, Hotel Indigo Galapagos is the first property in the Islands with an Excellence in Design for Greater Efficiencies Certification. Hotel Indigo’s global portfolio currently includes 143 open hotels and 127 more in the pipeline.
CORALTREE ADDS THE PENINSULA BEACH RESORT: CoralTree Hospitality is growing its portfolio in Texas with the addition of The Peninsula Beach Resort, a full-service luxury resort community along the Gulf Coast. The 110-acre property located in Port Bolivar will consist of 90 single-family homes, 114 rental cottages to accommodate up to 1,000 guests per day, a clubhouse with two pools, 50 recreational vehicle sites, more than 160 beachside condominiums, multiple dining venues and a private airport. The airport will make the property a fly-in resort. The project’s first phase will open in the spring of 2024. Additional openings planned for phases one and two include 114 one-, two- and three-bedroom rental cottages with private guest clubhouses, a bar and grill, event facilities, two Olympic-sized pools, cabanas and pickleball courts. A restaurant, spa, four separate event facilities and 50 premium recreational vehicle sites are also expected to open. The final phase is expected to be completed by 2025. This phase will include 90 two-, three- and four-bedroom luxury beachfront homes and several mid-rise condominium towers with over 160 two- and three-bedroom units.
WYNDHAM PARTNERS WITH FULCRUM VENTURES ASIA IN THAILAND: Wyndham Hotels & Resorts has inked two license agreements with investment company Fulcrum Ventures Asia for the 183-key Ramada by Wyndham Bangkok Sukhumvit 11 and the 91-room Ramada by Wyndham Bangkok Ten Ekemai Residences. These agreements are the first deals between the two companies. Both these properties are expected to open in June. Once open, these hotels will be Wyndham’s 21st and 22nd hotels in Thailand and eighth and ninth, respectively, in Bangkok.
RENOVATIONS AT CURTAIN BLUFF: Curtain Bluff, the all-inclusive resort in Antigua, will reinvest in an extensive, multi-million renovation of the property. Renovations are expected to be completed for the property’s 62nd season reopening on October 1. While the property stays closed, the hotel’s two Hulford Collection Suites, Morris & Grace Bay pool suites and a collection of junior suites will undergo a complete renovation. Curtain Bluff will also debut an expanded wellness area, enhancing its existing health and wellness offerings and an exclusive adults-only wellness area. The property will also open a standalone Yoga Pavilion among the zen gardens, featuring a new infinity pool with views of the Caribbean Sea. With an additional $2 million investment, more room enhancements will be implemented, among other architectural modifications.