Fairfield By Marriott targets Japan with 11 new hotels: Marriott International signed an agreement with Japanese real estate developer Sekisui House to bring 11 new Fairfield by Marriott hotels to Japan. The agreement expands the collaboration with Sekisui House for the Michi-no-Eki project, adding on to the 15 Fairfield by Marriott hotels signed in 2018. All properties are anticipated to open by late 2022. The signing expects to introduce the Fairfield by Marriott brand to five new prefectures, spanning from the North to South of Japan, including Hokkaido, Hyogo, Okayama, Hiroshima and Kagoshima. The hotels are slated to be built in key locations near roadside rest stations called “Michi-no-Eki” in Japan, situated close to national parks and UNESCO World Heritage Sites.
Trump taxes show losses for hotel business
An exclusive investigative piece from the New York Times looks at U.S. President Donald Trump’s tax information extending over more than two decades. That snapshot reveals vast write-offs, an audit battle, and struggling properties, including Trump’s Washington D.C. hotel, which showed losses through 2018 of US$55.5 million.
CorePoint sells Deerfield Beach La Quinta: Hotel real estate investment trust CorePoint Lodging (based in Irving, Texas) has sold Florida’s La Quinta in Deerfield Beach for US$5.7 million. Property records show the buyer is Shree Sai Properties, managed by Ketankumar “Ketan” K. Patel. The hotel sold for about US$72,000 per room, and marks one of the few hotels to sell in the area during the pandemic.The 79,610-square-foot hotel was built in 1986 and last sold in 2005 for US$6.4 million.
More from the Real Deal South Florida
Conrad’s Abu Dhabi debut: One of Abu Dhabi’s most prestigious hotels will be rebranded on October 1, following the signing of a management agreement between Hilton and Sheikh Suroor Bin Mohammed Al Nahyan. The property will be known as Conrad Abu Dhabi Etihad Towers and be the first of Hilton’s luxury portfolio to operate in the UAE capital. The global hospitality firm will replace Jumeirah to become the operators of the hotel, which will be the first of Hilton’s luxury portfolio to operate in the UAE capital.
Leela expands portfolio: Indian luxury hotel chain Leela Palaces, Hotels and Resorts, owned by a Brookfield Asset Management sponsored private real estate fund, signed a management agreement with Tulsi Palace Resorts Group to expand its portfolio to Rajasthan’s capital city, Jaipur, in India. Over the next few months, the existing 200-room hotel in Jaipur will undergo renovations as well service updates and will ultimately be branded The Leela Palace Jaipur upon completion of the renovations in early 2021.