STAYBRIDGE SUITES DEBUTS IN FRANCE: IHG Hotels & Resorts has introduced its Staybridge Suites brand in France with the opening of Staybridge Suites Cannes Centre. IHG has partnered with hospitality management company SOHOMA for the hotel. Located near the Croisette, the all-suites hotel features 81 suites with private balconies, fully equipped kitchens and walk-in showers. The property includes a terrace and garden, a fitness center, a 24-hour pantry, underground parking, free laundry facilities and a meeting area with a projection system for up to 10 persons. The Staybridge Suites joins IHG’s growing portfolio in France, which currently comprises 67 open hotels and an additional 15 properties in the pipeline.
RADISSON’S SAFARI HOTEL IN AFRICA: Radisson Hotel Group has opened its first safari hotel in Africa. The opening of Radisson Safari Hotel Hoedspruit also marks Radisson’s 11th hotel in South Africa. Located between two nature reserves, Kruger National Park and Blyde River Canyon, the hotel offers views of the Drakensberg Mountains, the highest mountain range in Southern Africa. Sporting a Scandinavian design, the hotel has 138 rooms and suites along with three restaurants, a sunbathing area and pool, an outdoor fireplace, a spa with a health bar and nail salon, a fitness center and five meeting rooms. Radisson currently has more than 1,700 hotels in operation and under development. The group has over 1,150 hotels in operation and under development in the EMEA and APAC regions.
U.S. PERFORMANCE UPDATE: Hotel performance in the U.S. was lower from last week, but YOY comparisons were positive, according to CoStar’s data through December 16.
- Occupancy: 54.7% (+1.1%)
- ADR: $142.62 (+4.7%)
- RevPAR: $77.99 (+5.8%)
Among the top 25 markets, San Francisco posted the highest YOY increases in each of the three key performance metrics: occupancy (+32% to 70.2%), ADR (+21.5% to $223.78) and RevPAR (+60.3% to $157.14). The steepest RevPAR declines were seen in Chicago (-13.5% to $64.61) and Washington, D.C. (-6.7% to $90.28).
REFINANCING OF WOODSPRING SUITES CHARLOTTE: Berkadia has announced the refinancing of WoodSpring Suites Charlotte — University Research Park. The 122-room extended-stay hotel is located in Charlotte, N.C. Berkadia secures $10 million in refinancing through KeyBank on behalf of sponsor Liberty Investment Properties. KeyBank provided a five-year, fixed-rate CMBS loan with a competitive interest rate and a full-term interest-only period. Built in 2021, WoodSpring Suites Charlotte offers rooms with queen-size or king-size beds, a full kitchen and housekeeping services. Based in Orlando, Liberty Investment Properties has developed more than 7 million square feet across more than 100 developments, including over 35 WoodSpring Suites hotels since 2007.
IHG SIGNS IN PAKISTAN: IHG Hotels & Resorts has partnered with Square Nine Estate Developers Pvt. Ltd. to sign a franchise agreement for its Holiday Inn Express & Suites hotel in Pakistan’s Islamabad. Holiday Inn Express & Suites The Avenue Islamabad will be part of The Avenue project, an upscale mixed-use development that will also comprise a retail unit. The 150-room hotel will feature a main lobby, an all-day restaurant, a lounge, a gym and four meeting rooms. The hotel will mark the debut of Holiday Inn Express in the capital city when it opens in 2026. The property will join Holiday Inn Express’ portfolio of over 3,000 hotels and more than 650 in the pipeline globally. Currently, IHG operates 109 hotels under eight brands across the Middle East.