Mergers & Acquisitions - 10 Minutes News for Hoteliers - Page 67

3 min

Luxury Spa Hotel Galgorm Resort Joins Elegant Hotel Collection as First Northern Ireland Member

🏛 Galgorm Resort, a luxury resort and spa in Northern Ireland, joins the Elegant Hotel Collection, increasing the exclusive membership to 32 in celebration of the brand's first anniversary. Set within 500 acres on the North Antrim Coast, Galgorm Resort offers 201 accommodations, including suites, cabins, and residences. The resort is positioned near Belfast airports and features award-winning restaurants, bars, conference facilities, and is part of the Galgorm Collection, which includes Roe Park Resort, Galgorm Castle Estate, The Rabbit Hotel & Retreat, The Old Inn, and two restaurants in Belfast. The partnership aims to expand market reach to luxury travelers in the UK and USA, targeting MICE and Group bookings.

2 min

Why We Sold Live Oak Lake

🏡 Initially listed without a year of operating history and a non-specialist broker, the property was pulled from the market. In early 2023, broker David du Menil from The Intrepid Group relisted it at $7.3M. Under contract at $6.5M, the nonrefundable earnest money was set at $15,000. A buyer's funding fell through days before closing, costing nearly the amount of earnest money in attorney fees. A new $7M offer with $200,000 earnest money was nearly lost when an investor withdrew, but the sale completed after an additional six-week wait.

3 min

Why Mews acquired Clarity PMS, by Richard Valtr

📢 Mews welcomed Clarity Hospitality Software Solutions, marking growth in New Zealand and the UK. Mews Ventures has completed 12 acquisitions, with Clarity being the seventh PMS addition. Founded in 1992, Clarity adapted with a cloud-based platform, aligning with Mews' innovative hospitality vision. Clarity serves hundreds of hoteliers, and these customers will now experience enhanced services with Mews, including recent additions like Atomize revenue management and Quotelo events management. Mews was named Best PMS for the second consecutive year at the HotelTechAwards.

3 min

The countdown to the re-opening of the iconic Delano Miami beach begins

🏖️ Delano Miami Beach, operated by Ennismore and Cain International, is set to reopen in late 2025 after renovations. The iconic venue, established in 1947 with a 90s renovation by Ian Schrager and Philippe Starck, will feature 171 rooms and suites, four restaurants and bars, and a spa. Delano recently expanded with a new Dubai location in October 2024 and the first Maison Delano in Paris in April 2023. Cain acquired a minority stake in Delano in 2024, aiming for global growth.

Griffin Hotel Management LLC Merges Into Meyer Jabara Hotels

🏨 USA, Danbury, Connecticut, December 27, 2024 – Griffin Hotel Management LLC merges into Meyer Jabara Hotels, transferring 14 assets with plans to expand the portfolio to 50 hotels by Q1 2025. Griffin's James Kirkland becomes Senior VP of Operations - Western Region, operating from Austin, Texas, while majority owner Jay Fishman takes a business development role in Chicago. The merger enhances Meyer Jabara Hotels' western presence, in states including Texas, Illinois, and Arizona, and brings in new capital partners. Fishman, a CPA with a B.S. in Accounting from Indiana University, previously helmed Associated Hotels LLC and VMS Realty Partners, dealing with over 40 hotel transactions. Kirkland, with experience in Marriott International and Hilton, has opened over 30 properties in the U.S. and studied Business Administration at Texas State University.

Walt Disney World Swan and Dolphin to Launch $275 Million Transformation and Expansion Project

🏖️ In Lake Buena Vista, Florida, the Walt Disney World Swan and Dolphin announced a $275 million renovation and expansion project on December 27, 2024. The enhancement includes 120,000 square feet of additional event space, upgrades to existing meeting spaces and Swan guest rooms. This will increase total meeting space to 469,000 square feet, with the largest contiguous space being 175,000 square feet. A new annex will add 41,000 square feet of multipurpose space and a 41,000 square foot ballroom. Renovations of existing spaces and guest room remodels will be completed by summer 2025 and 2024, respectively. Groundbreaking for the expansion is set for November, with completion expected in late summer 2026.

2 min

Blenheim Palace sees a 50% surge in group visits during festive season

🎄 Blenheim Palace experienced a 50% increase in group visits during the 2024 festive season with its Neverland themed Christmas event, in partnership with Great Ormond Street Hospital. Key events for 2025 include the Blenheim Palace Food Festival (24th – 26th May), Flower Show (27th – 29th June), and a Jousting Tournament (3rd – 5th May). Planning is already in progress for Christmas 2025. The success supports the hospital with each ticket sold.

2 min

Wings ‘N More acquired by PE firm Goode Partners

🍔 New York-based Goode Partners LLC invests in Texas-based Wings ‘N More Restaurants LLC, which operates seven locations in College Station/Bryan, Corpus Christi, and Houston. Wings ‘N More, founded in 1986 by former NFL player Mark Dennard, features a full-service and express model offering wings, ribs, and more. Goode Partners, also an early investor in Chuy's in 2006, alongside debt financing from Gladstone Capital Corporation, aims to accelerate Wings 'N More's expansion. Dennard expresses excitement for the brand's growth and new opportunities for team members.

2 min

Just Eat offloads Grubhub at steep discount

📦 Just Eat started exploring the sale of Grubhub in April 2022, aiming to focus on its strongest markets. Grubhub, not yet profitable with declining order volumes exacerbated by New York delivery fee caps, was sold at a 90% discount compared to its 2021 purchase price, effectively a 94% discount when adjusted for inflation. Just Eat Takeaway.com's CEO, Jitse Groen, sees the sale as a way to enhance cash generation and accelerate growth. The US startup Wonder, which acquired Grubhub, previously bought meal kit company Blue Apron. Wonder aims to integrate Grubhub's offerings into its 'super app'. Shares in Just Eat rose 19% after the sale announcement, with the deal's completion expected in the first quarter of 2025, pending regulatory approval.

1 min

Neat quietly shutters New York and Dubai outposts

🍜 Neat Burger, backed by Lewis Hamilton and Leonardo DiCaprio, experienced closures of outposts in New York and Dubai recently. Originally launched in September 2019, Neat Burger had ambitions to expand to 1,000 locations by 2030. Despite raising $18 million in 2023, the company made a £7.9 million loss in 2022 and was forced to close half its London locations amid financial pressures, leaving four in the capital. The brand also rebranded, removing 'Burger' from its name and shifting towards health-focused options. Neat maintains a presence in Milan, Italy.

Input your search keywords and press Enter.