Starwood Capital acquires Spanish loan portfolio: In partnership with Sankaty AdvisorsLLC, Starwood Capital Group acquired an €800 million (US$1 billion) Spanish loan portfolio that includes resort locations and small to medium enterprise real estate. This is the largest portfolio of its kind to be sold in Spain that comprises both hotel and corporate loans.
Hilton launches Idea Network: As the latest expansion to Connect+, Hilton Worldwide launched Idea Network. The Idea Network was created for planning professionals and features articles, advice and tips.
Shangri-La to manage new hotel in Cambodia: Shangri-La International Hotel Management Ltd. will manage its first hotel in Cambodia. The 300-room luxury hotel will open in 2019 as part of a mixed-use development along the Mekong River.
Read more at Channel News Asia
Rezidor expands Saudi hotel portfolio: Carlson Rezidor and Al Hokair Group have signed a long-term country development agreement in Saudi Arabia. Rezidor will operate about 30 new and existing hotels, resorts and serviced apartments under the Radisson Blu and Park Inn by Radisson brand.
Hotel Okura to open luxury resort in the Philippines: Hotel Okura Co. Ltd. will open Hotel Okura Manila in the Philippines. The 380-room luxury resort will open in 2018.
Dusit Thani to expand into Vietnam: Dusit International will open its first Dusit Thani hotel in Vietnam in 2016. The beachfront hotel will include 266 guestrooms in addition to 117 apartments and 56 residential villas for purchase or rental.
Radisson Menomonee Falls under new management: Hostmark Hospitality Group will manage Radisson Menomonee Falls in Wisconsin. Hostmark will oversee service and property management improvement projects for the 135-room hotel.
Read more at Hostmark’s website
Wyndham earnings: Wyndham Worldwide Corp.’s third-quarter income rose 10% as revenue improved across all business segments. Wyndham earned US$206 million for the period ending September 30. Wyndham’s third-quarter earnings in 2013 were US$187 million.
Choice earnings: Choice Hotels International’s third-quarter income increased to US$39.42 million from US$38.57 million in 2013. Total revenues decreased to $215.17 million from last year’s $216.72 million.