Host reports earnings: Host Hotels & Resorts said it was “pleased” with Q1 2016 results, reporting a 3.6% increase in RevPAR and total revenue of US$1.33 billion, a year-over-year increase of 2.8%. Net income was US$184 million, an 85.9% increase over the year-earlier period.
Emaar expands: Emaar Hospitality Group of Dubai plans to introduce 35 hotels and serviced residences under its three brands – The Address Hotels & Resorts, Vida Hotels & Resorts and Rove Hotels – in Dubai, the United Arab Emirates and other international markets. It also introduced its new concept in midscale serviced residences, Rove Home.
Tri-branded property in Music City: Construction is about to begin on the first Marriott tri-branded property in the U.S., in Nashville, Tennessee. Atlanta-based North Point Hospitality Group closed on a US$89 million loan for a US$137 million, 21-story hotel that will contain a 207-room AC Hotel, a 136-room Residence Inn; and a 125-room SpringHill Suites. It’s set to open in spring 2018.
Thunderbird in new hands: Management company HMG Hospitality has taken over management of the Thunderbird Hotel Las Vegas. The longtime Las Vegas hotel is located in the city’s Arts District.
NH in Rome: NH Hotel Group is launching its third NH Collection brand hotel in Rome with a 177-room hotel, the NH Collection Palazzo Cinquecento. It’s the 10th hotel in Italy for NH Collection.
Courtyard acquired: Lightstone Value Plus Real Estate Investment Trust III acquired the Courtyard Providence Warwick by Marriott, a 92-room hotel in Warwick, Rhode Island, for US$12.4 million. The property will be managed by Waterford Hotel Group, which is overseen by New York-based Lightstone’s hospitality division.
Element in Toronto: Starwood Hotels & Resorts, in partnership with Easton’s Group of Hotels, will build an eight-story, 144-room Element Hotel at Toronto Airport next to a 204-room Four Points Hotel, which will undergo a US$4 million renovation. The Element is due to open in summer 2018.
Residence Inn in Boulder: A 155-room Residence Inn is being developed in Boulder, Colorado, by Stonebridge Cos., which purchased the US$4.4 million parcel of land last year. It’s expected to open in late 2017.