It’s Braemar: Dallas, Texas-based Braemar Hotels & Resorts has entered into a definitive agreement to acquire the 170-room Ritz-Carlton Lake Tahoe in Truckee, California. In addition, the Company is also acquiring a 3.4-acre plot of vacant land adjacent to the hotel that is being entitled for luxury residential townhome development. The acquisition is expected to close on or prior to January 15. Post-closing, the property will continue to be managed by Ritz-Carlton.
Meet ‘The Prince Akatoki’: StayWell Holdings and Prince Hotels have acquired The Arch London and plan to rebrand it in 2019 into The Prince Akatoki, the first property globally under the company’s newly created 5-star Prince Akatoki brand.
Reuben Brothers acquire Soho site in London: Property tycoons the Reuben Brothers have acquired a site in London’s Soho to transform it into a hotel. The company bought the site from private equity firm Quadrum Global (for a price estimated be £61 million (US$79 million), according to Reuben Brothers website) with planning permission for redevelopment into a hotel, restaurant and bar.
TripAdvisor officially goes social: In September, the travel company announced it was beta-testing itself to become a social media platform – that day has now arrived and users and companies alike can try their hand at the new platform. See for yourself.
A Margaritaville in Panama City Beach: Margaritaville Holdings and Premier Development Group have entered into a partnership to develop a new destination resort in Panama City Beach, Florida. Spanning more than 13 acres, the new Margaritaville Beach Resort will feature a full-service hotel, amenity park, function space, several food and beverage concepts, retail, and residential properties for sale. The resort is expected to begin a phased opening in spring 2021.
Outlook, U.S. lodging sector: PWC’s quarterly Hospitality Directions Report has been released, offering a near-term outlook for the U.S. lodging sector. Highlights include:
· Third quarter lodging fundamentals came in below the expectations of many, with RevPar growth of 1.7% year-over-year, led by rate growth of 2.1%.
· The industry also saw third quarter lodging supply growth (1.9%) outpace demand (1.6%), resulting in occupancy decreasing 0.4%.
· Demand in the top 25 markets decreased year-over-year with a portion of this decline attributable to last year’s hurricane season affecting markets like Houston and Orlando.
· Heading towards 2019, economic indicators appear to support continued industry growth, given high consumer spending supported by rising disposable income, employment and household net worth.
Click here for the full report
Hyatt House Niseko: A Hyatt affiliate has entered into a management agreement with Hokkaido Alpine Resort Management GK, an affiliate of LimeTree Capital, for a 91-room Hyatt House hotel in Niseko, Japan. The upscale, extended stay hotel will be rebranded as Hyatt House Niseko on December 16.
Dream in Palm Beach: New York-based Dream Hotel Group has assumed management of the 134-room Tideline Ocean Resort & Spa in Palm Beach, Florida. Emily Nichols was named general manager of the resort property.