Soul Community Planet wins strategic investment
San Juan Capistrano, California-based Soul Community Planet agreed to terms for a strategic investment that will provide up to US$210 million to pursue growth opportunities. The new investment gives SCP upwards of US$500 million of capacity to grow its Holistic Hospitality brand through acquisitions, partnerships and working capital to enhance existing properties. As well, SCP will form SCP Hospitality, an integrated brand, management company and hotel owner.
Lowe acquires Miramonte resort
Los Angeles-based real estate developer Lowe acquired the 215-room Miramonte Resort & Spa in Indian Wells, California. The resort, which has been closed since March 2020 due to COVID-19, plans to reopen early this year. Lowe’s subsidiary CoralTree Hospitality will manage the resort. It was most recently renovated in 2017.
Ashford gets US$200M lifeline
Dallas-based Ashford Hospitality Trust Inc., the firm founded by Monty Bennett that owns 103 high-end hotels, is getting a US$200 million lifeline to “navigate the pandemic.” The three-year loan comes from entities controlled by credit investor Oaktree Capital Management and has an option to increase the amount up to US$350 million.
Read more in the Dallas Morning News
U.S. hotel results for late December
U.S. weekly hotel occupancy fell to its lowest level since early May, according to STR’s latest data for the week of Christmas.
20-26 December 2020 (percentage change from comparable week in 2019):
Occupancy: 32.5% (-33.0%)
Average daily rate (ADR): US$92.08 (-28.8%)
Revenue per available room (RevPAR): US$29.94 (-52.3%)
Aggregate data for the top 25 markets showed identical occupancy (32.5%) but higher ADR (US$94.36) than all other markets. Miami/Hialeah, Florida (47.5%) saw the highest occupancy level. Markets with the lowest occupancy levels for the week included Minneapolis/St. Paul, Minnesota-Wisconsin (22.3%), and Boston, Massachusetts (23.5%).
Report: Oyo’s suffering goes beyond pandemic
India-based Oyo Hotels & Homes was considered the second-largest hotel chain globally, with a valuation of US$10 billion, just a year ago. But according to the Wall Street Journal, Oyo has seen thousands of hoteliers leave its network amid complaints from many that they have been treated unfairly. While its model of bringing mom-and-pop hotels into its fold worked within India, it hasn’t succeeded as well elsewhere.
Read the story in the Wall Street Journal
Driftwood acquires Dallas Hilton
Real estate developer Driftwood Capital acquired the Hilton Dallas Southlake Town Square, a 248-key, five-story hotel in the Dallas suburb of Southlake and near to the Dallas-Fort Worth airport. The sale price from Hobbs & Curry family limited partnership was undisclosed. Driftwood plans to invest US$5 million in renovations over the next 12 months. The property will be managed by Driftwood Capital’s sister company, Driftwood Hospitality Management.
Davidson to manage in Snowmass
Management company Davidson Hotels & Resorts was selected by High Street Real Estate Partners, RGP Partners and ACRON Real Estate Investments to manage The Westin Snowmass Resort and Wildwood Snowmass. Both properties will undergo renovation to public and guest room spaces. The Westin Snowmass Resort has 254 rooms and 17 suites. Wildwood Snowmass has 121 rooms and suites.
Hyatt to add Regency in San Francisco
An affiliate of Chicago-based Hyatt Hotels Corp. entered into a franchise agreement with 50 Third Street Owner LP for Park Central San Francisco to join the Hyatt portfolio as an affiliated hotel. The hotel is managed by Highgate and expected to rebrand to Hyatt Regency San Francisco Downtown SoMa, following significant renovations. The 681-room Park Central San Francisco, located in the heart of San Francisco’s south of market (SoMa) neighborhood, will undergo a multi-million-dollar renovation starting in early 2021 that will include a redesign of guest rooms and an updating of meeting and event spaces, ground floor lobby area and food and beverage outlets. The hotel will remain open throughout the renovation, which is expected to be completed in early 2022.
Project Save Hospitality launches
A new initiative called Project Save Hospitality has been launched to show HR professionals and recruiters how well hospitality professionals’ skills can transfer to other industries. The initiative was founded by Melissa DelBuono and Kingsley Egbuchunam, who were laid off from their jobs in the hotel industry and decided to come together to help their colleagues. They realized that many of their peers will not have jobs to return to. Project Save Hospitality’s goal is to foster professional development, which includes resume-writing assistance, job coaching and the execution of a virtual career fair. The first event will be January 21.
Pacific Hospitality purchases Texas hotel
California-based Pacific Hospitality Group purchased the Hotel Granduca Austin in Austin, Texas. PHG is taking over operations of the hotel immediately with plans to rebrand the property as part of the Meritage Collection of independent hotels in summer 2021. The property has 194 rooms, including 38 suites, and sits on 38 acres.