U.S. occupancy improves: U.S. hotel occupancy improved week over week, with the average daily rate being the highest on record, as per STR’s latest data through July 10.
- Occupancy: 67.2% (-9.3%)
- Average daily rate (ADR): US$139.84 (+5.4%)
- Revenue per available room (RevPAR): US$93.99 (-4.4%)
The survey noted that irrespective of inflation, hoteliers are utilizing pent-up leisure demand and higher spending travelers, while trying to counter staffing shortages and rising operational costs in some regions. With the demand mostly transient, there is no usual lowering effect of discounted group rates at the higher end of the market. Most of the higher ADR performances are outside of the major metro markets.
Four Seasons Miami trades: Miami-based Fort Partners has acquired the 221-room Four Seasons Miami for about US$130 million, according to The Real Deal. Fort Partners financed the purchase with a US$105 million loan from New York-based Madison Realty Capital, according to a press release. The deal now gives Fort Partners control of all four Four Seasons properties in South Florida.
Hilton expands in Mexico: Hilton has signed three managed resorts in Mexico, furthering the company’s all-inclusive and luxury expansion plans: Hilton Vallarta Riviera All-Inclusive resort, Hilton Tulum All-Inclusive Resort and the Conrad Tulum. The 444-room Hilton Vallarta Riviera All-Inclusive Resort, which is a development by Parks Hospitality and owned by Fibra UNO, is expected to convert in Q4 2021. Owned and developed by Parks Hospitality, the new-build 349-room Conrad Tulum and the 735-room Hilton Tulum All-Inclusive Resort will join the Hilton portfolio in Q4 2021 and Q1 2022, respectively. In Mexico, Hilton has more than 70 open hotels and more than 30 in the development pipeline.
TPG acquires Danfords Hotel: TPG Hotels, Resorts & Marinas, Providence, Rhode Island, has acquired from Crest Hospitality the Danfords Hotel, Marina & Spa located in Port Jefferson, New York. Danfords features 92 upscale guest rooms and suites and a marina with more than 100 slips and over 1,000 feet of side to tie with the capacity to accommodate vessels up to 250’ in length. TPG will start a property improvement plan, including resort-wide modernization, which includes lodging and slip reservation systems, and a renovation of the resort’s guest rooms. TPG will also manage catering operations at the Waterview Restaurant, located at the Port Jefferson Country Club. Danfords is one of the three acquisitions in seven months in TPG’s newly launched Marina platform. TPG acquired Dutch Harbor Boat Yard in Jamestown, Rhode Island, in June 2021, and Champlins Hotel, Resort and Marina in Block Island, Rhode Island, in December 2020, which is being renovated as part of the property improvement plan.
Tru reaches 200: Tru by Hilton has opened its 200th hotel after launching the brand five years ago, adding 100 hotels since the beginning of 2020, it reported. Tru has grown its pipeline to nearly 270 hotels and is now set to make its debut in the Caribbean and Latin America, with a new regional prototype and hotel developments in Brazil, Costa Rica, Dominican Republic, Mexico and Puerto Rico. Tru is expected to make its Caribbean and Latin America bow in late 2021 with the opening of Tru by Hilton Criciuma in Brazil, followed by Tru by Hilton Monterrey Fundidora in Mexico in early 2022. There are further openings on the books in Brazil, Costa Rica, Dominican Republic and Puerto Rico.
Accor’s SO/ now in the Maldives: S Hotels and Resorts Public Co. Ltd., the Bangkok-based flagship hospitality arm of Thailand’s Singha Estate, is expanding its presence in the Maldives with the signing of a hotel management agreement to introduce in 2023 SO/Hotels & Resorts, Accor’s luxury lifestyle brand. The project will be owned by an equal joint venture with Wai Eco World Developer Pte. Ltd., a business and real estate conglomerate. SO/Maldives will feature 80 villas, including beachfront and over-water options.
Humler to Ocean Club: Hervé Humler, formerly president and COO of The Ritz-Carlton Hotel Co. and most recently chairman Emeritus, reported on his LinkedIn page that he has joined Ocean Club Group, a full-service real estate firm specializing in the development of luxury branded residential and resort communities located in the Dominican Republic, as president of the Board, partner, president and COO. Humler added that he looks forward to positioning the North Coast of the Dominican Republic as a first-class luxury destination.
GHM’s hotel at the Red Sea: GHM, Singapore, has signed an agreement to unveil another Chedi hotel on the Red Sea at El Gouna in Egypt, which will be developed on the foundation of an existing 86-key beachfront property. The Chedi El Gouna, Red Sea, Egypt, marks the third collaboration between GHM and Switzerland-based Orascom Hotels Management, whose initial effort resulted in The Chedi Andermatt in Switzerland. El Gouna is Orascom Development’s flagship town.
Palladium burned by Forex derivatives: Palladium Group, co-owned by former Spanish Foreign Minister Abel Matutes Juan, has incurred losses based on buying complex foreign-exchange derivatives from Deutsche Bank in attempts to mitigate exchange-rate risks in recent years, Bloomberg is reporting. The company is in discussions with lawyers as it evaluates options to recoup losses from the bank, according to a statement from Palladium.
Radisson expands electric charging: Radisson Hotel Group and Allego, the pan-European provider of electric vehicle charging solutions, have partnered to provide an AC charging network for electric vehicles in over 220 Radisson properties across Europe. The project will start with the U.K. and the Nordics, and will be implemented in with other European countries including Germany, France and the Netherlands. The agreement hopes to offer EV charging to all European Radisson guests on site by 2025, which will be deployed and managed by Allego. The charging stations will be able to recharge multiple vehicles within 15 minutes and will support payments via credit, debit and charge cards for over 150 European Mobility Service Providers.