Marriott signs milestone branded residential project: Marriott International signed an agreement with Vietnam-based real estate firm Masterise Homes to develop a dual-branded residential and office project in Ho Chi Minh City. According to Savills International Development Consultancy, the agreement marks the largest hotel-branded residential project announced to date worldwide, with close to 4,200 residential and office units. The project is anticipated to include branded units from two Marriott brands – JW Marriott and Marriott Hotels. Expected to open in late 2024, the project will be part of an integrated mixed-use complex slated to include residential, office and commercial units.
MGM pressed to sell 20% of China business: Sean Ma’s Snow Lake Capital is urging MGM Resorts International to sell 20% of the Macau business. They suggest the stake go to a “leading” Chinese consumer internet or travel and leisure company to unlock shareholder value. The corporation is the largest institutional investor in MGM China Holdings.
Dominv’s secures US$93M funding for hotel builds: London real estate development and investment group Dominvs has secured £68.5 million (US$93.2 million) of funding, intended for the development of a new Hampton by Hilton hotel in London’s Aldgate, and a £20.5 million (US$27.9 million) investment loan for the Courtyard by Marriott hotel in Oxford. The hotel in Aldgate, formerly the Arbor City Hotel, was purchased by Dominvs in October 2018 and planning was granted for a new larger hotel scheme on the site during Q4 2018. Construction on the 278-key Hampton by Hilton London City hotel is scheduled to be complete in June 2023.
IHG brings Indigo, Staybridge to Nottingham’s Island Quarter: IHG will bring two of its brands within one hotel to Nottingham in the U.K., after signing a management agreement with Conygar, the developer behind The Island Quarter development. The 17-story hotel will comprise 223 bedrooms and suites – 155 located within Hotel Indigo and a further 68 dedicated Staybridge Suites rooms.
Date change for IHIF: The 23rd annual International Hospitality Investment Forum (IHIF) had been scheduled for September 6-8, 2021, at the InterContinental Berlin in Germany, and will now take place September 1-3, 2021.