MADRID’S HOTEL MIGUEL ANGEL CHANGES HANDS: Lopesan Hotel Group, the Canary Islands-based hotel company, has partnered with investment company Stoneweg Hospitality to acquire the Hotel Miguel Angel in Madrid. While the purchase price was not disclosed, the transaction marks the biggest deal in the Spanish hotel sector this year. Previously owned by General Mediterranean Holding S.A SPF, the hotel is located in Paseo de la Castellana. The deal marks Lopesan’s entry into Madrid. The hotel joins the group’s portfolio of 22 owned and managed hotels across five countries. The 241-room Hotel Miguel Angel will undergo renovations, which will include enhancements to its dining options. The historic hotel will be modernized to create a new hotel concept. Law Firms Squire Patton Boggs and A&O Shearman advised the seller and buyer, respectively.
NEXGEN HOTELS ACQUIRES SOUTH FLORIDA HOTEL: NexGen Hotels, the Itasca, Ill.-based hotel development and management company, has acquired The Maritime Hotel Fort Lauderdale Airport & Cruiseport. The purchase price was not disclosed. A short drive from Hollywood-Fort Lauderdale International Airport, the boutique hotel will be renovated and rebranded as the Moor Hotel at Marina Bay, a Tribute Portfolio Hotel. The hotel is expected to complete its transition by the third quarter of 2025. Situated within the 25-acre Marina Bay Resort, the hotel features 150 rooms across eight floors, an onsite restaurant and bar, an outdoor pool, a fitness center and 2,500 square feet of indoor event spaces.
FOUR SEASONS TO OPEN IN BELIZE: Four Seasons is expanding its portfolio and will be opening a new luxury, oceanfront property in Belize. Located just off the coast of Belize, Four Seasons Resort & Residences Caye Chapel will consist of a 104-room hotel, which will include 18 overwater bungalows. Designed by Mauricio Gomez de Tudo and Taller G, the hotel will have two beach clubs, a full-service spa and select access to a 10-hole championship golf course designed by Greg Norman. The resort will also offer 24 branded residences along the northern perimeter of the island, ranging from two- to four-bedrooms. The residences and hotel are expected to open in 2025.
DIWALI LIFTS DUBAI OCCUPANCY: Occupancy in Dubai jumped during Diwali celebrations, with occupancy touching its highest October levels since 2012, according to latest CoStar data.
- Occupancy: 82.2% (+1.4%)
- ADR: AED819.76 (+2.5%)
- RevPAR: AED673.98 (+3.9%)
From October 25 through the end of the month, Dubai’s Festival of Lights celebrations elevated the market’s performance in all three key metrics. The highest occupancy (92.9%) and RevPAR (AED957.77) in October were recorded on Tuesday, October 29. The market’s highest ADR was recorded on Diwali — Thursday, October 3, with occupancy rising to 90.8% and RevPAR to AED951.51 on the same night. Overall, the market’s daily occupancy levels remained above 70% on all but one night: Sunday, October 6 (69.8%).