HOTELSMag.com - 10 Minutes News for Hoteliers - Page 37

2 min

Briefs: The Ritz-Carlton arrives in Morocco; voco opens in Stockholm

🏦 The Ritz-Carlton enters Morocco, launching The Ritz-Carlton Rabat, Dar Es Salam; features 100 rooms, 17 suites, a 180-square-meter Royal Suite, dining venues, spa, and 2,200 square meters of outdoor space. Voco hotels opens voco Stockholm-Kista in Stockholm's tech hub, with 201 rooms and wellness facilities. Omni Hotels to manage a new 135-key hotel in Midland, Texas, including a rooftop pool and 15,000 square feet of meeting space. Hospitality America to manage the new Element by Marriott Charleston Airport, a 123-key hotel opening in Q2 2025, near Charleston International Airport.

2 min

Yes, there are too many hotel brands. Who cares.

🏨 Hyatt Hotels Corporation owns both Park Hyatt and Thompson Hotels. Procter & Gamble, with its portfolio of over 80 brands, owns popular detergents like Tide and Gain. In the lodging industry, companies like Accor have more than 50 hotel brands, often leading to confusion and a lack of understanding of the nuances between them. Dr. Chekitan S. Dev from Cornell University suggests differentiation exists and the best brands will resonate with specific customers, despite the abundance of options.

2 min

Room00 Group acquires Spain’s TOC Hostels for €20M

📌 Room00 Group and Dorsa Holding Group acquired TOC Hostels for €20 million, buying 100% of shares from Ignacio Catalán and Salvador Torrens. The acquisition results in Room00 Group having 30 open properties with 2,260 rooms across Spain, Portugal, and Italy, and 20 more in development. TOC Hostels’ projected turnover is €70 million in the first year post-acquisition. Room00 Group, now one of Europe's largest hostel chains, looks to expand in Madrid, Barcelona, Seville, Malaga, Granada, and Valencia, and intends to add a fourth brand to its portfolio.

6 min

In HQ Hotels, Sam Nazarian is back, and reminding people who he still is

🏠 Sam Nazarian founded SBE Entertainment in 2002 and made a cameo on "The Hills" in 2007, showcasing his hospitality ventures. SBE acquired Sahara Hotel in 2007, converting it to SLS. Years later, Nazarian sold SBE's hotel platform to Accor but kept its F&B business. In partnership with Wyndham Hotels & Resorts and expecting to open 50 hotels by 2030, the first two HQ Hotels & Residences will open in Detroit and Montreux, Switzerland, with Montreux's 155-room hotel and spa set for 2025. SBE announced a $55-million fund for growth and has confirmed deals in Detroit and Montreux, aimed at millennials and Gen-Z. Mike Metcalf, former COO of Crescent Hotels & Resorts, became president of HQ Hotels in August.

2 min

Briefs: HVMG adds to management portfolio; Kimpton’s third location in NYC

HVMG TO MANAGE BLOOMINGTON EMBASSY SUITES: Hospitality Ventures Management Group (HVMG) has assumed management of the Embassy Suites by Hilton Bloomington/Minneapolis. The Atlanta-based third-party hotel operator will also oversee a…

2 min

Driftwood Capital closes $330M fund focusing on Florida’s Space Coast

🏖️ Driftwood Capital's latest fund, Driftwood Florida Space Coast Portfolio, LP, has amassed $330 million, targeting hotel assets on Florida's Space Coast. The fund’s portfolio will control 11% of the region's guestrooms and 62% of beachfront hotel inventory with the opening of Westin Cocoa Beach resort. Their presence since 2013 has helped catalyze the area's growth. The portfolio includes Westin Cocoa Beach Resort (502 guestrooms), Hilton Cocoa Beach (295 guestrooms), Element by Westin Melbourne (130 guestrooms), and Crowne Plaza Melbourne (290 guestrooms), totaling over 1,200 rooms. Space Coast is witnessing increased demand, with 111 rocket launches anticipated this year, up from 72 last year, and a projection of more than 300 launches by 2028. Driftwood's development pipeline is valued at around $500 million, with projects under construction or breaking ground in 2023.

2 min

Briefs: Monterey Beach Hotel opens; Spark by Hilton checks in Canada

🏖️ Ascendant Capital Partners, Highgate, and Centerbridge Partners opened the renovated Monterey Beach Hotel in Monterey, Calif. Originally built in 1967, it now features 192 rooms and over 40,000 square feet of space. Spark by Hilton debuted in Canada with its 72-key Toronto Markham hotel, aiming to expand Hilton's Canadian portfolio by 50% in five years. Glokal Group and Blue Road began construction on the $40 million Dolce by Wyndham Miami, set to open in 2026. Choice Hotels opened the 119-room Radisson Hotel Fairview Heights – St. Louis.

2 min

Briefs: NewcrestImage acquires DoubleTree Suites; IHG signs Regent Residences in Middle East

🏨 NewcrestImage, a hotel portfolio company founded in 2013, acquired the 15-floor DoubleTree Suites by Hilton Hotel Columbus Downtown in Ohio, featuring 194 all-suite rooms and nearly 7,000 square feet of conference space. The seller and acquisition price were not disclosed. IHG announced its first Regent Residences in the Middle East, due in Dubai by end of 2027, with 63 luxury units and 10 floating homes. Red Roof opened its 700th hotel, the Red Roof PLUS+ Jamaica in N.Y., with an investment over $20 million, and the prototype HomeTowne Studios by Red Roof in Tampa, Fla. Hilton introduced its first Conrad Chongqing in China, marking the 700th Hilton property in Greater China, offering 275 rooms and extensive event space.

3 min

Office valuations have plummeted. Now what?

🏢 UBS sold its 23-story, 920,000-square-foot office building at 135 West 50th Street in New York for a mere $8.5 million, a steep discount from its $332 million acquisition in 2006. The sale reflects a 97% value erosion, despite a $76-million renovation. The building is 35% occupied with design issues like low ceilings and awkwardly placed columns. UBS turned a profit selling the ground for $285 million in 2019 after buying it for $279 million in 2012. The ground lease expires in 2123 with 99 years of rent remaining.

5 min

People on the Move: Accor, Atlantis Resorts, SH Hotels & Resorts, Rosewood Hotels, Zeal Hotels, JW Marriott Orlando

📅 Accor appointed Benoît Racle as global brand president-premium and Jean-Yves Minet as global brand president-midscale and economy. Atlantis Resorts named Paul Baker as the president of Atlantis, The Palm, and Atlantis The Royal. SH Hotels & Resorts appointed Jonathan Heath as executive VP of F&B and hotel operations. Rosewood Hotels & Resorts announced Juan Carlos Cardona Aquino as managing director of Rosewood Mandarina, opening in early 2025. The Kimpton Sawyer Hotel welcomed Claire Johnsen as director of sales and marketing. Zeal Hotels appointed John Wagner as a non-executive director, ahead of voco Zeal Exeter Science Park's opening in January 2025. Penta Hotels promoted Riccardo Calà to director of marketing. The InterContinental Mark Hopkins promoted Jennifer Dunn to hotel manager. Rosewood London hired Fernando Corona Burch as executive chef. YOTEL Washington DC appointed Robert Weland as executive chef. JW Marriott Orlando Bonnet Creek Resort & Spa named Damien Hirsch as general manager. Terry Buchholz became GM of The London West Hollywood at Beverly Hills. Hacienda AltaGracia, Auberge Resorts Collection in Costa Rica, appointed Koen Masschelein as GM, and Keswick Hall welcomed Louis Shapazian as GM.

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