L&R enters US market. The U.K.’s London & Regional Properties purchased its first hotel in the U.S., a 283-room DoubleTree by Hilton in Marina del Rey, Los Angeles County. The property was acquired for US$127 million from Lubert-Adler, Channel West Group and Arris Investments. The hotel is close to Playa Vista, a player in the growing Silicon Beach technology hub. Previously a Courtyard by Marriott, the property was renovated and rebranded as a DoubleTree in 2014.
Mandarin expanding in Oman. Hong Kong’s Mandarin Oriental Hotel Group said it will manage a new resort and residences in the Omani capital of Muscat. The Mandarin Oriental, Muscat, is being developed by Eagle Hills Muscat, a private real estate investment and development company. The property will feature 150 guestrooms and suites, five restaurants and bars, a spa and outdoor pool, as well as 155 private apartments. The beach location will offer views of the Arabian Sea.
Investor aims to expand Plaza brand. One of the investors in negotiations to secure a majority stake in New York’s iconic Plaza Hotel for US$600 million plans to expand the luxury property in the Middle East. Shahal Khan, founder of Dubai’s White City Ventures, said he plans to open a property in the UAE by 2020 and then in China. Khan said his dream is to develop the brand, much like the Ritz Carlton, but with Plaza signatures such as the Palm Court and The Oak Room. Khan and partner Kamran Hakim are reported to be in talks with French luxury brand company LVMH for new retail stores in the New York flagship.
Shaner expands in Mediterranean. Shaner Hotel Group’s Italian-based division, which owns and operates European hotels, formed a join venture with Athens-based CS Hospitality to expand operations in Greece and Cyrus. The JV enables Shaner Italia to expand its footprint in the Mediterranean region, following its transformation of the Renaissance Tuscany Il Ciocco Hotel. The company recently announced the acquisition of the Grand Universe in Lucca, which will open in 2019 under the Marriott Autograph brand. “Greece and Cyprus are a natural expansion of our global efforts, following our footprints in Italy since 2011,” said Lance Shaner CEO of College Park, Pennsylvania-based Shaner.
Profits grow in Q1. U.S. hotels posted a 1.8% increase in profit per room in the first quarter, according to a poll of full-service hotels from HotStats. The profit growth was driven by a 2.2% increase in TrevPAR as hotels delivered record revenue increases across departments. The year-over-year growth contributed to the compound annual growth rate of +5.0% a year over the past four years to US$259.68 in the first quarter, a gain of almost US$20 from the first quarter of 2015. U.S. hotels, however, are wrestling with rising costs, the survey found.
Novum developing Niu in Dusseldorf. Germany’s Novum Hospitality said it plans to develop a Niu hotel in Dusseldorf between city and airport on the Vogelsanger Weg. With 226 rooms and 201 apartments, the property is one of the largest of the 50-plus Niu hotels on the drawing board. Family-owned Novum is teaming with proprietor and developer Peker GmbH and RKW+ Architekten. The Hotel, Niu Hub, is slated to open in spring 2021.
Caracas luxury hotel accepting cryptocurrency. Caracas’ 7-star Humboldt hotel is reopening after a renovation and is accepting payments in Petro, the oil-backed crypto currency. The 19-story landmark tower on the Avila mountain first opened in 1956 but was closed two years later. It opened again in 1991 with backing from an Italian investor, but was nationalized and closed in 2007. The oil-backed crypto currency was introduced by administration of President Nicolás Maduro as an alternative to the country’s fiat.
States struggle to regular Airbnb. Property owners with different agendas and the influence of traditional hotels have made it difficult for states to regulate Airbnb and other platforms, according to a new study by The Pew Charitable Trusts. Some cities have seen the short-term rental market as a threat to the conventional rental market as well as hotels. Others see as short-term rentals as a potential source of income and have sought to expand tourist or hotel taxes. Short-term rentals advertising on Airbnb and other platforms could face new state regulations. Proposals include requiring homeowners to register, limiting rental days, prohibiting local bans on the rentals or leaving it to local governments to sort out
NYC report on Airbnb called flawed. Following a report by the New York City comptroller that found Airbnb’s presence had increased city rents, the company whose data formed the basis of the study condemned the findings. The report used data from AirDNA, an unaffiliated company that collects and analyzes data from Airbnb listings. An AirDNA spokeswoman said the report came to a flawed conclusion and that Airbnb had no material impact on city rents.
Rezidor takes Radisson name. Rezidor Hotel Group AB is changing its name to Radisson Hospitality AB, following approval of shareholders. The name change better aligns Radisson’s global portfolio of hotels, said Federico J. González, president & CEO of Radisson Hospitality.