Starwood, PAG redevelop UK Renaissance: A joint venture between Park City, Utah-based developer Property Alliance Group and Starwood Capital Group has acquired the 1970s Renaissance hotel in Manchester, England, and intends to redevelop it into a £200 million (US$274 million) mixed-use scheme with offices, homes and a new hotel. A controlled affiliate of Starwood, through the JV with PAG, scooped up the long leasehold of the hotel from developer Urban & Civic for an undisclosed sum. The acquisition of the Renaissance with PAG marks a return to the city for Starwood and the two companies hope to work together on other projects across the Northern Powerhouse region in the future.
West Hollywood’s Standard closing: The Standard hotel on the Sunset Strip in West Hollywood is scheduled to close January 22, 22 years after opening with the financial support of such stars as Leonardo DiCaprio, Cameron Diaz and Benicio del Toro. The location was the first that hotelier Andre Balazs opened in the Standard chain of boutique hotels. The chain grew to six locations in the Los Angeles area, New York, Miami and London, and it operates under parent company Standard International. Balazs stepped down as the company’s chairman in 2017. A Standard International representative said Thursday that the holder of the building’s lease exercised its option to raise the lease price in 2019 and that the increase has “rendered it unsustainable to operate the hotel.”
More from the Los Angeles Times
Aimbridge to manage Fort Sutter Sacramento: Evolution Hospitality, the lifestyle division of Plano, Texas-based Aimbridge Hospitality, has opened and is managing the 105-room Fort Sutter Hotel Sacramento, a new Tapestry Collection by Hilton property based in Sacramento, California. The hotel has begun accepting reservations for 2021 to accommodate guests in their casual-modern rooms and suites, including five one-bedroom suites with 1 ½ baths.
Preferred gets guests to bid on future experiences: Preferred Hotels & Resorts has unveiled a new benefit for valued members of its “I Prefer” rewards program with “I Prefer Auctions,” a limited-time bidding initiative that provides a new way to use points earned during past travels to purchase both future hotel experiences. The pilot launch runs from January 21 through February 3 and comprises a selection of experiences available across 11 independent hotels in North America to be redeemed through 2021. The experiences range from overnight stays to locally inspired tasting menus and personalized spa treatments – all of which can be paid for with points accrued in 2019 and 2020.
HVS U.S. franchise fee guide 2020: Published every year, the HVS U.S. Hotel Franchise Fee Guide provides a comparative review of various hotel franchises based on their applicable franchise fees. Selection of an appropriate franchise affiliation affects a property’s ability to compete in its local market, generate profits, and achieve a desirable image and market orientation.
Kasada acquires Sub-Saharan African portfolio: Johannesburg-based Kasada Hospitality Fund has acquired a portfolio of Sub-Saharan African Hotels from Port Louis, Mauritius-based AccorInvest. The deal is one of the largest cross-border hospitality M&A transactions in Africa and will see Kasada take control of eight fully operational hotels across three countries — Ivory Coast, Senegal and Cameroon — comprising 1,602 hotel rooms focussed on servicing intra-regional business travel in Africa.
Tripadvisor report on travel intentions: A new report from Tripadvisor reveals how consumers are planning to travel in 2021, as well as what impact the ongoing pandemic has had on their trip planning habits. The majority of hotel clicks on Tripadvisor are already shifting to international destinations. Additionally, vaccinations have the potential to be game changers for traveler confidence.
Sunbelt chosen for development project: Phoenix, Arizona-based Wild Horse Pass Development Authority has selected Scottsdale, Arizona-based legacy developer Sunbelt Holdings to lead the development efforts for the property’s 3,300-acre project known as Wild Horse Pass, a new commercial development that will provide revenue streams to the Gila River Indian Community by responding to current market demand. The Wild Horse Pass master plan is planned for a large-scale sports and entertainment district including additional hotels, a wellness center, an event center, an outdoor amphitheater music entertainment venue, sports facilities, outdoor recreation and parks, restaurants, retail, and an office park.