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News in brief: Crown, Pan Pacific, Ctrip

Crown restructuring: Billionaire James Packer has replaced the chief executive officer of Crown Resorts and scrapped a hotels listing as the casino operator recovers from a gambling crackdown in China.

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Pan Pacific sold: Vulcan Inc. has sold the Pan Pacific Hotel for US$79 million to Hersha Hospitality Trust. Vulcan developed the 153-room Seattle hotel in 2006. Philadelphia-based HHM, which runs two other hotels in Seattle, will operate the hotel as an independent property.

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New hotel openings, stats: A recent Construction Pipeline Trend Report from Lodging Econometrics states that the markets forecast to have the largest number of New Hotel Openings in 2017 are: New York with 64 Hotels/8,384 Rooms, Dallas with 43 Hotels/4,754 Rooms, Houston with 33 Hotels/3,312 Rooms. Austin is scheduled to open 3,380 Rooms and Denver, 2,740, both with 22 Hotels. Also in 2017, 1,111 Hotels/120,372 Rooms are forecast to open in the U.S., up from 842 Hotels/98,990 Rooms in 2016.

 


Ctrip: Chinese OTA Ctrip reported net revenues of RMB 19.2 billion (US$2.8 billion) in full year 2016, representing a 76% increase YoY. Accommodation reservation revenues were RMB 7.3 billion (US$1.1 billion), up by 58% YoY, accounting for 37% of the total revenues in 2016 and 40% of the total revenue in 2015.

More from China Travel News

 


Brexit migrants: The UK will not shut the door on low-skilled EU migrants, Brexit secretary David Davis reiterated during a press conference in Riga, Latvia. Davis stressed that it was not plausible that British citizens would immediately take jobs in the agriculture, social care and hospitality industry once the UK had left the EU and repeated comments made in Estonia on Monday that immigration restrictions would be phased in. 

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Minor South Korea: Minor Hotels expanded its Avani brand in South Korea, with the opening of the Avani Busan Hotel. The new-build 400-key hotel, set to open in 2019, will have a rooftop specialty bar, a Korean style bathhouse and spa, a gym and swimming pool. In addition to the hotel, 136 branded residences will also be included in the development.

 


New York construction stats: Analysts at Lodging Econometrics report that the New York City Hotel Construction Pipeline is at 192 projects/30,541 rooms, and continues to be the largest pipeline in the U.S. There are 101 projects/17,711 rooms under construction, the highest in the country, 63 projects/9,019 rooms scheduled to start construction in the next 12 months while early planning stands at 28 projects/3,811 rooms.

 


IHG: InterContinental Hotels Group signed a management agreement with Yuk Tung Properties Sdn. Bhd. to develop a 338-room Crowne Plaza hotel in downtown Kuala Lumpur. The hotel is scheduled to open by 2021.

 


Park Lane Hotel sells: A federal judge approved plans to sell Manhattan’s Park Lane Hotel. Malaysian financier Jho Low, who owns a stake in the Manhattan property, objected to the sale because he feared developer Steve Witkoff would profit from the transaction. A group led by Witkoff originally bought the Park Lane for US$654 million in 2013.

More from Crain’s New York

 


The Hotel Group: The Hotel Group will add the 92-room Residence Inn by Marriott Billings and the 150-room Radisson Colonial Hotel Helena bringing its third-party management portfolio to 38 properties in 11 states. Both properties have been recently renovated.

 


Don CeSar: Davidson Hotels & Resorts added the 277-room Don CeSar, in St. Pete Beach, Florida, to its portfolio. Located along Florida’s Gulf Coast, the property is managed under Pivot Hotels & Resorts, Davidson’s lifestyle and luxury division, and owned by Host Hotels & Resorts.

 


Global Premium Hotels Limited going private: The chairman of Global Premium Hotels Limited – one of the largest Singapore-owned hotel chains – is planning to take the mainboard-listed company private. The group operates some 23 economy-tier and mid-tier hotels under the Fragrance and Parc Sovereign brands with 1,983 rooms in total.

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