A quick roundup of global hospitality news.
ZORCA HOLDINGS SECURES £26.3M LOAN TO ACQUIRE TWO LONDON HOTELS: Zorca Holdings, a subsidiary of investment company Orca Holdings, has secured a £26.3 million ($33.35 million) loan from Leumi UK to partially finance the acquisition and renovation of two hotels in Bloomsbury in London. The refurbishment plan will see the two Grade II-listed properties merging into one 74-bed luxury hotel, which will include events space, a bar and a restaurant. The refurbished hotel will open in late 2024. Located near Russell Square, the hotels are housed in a 19th-century Georgian townhouse, which underwent some restorations in 2011. This marks the second deal between Leumi UK and Orca since they started working together in 2020. CBRE served as valuers, while Bird and Bird was Leumi UK’s legal counsel.
HILTON OPENS FIFTH PROPERTY IN TEXAS: Hilton has opened DoubleTree by Hilton Abilene Downtown Convention Center in Abilene, Texas. The 200-room hotel is Hilton’s fifth property in the market. Located across the city’s convention center, the hotel includes four executive suites and rooms offering in-room fitness. Amenities at the hotel include a fitness enter, an outdoor heated pool, a restaurant and cocktail lounge, a lobby lounge and 23,000 square feet of flexible meeting space (including 13 meeting spaces and an 11,600-square-feet ballroom that can accommodate over 1,300 persons).
US PERFORMANCE UPDATE: Hotel performance in the US was mostly flat compared to last week, while YOY comparisons were mixed, according to STR’s data through June 24.
- Occupancy: 71.4% (-1%)
- ADR: $159 (+0.9%)
- RevPAR: $113.58 (-0.1%)
Among the top 25 markets, Minneapolis reported the highest YOY increases in each of the three key performance metrics: occupancy (+9.1% to 74.5%), ADR (+20.2% to $158.08) and RevPAR (+31.1% to $117.8), driven significantly by Taylor Swift’s Eras Tour. The steepest RevPAR declines were seen in New Orleans (-14.6% to $87.85) and Miami (-11.9% to $122.22).
$550,000 CONTRIBUTION TO AHLA FOUNDATION’S SURVIVOR FUND: The J. Willard and Alice S. Marriott Foundation and Marriott International have announced a combined $550,000 contribution to help the AHLA Foundation’s No Room for Trafficking (NRFT) Survivor Fund, as part of the hotel industry’s commitment to fighting human trafficking. This contribution raises the fund to $3.4 million since it was launched less than a year ago and will be used for grants to community-based organizations which provide financial support and stability to survivors of human trafficking. The AHLA Foundation is in charge and administers the NRFT Survivor Fund and will be awarding the first grants in July.
HOLIDAY INN & SUITES ORLANDO COMPLETES RENOVATIONS: Holiday Inn & Suites Across from Universal Orlando, a Universal Partner Hotel, has completed its multi-million-dollar renovation. As part of the renovations, the hotel’s 239 rooms and 151 suites were enhanced to include new seating, lighting and modern kitchenettes. The hotel’s courtyard patio now includes river rock and wood bark ground. The 13,000-square-foot meeting and event space also underwent enhancements, including the grand and junior ballrooms.