Dusit signs in Dubai: Dusit Hotels and Resorts signed a management agreement with ACES Property Development to operate DusitPrincess ACES Dubai, a new hotel apartment project with Jumeirah Village circle. This will be Dusit’s six property in the Middle East.
Starwood expands in Saudi market: Starwood Hotels & Resorts Worldwide signed a new Sheraton in Makkah, Saudi Arabia. Sheraton Makkah Jabal Al Kaaba is scheduled to open by the end of 2016 and will include 414 guestrooms and branded service apartments.
Read more at Starwood’s website
NYC leads construction pipeline: According recent data from Lodging Econometrics, New York City has the largest construction pipeline in the U.S. The city’s pipeline is at 196 projects/32,121 rooms and also has the highest number of projects under construction with 103 projects/19,010 rooms. Marriott International has the most pipeline projects under construction of any franchise company in New York City with 22 projects/5,526 rooms.
U.S. contracts increase, STR: STR’s July 2016 Pipeline Report states 529,665 rooms in 4,322 projects are under contract in the U.S., a 22.9% increase in the number of rooms under contract in July 2015. Under contract data includes projects in the construction, final planning and planning stages, but does not include projects in the unconfirmed stage.
Renaissance Kuala Lumpur sold: IGB Corp. Bhd’s Grean Union Properties Sdn Bhd will sell the Renaissance Kuala Lumpur Hotel to Venture International Sdn Bhd for RM765 million (US$191.4 million).