Kempinski signs residences in Istanbul: Kempinski Hotels has signed a management contract to manage the luxury residences in Istanbul’s Balmumcu – Beşiktaş neighborhood. Featuring 155 residences spread across five buildings and 11 villas with views of the Bosphorus in a 30,000 square meter site, the Kempinski Residences Balmumcu, Istanbul is set to open by early 2024. The residences and villas range from 194 to 1,340 square meters and will also offer services like a dedicated residence concierge, private gym, resident’s lounge, outdoor pool and valet parking. The residential project will join three more Kempinski-managed branded operational residences in the city — Kempinski Residences Astoria, Kempinski Residences Bellevue and Macka Residences by Kempinski — all of which were developed by Astaş Holding, and the Çırağan Palace Kempinski Istanbul, an urban resort on the banks of the Bosphorus.
Hilton to Galapagos Island: Hilton is set to debut in Galapagos Island with the signing of a franchise agreement with Serinatura S.A. for a Curio Collection by Hilton branded-property in Santa Cruz. The existing 21-room Royal Palm Galapagos Hotel will be converted as Royal Palm Galapagos, Curio Collection by Hilton and will remain owned and operated by its present management company led by Diego Andrade Murtinho. The conversion is expected to be completed by July. The boutique hotel is currently undergoing a renovation, which includes a refresh of the spa, lobby, guest rooms and dining spaces. Spanning across 160 hectares in the Miconia Highland Forests, the hotel is located within a valley between two extinct cinder cone volcanoes.
War in Ukraine impacts travel to Europe: Although the travel industry has been recovering after getting severely impacted by the pandemic, the war in Ukraine has become a cause for concern for Europe’s tourism recovery, as per a survey by MMGY Travel Intelligence. About 62% of U.S. travelers were concerned about the war spreading to neighboring countries as a factor affecting travel plans to Europe, compared to 31% who said COVID-19 health and safety concerns was a factor affecting travel. About 47% of travelers wanted to wait and see how the situation in Ukraine evolves before planning to visit Europe this year, while 50% cited concerns about possible delays and cancelations of flights, trains and cruises, and potential border closures. The most popular destinations that emerged: Italy, France, the U.K. and Germany.
Brookfield acquires in Spain: Brookfield Asset Management has finalized the acquisition of the 336-key Palladium Costa del Sol hotel in Benalmádena, Spain, from British fund, Benson Elliot. The purchase is reportedly set to close for €50 million (US$54.65 million). Featuring 11 suites, two swimming pools, four bars, five restaurants and a spa, the hotel was acquired by Benson Elliot in November 2017. Benson Elliot signed a management agreement with Palladium Hotel Group, which reopened the hotel after a major renovation project in September 2019. Benson Elliot’s management contract with Palladium will remain in place even after Brookfield’s acquisition. The acquisition will be done through the purchase of the company Bensell Benalmádena, which will be renamed as Selenta Benalmádena.
Supply of aparthotels in Dublin to jump 96%: The supply of aparthotels in Dublin will increase by 96% during the year, according to Savills. At the beginning of the year, aparthotels constituted merely 3.8% of Dublin’s hotel stock, compared to 8.1% and 9.5% in London and Manchester, respectively. Staycity, the home grown brand, has grown significantly in the city and added 401 units across two sites within the last 12 months by Locke Living. So far this year, two Staycity aparthotels have opened, with the aparthotel supply projected to grow further by 40%, based on the projects under construction, including the 340-unit Staycity scheme on Little Mary Street. The demand for the aparthotel sector in Dublin is driven by corporates like TikTok, JustEat and 2K Gamers setting up new headquarters in the city.
Junting acquires Narada Hotel Group: China-headquartered Junting Hotels has signed a share acquisition and transfer agreement for Narada Hotel Group, Zhejiang, China. The agreement includes the acquisition of Narada Resort & Spa, Narada Hotel and Jinglan Hotel. The acquisition price of 70% of shares of Narada Resort & Spa and Narada Hotel amounts to CNY 66 million (US$10.44 million), while Jinglan Hotel will be acquired for CNY 14 million (US$2.21 million). In addition, Narada Hotel Group’s ‘Junlan’ brands will be acquired for CNY 60 million (US$9.49 million), with the total deal being priced at CNY 140 million (US$22.15 million).
Tapestry Group acquires in Williamsburg: The Tapestry Group, in partnership with SBG Richmond Road, has acquired from SHNI Corp. for US$4.47 million a former Park Inn by Radisson in Williamsburg, Virginia. The new owners will be renovating and rebranding the 122-key hotel as a Wingate by Wyndham property. David Butchello of Cushman & Wakefield | Thalhimer’s hospitality group was in charge of the negotiations on behalf of the seller.
Avistone adds 2 to portfolio: Avistone, San Diego, California, has completed acquiring the 105-key Hampton Inn & Suites Legacy Park – Frisco in Texas and the 95-key Hotel Indigo Sarasota in Florida. The Hampton Inn completed a US$3.5 million improvement project in 2019 and Avistone plans to invest an additional US$4.3 million to add 24 rooms and make minor enhancements to the hotel’s public areas. The hotel deal was brokered by Marcus & Millichap and is being managed by Aimbridge Hospitality. For Hotel Indigo Sarasota, Avistone plans to invest an additional US$4.2 million to renovate and reposition the hotel to IHG’s Voco brand. The hotel’s deal was brokered by Berkadia and is being managed by Aimbridge.
Songy Highroads sells 2 Florida Keys hotels: Songy Highroads has sold two recently-renovated boutique oceanfront hotels in the Florida Keys — the 37-key Fisher Inn Resort & Marina and the 37-room Hadley House Resort — to an undisclosed buyer. Terms of the sale were not disclosed. Out of the 37 rooms in Fisher Inn Resort & Marina, 17 were constructed in 2020. Hadley House, which features a leased marina and water sports operation, was named after the first wife of author Ernest Hemingway.
Hotel Indigo Santa Barbara rebrands: California-based Pacifica Hotels, in collaboration with the new ownership group, has begun refreshing and rebranding of Hotel Indigo Santa Barbara as The Riviera Beach House. The hotel was recently acquired by the Mallick family, the same hotelier family which owns the Culver Hotel in Los Angeles, California. The hotel’s new look will be inspired by the Mediterranean lifestyle while staying rooted in California. More details on the hotel’s renovation will be announced later.
Mutualidad de la Abogacía sells 3 hotels: Mutualidad de la Abogacía, Madrid, has sold three hotels to Spain-based Plusell Blis, for €62.5 million (US$68.31 million), in an operation that yields a capital gain of close to €4 million (US$4.37 million). The three properties, with a combined count of 768 rooms and 55,116 square meters, are located in Vera Playa, Almería, Almuñécar, Granada, and Torremolinos, Málaga. All the hotels are leased and will continue the lease deals before this operation, which was advised by Cushman & Wakefield. The current portfolio of Mutualidad de la Abogacía consists of 44 properties, with a total area of 223,221 sqm and market value of over €763 million (US$834.01 million).