Riyadh’s performance remains steady: The hotel industry in Riyadh showed steady performance levels in February compared with the recent months, according to preliminary data from STR.
- Occupancy: 72.2%
- ADR: SAR652.09 (US$173.64)
- RevPAR: SAR471.01 (US$125.42)
This was the third February in Riyadh since 2015 with the occupancy level crossing 70%. Additionally, the RevPAR level was the market’s second highest during the pandemic, after December 2015.
Highgate launches into South America: Highgate announced its foray into South America by taking over management of a six-hotel portfolio in Peru owned by Urbanova. The deal grows Highgate’s portfolio in the Caribbean and Latin America (CALA) to 26 hotels and resorts. The new portfolio in Peru consists of Marriott-branded properties — Palacio del Inka Hotel, a Luxury Collection Hotel in Cusco; Tambo del Inka, A Luxury Collection Resort in Urubamba; Hotel Paracas, A Luxury Collection Resort; Aloft Lima Miraflores; AC Hotel Lima Miraflores; and the Westin Lima Hotel & Convention Center. Earlier in the year, Highgate had acquired and assumed management of the Embassy Suites by Hilton San Juan Hotel & Casino. Highgate’s CALA portfolio currently spans more than 13 countries.
Braemar completes acquisition of Dorado Beach: Braemar Hotels & Resorts, Dallas, Texas, has completed the acquisition of the 96-key Dorado Beach, a Ritz-Carlton Reserve in Dorado, Puerto Rico. The company has additionally acquired the income stream attributable to 14 luxury residential units adjacent to the property that is part of a rental agreement program. The total value of the acquisition was around US$193 million (US$1.8 million per key, including the residential units). The acquisition was funded with US$104 million of cash, six million shares of common stock and the assumption of a US$54 million mortgage loan.
Crawford Hoying announces new hotel in Cincinnati: Crawford Hoying, Dublin, Ohio, in partnership with Trinitas Ventures and State College, Pennsylvania-based Shaner Hotels to announce Hotel Celare — a new Tribute Portfolio hotel at The District at Clifton Heights mixed use community in Cincinnati, Ohio. The 171-key hotel will feature a jump lobby, rooftop bar and several outdoor spaces. Construction is scheduled to begin later this year, with an expected completion date in early 2024. Hotel Celare will be Shaner’s seventh hotel in Ohio and their 47th Marriott-branded property. The seven-story, 132,00 square feet building is being designed by Meyers+Associates and interior design is being led by Texas-based Studio 11. The building will also house 18,500 square feet of leasable ground floor and second floor retail or restaurant space, along with event and meeting space on the second floor.
HRI announces second Nashville hotel: HRI Hospitality, New Orleans, Louisiana, has closed on construction financing for the ground-up development of a 360-key Tempo by Hilton hotel in Nashville, Tennessee, adjacent to Nashville Yards. The hotel is expected to break ground later this month and open in spring 2024. It will be owned by HRI Hospitality and operated by HRI Lodging. The hotel’s architectural design will be led by local firm ESa and Bell Construction Co. will serve as the design-builder, while Wimberly Interiors will work on the interiors. The property will mark HRI’s second hotel development in Nashville, after the redevelopment of the James Robertson Building into the Holston House hotel in 2018, and their 28th overall in the U.S. The US$85.2 million construction loan was arranged by Met Real Estate Partners of Atlanta, who brought in Bank of America under their A/B Loan Program.
AirDNA, Alpine enter strategic partnership: AirDNA, the Denver, Colorado-based provider of short term rental data, announced its strategic partnership with San Francisco, California-based Alpine Investors. Terms of the transaction were not disclosed. With Alpine’s support, AirDNA will enhance its data solutions, develop more sophisticated tools across industries like hospitality and real estate through its self-serve intelligence platform, MarketMinder, and enterprise data packages. As part of the partnership, AirDNA will appoint Demi Horvat as COO. Horvat will join the company from Alpine’s CEO Program, an in-house talent program for recruitment into its portfolio companies. Scott Shatford, AirDNA founder, will continue as the company’s CEO. GLC Advisor served as financial advisors and Scale LLP served as legal counsel to AirDNA. For Alpine, Morrison Foerster served as legal counsel.