IHG MDA for Germany: IHG Hotels & Resorts has signed a multi-development agreement (MDA) with Solutions4Hotels GmbH (S4H), a commitment to develop 10 hotels of the Holiday Inn brand family with approximately 800 rooms in Germany. IHG and S4H have also signed Holiday Inn Express Leipzig South as part of the MDA. The agreement is part of an extensive mixed-used development project in 10 locations which also includes the development of premium service stations and restaurants. Each site will feature a futuristic service station, including electric charging, a petrol station with sustainable fuel solutions, a hotel, and a high-quality F&B offer. The building sites are located along Germany’s main motorways, all near large cities. Holiday Inn Express Leipzig South is the second signing within the MDA, following the signing of Holiday Inn Express Hamburg South in 2020. The rooms at the Leipzig hotel are planned as a wooden modular built, and the hotel will run on geothermal heating and feature solar panels for energy production which will be fed back into the hotel’s circuit system. The hotel is planned with 79 rooms and is expected to open towards the end of 2023.
Trinity acquires in affluent Greenwich: An investment fund managed by Trinity Fund Advisors, an affiliate of Trinity Real Estate Investments, has acquired the 373-room Hyatt Regency Greenwich in Connecticut. The price paid was not disclosed, but the asset did come at a discount to replacement cost. Trinity is planning a multi-million-dollar renovation of the four-story hotel’s guest rooms, lobby, and meeting space. Trinity also plans to enhance the hotel’s amenities, replace the existing restaurant with a grab & go market, and re-concept the existing Gazebo Bar located in the hotel’s central atrium. Hyatt Regency Greenwich represents Trinity’s seventh hotel transaction since the final closing of Trinity GP Fund I L.P., Trinity’s inaugural fund, in 2021. These acquisitions include the EAST Miami, W Hollywood, Omni San Diego Hotel, Hyatt Regency Indian Wells Resort & Spa, and Four Seasons Resort Dallas at Las Colinas.
Hyatt, 12.1. team up again: Hyatt Hotels Corp. has entered into a franchise agreement with the 12.18. Group for SCHLOSS Roxburghe Hotel & Golf Course. The luxury property will mark the debut of the Destination by Hyatt brand in Scotland, as well as in the United Kingdom. The property that dates to the 12th century and was formerly owned by the Duke of Roxburghe will be =transformed into a luxury retreat with the addition of 58 rooms and suites to the property’s existing accommodations, as well as 12 cottages, expected to be complete by late 2022. An additional 49 cottages will successively open by 2024. The guest rooms and suites will be spread across three areas: the main historic house with 20 individual rooms and suites, the Estate House with 58 rooms and suites, and 61 cottages that overlook the estate’s grounds, each to be fitted with personal kitchens, living areas and secluded patios. This marks 12.18.’s third project with Hyatt to join the Destination by Hyatt portfolio. It will be the second Hyatt-branded property in Scotland, joining the recently announced Hyatt Centric Edinburgh Haymarket.
Developer targets Spain, Portugal: Amsterdam-based Redevco has ventured into the European hotel market with the acquisition of six real estate assets across Spain and Portugal for more than €80 million (US$79 million). The investments in Lisbon, Bilbao, Seville, Porto, and Malaga will seed the launch of Redevco’s Next Gen Stays joint venture platform, which will transform redundant properties into hotels. The intention is to build a €250 million (US$248 million) portfolio in the Iberian markets with a like-minded joint venture partner initially, before expanding into a pan-European hotel vehicle with a target of €500 million to €700 million (US$495-694 million) investment volume. Next Gen Stays targets a net levered internal rate return of at least 15% over a five-year period. Redevco is working alongside a Spain-based boutique hotel operator that will drive the design and lease the asset.
Pebblebrook reports on Ian impact: Pebblebrook Hotel Trust reported that several of its resorts were impacted by Hurricane Ian. However, the company does not expect the costs to repair and remediate damage from the storm to be material. The 189-room LaPlaya Beach Resort & Club in Naples, Florida, will remain closed as the company completes a full review and assessment of the damage. It expects its property, flood, and business interruption insurance policies to mitigate the financial impact caused by the hurricane. The 119-room Inn on Fifth, located in downtown Naples, Florida, reopened on October 1 after incurring minor damage from the hurricane. The company’s remaining five other hotels and resorts in southern Florida and Georgia impacted by Hurricane Ian are open and operational.
Big September for meetings, events: Knowland released September meetings and events data, reporting 135.4% growth over September 2021. Additionally, September 2022 grew by 23.7% over August 2022. The top five growth markets for September (in order) compared to August were Washington, D.C., Boston, San Diego, Chicago, and Los Angeles. The corporate segment represents 53.1 percent of the meetings and events business, with Healthcare, Technology, and Financial/Banking taking the lead as the largest industry segments. From a recovery standpoint compared to September 2019 levels, Online Retail, Sports Entertainment, Agriculture, Arts/Performing Arts, and Automotive were the segments at the highest level of recovery captured in September of 2022.
Trio acquires Marriott near Chicago: Frontier Development & Hospitality Group and its partners, Sun Development & Management Corporation and 3H Group Inc. have acquired the 254-key Chicago Marriott Suites Downers Grove outside Chicago in Illinois. The property is scheduled to undergo a US$10 million capital improvements plan. to enhance, upgrade, and position the property for future success. “This hotel purchase presented a unique opportunity to acquire an institutional asset from a REIT at a great basis, during a down market, with strong upside potential,” said Frontier Development & Hospitality Group CEO Evens Charles.
Sircle expands private club concept: Developer Liran Wizman’s Sircle Collection has announced plans to open a second private club – this one in its home base of Amsterdam. The Cover will open this winter inside the W Amsterdam and will focus on supporting health, wellbeing, community, work and everything in between. It will feature access to a members-only social area, private workspaces and the AWAY Spa & Gym, with members also enjoying benefits inside The Duchess’ Michelin-starred restaurant, Sircle Collection’s portfolio of hotels, spa treatments, meeting spaces and more. Members will also be able to access the other Cover located in Barcelona. The group plans to open four clubs across Europe by the end of next year. The Cover has also been selected as a partner of Sonato’s network of independent private members’ clubs around the world, meaning our members can also access private spaces in cities like Los Angeles, Singapore, Toronto and beyond.
Bullish on UK business travel: New American Express research suggests both 42% of U.K. business travelers and decision-makers are looking to increase the amount of business travel they undertake, while over two-thirds (68%) planning to ramp up their spending in this area by 50% or more compared to current levels. The vast majority (82%) confirmed that business travel plays a key role in driving revenue, profitability and enabling growth; 60% of businesses said they plan to expand into new UK regions while over a third (35%) want to enter new international markets.
Davidson adds resort: Davidson Hospitality Group, under its resort division, will manage Pebblebrook Hotel Trust’s Newport Harbor Island Resort in Newport, Rhode Island. Formerly known as Gurney’s Newport Resort & Marina, the 10-acre, 257-room property is located on Goat Island in historic Newport and will undergo a renovation encompassing a complete repositioning, reimagining, and rebranding of the property.
Pyramid grows near university: Pyramid Global Hospitality has taken over operations of the 113-suite Home2 by Hilton Tuscaloosa Downtown in Alabama. The addition marks Pyramid’s 19th hotel on or near a university/college campus, one of the company’s core segments. Pyramid’s global portfolio spans more than 220 properties in the U.S., Caribbean and Europe.
First Hospitality grows in Wisconsin: Chicago-based owner-operator First Hospitality has assumed management of three properties in Wisconsin, including the Hampton Inn & Suites Kenosha; the Homewood Suites by Hilton Milwaukee Downtown; and the Candlewood Suites Kenosha. Totaling 277 keys, the three Wisconsin properties are owned by Kenosha-based Bear Real Estate Group
OTO to rebrand in Maryland: OTO Development, Spartanburg, South Carolina, will renovate and rebrand Dunes Manor in Ocean City, Maryland. Work is scheduled to begin mid-October and, upon project completion in late Spring of 2023, the hotel will re-open as Hilton Garden Inn Ocean City Beachfront. Dunes Manor, originally built in 1987, was purchased by OTO in December 2021. The repositioned 12-story hotel will include 170 beachfront rooms with balconies as well as an indoor pool and a deck nearly 300 feet long overlooking the Atlantic Ocean. There will also be a café, an oceanfront restaurant and bar, and 3,000 square feet of meeting and event space.