Hyatt Newport Beach sells. Sunstone Hotel Investors, Aliso Viejo, California, reportedly has sold the Hyatt Regency Newport Beach to Woodridge Capital Partners. According to Commercial Observer, Mack Real Estate Credit Strategies has provided a five-year, US$78 million loan to Woodridge Capital Partners to partially finance the acquisition of the leasehold interest in the 408-room hotel. The price was undisclosed but analyst Michael Bellisario with R.W. Baird suggested a 70% loan-to-value would equate to an approximate US$111 million sale price.
Read Commercial Observer story
Airbnb grabbing market share: Airbnb is now roughly a third the size of the hotel sector in London, according to research by consulting firm Moore Stephens UK: approximately 64,000 properties listed by the home-sharing service in London compared with 197,970 hotel rooms. “Airbnb is increasingly taking market share from hotels,” said Peter Duffy, director at Moore Stephens. “Hotel groups say this is because Airbnb can bypass industry regulations allowing it to undercut the formal industry.” Read Moore Stephens’ report.
H Hospitality in Saudi Arabia: Saudi Arabia’s Jabal Omar Development Company named H Hospitality Collection, the hotel management company of Abu Dhabi Capital Group, to manage a 5-star, 650-room hotel in Makkah that is part of a “mega-development” of residences, hotels, malls, retail, prayer areas and other facilities near the Grand Mosque. The hotel is scheduled to open in early 2020.
Apple in St. Martin: Apple Leisure Group’s AMResorts signed a management deal to bring its Secrets Resorts & Spas brand to St. Martin. The resort is owned by Sole Resorts and will be the fourth resort conversion the companies have collaborated on. The property, previously the Riu Palace St. Martin, will undergo a US$20 million renovation before re-opening in 2019.
Hakkasan exits hospitality group. Los Angeles-based hospitality company H Wood Group reacquired the equity stake of its strategic partner, Hakkasan Group, which acquired the stake in 2014. H Wood will continue to develop its restaurants, hotels, nightlife and event production businesses as an independent entity, its leaders say.