PROFITABILITY IMPROVES IN EUROPE: Key hotel markets in Europe saw month-over-month improvement in GOPPAR, according to STR’s February P&L data. February GOPPAR in London touched $65.55, 83% of the pre-pandemic comparable. The market in January reported GOPPAR at $42.06, which was 65% of the 2019 figure. This was followed by Amsterdam’s GOPPAR of $35.98, which was 74% of the pre-pandemic comparable after reaching only 7% in January using the same comparison. Berlin’s GOPPAR was 21% of the 2019 comparable and showed a significant month-over-month increase from negative levels in January.
THE OZARKER LODGE TO OPEN IN SUMMER: Eagle Point Hotel Partners (EPHP), an independent platform focusing on hotel real estate, has partnered with Missouri-based hospitality branding and design firm Longitude to open The Ozarker Lodge, a new independent boutique hotel in Branson, Mo. This is the first hotel acquisition, renovation and repositioning for the partnership, which plans to expand in the Midwest in the next few years. The Ozarker Lodge is EPHP’s first property in the Midwest. Slated to open this summer, the property features 102 enhanced rooms, an outdoor event space, a refurbished lobby, outdoor fire pits, soaking tubs, an onsite coffee bar and a mercantile shop.
WASHINGTON, D.C. LEADS EVENTS IN MARCH: The Washington, DC-MD-VA market led the U.S. meetings and events industry by volume in March, according to the latest study by Knowland. Chicago claimed the second spot, followed by Los Angeles- Long Beach. The top industry driver for meetings was National Associations in four of the top five markets. Washington, D.C., soared ahead of other markets this month, driven by the National Cherry Blossom Festival from March 22-25. The market averaged 200 attendees per meeting and 5,468 square feet used and an average of 16 bookings per property through the month. Volume in March surged 79.6% over March 2022. Washington DC-MD-VA was in the lead hosting National Associations, followed by education and healthcare. Chicago, Los Angeles, San Diego and Dallas rounded out the top five markets. The top five markets in terms of YOY growth in meetings and events were Raleigh-Durham-Chapel Hill, N.C.; Fort Myers, Fla.; Oahu Island, Hawaii; Jacksonville, Fla.; and Memphis, Tenn.
ARLO HOTELS TO DEBUT IN CHICAGO: Real estate investors and developers Oxford Capital Group and Quadrum Global have partnered to launch Arlo Chicago on April 11. The 218-key property will mark Arlo Hotels’ debut in the Midwest and Chicago and is its sixth hotel overall. Located in a tower that earlier housed Chicago’s landmark Atlantic Bank Building, the building underwent more than $75 million in renovations in 2018 by Hirsch Associates LLC. The renovations added five stories to the building. The rooms and hallways have been designed by Gettys Group. The hotel includes an onsite restaurant.
RADISSON ADDS TO THAI PORTFOLIO: Radisson Hotel Group has opened Lewit Hotel Pattaya, a member of Radisson Individuals in Pattaya. This marks Radisson’s seventh hotel in Thailand, following the recent openings in Phuket and Hua Hin. Lewit Hotel Pattaya, a member of Radisson Individuals, features 100 rooms, a restaurant, a fitness center, two meeting rooms, a pre-function area, an outdoor swimming pool, a water slide and a sundeck. The hotel is close to the beach of Jomtien and Yin Yom Beach.