IHG signs two hotels in Hungary: IHG Hotels & Resorts has announced two new signings, both brand debuts for Hungary, in Budapest. The signings include Verno House Budapest, Vignette Collection, which will open in the summer of 2023 under a franchise agreement; and voco Budapest, which is scheduled to open in December 2023 with a management agreement. Both the properties have been signed with owner, the Hungary-based capital investment company DDPST Group. The 50-key Verno House Budapest opened on December 15 as a luxury lifestyle hotel under BDPST Group’s lifestyle umbrella brand, Botaniq collection. In summer 2023, the hotel will be franchised by IHG and join Vignette Collection. The hotel will include a restaurant with bar, a library room which can also be used as a flexible meeting space and a wellness area and gym. The 137-key voco Budapest will open after refurbishment of the existing D8 hotel, which is operational and managed by BDPST Group. IHG has three existing properties in Budapest — InterContinental Budapest, Crowne Plaza Budapest and Holiday Inn – Budapest Budaörs — with a Kimpton Budapest expected to open in 2025.
Marriott expands all-inclusive portfolio: All-Inclusive by Marriott Bonvoy, along with Blue Diamond Resorts, have opened Royalton Splash Riviera Cancun, An Autograph Collection All-Inclusive Resort in Cancun, Mexico. The new, all-inclusive resort offers 1,005 suites, a water park and nightly entertainment. The water park includes two lazy rivers, a splash pad and pool and 14 water slides and tubes. The resort also features two pools, indoor and outdoor theaters, fitness facilities, spa, kids club, eight meeting rooms and 12 culinary destinations. The property is the 31st hotel to join the all-inclusive portfolio in the Caribbean and Latin America. Autograph Collection Hotels’ current portfolio includes more than 270 independent hotels across over 45 countries.
Curio Collection by Hilton’s Dutch debut: Hilton has announced its first Dutch Curio Collection by Hilton hotel as part of a franchise agreement with Castle estate owner Bas van de Laar. Kasteel Gemert Eindhoven, Curio Collection located in Gemert is scheduled to open in 2024. The hotel will offer 56 upscale rooms. The interiors will be designed by Piet Boon. The property will include two restaurants and a bar, spa and wellness facilities, an indoor pool, an indoor meeting room and outdoor event area. Kasteel Gemert Eindhoven, Curio Collection joins 14 trading hotels in the Netherlands. The global portfolio of Curio Collection by Hilton includes over 130 properties.
CBRE raises RevPAR growth: CBRE has raised the RevPAR Growth in 2023 to 5.8% from 5.6%, as per the latest edition of the US Hotels State of the Union. RevPAR growth will be driven primarily by a 4.2% rise in ADR and a 1.6% rise in occupancy. Employment remains strong, with unemployment staying steady at 3.7% in November and set to increase further next year. CBRE expects higher and more persistent inflation. Inflation is projected to remain above the long-run average of 2.8% through 2024. RevPAR saw a marginal dip as a percentage of 2019 in October. Most chain scales and location types saw a slight pullback from post-COVID highs as a percentage of 2019. With search trends softening in November, Google searches for future business and leisure travel slowed in November. TSA throughput saw a slight pullback. Transaction pricing remains stable, with transaction price per key for limited-service and full-service staying relatively stable despite rising interest rates. International travel continues to fuel growth. The mid-October reopening of Japan and the continued easing of travel norms in China is expected to drive growth in 2023.
Sale of 2-property portfolio in Texas closes: Marcus & Millichap has closed the sale of a two-property, 180-room hospitality portfolio in Denton, TX. The properties include the 88-room La Quinta Inn & Suites and the 92-key Holiday Inn Express & Suites. Gomes and Marcus & Millichap broker Allan Miller represented the seller, Dallas, TX-based Angel Hospitality Group, and procured the buyer, an out-of-state, high net-worth individual. Built in 2010, the La Quinta Inn & Suites was improved in 2020-2021. Constructed in 2009, the Holiday Inn Express & Suites received improvements in 2020.
AHLA announces promotions: The American Hotel & Lodging Association announced three promotions in its leadership team. Kiersten Pearce was promoted to senior vice president, executive & strategic initiatives. Adrienne Weil was promoted to senior vice president, member engagement & services. Kara Filer was promoted to senior vice president, strategic partnerships and business development.
Adam Cassidy sells Tempest: Adam Cassidy, the founder of Clearview Capital Group, has completed the sale of the Tempest hotel in Tempe, AZ. Terms of the sale were not disclosed. Cassidy held the property under the entity, 1875 E. University Owner LLC. Located adjacent to the Arizona State University Campus, the hotel was sold to local hotel group, Jay Sagar LLC. The property earlier operated as a Quality Inn. The hotel was repositioned by Cassidy to a more upscale boutique hotel with a new lobby bar and beer garden.
Springboard adds 2 in SC: Encino, CA-based Springboard Hospitality has added two new, oceanfront hotels totaling 410 rooms to its portfolio — The Sandcastle Oceanfront Resort at the Pavilion and The Sandcastle Oceanfront Resort South Beach in Myrtle Beach, SC. This marks Springboard’s expansion into the Palmetto State. Springboard Investment Advisors LLC advised on structuring the hotel’s management contract and co-investment alongside Los Angeles-based Hybridge Capital Management. Springboard’s portfolio currently consists of 41 properties across 11 states. The group added six new hotels this year and now manages over 6,000 rooms in the U.S.
Davidson to operate Barnsley Resort: Atlanta, GA-based Davidson Hospitality Group has been selected to manage Barnsley Resort in Adairsville, GA under its operating vertical, Davidson Resorts. The 3,000-acre resort offers 140 rooms, including standalone cottages and suites, 16,000 square feet of indoor meeting space, a hunting reserve, an 18-hole championship golf club and a 10-acre lake. The hotel also features three restaurants and bars, spa, fitness center and three retail shops. In collaboration with ownership, Davidson will be in charge of the planned expansion project, adding new amenities, room renovations, etc. This is the third property that Davidson operates in Georgia.
Aimbridge adds 3: Aimbridge Hospitality has added expanded its Full Service Division with the addition of two destination resorts and a large-scale hotel. The properties, owned by a group led by Florida-based philanthropist, Kiran Patel, adds 1,269 keys under the management of Aimbridge. The three properties are the 241-key Westward Look Wyndham Grand Resort and Spa, the 712-key Wyndham Grand Pittsburgh Downtown and the 316-room Dolce Cheyenne Mountain Resort. Aimbridge’s present portfolio includes over 1,500 properties in 50 states and over 20 countries, inclusive of pipeline.
IHCL signs in Gujarat: Mumbai, India-based Indian Hotels Co. Ltd. has signed its first hotel in Rajkot, Gujarat, in partnership with City Organisers Pvt. Ltd. An existing 120-key hotel will be converted and rebranded into an IHCL – SeleQtions hotel following extensive renovations. The hotel will include an all-day diner, specialty restaurants and a lobby lounge with a deli, 750 square meter of banquet space and smaller meeting rooms, a pool, fitness center and a salon. With the addition of this hotel, IHCL will have 20 hotels across its Taj, SeleQtions, Vivanta and Ginger brands across Gujarat including four under development.
Watergate Bay Hotel acquires Sands Resort: Watergate Bay Hotel has acquired Sands Resort in Porth, Cornwall, as part of a plan to build a new lifestyle aparthotel on the coast. The 72-bed project will be developed into a new self-catering site operated by Watergate Bay’s Beach Retreat brand. Construction will start next year. Plans include 24 new lodges to be built on the 11-acre plot. Sands Resort will continue to operate for the forthcoming tourist season. The acquisition comes at a time when Nicholas Malcolm, Sands Resort owner, will be retiring.