A quick roundup of global hospitality news.
ROSEWOOD DEBUTS IN THE MALDIVES: Rosewood Hotels & Resorts has announced its debut in the Maldives with Rosewood Ranfaru, which will open in 2027. Located on a chain of private islands around a lagoon in the South Male Atoll, Rosewood Ranfaru is developed by Estithmar Holding. The property will offer 120 beachfront and overwater villas featuring private pools and a select number of private islands. The hotel will include a Rosewood Explorer’s Club, multiple specialty restaurants, a beach club, a fitness center, multiple swimming pools, paddle courts and water sports. Rosewood currently manages 30 luxury hotels, resorts and residences across 18 countries.
STONEWEG’S €83M ACQUISITION IN SPAIN: Stoneweg Hospitality, the hotel investment unit of global real estate firm Stoneweg, has acquired two hotels from Globalia Business Corp. in Spain for €83 million ($91.58 million). The acquisition was made through several of Stoneweg’s discretionary funds and increased the company’s hospitality exposure by 25%, from 1,281 keys to 1,691 keys. The two acquired hotels include the 226-room, four-star La Niña in Costa Adeje, Tenerife, and the luxury, 184-room Palace de Muro in Muro, Mallorca. Both hotels include numerous restaurants, bars, pools, a spa, a gym and MICE facilities. Following the summer season, Stoneweg will reposition the properties through extensive renovations.
NOBU OPENS SIXTH SPANISH HOTEL: Nobu Hospitality has announced the opening of Nobu Hotel and Restaurant Sevilla in Spain. Located at Plaza de San Francisco, the hotel occupies two 20th-century residential buildings restored to enhance their traditional architecture. The 25-room hotel features a rooftop terrace with a swimming pool and dining area, as well as a Nobu restaurant. The hotel is owned by Millenium Hospitality Real Estate SOCIMI and is operated by Mercer Hotels chain. This marks Nobu’s sixth hotel in Spain and one of the three confirmed projects between Nobu Hotels and Millenium Hospitality Real Estate SOCIMI, with openings in San Sebastian (later this year) and Madrid (2024) in the pipeline.
WYNN UNVEILS DESIGN VISION OF UAE RESORT: Wynn Resorts Ltd. has announced the launch of Wynn Al Marjan Island, its new multi-billion-dollar integrated resort in Ras Al Khaimah in the U.A.E. Wynn Resorts also unveiled the design vision of its first beachfront resort, which is inspired by the seascape of Al Marjan Island, a group of four islands. The resort is being developed with local partners — Marjan LLC and RAK Hospitality Holding LLC. Overlooking the Arabian Gulf, Wynn Al Marjan Island rises over 1,000 meters above the sea and will feature 1,500 rooms, suites and villas. With an estimated project cost of $3.9 billion, the resort will include 24 dining and lounge areas, entertainment facilities, a gaming area, spa and wellness spaces, a high-end shopping center, a theatre and an events center. Foundation construction work started earlier this year. The resort is a flagship development of Marjan.
GREEN LIGHT FOR PPHE’S EUROPEAN REAL ESTATE FUND: PPHE Hotel Group has secured the required regulatory approvals for its newly launched European Hospitality Real Estate Fund. The fund will help the PPHE to identify, acquire and develop hotel assets across key European markets. Hotels acquired by the fund will be managed through the company’s hospitality operating platform. PPHE will participate in the fund for up to €50 million ($55.06 million) in cash and/or assets. In March, the company announced Clal Insurance as the fund’s cornerstone investor, committed to investing up to €75 million ($82.59 million). Upon receiving the approvals, additional investors will be able to participate in the remaining €125 million ($137.65 million) equity. With a full equity subscription and a targeted 50% bank leverage, the fund’s investment potential will be close to €500 million ($550.61 million).