Briefs: L+R, PGGM form European JV; HEI to manage Kimpton in Roswell

Livingstone brothers, PGGM form JV: The U.K.’s Livingstone brothers have formed a joint venture with PGGM, the Dutch pension fund manager, to invest €1 billion (US$1.12 billion) to acquire hotels from cash-strapped owners. London + Regional, the investment company of Richard and Ian Livingstone, will launch a European hotel venture with PGGM and John Ozinga, the former chief executive of Accor Invest. The partnership, in which PGGM will have majority interest, will target select cities in the Benelux region, Germany, Italy, France and Spain. L+R currently owns more than 100 hotels with 21,000 rooms worth more than €5 billion (US$5.64 billion) across Europe, the U.S. and the Caribbean.

Interstate to manage Tribe in Manchester: Interstate Hotels & resorts, the international division of Aimbridge Hospitality, has secured the management contract for England’s first Tribe hotel, part of the Accor family. The hotel will open at the Manchester Airport’s Chicago Avenue in 2023. The nine-story, new-build 412-room hotel, owned by H3 Hotels S.a.r.l., will include four restaurants and bars, a gym and a crew lounge for airline staff. The hotel will be a part of Airport City Manchester, a £1 billion (US$1.34 billion) development site featuring hotels, retail, offices, and advanced manufacturing and logistics facilities. The property marks Interstate’s third management contract at the Airport City Manchester site, after the 280-key Holiday Inn and the 262-key ibis Budget properties, which will open later this year. The company currently has a portfolio of 138 properties, including its pipeline, across the U.K., Europe and Russia/CIS.

Rendering of new Kimpton-branded hotel set for Roswell, Georgia

HEI to manage Kimpton in Roswell: HEI Hotels & Resorts has been selected by True North Companies to manage a new Kimpton-branded boutique hotel, which will be part of the West Alley Roswell mixed-use development in Roswell, Georgia. The interiors of the 125-room hotel will be designed by Sims Patrick Studio. The hotel will include multi-level lobby space connecting a chef-driven restaurant, rooftop bar, event and meeting space and specialty event hospitality suites. Besides the hotel, the West Alley project in the Roswell Historic District will include shops, restaurant, green space for community gatherings and parking space.

Corbin & King goes into administration: Corbin & King, the owner of London restaurants like the Wolseley and Delaunay, have fallen into administration after business was severely impacted by the pandemic. Minor International, which holds 74% stake in Corbin & King, has accused it of not meeting its financial obligations. Geoff Rowley and Ian Corfield, partners at specialist business advisory form FRP, have been appointed as joint administrators to Corbin & King Ltd. Minor had provided Corbin & King with loans and loan guarantees worth £38 million (US$51.23 million) since May 2020. Minor is the company’s biggest lender and shareholder and has also had a controlling position on its board since 2017. The restaurant’s operations won’t be affected by the administration and will continue to function.

Middle East RevPAR recovery highest: Middle East RevPAR reached 85.6% of the pre-pandemic comparable, recovering the highest among all global regions, according to 2021 year-end data from STR. The region has led in international arrivals and has hosted large events, like Expo 2020, boosting hotel performance in Dubai.

In comparison to 2019, here’s how RevPAR grew at all other regions:


  • Occupancy: 43.3% (-40%)
  • ADR: US$125.54 (-6.9%)
  • RevPAR: US$54.35 (-44.2%)


  • Occupancy: 48.8% (-28.9%)
  • ADR: US$73.31 (-24.1%)
  • RevPAR: US$35.78 (-46%)

Australia & Oceania

  • Occupancy: 47.2% (-36.3%)
  • ADR: US$142.60 (-2.4%)
  • RevPAR: US$67.24 (-37.8%)

Middle East

  • Occupancy: 56.5% (-14.1%)
  • ADR: US$141.16 (-0.3%)
  • RevPAR: US$79.77 (-14.4%)


  • Occupancy: 40.1% (-34.0%)
  • ADR: US$102.64 (-0.6%)
  • RevPAR: US$41.12 (-34.4%)

North America

  • Occupancy: 56.6% (-14%)
  • ADR: US$124.08 (-4.8%)
  • RevPAR: US$70.17 (-18.2%)

South America

  • Occupancy: 40.6% (-30.5%)
  • ADR: US$65.92 (-4.2%)
  • RevPAR: US$26.79 (-33.4%)

Marriott homes and villas launches in South Africa: Homes & Villas by Marriott International, the collection of premium and luxury home rentals, has debuted in South Africa, with the addition of around 300 homes in Cape Town, Johannesburg and Durban. These homes will complement Marriott’s existing portfolio of hotels in the country across several brands.

Stoneweg acquires in Barcelona: Swiss investor Stoneweg has acquired the 92-room Hotel Mimic in Barcelona for around €20 million (US$22.59 million) from Riera de Sant Miquel. The hotel opened in 2010 on the site of the old Gran Cine Colon. The building has retained part of the façade of the cinema room, with some rooms being themed on movie scenes. Stoneweg, which has recently been investing in the hotel sector, also sealed an agreement with Bain Capital and Hard Rock to open a 384-room hotel in Marbella.

Horseshoe returns to The Strip: Horseshoe, the historic casino brand, is returning to Las Vegas after more than 70 years. Caesars Entertainment will be transforming Bally’s Las Vegas into a Horseshoe casino through a multi-million-dollar renovation project that will begin this spring. The transformation to Horseshoe Las Vegas is expected to be completed by the end of this year. Renovations will include a refreshed exterior, new entertainment and food and beverage options and a new casino floor and public areas. This is the latest in the series of reimagining for Caesar Entertainment’s Las Vegas properties. To kick off the rebrand, the World Series of Poker will be returning to the Horseshoe, where it started in 1970. The 53rd annual World Series event will take place from May 31 to July 19 in a newly designed poker room.

Deutsche Bank blames Palladium Group in sales lawsuit: Deutsche Bank AG has blamed the Palladium Group, a former client, for crippling losses it suffered while investing in foreign exchange derivatives. The Ibiza-based hotel chain was wrong to defend itself against the fake sales claims that lie at the heart of a €500 million (US$564.81 million) lawsuit, Deutsche said, and named several of its former employees involved in the transactions, including Amedeo Ferri-Ricchi and former heads of global FX Jonathan Tinker and Fabio Madar. Palladium has alleged in the lawsuit that it entered into hundreds of complex deals with the German lender, which were impossible for Palladium to price, value or understand. Duetsche has launched an internal investigation, called Project Teal, to see if some of its products were mis-sold.