Dorchester Dubai: Middle East developer Omniyat is making progress on The Residences, Dorchester Collection, Dubai, which will have residences and a hotel component. The total value of the project is estimated at over AED 2.5 billion (US$681 million) and will be managed by Dorchester Collection. The 32-story residential tower will have 39 furnished residences and six four- and five-bedroom penthouses, each with its own swimming pool overlooking Dubai Canal.
China’s Wanda to sell stake in Chicago skyscraper: Just months before the first residents move into what will become Chicago’s third-tallest skyscraper, a Chinese developer has agreed to sell its ownership stake in Vista Tower for US$270 million. Chicago-based Magellan Development Group agreed to buy the 90% ownership stake from Wanda Hotel Development, a unit of Chinese billionaire Wang Jianlin’s Dalian Wanda Group. Magellan owns the other 10% stake in the 1,191-foot-tall condo and hotel project, which has been under construction for almost four years.
The JV that acquired France’s largest Holiday Inn: A joint venture led by Catella Hospitality Europe and Extendam has acquired the largest Holiday Inn in France. The newly built Tribunal Judiciaire, the Holiday Inn Paris Porte de Clichy, is a midscale business-oriented hotel of 262 rooms, and one of the largest hotels in the Paris area. The property, acquired from a Swiss family office at a significant discount compared to pre-COVID-19 prices, had historically been impacted by the continuous development works disruption in the close vicinity.
Oetker in Geneva: German hotel group Oetker Collection will open The Woodward in Geneva in spring 2021. This marks the group’s 10th hotel in its portfolio. The 26-suite luxury hotel will feature classic-meets-contemporary interiors, with marble fireplaces and bookcases, with 21 of the suites will offer a lake view. The hotel will also house restaurants L’Atelier de Joel Robuchon and Alain Verzeroli’s Le Jardinier, both of which have received Michelin stars at their New York outposts.
Odyssey launches second Japan hospitality fund: Hong Kong-based global alternative asset management firm, Odyssey Capital Group will debut a second Japan hospitality fund, according HVS. The Odyssey Japan Hospitality Fund II aims to acquire undervalued mid-tier Japanese hospitality assets in the range of US$5 million to US$50 million. The fund aims to target existing boutique hotels in key cities, heritage and historical assets that could be developed into luxury boutique hotels, ryokans and machiyas situated within prime tourism locations.
Young Saudis interested in tourism careers: The Red Sea Development Co., the developer behind the tourism project, has released the findings of a new study into the perceptions of Saudi youth and their parents towards the tourism and hospitality industries. The research, based on more than 850 face-to-face interviews, found that young Saudis are less interested in careers in more “traditional” sectors such as petrochemicals and oil and gas, but favor those within the country’s strategic growth industries aligned with Saudi Arabia’s Vision 2030. In total, nine in 10 (91%) young Saudis were interested in pursuing a career in tourism, compared to just over three quarters (77%) who were interested in a career in petrochemicals.
Mandarin lands Lake Zurich management contract: Mandarin Oriental Hotel Group will manage and re-brand the historic Savoy Baur en Ville hotel in Zurich, from 2024. The 80-room hotel, which first opened in 1838, is a landmark property on Paradeplatz, the main square in the city center. The hotel is currently managed by Credit Suisse. In 2022, the hotel will close and undergo a comprehensive two-year renovation to reposition the property as the market leader in the city. Upon completion of the renovation in 2024, Mandarin Oriental Hotel Group will manage and re-brand the property as Mandarin Oriental Savoy, Zurich.
LTI Members: Digital platform Luxury Travel Intelligence has starting an LTI Members, an initiative involving 40 luxury hotels, which will be offering Luxury Travel’s members one-on-one live virtual visits to their properties, hosted by their management team. Luxury Travel is making the introductions by email, then each property makes arrangements for a virtual visit. The initiative, which is free, will to launch on December 1.
Marriott’s online sale: Marriott International is launching what it’s saying is the company’s largest cyber sale, beginning on November 24. At more than 5,000 hotels in the U.S., Canada, the Caribbean and Latin America, Marriott Bonvoy members will save 25% and non-members will save 20% on stays.