New CEO for Urban Resort Concepts: Shanghai-based Urban Resort Concepts has appointed Mark DeCocinis as its new chief executive officer. DeCocinis joins Shanghai-based Urban Resort Concepts with over 35 years of leadership experience in luxury hospitality. Most recently, he served as president and chief operations officer of One&Only Resorts, leading its strategic development and operational performance in nine countries. Prior to that, he was executive vice president of Shangri-La International, overseeing global operations and development.
Financing in place for Byblos repositioning: Consultancy Colliers has advised independent alternative asset manager Intriva Capital in obtaining debt financing for the refurbishment of the former Byblos Hotel in Mijas into a luxury 200-room resort. The credit facilities include a €20 million (US$24 million) tranche provided via Arcano Capital through the European Regional Development Fund, which is managed by the European Investment Bank. Marugal Hotel Management will oversee the hotel’s operations. Intriva has also signed a franchise agreement with a Hyatt Hotels Corp. to affiliate the property with The Unbound Collection. It marks the first Hyatt-branded hotel in Southern Spain. The hotel is scheduled to open in spring 2022.
Miami investor to develop mansion hotel: Miami Beach, Florida, investor Greg Mirmelli has bought a former Banana Republic building and plans to convert the property into a mansion hotel. Mirmelli paid US$4.5 million for the 10,026-square-foot building. Property records show the seller is 800 Collins Ave LLC, led by Sam Herzberg. Herzberg’s entity paid US$9.7 million for the building in 2011. Mirmelli said he is looking to capitalize on the rush of billionaires who have recently moved to Miami Beach and nearby towns, according to The Real Deal South Florida. The proposed mansion hotel would be rented as a villa for US$15,000 to US$20,000 per night, Mirmelli said. It would have about eight bedrooms, an indoor swimming pool, spa, movie theater that doubles as a nightclub, a lobby, and possibly a rooftop sundeck and pool.
Miami developers stave off foreclosure: The developers of the Zaha Hadid-designed One Thousand Museum condo tower in Miami, Florida, have closed on a US$90 million condo inventory loan. The refinancing comes less than three weeks after London-based Reuben Brothers investment firm filed a foreclosure lawsuit against the developers. The late Hadid designed the 84-unit, 62-story skyscraper, which was completed in 2019. The new loan closed on Monday and will pay off the construction loan.
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Chatham sells Innkeepers jv interest: Lodging REIT Chatham Lodging Trust has sold to Highgate Holdings a 10.3% interest in its Innkeepers joint venture with Colony Capital for US$2.8 million. “This sale culminates a very successful joint venture investment for Chatham since we partnered with Cerberus to buy the Innkeepers portfolio out of bankruptcy in 2011,” said Jeffrey Fisher, Chatham’s president and chief executive officer. “Originally investing US$37 million for our interest, this has proven to be a very profitable investment for Chatham and our shareholders. Alongside Cerberus, our investment returned profit of approximately US$80 million by the time Cerberus sold its interest to Northstar Realty Finance (which ultimately merged with Colony) in 2014. Since then, we received distributions of US$22.2 million, bringing total returns to over US$100 million.”
Omaha Marriott recapitalized: RobertDouglas has advised Capitol District Hotel LLC on the US$85.6 million recapitalization of the 333-room Omaha Marriott Downtown at the Capitol District located in Downtown Omaha, Nebraska. “We are proud to have advised on this recapitalization,” said Stephen O’Connor, a principal and managing director of RobertDouglas. “The landmark asset is the premier hotel in Downtown Omaha, and we look forward to seeing it operate at its full potential in the near future as the market recovers from the COVID-19 pandemic.”
Starwood Capital names MD: Starwood Capital Group has named Jared Melnik as a managing director and head of Hotel Acquisitions for the Americas. Melnik joins Starwood Capital after 15 years at KSL Capital Partners, a travel and leisure focused investment manager, where he most recently served as principal and member of the Investment Committee. Prior to KSL, he was an investment banker at Merrill Lynch.
Margaritaville planned for South Padre, Texas: New York-based Highline Hospitality Partners, the hospitality investment platform launched by Highline Real Estate Partners, has added its third property with the acquisition of the 200-room Pearl South Padre Resort in South Padre Island, Texas. Aimbridge Hospitality will manage. The property will be converted to a Margaritaville resort, with a summer 2022 opening targeted.
Crescent adds two contracts: Fairfax, Virginia-based Crescent Hotels & Resorts this week has welcomed The Westin Chicago Lombard to its management portfolio, as well as the DoubleTree by Hilton Bloomfield Hills Detroit. Crescent currently operates over 100 hotels & resorts in the United States & Canada.
WorldHotels Crafted Collection launches: Phoenix, Arizona-based WorldHotels has launched a new collection of hotels: the WorldHotels Crafted Collection. Created last year, the collection is officially launching this year. The first Crafted Collection hotels include: ACME Hotel Company in Chicago; Hotel Bijou in San Francisco; The Vault Hotel in Helsingborg, Sweden; and Hotel Haarhuis in Arnhem, Netherlands, among others.
Voco hits 50: IHG Hotels & Resorts’ Voco brand has reached 50 signed and open hotels in more than 20 countries across the globe. After debuting with its first signing and opening in Australia in 2018, Voco entered IHG’s largest markets in the U.S. and China in late 2020, with new properties now open in New York and Hangzhou. Its 50th signing, Voco Brisbane City Centre in Australia, is set to open its doors later this year.
Google modifies hotel promotion ads: Google has globally launched its property promotion ads, an ad format that helps advertisers reach users who have not yet identified the exact hotel they would like to book. They show prominently in search results for geographical locations, allowing advertisers to position specific hotels in a particular place. Previous to this launch, direct participation in property promotion ads was done through an allowlist. Now, advertisers will be able to set specific bids for property promotion ads through the Google Ads interface, API and bulk upload system.
New boutique hotel from wine brand: A Willamette Valley, Oregon-based hotel and wine brand, The Setting Wines, is introducing a newly renovated boutique hotel property. Opening in May, The Setting Inn Willamette Valley will be the second Inn for the brand’s portfolio, following in the footsteps of its sister property, The Setting Inn Napa Valley. The three-story property will have a culinary garden as well as vineyards.
AHLA buys tech solutions company: The American Hotel & Lodging Association has signed an agreement for Schaumburg, Illinois-based technology solutions association Hospitality Technology Next Generation (HTNG) to formally become part of AHLA. Upon the closing of the agreement, which is expected to be completed before the end of April, AHLA will retain the HTNG brand with the current staff transitioning to AHLA. HTNG will also have representation on the AHLA board of directors and executive team. The combined staff will merge tools and resources over the next year.
International flights into Melbourne to resume: International flights to Melbourne will resume after Easter, following major reviews of the state’s beleaguered hotel quarantine system. Airflow out of hotel rooms were blamed for the leakage of the virus, which reportedly caused Melbourne’s third lockdown. There is also a renewed call to consider some form of home quarantine, and other quarantine options as part of managing the increased risk of contagion from new variants. With more than 4,000 quarantine workers having received their first dose of the vaccine, ventilation reviews in hotels underway and improved PPE rules rolled out, the government has determined it is safe to resume flights from April 8.
Canadian investment report: Following a decade long run of largely strong hotel market fundamentals, investment activity fell to the lowest levels since the 2009 financial crisis in 2020 as the weight of the pandemic took hold, according to a new report from Colliers. National and global immunization efforts put a rebound in lodging demand on the horizon and mark the early stages of the industry’s recovery.
Mandarin NYC to reopen: Mandarin Oriental, New York will reopen on April 1. The reopening debuts a new dining experience, MO Lounge, along with enhanced safety measures and programming designed to ensure wellbeing.