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Briefs: SCP expands to Hawaii | Fattal sale-leasback

Soul Community Planet buys in Hawaii: Soul Community Planet (SCP) has purchased the 138-room Hilo Seaside Hotel, located in Hilo, Hawaii. No purchase priced was cited. The hotel will undergo a US$4.6 million renovation and reopen as the SCP Hotel Hilo on June 1. The seaside property was founded by Hawaiian native Richard Kimi in 1956 and was continually operated by the Kimi family until this acquisition. Adding to the recently completed renovations of the hotel’s open-air lobby, pool and other public areas, SCP’s planned renovation scope will include updating guest rooms and bathrooms, the introduction of several new suites, along with the addition of the SCP’s signature “Peaceful Rooms.” Also planned is the addition of an SCP Provisions market, which will offer plant-forward, locally sourced food and drink.

Hilo Seaside Hotel acquired by Soul Community Planet
Hilo Seaside Hotel acquired by Soul Community Planet

Huge growth fund by Blackstone: Blackstone on Friday announced the final close of Blackstone Growth (BXG), its inaugural growth equity fund. BXG was oversubscribed and closed at its hard cap of US$4.5 billion – with third-party capital commitments from a wide range of family offices, entrepreneurs, endowments, strategic institutional investors, pension funds, high-net-worth individuals, and other investors – making it the largest first-time growth equity private fund raised in history. Blackstone Growth, Blackstone’s global growth equity business, invests in fast-growing companies, helping them expand their potential through the power of the Blackstone platform. Leveraging Blackstone’s extensive operational resources and network, BXG focuses on providing capital to entrepreneurs seeking to minimize the execution risks associated with high-growth environments.

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Fattal sells two Munich hotels: Owner-operator Fattal Hotels has sold two of its hotels in Munich: the 98-room Leonardo Hotel Munich City West and the 270-room Leonardo Hotel & Residence Munich for a combined sale price of €77 million (US$92 million) which comes to €209,000 per room (US$250,000). Both properties will undergo renovations, with €4 million (US$4.7 million) of the sale price set to be spent on refurbishments. In addition, Fattal’s management company in Germany, Sunflower Management GmbH & Co., has signed a lease agreement with the buyers for 25 years for €2.52 million (US$3 million) annually for Leonardo Hotel & Residence Munich and €0.93 million (US$1.1 million) for Leonardo Hotel Munich City West.

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Lafayette Hotel sells for US$25M: San Diego-based restaurant and hospitality group CH Projects has purchased the Lafayette Hotel in San Diego’s North Park neighborhood for US$25.8 million. The seller was Lafayette Landlord, a San Diego-based investment group. CH Projects said it plans to restore and update the rooms and add several food and beverage venues to the property. The 131-room hotel was built in 1946 by a former car dealer and developer and has an Olympic-size pool and several restaurants and bars.

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Capital Hotels Group bids for Fairmont Zimbali: Johannesburg-based Capital Hotels & Apartments Group, founded by hospitality industry entrepreneur Marc Wachsberger, has emerged as the preferred bidder for the 5-star Fairmont Zimbali Hotel that was placed into business rescue last year amid the COVID-19 economic crunch in South Africa. The 154-room hotel has remained closed since the initial ‘hard lockdown’ in late March 2020. Wachsberger confirmed that his group has reached an agreement with Fairmont Zimbali Hotel’s Business Rescue Practitioner to buy the property in a R240 million (US$16 million) deal. Capital Hotels Group will also be investing about R30 million (US$2 million) in upgrades.

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AAHOA looks at COVID a year later: In its ongoing effort to help its membership to recover from COVID-19-related hardships, AAHOA (the Asian American Hotel Owners Association) has released a report titled, “The Road to Recovery Runs Through AAHOA: Measuring Impact One Year Later.” It is meant to help hoteliers better understand the comprehensive approach AAHOA has taken over the past 12 months and to ensure members can take advantage of its resources and support.

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