The Viceroy NY sells: New York REIT will the sell Viceroy New York for US$41 million (or US$171K per key). According to Baird Equity Research, while the headline per-key price is very low for a new Manhattan hotel, the leasehold’s valuation is negatively impacted by several idiosyncratic factors that cause that valuation to not be an appropriate comparison for other Manhattan hotels.
Axel comes to the U.S.: Barcelona-based Axel Hotels (which homes in on the LGBTQ community) is opening its first location in the U.S. in South Beach, Miami. Spanish conglomerate Grup Peralada, through its affiliate Inverama USA Corp., paid US$58.2 million or US$357,000 per room for the 163-key, former Hall hotel in January. The company is owned by the Suqué-Mateu family and has hotels and casinos as well as wine and other businesses under its umbrella. The Miami property marks the company’s eighth flagged property and the only one outside Europe and is set to open by the end of the year.
Latin American travelers trust OTAs: Findings from the Latin American Travel and Tourism Trends Study show that Latin American travelers take longer holidays than travelers from other countries (10+ days), are more likely to travel domestically than internationally, and gravitate toward trips that offer relaxation, family visits or sightseeing. Additional findings include:
- 62% are undecided on a destination when they decide to take a trip
- 82% said informative content from destinations and travel brands can influence their decisions, and 71% said ads can be influential
- Plane is the preferred mode of transportation for two-thirds of Latin American travelers, and 69% check into a hotel when they’re away from home
- Half of Latin American travelers use online travel agencies (OTAs) during the trip planning process – ahead of airline, hotel or destination websites – and 49% book their trip on an OTA