Shangri-La forms JV with Samty: Shangri-La Group has formed a new joint venture with the Tokyo-based Samty Co. to develop a luxury hotel in Kyoto, Japan. The location of the proposed hotel is just north of the Nijo Castle, a UNESCO World Heritage Site and a popular tourist destination in Kyoto. This hotel will be Shangri-La Group’s second in Japan, after Shangri-La Tokyo. The property is expected to open in 2024.
And the company also gets a new logo: As part of Shangri-La’s 50th anniversary, the Hong Kong-based group has debuted a refreshed brand logo for Shangri-La Hotels and Resorts. The refreshed Shangri-La logo aims for “a more contemporary look and feel while maintaining the powerful equity of the brand.” The signature “S” mark is retained and now has a new gold color, and the original typeface is “refined for a more modern feel” and is also inspired by Asian calligraphic elements. Additionally, the brand has opted not to include “Hotels and Resorts” in the refreshed logo.
U.S. federal loan money runs out: Four weeks before its scheduled end, the U.S. federal government’s signature aid effort for small business ravaged by the pandemic — the Paycheck Protection Program — ran out of funding on May 4 and has stopped accepting most new applications. Congress allocated US$292 billion to fund the program’s most recent round of loans. Nearly all of that money has now been exhausted, the Small Business Administration, which runs the program, told lenders and their trade groups on Tuesday. While many had predicted that the program would run out of funds before its May 31 application deadline, the exact timing came as a surprise to many lenders.
Frosch acquires Valerie Wilson Travel: New York’s Valerie Wilson Travel is being acquired by the California-based Frosch International Travel. Valerie Wilson Travel will continue to operate as an independent brand, with the agency’s executives remaining in their positions under the Frosch umbrella. Valerie Ann Wilson will remain as CEO; Jennifer Wilson-Buttigieg and Kimberly Wilson Wetty will remain as co-presidents; Brian Buttigieg will be appointed Valerie Wilson Travel’s chief operating officer effective immediately and will join FROSCH as general counsel; and Patrick Fragale, executive vice president for Valerie Wilson, will expand his responsibilities. The plan is also for Valerie Wilson Travel to remain operating with its consortia, Virtuoso, while Frosch continues its connection to Signature.
Amex arm buys corporate-travel platform from Expedia: American Express Global Business Travel has made a binding offer to purchase corporate-travel platform Egencia from Expedia Group. The deal would make Egencia a part of American Express’s Global Business Travel group. Through the arrangement, Expedia Group intends to become a shareholder of EGBT and enter into a long-term commercial agreement with the group. Terms of the deal were not disclosed.
Sage managing in New Jersey: New York-based iStar, a full-service real estate investment, finance, and development company, has partnered with Denver, Colorado-based Sage Hospitality Group on the management of the company’s two independent properties in Asbury Park, New Jersey: The Asbury, with 110-rooms, as well as the 130-room Asbury Ocean Club Hotel. Sage Hotel Management and Sage Restaurant Concepts, both Sage Hospitality Group companies, will lead the operations for the hotels and their food and beverage and entertainment outlets.
Workers displeased with handling of crisis: The world’s battered hospitality and tourism industry has a long way to go to rebound from the devastating effects of the COVID-19 pandemic, according to a survey of workers conducted by Florida Atlantic University. Roughly 70% of the more than 4,000 respondents felt COVID-19 would have a negative long-term impact on the industry, while 65% said they felt the industry did not protect its employees better than other sectors. More than one-third of respondents indicated they would be seeking employment outside the industry over the next year. Meanwhile, desperately needed entry-level workers are more likely than not to leave the industry or their organizations, the poll showed.
Brits ready to travel: Travel sentiment is on the rise in the UK, with around a quarter of British citizens (24%) saying they plan to travel in the coming three months, up from 19% in March, and 11% in February. The Global Travel Index from the personal finance comparison site, finder.com, surveyed over 88,000 people in 19 countries and found that the majority of British citizens plan to travel domestically. With international travel currently still banned, it seems most are looking to travel at home, with 17% planning to travel around England, Scotland, and Wales in the coming three months, up from 13% a month ago.
Q1 Canada hotel report: Activity in Canadian lodging capital markets remained muted through Q1, which saw approximately US$197 million in transaction volume with acquisitions for alternate use remaining a key driver of activity, according to new data from Colliers. Looking ahead, there is an anticipated cresting of the third wave, as the vaccine roll-out gathers steam, and growing pipeline deals indicate the sector is poised for a rebound in the second half of the year.
Ritz Paris Le Comptoir: Starting June 7, the Ritz Paris will open the Ritz Paris Le Comptoir, an upscale boutique cafe from Ritz Head Pastry Chef François Perret that will be open to the general public. The shop, which will have a separate entrance at 38 Rue Cambon, will offer breakfast and lunch-style pastries, as well as more classical dessert pâtisserie.