Atour seeks IPO in U.S.: Chinese hotel chain Atour is exploring an initial public offering (IPO) in the U.S., which could value it at US$2 billion, a person with knowledge of the matter told CNBC. The U.S. listing will likely take place on the New York Stock Exchange and the company is seeking to raise about US$200 million to US$300 million, the person said. Atour could file for the IPO “very soon,” the source said. The Shanghai-headquartered company has various hotel brands at different prices from higher end to more budget offerings. It has opened more than 600 hotels across 170 cities in China, according to its website.
Chetrit gains Miami Beach project loan: The Chetrit Group has landed a US$62.5 million construction loan for its long-planned, four-building Collins Park hotel redevelopment, The Real Deal reported. Citing sources, the report said Maxim Capital Group is the lender and Iron Hound Management Co. brokered the financing for the project, which will have about 280 hotel rooms. Kobi Karp is the project architect. The two-year loan from Maxim, which includes extension options, fully capitalizes the project for Chetrit.
Travelodge’s interim CEO secures permanent role: Travelodge has appointed Craig Bonnar as its new chief executive, six months after former boss Peter Gowers stepped down. Bonnar took the reins as interim boss at the start of the year, having previously served as Travelodge’s chief operating officer since January 2017. Gowers resigned last November following the conclusion of a dispute with its landlords over a company voluntary arrangement, and it lost 17 hotels to rivals. However, last week the budget hotel chain announced it will open 17 new hotels this year, creating 360 new jobs across the country, as it looks to capitalize on the boom in domestic tourism this year.
Architect Art Gensler dies at 85: World-renowned architect Art Gensler, whose firm designed noteworthy hotels, as well as the Chase Center and the Moscone Convention Center West in San Francisco, died peacefully Monday at his home in Mill Valley, California. He was 85. “I like doing things that people use,” Gensler said in a video in memory of his life.
U.S. Memorial Day holiday travel to rebound: New data from AAA Travel expects a significant rebound in the number of Americans planning to travel this Memorial Day holiday weekend. From May 27 through May 31, more than 37 million people are expected to travel 50 miles or more from home, an increase of 60% from last year when only 23 million traveled, the lowest on record since AAA began recording in 2000. The expected strong increase in demand from last year’s holiday, which fell during the early phase of the pandemic, still represents 13% — or nearly 6 million — fewer travelers than in 2019.
Atwell Suites’s second hotel in Denver: IHG Hotels & Resorts will open a second Atwell Suites hotel in Denver, Colorado. The hotel, which is now under construction, is owned by Kendall Combs and KJ Hotel Properties. The new Colorado property follows the Atwell Suites Miami Brickell, which is expected to open later this year. IHG also announced the latest signings for the brand, including Galveston, Texas, owned by Harold Smart and Smart Hotels, and Fishers, Indiana, owned by Mitesh Patel and Striving Legacy Fishers.
NexGen acquires SpringHill Suites in Illinois: NexGen Hotels, a hotel development and management company based in Itasca, Illinois, has acquired the 82-suite SpringHill Suites by Marriott Chicago Bolingbrook. The new owners plan a multimillion-dollar renovation to upgrade the interior and exterior starting in December 2021.
Arbor Lodging will renovate 12 select-serve properties: Chicago-based Arbor Lodging Management has finalized and signed 12 contracts to renovate 12 select-service properties, starting this year and spanning the East and West coasts. Properties include a variety of Courtyard by Marriott hotels, a Hampton Inn, Hilton Garden Inns, Homewood Suites, Residence Inns and a Springhill Suites.
People are hungry for relaxation: Coming out of a year fraught with uncertainty, people are taking advantage of the moment, and booking and traveling within 90 days, according to new insights from Tripadvisor. More than anything, the company says, all travelers are planning to spend more to achieve what they most crave after a pandemic year: relaxation and indulgence. Brands have a tremendous opportunity to get in front of this high-spending leisure and luxury audience as travelers look to make their first trip back their best and most indulgent yet.
Airbnb’s plans to conquer: Airbnb’s IPO prospectus estimates its total addressable market to be US$3.4 trillion, if regulators don’t get in the way. With the stock trading at a multiple of about 30 times last year’s US$3.4 billion in revenue, investors are betting that the company has plenty of room to grow. In addition, the coronavirus may have saved Airbnb from itself as it now plans to reduce 15 product lines down to four.
Ireland’s tourism trade prepares to re-open: Ireland’s tourism and hospitality industries have been the worst hit during the pandemic and previous attempts at re-opening have been upended by fresh surges of COVID-19. Save for brief re-openings last summer and Christmas, bars, restaurants and hotels have been largely shut since March 2020. Now, as the vaccination campaign gathers pace, hotels are preparing for June 2 when they can begin allowing some guests back through the doors. Then over the following weeks, bars and restaurants can open up, albeit with restrictions on numbers and guidelines on indoor and outdoor dining.
Portugal market overview: In 2019, after reaching an exceptional 27.1 million guests and 70.1 million overnight stays, and with total hotel revenues growing since 2015, Portugal tourism declined in 2020, dragged down by the effects of the COVID-19 pandemic. Despite a scenario of falling tourist activity, the expectations for recovery are strong as a result of Portugal’s international image as a sustainable and safe tourist destination, says this new report from Horwath HTL.
Fundraiser for COVID-19 relief in India: Austin, Texas-based Hospitality Financial and Technology Professionals (HFTP) has organized a fundraiser to support organizations providing much-needed medical equipment to India. HFTP Global is working in partnership with its HFTP India members and HFTP Dubai Chapter to encourage its network of hospitality professionals to donate to the “HFTP Helps COVID-19 India Relief Drive.” The aggregated donations will be distributed to vetted organizations working to supply equipment such as oxygen concentrators and ventilators. Due to the urgency of the situation, the fundraiser will run through May 31, wherein HFTP will quickly distribute the funds.
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