RAFFLES TO DEBUT IN TOKYO: Raffles Hotels & Resorts, the hotel brand under Accor, along with World Trade Center Building, Inc. and Tokyo Tatemono Co., have announced plans to introduce the brand in Tokyo. When it opens in 2028, Raffles Tokyo will be a part of the World Trade Center (WTC) in the Hamamatsucho district and located close to popular attractions. Designed by Layan, the hotel will occupy the top 46 floors of the WTC and offer panoramic views of the city. The hotel will feature 130 rooms, including 27 suites, six dining venues, a fitness studio, pool, spa and bathhouse. Raffles Toyo will also have more than 1,156 square meters of meeting spaces. Completed in 1970, the WTC was established by the Tokyo Chamber of Commerce and Industry and was built to integrate land, sea and air transport networks in a three-dimensional structure. It was the tallest skyscraper in the east at the time. Currently, Raffles’ portfolio includes more than 5,500 properties in over 110 countries.
OUTRIGGER KONA RESORT COMPLETES RENOVATIONS: Outrigger Kona Resort & Spa in Kona, Hawaii has completed a $60 million renovation. Spread over 22 acres, the resort sits on the cliffs of Keauhou Bay and offers ocean views across the Kona coast of the Big Island of Hawaii. The resort features revitalized 511 rooms and suites and meeting spaces, designed by Looney & Associates. The Kaleiopapa Convention Center, which offers more than 100,000 square feet of indoor and outdoor space, has also been enhanced. The hotel includes a water slide, multiple pools, a new club lounge and dining venues.
U.S. PERFORMANCE UPDATE: The U.S. hotel industry has posted improved performance results than last week and positive comparisons YOY, as per data by CoStar through July 20.
- Occupancy: 73.5% (+1%)
- ADR: $165.91 (+2.4%)
- RevPAR: $122.02 (+3.4%)
RevPAR was the highest for any week on record in the U.S. Among the top 25 markets, Houston recorded the highest YOY gains in each of the three key performance metrics: occupancy (+29.6% to 82.2%), ADR (+20.3% to $135.65) and RevPAR (+56% to $111.49). The market’s performance was impacted by the effects of Hurricane Beryl. The steepest RevPAR declines were witnessed in San Francisco (-14.1% to $140.09) and Seattle (-12.4% to $195.52).
CONSTRUCTION MILESTONE FOR LIVE! CASINO, HOTEL IN LOUISIANA: LRGC Gaming Investors, LLC, an affiliate of The Cordish Companies, has marked the ‘topping off’ ceremony of the over $270 million Live! Casino & Hotel Louisiana. Situated along the scenic Red River in Bossier City, Live! Casino & Hotel Louisiana will consist of an upscale 550-room hotel, resort pool and fitness center, more than 47,000-square-feet of gaming space, over 1,000 slots and electronic table games, more than 40 live action table games, a sportsbook, an event center and 30,000 square feet of dining and entertainment venues. Slated to open in Q1 2025, the project is expected to generate more than $35 million in gaming tax revenues for Bossier City and more than $168 million for the State of Louisiana within the first five years of its operation.
