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Briefs: Thor closes on James SoHo | Revving up in Galway

Thor closes on James SoHo: Thor Equities has closed on the purchase of the James New York hotel in Soho after a protracted legal battle with the seller. Joseph Sitt’s firm, in partnership with multiple high-net-worth investors, paid US$66.3 million for the 114-key property. The hotel will continue to operate as a James hotel until 2019, when it will be relaunched with a new brand, sources said.

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Development revving up in Galway: Hoteliers and developers are planning 600 new hotel bedrooms for delivery in Galway from 2020, according to a new study by Savills Ireland. Strong hotel trade is encouraging this developer activity. According to Trending.ie, in 2016 Galway hotel occupancy was over 74%, up from 69% in 2013. Over the same period, average room rates grew from €72 (US$85) to €95 ($US112), which was €10 (US$12) ahead of Cork City. During the peak summer months of 2017, Galway hotels had a vacancy rate of only 5% and that strong demand has helped Galway outperform Cork.

 


William Hastings dies: Irish hotelier William Hastings has died at home after a short illness. The 89-year-old was the chairman of the Hastings Hotels group which is due to open its seventh hotel next year. After leaving school at 16 and entering the timber trade he joined his brother Roy in the family licensed trade business. Together they owned many pubs, mainly in east Belfast, and in 1964 he purchased his first hotel, the Adair Arms in Ballymena.

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Hyatt stock repurchase: Hyatt Hotels Corporation’s board of directors has authorized the repurchase of up to an additional US$750 million of the company’s common stock. Year-to-date through November 15, Hyatt repurchased over US$700 million of common stock. As of December 14, the company had approximately US$864 million available under its share repurchase authorization.

 


Bids on the Taj Mansingh? India’s biggest hospitality players may be set t bid over the prime Taj Mansingh that NDMC is bidding out. While the Tata’s Group Taj Hotels would go all out to retain its flagship property in Delhi, other big chains are examining the prospects of bidding. Industry sources said the other big hospitality players that may bid for Taj Mansingh include: K Raheja Group, which runs big hotels in and around Mumbai like Renaissance, Powai; J W Marriott at Juhu and Sahar; Four Points by Sheraton, Vashi; Marriott Whitefield, Bengaluru; and The Westin, Hyderabad. 

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Kimpton in Indianapolis: Kimpton will develop a historic building in downtown Indianapolis into a 130-room boutique property by 2020. The project is among several hotel developments slated to come online in the city, including the 316-room Hyatt Place/Hyatt House under construction and expected to open in 2019 as well as the 120-room West Elm Hotel scheduled to debut next year.

 


Qatar in hotels: Qatar Airways plans to buy around 50 hotels in the next five years. The national carrier of Qatar also plans to launch flights to U-Tapao near Pattaya in Thailand in January. 

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