Two in Oman for Radisson: Radisson Hospitality AB signed two new hotels in Oman – the Radisson Hotel Apartments, Muscat Hills and Park Inn by Radisson Hotel Apartments, Salalah. This brings the group’s portfolio to 84 hotels in operation and under development in the Middle East region. The Muscat Hills property will have 171 upscale apartments and is scheduled to open in Q4 2020; the Salalah property will have 123 serviced apartments and is set to open in Q1 2021.
A pretty deal for Detroit: Jack Entertainment, owned by Quicken Loans chairman and Cleveland Cavaliers owner Dan Gilbert, has sold the Greektown Casino-Hotel in downtown Detroit in a US$1 billion deal. Wyomissing, Pennsylvania-based gaming conglomerate Penn National Gaming and Vici Properties are the buyers of the 400-room hotel and casino. Penn, which operates 39 thoroughbred horse racing tracks and casinos, mostly under the Hollywood Casino brand, will pay US$300 million for the casino’s operating assets and serve as operator. Vici Properties, a real estate investment trust spun off from Caesars Entertainment during its bankruptcy last year, acquired the real estate for US$700 million and will serve as the property’s owner.
U.S. hotel growth projections drop in final 2018 forecast: For the total year, according to data from STR and Tourism Economics, the U.S. hotel industry is projected to report a 0.4% increase in occupancy to 66.2%, a 2.6% rise in ADR to US$129.99 and a 3.0% lift in RevPAR to US$86.00. RevPAR has grown at least 3.0% for each year since 2010. The luxury, economy and independent chain scale segments are likely to match for the largest increase in occupancy (+0.7%). Luxury is expected to post the highest growth rates in ADR (+3.5%) and RevPAR (+4.2%). While all segments should report RevPAR increases for 2018, the lowest rate of RevPAR growth is projected in the upper midscale segment (+1.7%).
WorldHotels adds a Cali property: WorldHotels, a global sales, marketing and distribution company, has added the 400-room Monarch Beach Resort in Dana Point, California, to its portfolio as a means to further increase its collection of luxury properties in the U.S.