Ashford selling Courtyard: Ashford Hospitality Prime on Monday announced that it has entered into a definitive agreement to sell the 250-room Courtyard Seattle Downtown for US$84.5 million in cash ($338,000 per key). The purchase price represents a trailing 12-month cap rate of 6.7% on net operating income.
Element to debut in Detroit: Starwood Hotels & Resorts Worldwide will debut its Element Hotels brand in Detroit in July 2018. Element Detroit at the Metropolitan Building will be owned and developed by Metropolitan Hotel Partners, a joint venture between Detroit-based Means Group and Roxbury Group, and will feature 110 rooms.
Read more at Starwood’s website
Hilton rebrands in Bali: Hilton Worldwide signed a management agreement with P.T. Caterison Sukses to manage and rebrand the Grand Nikko Bali as Hilton Bali. The 408-room resort is scheduled to open on December in Indonesia.
Roda grows in Dubai: Roda Hotels & Resorts added a new property in Dubai: Roda Amwaj Suites and Roda Boutique Villas. The property will include 122 furnished serviced suites.
Read more at Travel Daily Middle East
Fletcher management buyout: Fletcher Hotels has been sold in a management buyout in a deal backed by NIBC Bank and Xead Group. The new owners aim to grow the 73 hotel chain, the largest in Holland, to 100 properties.
O’Callaghan to debut in U.K.: O’Callaghan Hotels Group will open its first U.K. hotel in Cambridge. The new-build hotel will include 155 rooms and will open in spring 2017.
Sarovar enters South Sudan: Sarovar Hotels has taken over management of the Panorama hotel in the capital city of the Republic of South Sudan. The hotel will be rebranded as the Panorama Sarovar Portico, Juba. The hotel management firm plans to operate 10 hotels in Africa over the next five years.
Read more at The New Indian Express