Hyatt returns to Scotland: Hyatt Hotels Corp. has entered into a franchise agreement with Edinburgh International Conference Centre (EICC) for the Hyatt Centric Edinburgh Haymarket in Scotland. Expected to open in mid-2025, the 349-key hotel will be the first Hyatt property in Scotland and part of the Haymarket Edinburgh development, which will include office buildings and retail units. In collaboration with Edinburgh College, the EICC development will also feature a hospitality training academy. The hotel is being designed by Foster + Partners, with Glasgow-based design firm Ica working on the interiors. Hyatt Centric Edinburgh Haymarket will join Hyatt’s 16 properties in the U.K. and will be the second Hyatt Centric there.
Dream Hotel Group signs in Saint Lucia: Dream Hotel Group, New York City, will open the 90-key Cas en Bas Beach Resort by Dream Hotel Group in Saint Lucia in 2023. The signing with the U.K.-based Wellington Estates, led by Edward Wellington, is the group’s first property in on the Caribbean island and its second By Dream Hotel Group-branded hotel in the region. The condo- resort consists of two low-rise buildings and includes several dining venues. The resort’s layout has been planned to follow the path of the sun. Currently, Dream has 15 open hotels and 25 locations in various stages of development.
Sunstone to acquire JV interest in Hilton San Diego: Sunstone Hotel Investors, Irvine, California, has entered into an agreement with Tysons, Virginia-based Park Hotels & Resorts to acquire Park’s 25% interest in the joint venture, which owns the leasehold interest in the 1,190-key Hilton San Diego Bayfront. As part of the deal, Sunstone will pay Park US$102 million in cash and assume Park’s US$55 million share of the current mortgage loan on the hotel, which is already wholly consolidated as part of Sunstone’s financial statements, After the transaction, Sunstone will own 100% of the venture’s interests in the hotel. Together with the debt, the purchase price implies a US$628 million value or US$527,7000 per key and represents a 13.2x multiple on the hotel’s 2022 forecasted EBITDA and a 6.6% capitalization rate on 2022 forecasted net operating income. Sunstone plans to finance the deal primarily by borrowing on its revolving credit facility.
Crestline adds to management portfolio: Crestline Hotels & Resorts, Fairfax, Virginia, will manage the 187-room Courtyard Dulles Airport Herndon Virginia for San Diego, California-based Avistone, LLC. The newly acquired and renovated hotel includes a 910-square foot meeting room. Crestline currently manages 125 properties with 18,000 rooms in 29 states and the District of Columbia.
Hotel Lancaster, Plastiks launches luxury travel NFTs: Hotel Lancaster in Paris and Plastiks, the utility NFT powered by London-based Nozama, have launched a new range of NFTs, each linked to a luxury experience in the hotel while also helping reduce the volume of plastic waste in the environment. The 15 initial NFTs will go on sale from June 1 and will be connected to a hotel room while supporting Green Mining to remove 15 tonnes of plastic waste from Brazil. Along with the art work of the room the guest will be staying in, the NFT will also include the Plastic Recovery Guarantee that certifies that plastic has been removed from the environment in Brazil. The integration of Plastic Recovery Guarantee while booking a room is part of the hotel’s plan to offset its environmental impact. This technology will give environmentally-conscious guests proof that 1 ton of plastic has been recovered.
JV to open Hilton in Washington, D.C.: Trammell Crow Co., Dallas, Texas, and Metlife Investments Management have formed a joint venture to open The Morrow, a 203-room hotel under the Curio Collection by Hilton in NoMa area in Washington, D.C. The hotel is expected to open this fall as part of a mixed-use development, Central Armature Works, which will include three towers (one for the hotel and two residential towers with 640 apartments) located on top of a 60,200-square-foot retail podium. The hotel will feature 16,500 square feet of meeting space and three dining venues from Michelin-starred Chef Nicholas Stefanelli of Masseria and Officina. Shalom Baranes Associates is working on the hotel’s design. The rooms and event spaces are being designed by Rottet Studio, while dining spaces and common spaces are being developed by INC Architecture. The hotel is being developed on the last site of Central Armature Works, a 100-year-old electrical manufacturing and repair business.
Marriott hotel in Walmart’s corporate campus: Walmart Inc., Bentonville, Arkansas, has signed a franchise agreement with Marriott for a 153-key hotel on its new corporate campus. The hotel, which is slated to open in summer 2024, spans 90,000 square feet and will operate under Marriott’s AC Hotel brand. The five-story building will be used by Walmart for recruiting, company meetings and employee visits. It will include 6,000 square feet of flexible event space on the main lobby floor and a rooftop lounge with both indoor and outdoor seating. San Francisco, California-based Gensler is the project’s executive architect, working alongside operators like Miller Boskus Lack Architects, CEI Engineering Associates, Nabholz Construction Corp. and the Springdale office of Flintco.