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News in brief: Onefinestay, Hyatt, Oakwood

Onefinestay in Miami: Short-term vacation rental company onefinestay plans to open in Miami, the third city in the AccorHotels-owned company’s U.S. portfolio. Onefinestay also has a presence in New York, Los Angeles, London, Paris and Rome.

 


Hyatt repurchases stock: Baird Equity Research reported that Hyatt Hotels purchased and retired US$100 million of stock from two Pritzker family trusts. The transaction closed on August 19, according to an 8-K filing on Monday. The figure represents about 1.4% of total shares outstanding.

 


Oakwood plots expansion: Singapore-based serviced apartments operator Oakwood plans to grow its Asia Pacific portfolio by more than 40% in the next two years, including in its key markets of China and Japan and in new markets in Australia, Singapore, Malaysia and Vietnam. The company operates three brands and plans to debut a fourth in Singapore later this year called Oakwood Studios, that features more “tech-enabled spaces.” Oakwood Hotel & Residence, another new brand, will debut this year in Kuala Lumpur and Suzhou and offer hotel rooms and serviced apartments.

 


LA leads in pipeline: According to Lodging Econometric’s U.S. Construction Pipeline Trend Report, Los Angeles had 104 projects/17,912 rooms in the pipeline, with 20 projects/6,030 rooms under construction and 40 projects/5,539 rooms scheduled to start construction in the next 12 months. It has the most in early planning 36 projects/6,343 rooms – of any market.

 


Atlantis, Paradise Island in reno: Atlantis, Paradise Island in the Bahamas launched the first phase of a US$20 million renovation. Once complete, the hotel will reopen as The Corals Atlantis, designed by Bilkey Llinas Design. This phase of renovation, during which some rooms, the lobby and some amenities will remain open, is slated to be complete by spring 2017.

 


South Florida bounce: A Florida newspaper cited STR statistics showing that hospitality properties in its southern tri-county area, which includes Miami, posted year-over-year increases in occupancy, ADR and RevPAR despite a mild winter, lots of new hotels on the market and other factors.

Read more in the South Florida Business Journal

 


Isle of Capri sold: Isle of Capri Casinos agreed to sell the Isle of Capri Casino Hotel Lake Charles in Louisiana to Kicks Entertainment, an affiliate of Laguna Development Corp. of New Mexico. The purchase price was about US$134.5 million, according to StreetInsider.com.

Read more at StreetInsider.com

 


Hilton Birmingham sold: The 205-room, 8-story Hilton Birmingham Perimeter Park in Alabama was sold to Peachtree Hotel Group of Atlanta, Georgia, for an undisclosed price. Peachtree plans to spend US$10.5 million on a renovation and conversion to a DoubleTree by Hilton. 

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