Napali Capital acquires Hilton: Napali Capital, a Texas-based real estate investment company, has acquired the 152-room Tru by Hilton Dallas Market Center in Dallas, Texas. The hotel, which was initially constructed as a bank in 1965 and operated as an office building before the renovation, opened in January 2021 as Tru by Hilton. Napali plans to infuse over US$400,000 in capital to upgrade the rooftop deck. The company has engaged Aimbridge Hospitality to look after daily operations of the property. Tru by Hilton Dallas Market Center is Napali’s second acquisition after Home2 Suites by Hilton, in Charlotte University Park, North Carolina, in 2019.
NYC leads construction pipeline: New York City is leading the hotel construction pipeline at the close of Q2 2021 in the U.S. among the top five markets, with 146 projects/25,232 rooms, according to Lodging Econometrics. This is followed by Los Angeles (135 projects/22,586 rooms), Dallas (132 projects/16,183 rooms), Atlanta (129 projects/17,845 rooms) and Nashville (91 projects/12,703 rooms). The five top markets with the most projects currently under construction are New York City with 111 projects/19,582 rooms, Atlanta with 39 projects/5,795 rooms, Los Angeles with 34 projects/5,771 rooms, Dallas with 30 projects/4,173 rooms, and Austin with 29 projects/3,768 rooms. These five markets collectively account for nearly 25% of the total number of rooms currently under construction in the U.S.
Marriott leads construction pipeline: Marriott International has the largest construction pipeline of U.S. franchise companies in Q2 2021, with 1,301 projects/170,847 rooms, according to the latest report by Lodging Econometrics. Hilton features second in the list with 1,216 projects/139,172 rooms, followed by InterContinental Hotels Group (IHG) with 777 projects/78,929 rooms. Development projects with these three franchise companies comprise 69% of all projects in the total construction pipeline. The largest brands for each of these companies are Marriott’s Fairfield Inn with 257 projects/25,051 rooms, Hilton’s Home2 Suites by Hilton, with 379 projects/39,584 rooms and IHG’s Holiday Inn Express with 303 projects/29,055 rooms. These three brands make up 20% of the total construction pipeline rooms in the U.S.
B.F. Saul to operate Watermark Hotel: B.F. Saul Co. Hospitality Group, Bethesda, Maryland, will operate the 300-suite Capital One Watermark Hotel in Tysons, Virginia. The hotel, which is owned by Capital One Financial, will operate as an independent property without franchise or network affiliation. Located inside the Capital One Center campus, the hotel is best suited for Capital One associates who prefer to stay on campus and will feature studio, one-bedroom and two-bedroom suites.
Värde Partners agrees to Barcelona hotel sale: Värde Partners, a Minneapolis, Minnesota-based global alternative investment firm, has agreed to the sale of the 314-key Hotel Barcelona Apolo to Meliá Hotels International, the current hotel operator, for €96 million (US$113 million). The transaction followed an open bidding process that attracted interest from more than 20 institutional investors. The sale was agreed through Dospuntos Asset Management, a Värde-controlled real estate company in Spain, formed in December 2017 from the residential developer Vía Célere. Värde had acquired the hotel in 2015 and has since executed a series of value creation initiatives, including refinancing the business and delivering an investment program.
FREO Group secures Spanish investment mandate: FREO Group, an independent international real estate manager, was awarded a €400 million (US$472 million) mandate by an unnamed institutional investor to invest in hotels in Spain. FREO plans to fully invest the capital over the next three years and said it was under exclusivity on several transactions, with a significant program planned to reposition the hotels. FREO has created an investment platform on behalf of the institutional investor to target urban hotels in Barcelona and Madrid, and leisure hotels in tourist destinations like Balearic Islands, the Canary Islands and the Costa del Sol. As part of its broader plan, FREO is also seeking investment opportunities in other countries in the European Economic Area, including the U.K., France and Italy.
Gold Tree Hospitality expands in Europe: Gold Tree Hospitality, the London-headquartered real estate development and hospitality firm, has added 420 units in London, Dublin, Lisbon, Stuttgart and Basel, as part of its global real estate portfolio expansion plan. These units will be developed into Gold Tree’s future aparthotel lifestyle brand that will launch in 2023. Gold Tree has also executed a complete redesign of its 200 serviced apartments that operate under its Stay&Co. brand within London, Lisbon, Sydney and Melbourne. Within the next six years, Gold Tree aims to open over 10,000 aparthotel rooms and operate 3,000 services apartments across Europe. Since its creation in 2018, Gold Tree has secured funding to support its targets and has invested over €200 million (US$236 million) of real estate developments and expansion activity.
Solmar Group CEO dies: Francisco “Paco” Bulnes, CEO of Solmar Group, passed away aged 61. Born into the hotel business, Bulnes was the son of Don Luis Bulnes, a travel sector visionary who migrated from Spain to Cabo San Lucas, Mexico, in 1955. Mourning Bulnes’ death, Ricardo Orozco, VP of operations, Solmar Hotels & Resorts said, “Since 1965, Solmar has been inextricably intertwined with the history and prosperity of Los Cabos. Following in his father’s footsteps, Paco continued to honor his family legacy as one of the pioneers of tourism in Los Cabos. He was a well-respected businessman, and while responsible for growing a successful company to include seven resorts, his most meaningful contributions include those he made within the community.” Bulnes is survived by his wife, Holly, and their children Luis, Inés, Victoria and Nicolás.
USTA reacts to UK welcoming vaccinated U.S. travelers: The U.S. Travel Association welcomed the U.K.’s “wise” decision to welcome fully vaccinated travelers from the U.S. and E.U. from August 2 without the need for quarantine. In a statement, the USTA said it’s time for U.S leaders to do the same and set a timeline to reopen national borders and start with vaccinated travelers from the U.K., E.U. and Canada.
Marriott updates human trafficking training: Marriott International will launch an updated version of human trafficking awareness training on July 30 on the occasion of World Day Against Trafficking in Persons. This will be the company’s next step in its goal to train all of its on-property associates to recognize and respond to potential indicators of human trafficking at hotels by 2025. The new training was developed in collaboration with survivors of human trafficking, to ensure that the training is victim-centered and resources are survivor-informed.
StepStone to manage Embassy Suites by Hilton, Minneapolis: StepStone Hospitality, a Rhode Island-based hotel management company, has secured the management of the 232-room The Embassy Suites by Hilton Bloomington/Minneapolis.
Essex Hotel Management adds Marriott: Essex Hotel Management has added the 126-key Courtyard by Marriott Rochester Downtown, which opened in June 2021, to its portfolio of hotels. Essex will operate the hotel on behalf of local ownership. This is the first Marriott branded property in the downtown area that Essex will be operating. Essex had previously managed the East Avenue Inn & Suites, the predecessor of Courtyard by Marriott Rochester Downtown, and was part of the development team to transform it into a Marriott-branded property.