Wyndham grows in Canada: Wyndham Hotel Group signed an agreement with Canalta Hotels to develop 20 Ramada hotels over the next 15 years, growing the brand’s Canadian footprint by about 25%.
U.S. revenue growing, but slowing: According to CBRE Hotels’ Americas Research, U.S. hotel revenue performance continued to improve in 2015, but at a “much slower” pace. This marks the sixth year of growth in U.S. hotel profits, however there was a 4.7% increase in expenses.
New Zealand needs more hotels: Recent New Zealand government research has found an extra 26 hotels are needed over the next decade to cope with the visitor boom.
Read more at The New Zealand Herald
Ho buys in Singapore: Hong Kong gaming tycoon Stanley Ho bought a land site off Singapore’s Orchard Road shopping belt S$145 million (US$105 million), in the first transaction of a redevelopment site for a hotel in this location in more than a decade. The property is zoned for a hotel development, but the Urban Redevelopment Authority has said it is prepared to consider a proposal for a residential project.
Le Méridien hits milestone investment: Starwood Hotels & Resorts’ Le Méridien Hotels & Resorts will unveil a renovation of the brand’s first hotel in Paris this September, Le Méridien Etoile. This marks an added investment of US$300 million in the creation, renovation and conversion of its global portfolio.
CaxiaBank puts hotels up for sale: CaxiaBank has put 144 hotels for sale, valued at almost €1,000 million (US$1.11 billion). The operation is divided into two portfolios: one with unpaid loans secured by 112 hotels and the other with 32 hotel assets already foreclosed by the entity.
Cairn Group to expand post-refinancing: Cairn Group recently carried out a £101 million (US$147.7 million) refinance deal with HSBC. The group plans to boost its portfolio, which already consists of 26 hotels.
Australia hotels ‘reach for the stars,’ JLL: According to a recent report from JLL, as Australia grows its ultra-luxurious hotel sector, the industry is debating if it needs a new rating system to reflect this new stage of development. More than 60 hotels from established luxury brands, including The Ritz-Carlton in Melbourne, are reportedly planned across Australia over the next several years.
Pro-invest completes capital raise: Pro-invest Group completed its AUS$300 million (US$215.4 million) for its inaugural Australian hotel fund. The fund will invest in Australian and New Zealand properties that will be developed into Holiday Inn Express-branded hotels.
Planet Hollywood launches new brand: Planet Hollywood International will launch a new condo-hotel brand, ph Premiere. The brand will debut with a flagship property, the 547-key ph Premiere Resort-Residences Orlando.