Accor Ethiopia: AccorHotels will open three hotels in Ethiopia by 2021. In an effort to counter slowed European growth, AccorHotels and others have expanded in emerging markets like Ethiopia, where visitor numbers have been rising by more than 10 percent a year for the past decade. The new properties will offer more than 520 rooms in the capital.
Grupo Hotelero Santa Fe: In a US$119.8 million deal, Mexican-based Grupo Hotelero Santa Fe (CEO Fransisco Zinser) acquired two hotels: the Bel-Air Los Cabos and Bel-Air Nuevo Vallarta, with planned expansions for both. The two hotels will be rebranded into Krystal Grand 5-star all-inclusive hotels, with a total of 933 rooms.
Renaissance foreclosure: The Renaissance Philadelphia Airport Hotel has fallen into foreclosure after the property’s Kentucky-based owner failed to pay a nearly US$34 million mortgage balance. Special servicer CWCapital Asset Management assumed control of the 249-room hotel last year and is working to “stabilize” the property.
Pan Pacific Nirwana Bali Resort closing: Pan Pacific Nirwana Bali Resort will close in July, following a decision by property owner MNC Land to redevelop the site. Pan Pacific Hotels Group has managed the site since 2010, notably overseeing the resort’s $10 million refurbishment in 2011.
Moderate hotel construction growth: The year-end U.S. Construction Pipeline Trend Report from Lodging Econometrics, the total hotel construction pipeline ended 2016 with 4,960 Projects/598,688 Rooms, up 12% by projects and 10% by rooms Year-Over-Year. Quarter four 2016 also marks the 19th consecutive quarter of pipeline growth.
Margaritaville: Margaritaville Holdings and Minto Communities announced a partnership to develop active adult communities, with the first residential location to open in Daytona Beach, Florida. The project, Latitude Margaritaville, will include walkable neighborhoods and a fitness center with an aerobics studio, indoor and outdoor dining, and a band shell for live entertainment in the town center.
Silvertip Resort: Owners of the Silvertip Resort in Canmore, Alberta, Canada plan to invest US$1 billion to redevelop land adjacent to Canmore into an international tourism destination.The update on Silvertip’s approved 2007 master plan involves the construction of a 300,000 square-foot conference facility, 10 to 13 boutique hotels, spas, shopping and dining, gaming facilities and a gondola system that would connect the Mount Lady MacDonald teahouse and the Palliser lands.