Best Western files for-profit. Best Western reportedly has filed with the U.S. Security Exchange Commission to issue shares and become a for-profit business. It plans to offer 55 million common stock shares at the beginning of December. The filing states the shares will be issued upon and on a continuous basis following the conversion into a for-profit Arizona corporation, which will be effected by a merger with our wholly owned subsidiary.
US transactions up 44%. JLL has released its H1 2018 U.S. Investment Outlook, which shows the hotel sector continued its momentum with a strong first-half as transaction volume reached US$15.1 billion, a 44% increase over the same period a year ago. Portfolio sales of both luxury and select-service assets grew by a pronounced 220%, driven by two portfolios topping the billion-dollar mark. Single-asset sales in primary urban and resort locations, accounted for US$8.8 billion. Markets such as New York, Florida and Hawaii accounted for 68% of transactions.
G6 new COO. G6 Hospitality has named Greg Juceam as president and COO, reporting directly to CEO Rob Palleschi. Juceam, who currently sits on the board of directors of the American Hotel & Lodging Association, previously was CEO of BRE Hotels and Resorts.
IHG to Auckland. Precinct Properties, the largest city center real estate owner in New Zealand, has signed an agreement with IHG to open the 244-room InterContinental Auckland in 2022. It will be a part of the $1 billion Commercial Bay mixed-use development and the second for IHG in New Zealand after the InterContinental Wellington.
Slow start in Catskills. Resorts World Catskills, the Empire Resorts US$1 billion casino that opened in February, incurred a US$58 million loss in the first six months of the year, including US$37 million in the last three months, according to lohud.
Big Chinese spenders. Hotels.com research has revealed that Chinese millennials (born after 1990) increased their international travel expenditures in the past year by 80%. They are reportedly interested in tasting exotic local delicacies (69%) and scouring the streets for authentic local items (43%) over shopping for luxury items (38%).
Disney delay. Walt Disney Co. has put a hold on plans to build a luxury hotel in the Disneyland Resort’s shopping district, citing a feud with Anaheim officials over tax subsidies, the Los Angeles Times reported. The dispute centers on a US$267-million tax break that the Anaheim City Council approved in 2016 for a 700-room hotel — the fourth hotel at the Disneyland Resort and the first high-end property built in 20 years.
Radisson grows Collection. The Strand Stockholm has officially become a part of The Radisson Collection after completing a two-year refurbishment. Designed by Swedish architectural studio, Wingårdhs, the hotel’s 170 guest rooms and suites, meeting spaces, lobby, restaurant and bars have all been refreshed. The top floor Tower Suite has access to a personal roof terrace with panoramic views of the city.
Fattal completes Apollo deal. The takeover of 13 Apollo Hotels in the Netherlands, formerly owned by European Hotel Management B.V., has been completed by the Israeli hotel group Fattal Hotels. The deal was initially announced at the end of June. The portfolio of Leonardo Hotels, the European division of the Fattal Hotel Group, thereby increases to over 150 hotels in 85 destinations. This amounts to over 28,000 rooms and 800 meeting rooms.
Scandic deals in Norway. Scandic Hotels has signed a long-term lease agreement with Bane NOR Eiendom and Utstillingsplassen Eiendom to operate a new hotel in the Nyhavna area of Trondheim, Norway. The hotel, expected to open in 2022, will be the city’s largest conference hotel with 425 rooms.
Huazhu takes Blossom Hill property. Chinese hotel group Huazhu Group Ltd. has announced that its wholly-owned subsidiary Huazhu Hotel Management Co. has entered into share transfer agreements with Beijing Tsingpu Travel Culture Development Co. and Suzhou Tiancheng Jiaqi Tourism Industry Investment, two shareholders of Blossom Hill Hotel Investment Management (Kunshan) Co., to acquire 71.2% of outstanding shares of Blossom Hill for approximately RMB462.9 million in cash. Upon closing, the hotel will become part of Huazhu’s hotel network.