IHG to open two hotels in Dubai: IHG has signed a franchise agreement with Abjar Hotels International for a new 450-room Holiday Inn and 250-room Staybridge Suites. The two hotels will be located in Dubai World Central along the main route to Al Maktoum International Airport.
IHG signs sixth Holiday Inn Express in Russia: IHG signed its sixth Holiday Inn Express in Russia located in Moscow. The 144-room hotel will open in 2019 and will be part of a multi-use complex that encompasses a gymnastics arena and school. IHG recently launched its first Russian Holiday Inn Express in Voronezh.
HRI secures US$150 million investment: Almanac Realty Investors LLC has agreed to provide up to US$150 million of growth capital to HRI Properties LLC. HRI will use the capital for development of mixed-use and revitalization projects, acquisitions and national growth.
Ascott enters strategic partnership with Quest: The Ascott Limited announced a partnership with Quest Serviced Apartments. Ascott expects to invest up to AUD500 million (US$560 million) over the next five years to acquire new properties in Australia. Ascott also signed an agreement to acquire 20% stake in Quest for AUD28.8 million (US$32.3 million) and has the option to increase its stake to 30%.
Walt Disney World Swan and Dolphin Hotel announces redesign: The Walt Disney World Swan and Dolphin Hotel in Lake Buena Vista, Florida launched a multi-phase, multi-year renovation project. The $125 million redesign is the largest renovation in the hotel’s 25-year history.