Mark Elliott dies: Mark Elliott, president of real estate brokerage Hodges Ward Elliott, has died. Elliott joined the firm in 1983 and served as strategic leader of the firm’s various business lines. HWE has sold more hotels corporately, and Mark sold more hotels than any other individual in the United States, according to the company website. In the last 27 years, he personally sold and/or financed almost 1,500 hotels, approximately 297,000 rooms, with a dollar volume of approximately US$52 billion. On LinkedIn, HVS Founder Steve Rushmore commented on the said news, saying, “Known Mark before his name was on the door. One of the true greats in the hotel industry. Self-made, hard-working, ethical, thoughtful, creative – a wonderful human being. His time with us was way too short. Mark walked with kings but never lost the common touch.”
Potential $2.4 billion merger in Saudi: Saudi Arabian firms Taiba Investment Co. and Dur Hospitality Co. are in talks to combine their businesses, potentially forming a company with a market value of about US$2.4 billion. Taiba, which has a market capitalization of 5.5 billion riyals (US$1.5 billion), operates as an investment company in sectors ranging from real estate and tourism. Dur, valued at 3.5 billion riyals (US$900 million), is mainly focused on operating resorts, housing compounds, and restaurants in Saudi Arabia. Taiba and Dur said the discussions are preliminary and may not lead to a combination.
STR May data: STR data for May showed varied performances across global regions. Riyadh reported its highest room rates in three months:
- Occupancy: 42.8%
- Average daily rate (ADR): SAR544.31 (US$144.95)
- Revenue per available room (RevPAR): SAR232.85 (US$62.01)
Melbourne’s reported lower performance levels compared with the month prior:
- Occupancy: 49.4%
- Average daily rate (ADR): A$160.12 (US$123.34)
- RevPAR: A$79.04 (US$60.88)
Berlin hotels showed slightly higher performance compared with previous months but at overall low levels:
- Occupancy: 17.0%
- Average daily rate (ADR): €70.53 (US$85.40)
- Revenue per available room (RevPAR): €11.99 (US$14.52)
Pebblebrook sells The Roger: Pebblebrook Hotel Trust closed on the sale of its leasehold interest in the 194-room The Roger New York for US$19 million. The Roger New York is subject to a ground lease with approximately 23 years remaining on its term. Proceeds from the sale will be utilized for general business purposes, which may include reducing the company’s outstanding debt and/or acquiring and investing in hotel properties in accordance with the company’s investment strategy.
Florida developer selling: Florida real estate developer Ben Mallah has listed four of his hotels for sale, telling the Tampa Bay Times, “Things aren’t as pretty as everybody thinks right now.” Mallah, who said he has been spending about US$200,000 a month per hotel just to maintain the hotels, added that he expected to take a 20% to 25% hit on the value for two hotels near Tampa International, including the Four Points by Sheraton Suites Tampa Airport Westshore and the Holiday Inn Tampa Westshore, as well as the Four Points by Sheraton Orlando International Drive and Sheraton Suites Fort Lauderdale at Cypress Creek.
Five Senses buys Frisco: Denver-based Five Senses Hospitality has acquired the former Baymont Inn & Suites in Frisco, Colorado. The deal is part of a joint venture with Bedford Lodging, a Dallas-based hotel development company, with which Five Senses has an exclusive partnership to manage the day-to-day operations of its assets. The hotel will operate independently as the Summit Suites while undergoing an extensive renovation before joining a major hotel brand. Five Senses manages eight properties, totaling more than 750 rooms.
Mauritius to reopen in July: Mauritius will start to welcome vaccinated tourists under a phased reopening that will begin next month. From July 15, fully vaccinated travellers will be welcome to travel from any destination, providing they have received the second dose at least three weeks before arriving in Mauritius. Mauritian authorities are recognizing all vaccines authorised by the World Health Organization, including those for emergency use. Unvaccinated travelers cannot yet travel to Mauritius. Children under 18 do not need to be vaccinated to travel to the island nation, but will be required to undergo PCR testing.
UK plan to revive tourism: The UK has unveiled a new rail pass and vouchers plan for popular tourist attractions, with the aim of returning domestic tourism to pre-pandemic levels by 2022 and international tourism by 2023. A £10 million voucher scheme will be launched by The National Lottery to encourage trips beyond the peak summer season, with players having the chance to claim vouchers to redeem at tourist attractions across the UK between September 2021 and March 2022. A rail pass for “staycationers” will also be launched, helping to make it easier and more sustainable for domestic tourists to get around the country. The new pass will give international visitors flexible travel across the country, as well as providing discounted entry to tourism attractions.
Holiday Inn in Jalandhar: InterContinental Hotels Group Plc has signed a management agreement with Samplast Resorts to develop Holiday Inn Express & Suites in Jalandhar, Punjab, India. The new 110-key property is expected to be operational by Q1 2024.