New investor in Spanish, European markets: The Spanish company Mazabi, which specializes in managing family real estate assets, has launched an investment plan that it says will bring it to almost €1 billion (US$1.2 billion) in two years. Specifically, Mazabi is preparing operations worth €460 million (US$549 million) for this year. The company, founded in 2009, expects to exceed €200 million (US$239 million) in investment in hotels in 2021 and plans to focus on holiday hotels in locations such as Mallorca, Ibiza, Formentera, Tenerife, Gran Canaria, Cádiz and Huelva. It also plans to focus on urban vacations in locations like Madrid, Seville, Santander, Córdoba, Granada, Santiago de Compostela and San Sebastián.
Loan for Ritz-Carlton in Puerto Rico: Dorado Beach, a Ritz-Carlton Reserve, in Dorado Beach, Puerto Rico, has secured a US$61 million first mortgage loan. The five-year, floating-rate, non-recourse loan from Knighthead Funding refinances maturing debt. As the first Ritz-Carlton Reserve Hotel in the Americas and one of only five in the world, the hotel first opened in 2012 and has 114 beachfront guest rooms and suites.
Urgo adds Moxy Miami South Beach: Bethesda, Maryland-based Urgo Hotels & Resorts, a hotel company that develops, invests, owns and operates hotels and resorts throughout the United States, Canada and the Caribbean, has assumed management of the newly opened, 202-room Moxy Miami South Beach in Florida. Developed and owned by Lightstone, the new-build hotel marks the brand’s first entry into managing a resort-style property. The hotel also will open two additional eateries in April 2021.
New CEO for Cross Hotels: Bangkok-based Cross Hotels & Resorts has named Harry Thaliwal as CEO, effective immediately. Thaliwal was previously executive vice president – operations. Cross Hotels & Resorts currently operates 21 hotels across three distinct brands – Cross, Cross Vibe and Away – in Thailand, Vietnam and Indonesia.
New CCO for Sonesta: Sonesta International Hotels Corp. has appointed Garine Ferejian-Mayo as the company’s new chief commercial officer. In this newly created position, Ferejian-Mayo will leverage more than 25 years of industry experience to drive the execution of Sonesta’s commercial operations while leading the company’s sales, revenue, distribution, call center, and field-marketing teams. Ferejian-Mayo will work closely with Sonesta President and Chief Executive Officer Carlos Flores, and Chief Operating Officer Vera Manoukian to craft the company’s commercial strategy. She joins Sonesta most recently from InterContinental Hotels Group (IHG), where she served as IHG’s head of Commercial for their core-managed hotels and luxury division. She began her career at Interstate Hotels & Resorts and has held several leadership roles at Fairmont, Loews, and Starwood Hotels.
Bali market update: One year after the pandemic decimated global tourism, Horwath HTL Indonesia and C9 Hotelworks have released a report examining full year 2020 hotel market performance and demand trends in Bali. Bali hotels have struggled to keep afloat and while domestic tourism has provided a lifeline, hotel performance has hit rock bottom. Much of the expected new supply is also in limbo. In residences, a new trend has appeared in luxury property sales.