Google’s free booking links: Google is now offering hotels and travel sites the option to list rooms for free on a price-comparison page, in a shift the tech giant said would foster more competition among vendors. The move will effectively give users more options other than advertised prices, and comes as the company is under mounting antitrust scrutiny over how it wields its power over online commerce. The change takes effect this week.
Times Square Edition close to foreclosure: A Times Square hotel and retail property once valued at more than US$2 billion is a step closer to foreclosure after a court victory for a group of lenders. The court granted the lenders (led by Natixis SA) the right to foreclose on the property, which features the 42-story Times Square Edition designed by Marriott International and Ian Schrager. The judge also scheduled a hearing to decide how to proceed with a sale. It’s the latest setback for owner Maefield Development, which has been facing foreclosure since 2019, after construction delays and trouble filling the project’s retail space led the lenders behind a US$650 million loan to file suit.
Debt market observations: JLL’s Hotel Investment Banking team has released a new report with observations in the debt market commentary. Highlights from the report include:
- Debt funds are by far the most active lenders, followed by banks, insurance companies, and CMBS which remain selective
- Not surprisingly, there is great liquidity for acquisitions or cash-in refinancings
- Banks continue to provide the lowest cost of capital, but their pricing advantage has narrowed as debt fund spreads have compressed
Mandarin lands the Al Faisaliah: Mandarin Oriental Hotel Group will now manage the Al Faisaliah Hotel in Riyadh, Saudi Arabia. The property is currently undergoing an extensive guest room and public area renovation scheduled for completion in late 2021, after which it will be rebranded as the Mandarin Oriental Al Faisaliah, Riyadh. New interior design for the 321-room hotel will come from Adam Tihany Design, New York. He has previously worked with the group on projects in London, Hong Kong, Geneva and Beijing.
Kimpton in Fort Lauderdale: Kimpton Hotels & Restaurants will open in Fort Lauderdale, Florida, marking the brand’s entrance in the market and seventh overall in the state. Set to open in April, The Kimpton Goodland Hotel – Fort Lauderdale Beach, will span three two-story buildings, and include an American restaurant and a 500-square-foot private dining room. The hotel is owned by Miramar Beach, Florida-based Banyan Investment Group and operated by Hotel Equities, Atlanta. The Goodland is Hotel Equities’ first Kimpton-branded property to join its portfolio following Kimpton’s recent nod to add the company to its shortlist of approved managers to operate the brand’s luxury hotels.
Yucatan Resort Playa del Carmen in the works: FibraHotel, a REIT specialized in hotels in Mexico, has entered into an agreement with Hilton and Playa Hotels & Resorts to reopen FibraHotel’s 60-room boutique hotel in Playa del Carmen in the next few months as The Yucatan Resort Playa del Carmen, Tapestry Collection by Hilton, operated under the all-inclusive model by Playa. This agreement represents FibraHotel’s first hotel branded by Hilton and first hotel operated by Playa.
Sale of 15 properties gets opening bid: Some entities of the Singapore-based Eagle Hospitality Trust have entered into a stalking-horse agreement with a bidder, as they seek to sell their properties as part of Chapter 11 bankruptcy proceedings in the U.S. Fifteen out of 18 of the properties in Eagle’s portfolio that are owned by the Chapter 11 entities are up for sale. The stalking-horse bidder in Eagle’s case is Madison Phoenix, an affiliate of Monarch Alternative Capital, which has agreed to purchase the 15 properties for US$470 million, subject to the terms and conditions.
Hilton’s COVID-19 plan for events: Beginning in March, Hilton’s event planner partners who book or have booked an event at any U.S. property will gain access to the company’s “EventReady Playbook,” which will include the list of third-party providers that can provide a variety of COVID-19 testing and health screening options, including:
- Handheld temperature check devices
- Personal health screening checklists
- COVID-19 self-testing options
- COVID-19 same-day, onsite testing
Hyatt embracing ‘health passports’: Hyatt Hotels Corp. now plans to use a “mobile health passport” in an attempt to provide verification of COVID-19 credentials for meeting attendees, as well as provide information like travel guidelines. As part of these exploration efforts, Hyatt will work closely with meeting planners to identify criteria for meeting attendees, which could include presenting a recent negative COVID-19 test. The criteria can then be communicated to attendees in the Verifly mobile app prior to arrival so they can fulfill their requirements and complete all necessary forms. Meeting attendees who satisfy a meeting’s requirements will be able to use the app to display a green checkmark for entry into the meeting or event.