Mövenpick to expand in Jeddah: Mövenpick Hotels & Resorts announced it is opening a fourth property in the Saudi Arabian city of Jeddah. The 300-key Mövenpick Hotel Heraa Jeddah is scheduled to open in the first quarter of 2019.
ARC Hospitality receives financing: American Realty Capital Hospitality Trust Inc. (ARC Hospitality) announced it has entered into a commitment letter with Deutsche Bank AG New York Branch and Deutsche Bank Securities Inc. to provide up to US$450 million in financing for ARC’s previously announced acquisitions of separate, independent hotel portfolios from affiliates of Summit Hotel Properties, Noble Investment Group and Wheelock Street Capital.
Exclusive Resorts to debut new collection: Vacation club Exclusive Resorts plans to introduce a new European Villa Collection for 2016. The new collection includes 15 residences ranging in size from two to seven bedrooms in six European destinations.
North Carolina hotel acquired: The Buccini/Pollin Group announced it has completed the acquisition of the 353-room Sheraton Raleigh Hotel in North Carolina. The hotel will be operated by PM Hospitality Strategies. The Buccini/Pollin Group acquired the property for US$47.85 million from Oaktree Capital Management and Northview Hotel Group.
Serviced apartments to gain higher profile: Serviced apartments will continue to evolve, with the next generation likely to make better use of technology with a tendency towards smaller units, according to a new report from HVS.
Click here to download the report
McCaslin joins HHM: David McCaslin has joined Hersha Hotel Management (HHM) as executive vice president to lead the company’s private investment platform and launch its asset management business. The former president of Northwood Hospitality will be pivotal for HHM as it plans to acquire US$500 million in hotel assets over the next three years.
Engage names new leader: In San Francisco, Engage Hospitality founder Yvonne Lembi-Detert announced COO David Chin has taken over as president and CEO of the boutique operator of 13 hotels in Northern California. Chin actually took over Engage Hospitality in May after Lembi-Detert stepped down to pursue other opportunities after 30-plus years of building and managing hotels.