US$286 million NYC sale: RLJ Lodging Trust sold two hotels in New York City for US$286 million or $494,500 per key, saying it reduces its exposure as the city goes through a “soft period.” The hotels were a 298-room Hilton Garden Inn on West 35th Street and a 280-room Hilton New York Fashion District in Manhattan. Separately, RLJ Company another hotel in Bakersfield, California, for US$13 million.
Wyndham invests in Veeve: Wyndham Vacation Rentals entered a strategic partnership with Unique Ventures, which is trading as Veeve. The amount of the investment was undisclosed. Veeve, which manages a portfolio of more than 1,000 homes in London available for short stays, was founded in 2011.
Trivago files for IPO: Expedia’s Trivago hotel deal website plans an IPO for this year. Proceeds could reach US$428 million. Expedia will continue to have a controlling stake.
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LA’s booming pipeline: The early planning pipeline by room count for Los Angeles is the largest of any US market, according to the latest Lodging Econometrics figures: With 18,229 rooms/108 projects in the total pipeline, early planning stands at 6,382 rooms/37 projects. Developers have yet to make a branding decision for 4,800 rooms/23 projects in that stage, representing significant opportunity for franchise companies and their brands, the company says.
Hersha closes on Ambrose: Hersha Hospitality Trust closed on the purchase of the 77-room Ambrose Hotel in Santa Monica, California, for US$47.5 million. The sale of two suburban Boston hotels funded the acquisition.
Dusit signs in Istanbul: Thailand’s Dusit International signed a management agreement with Abduljawad Holding of Saudi Arabia to operate the Dusit Thani Residences Maslak Istanbul. It’s scheduled to open in mid-2018.
NYC pod hotel: Pod Brooklyn from BD Hotels and CB Developers will open in the Williamsburg neighborhood in spring 2017. The micro-hotel’s modular guestrooms are built in Poland.