IHG GROWS HUNGARY PORTFOLIO: IHG Hotels & Resorts and WING, the property development and investment group in Central Europe, have signed two hotels in Hungary. The two properties, Hotel Indigo Budapest Andrassy and Holiday Inn Express Vagohid, will mark the two brands’ debut in Hungary and add 265 rooms to IHG’s portfolio in the country. The hotels were signed at real estate trade fair EXPO Real 2023 in Munich. The 108-room Hotel Indigo Budapest Andrassy will open in Q2 2028 and feature a bar and restaurant. Located in southern Vagohid, Holiday Inn Express Vagohid is slated to open in 2027 with 162 rooms. These properties follow the signing of Kimpton Budapest and the opening of Crowne Plaza Budapest in 2021. Currently, IHG has four hotels across Hungary and three more in the pipeline.
WYNDHAM UNVEILS ALL-INCLUSIVE RESORT IN BARBADOS: Wyndham Grand has started accepting reservations for its latest resort, Wyndham Grand Barbados, Sam Lord’s Castle Resort & Spa. The 422-room, all-inclusive resort marks Wyndham’s entry into Barbados. The oceanfront resort will open on October 12 with select amenities, with a grand opening slated for early 2024. Located on the southeastern side of Barbados, the hotel is situated on Sam Lord’s Castle, known for pirates in the 19th century. The new-build property includes 37 suites with ocean views and lanai-style private balconies. The upscale eco-resort will offer more than 10 dining venues, a 13,000-square-foot spa with a pool area and relaxation deck, a fitness center, a yoga center, swimming pools, a kids center, tennis and pickleball courses along with 15,000 square feet of flexible meeting and event space which can accommodate up to 1,100 persons. Wyndham Grand currently has more than 70 properties globally.
U.S. PERFORMANCE UPDATE: Hotel performance in the U.S. was lower than last week even as YOY comparisons improved, according to CoStar’s data till September 30.
- Occupancy: 66.7% (+0.8%)
- ADR: $157.89 (+4.6%)
- RevPAR: $105.31 (+5.4%)
The positive shift of the Rosh Hashanah calendar shift helped occupancy rise YOY. At the same time, the Yom Kippur observance led to lower levels on weekdays. The top 25 markets saw good growth on all days of the week because of the easier YOY comparable. San Francisco/San Mateo saw the highest YOY increases in occupancy (+10.9% to 83.2%) and RevPAR (+22.6% to $215.61). Washington, D.C. also eclipsed 20% in RevPAR growth (+20.3% to $154.13). Oahu Island (+10.3% to 79%) and Minneapolis (+10% to 67.1%) also reported double-digit occupancy growth. Once again, New York recorded the highest gains in ADR (+13.7% to $342.45). Atlanta witnessed the steepest declines in occupancy (-6.4% to 64.6%) and RevPAR (-7.7% to $79.56).
HABYT RAISES €40M IN SERIES C FUNDING: Habyt, the flexible housing provider, has raised €40 million ($41.88 million) in a series C round of funding, which was led by new investors — Paris-based Korelya Capital and Munich-headquartered Deutsche Invest. Other new investors — Exor Ventures, Endeavor Catalyst, and existing shareholders P101, ITALIA500-Azimut, HV Capital, Vorwerk Ventures, Norwest, Kinnevik, Burda Principal Investments, and Inveready — also participated in this round of funding. With this round of funding, Habyt intends to grow its portfolio and debut in new markets, further develop ESG initiatives and upgrade its technological solutions. With more than 40% growth in its net revenue this year, the company aims to reach profitability in 2024. After its series B round in 2021, Habyt ventured into North American and Asian markets. Earlier this year, the company acquired Common Living following the acquisition of Hmlet. Founded in 2017, Habyt’s portfolio has expanded across three continents. Canada became Habyt’s newest market, adding 10,000 more units to its North American portfolio. Its Asian division will be expanding into neighboring countries and double its portfolio in Singapore and Hong Kong in 2024. In Europe, Habyt opened properties in Germany, Austria and France and will add 1,050 additional units by the end of this year and entering the U.K. in 2024.
SONESTA ESSENTIAL OPENS IN HOUSTON: Sonesta International Hotels Corp. has opened Sonesta Essential IAH Airport JFK Boulevard. The 57-key, upper-midscale, select-service hotel is Sonesta’s first Essential-branded hotel in Texas. Located in Houston, the hotel also marks the third Sonesta Essential-branded hotel to open since the brand was launched earlier this year. Available to franchise in the U.S., the brand offers new builds and conversions with modest standards, limited F&B requirements and easy conversion procedures.