HOTEL ASTORIA TO REOPEN UNDER CORINTHIA: Corinthia Hotels, the Maltese hotel group, is set to open the Corinthia Grand Hotel Astoria Brussels in November. Formerly known as Hotel Astoria, the iconic hotel will be rebranded to reopen under Corinthia Hotels. Built in 1901 by the royal decree of King Leopold II for the International Exhibition, Hotel Astoria became one of the leading hotels in Brussels and has since become listed as a protected monument. Built in the Belle Epoque style, the hotel has 126 rooms (including 36 suites), two signature restaurants, 1,200 square meters of wellness space and event spaces. A member of the Global Hotel Alliance, Corinthia Hotels has properties in Malta, London, Lisbon and Budapest and will be opening hotels in New York, Rome, Bucharest, Doha and Riyadh.
KABANNAS ACQUIRES IN EDINBURGH: Kabannas, the European hybrid hotel platform, has acquired Hayweight House in Edinburgh. This is Kabannas’ fourth acquisition in nine months as it continues with its brand rollout in Europe. Hayweight House will be transformed into a new format, hybrid hotel with a mix of room and bed products across five floors. Backed by RoundShield’s financing and support, Kabannas is aiming for over €100 million ($107.2 million) in acquisitions of micro accommodation assets in Europe. The company will be expanding its hybrid hospitality brand across 15 locations in gateway and cultural capital cities to service the ultra-affordable European hospitality market. Acquisition values usually range between €10 million to €50 million ($10.72 million to $53.6 million) and are fully funded by Kabannas and RoundShield with no additional external financing requirement. Kabannas operates as purchaser, developer and operator.
U.S. PERFORMANCE UPDATE: Hotel industry in the U.S. reported lower performance from last week and mixed comparisons YOY, according to CoStar’s data through June 22.
- Occupancy: 69.5% (-2.5%)
- ADR: $159.88 (+0.1%)
- RevPAR: $111.17 (-2.3%)
Among the top 25 markets, Seattle reported the highest YOY gains in occupancy (+11.1% to 84.9%) and RevPAR (+16.8% to $179.47). Philadelphia saw the highest lift in ADR (+6.5% to $170.10). The steepest RevPAR declines were reported in San Francisco (-24% to $111.18) and New Orleans (-21.8% to $68.40).
DRURY HOTELS OPENS 20TH HOTEL IN TEXAS: Drury Hotels Co. has opened its latest hotel in Arlington, Texas. The Drury Plaza Hotel Dallas Arlington marks Drury Hotels’ third property in the DFW Metroplex and the 20th in Texas. The hotel offers 268 rooms, a late-night dining option in the lobby, an outdoor pool and whirlpool, business center, gym and 7,000 square feet of meeting space. This is the second hotel that Drury has opened in 30 days, with five more openings anticipated by the end of 2025.
CRESTLINE TO MANAGE AC HOTEL HOUSTON: Crestline Hotels & Resorts has been selected to manage the AC Hotel Houston Downtown in downtown Houston. The hotel has 195 rooms and suites, a restaurant, fitness center and 4,000 square feet of meeting space. This is Cretline’s third managed hotel in the greater Houston area. Founded in 2000, Crestline manages 125 hotels, resorts and conference centers in 28 states and the District of Columbia.
