Luxury partnership: Global developers Omnam Group, London, and Nicosia, Cyprus-based Mohari Hospitality have formed a strategic partnership and a platform to develop lifestyle and luxury hospitality products, as well as food and beverage outlets and leisure offerings throughout Europe. The partnership is expected to announce new projects this fall. J. Allen Smith, Mohari’s managing partner and former President and CEO of Four Seasons Hotels and Resorts, is joining Omnam’s board of directors. Mohari’s portfolio includes the Four Seasons and Andaz hotels at Peninsula Papagayo in Costa Rica, as well as the 1 Hotel Toronto, among others. Omnam’s portfolio includes the W Rome and development projects that include the Four Seasons Puglia, Baccarat Hotel Florence, an Edition in Lake Como and the Kimpton Post in Rotterdam.
Concord Summit closes financing for ski resort: Concord Summit Capital, Miami, Florida, has arranged US$232.5 million of construction financing for the Kindred Resort in Keystone, Colorado. The luxury 107-room Kindred Resort, located within a mixed-use project adjacent to the Keystone Ski Mountain Resort River Run Gondola, will be managed by Rock Resorts, a subsidiary of Vail Resorts. Concord Summit sourced a senior construction loan worth US$140 million, US$55.47 million in CPACE financing and a commitment for US$30 million of preferred equity investment for the development. The capital stack is rounded by a US$7 million co-general partner investment from Denver, Colorado-based Pure Development. The project is expected to transform the base of Keystone to offer a hotel, a new ski school, multiple new dining venues, a private ski club and 96 luxury residential condo units. The development is slated to be completed by 2025. PCL Construction is the project’s general contractor, with OZ Architecture working on the design.
NewcrestImage finalizes LaQuinta acquisition: NewcrestImage, Dallas, Texas, has finalized the acquisition of the LaQuinta Inn & Suites LAX, with the closing of the 281-key, 10-story property located close to the Los Angeles International Airport expected Tuesday. The hotel will be managed by Highgate Hotels and is part of NewcrestImage’s purchase of four LaQuinta properties totaling 696 rooms. The closing of the three other hotels — LaQuinta Inn & Suites Irving DFW North, LaQuinta Inn & Suites Anaheim and LaQuinta Inn & Suites Phoenix North — happened earlier this month. The company also owns and operates two historic hotels — the 325-key Magnolia Hotel in Dallas and the 164-key Sinclair Hotel in Fort Worth, Texas.
Club Med sale-leaseback: Watson Farley & Williams Greece (WFW) has advised Paris-based Hova Hospitality on behalf of Primonial REIM France SA on the €70 million (US$69.79 million) sale and lease of Club Med’s Gregolimano resort at Evia, Greece. The all-inclusive resort is undergoing refurbishments, as part of a renovation and extension project with an initial budget of €20 million (US$19.94 million). WFW has advised on the legal due diligence on the resort and on its former owner, provided support during the demerger, and advised on the drafting and negotiations of the share purchase and lease agreements and the renovation project agreement. WFW has also negotiated the terms for the funding of the deal. The WFW Athens Project and Structured Finance team was led by Partner Nikolaos Kostikas and supported by Senior Associates Georgia Mathiopoulou and Sofia Tyligada.
Pyramid Global adds in North Carolina: Pyramid Global Hospitality, Boston, Massachusetts, has taken over management of the 118-key Holiday Inn Express Blowing Rock South in Blowing Rock, North Carolina. The newly-renovated mountain gateway property includes an outdoor pool and fitness and business centers. Since its launch in 2021, Pyramid Global Hospitality’s global portfolio includes over 340 properties across the U.S., Europe and Caribbean.
Hybrid roles rise in Q2: As pandemic situations ease hybrid working roles soared 31% in Q2 2022 compared to Q4 2021, while remote working and work-from-home options are on the decline, according to a recent GlobalData report. According to the report, job postings with keywords such as ‘remote jobs’ fell by 11%, and ‘work from home’ dipped by 13%. GlobalData’s research from December 2021 showed that only 30% of employees wanted to return to full-time, in-office roles compared to 48% who wanted a hybrid working option and 22% who wanted to permanently work from home. Job postings for remote work offers declined 11% in the technology sector YOY and 18% YOY in the healthcare segment. Hybrid job postings jumped 53% in the technology sector YOY, while hybrid roles rose 15% in the banking and payments industry.
IHG partners with Atlanta schools: IHG Hotels & Resorts is partnering with Clark Atlanta University and Morehouse College, both Historically Black Colleges and Universities and located in Atlanta, Georgia. The partnerships are IHG’s effort to deepen early-career recruitment among historically underrepresented groups. Through the partnerships, IHG will contribute expertise and resources to support students’ professional development to inspire careers in hospitality and create a pipeline of future job opportunities within the company. As a Premier Corporate Partner to Clark Atlanta University, IHG will aid students’ academic experiences, including preparing students for interviews and resume building. The company’s executives will participate in information sessions and opportunities to connect with students considering hospitality as their profession. This will include collaborating with a hospitality club and access to IHG Skills Academy, the virtual learning academy. IHG will also recruit students for its internship program and finance a student lounge. IHG will be Gold Corporate Sponsor and Morehouse College’s exclusive hospitality partner, support the college’s new student orientation, recruit students for IHG’s internship program and partner on some signature campus events. IHG also plans to offer scholarships in support of students of both colleges who are interested in careers in hospitality.