Wang buys Wanda hotels. Dalian Wanda’s Founder Wang Jianlin has agreed to buy a majority stake in Wanda Hotel Development Co. for US$470 million from Wanda Commercial Properties, according to a Reuters report. The move is expected to boost liquidity at the indebted property firm. Wanda Commercial Properties Overseas, which is about 60% owned by Wang, will transfer its 65.04% stake to Wang’s Wanda Investment Holding Co. at HK$1.20 a share.
Yo, Edinburgh. A 280-cabin Yotel has won approval from Edinburgh’s city council and is scheduled to open at the start of 2019 in a vacant Erskine House office building on Queen Street. The news comes following predictions that 9,000 additional beds will be needed in the city by 2021 to cope with soaring visitor demand.
Elegant confirms buyout talks: Elegant Hotels, which operates seven properties in Barbados, confirmed that it had been approached by Spain’s Melia Hotels International but that discussions have been terminated.
Jumeirah to debut in Bahrain: Jumeirah Group will open a luxury hotel in Bahrain early next year. Dubai Holding, the hotel group’s parent company, and Sevens Holding SPC signed a management agreement for Jumeirah Royal Saray, a 167-room hotel on the Bahrain shoreline.
Driftwood growth. Driftwood Acquisitions & Development announced it has acquired the Hilton Dallas/Rockwall Lakefront and Sheraton Detroit Novi Hotel. Most recently, DAD unveiled plans for a US$10M renovation program at Tan-Tar-A Resort in Central Missouri, which will be rebranded as a Margaritaville Resort.