Condor Hospitality selling assets: REIT Condor Hospitality Trust has engaged brokerage Hodges Ward Elliott to market the sale of 15 hotels. Condor CEO Bill Blackham said now is the right time to review the company’s strategic alternatives to assess how best to create value for our shareholders. “During this time, the entire Condor team working closely with our hotel managers will remain highly focused on continuing to drive our hotel operating performance,” he added. While Condor expects significant interest in the marketing initiative, there is no assurance of a transaction occurring at the end of the process. It may retain additional brokers and financial advisors, if required. No formalized timetable has been established to complete the strategic review.
French transaction: In the largest hotel private equity transaction of the year in France, a majority stake in a portfolio of 12 French economy and mid-market hotels with some 1,200 rooms has been sold by family holding company SCSP to a consortium that includes Extendam, Bpifrance and Solanet Gestion Hôtelière. The deal includes another 100 rooms under construction. The properties are located in Lyon and nearby Geneva and Chalon-sur-Saône.
Abu Dhabi’s ADQ looks to merge 2 groups: The Abu Dhabi sovereign fund ADQ has offered to merge two hospitality companies to form a bigger entity with total assets of US$5.4 billion. The Abu Dhabi National Hotels company said it had received an offer from ADQ to combine it with one of the fund’s units, the Abu Dhabi National Exhibitions Co. ADQ has recently been entering into several deals to expand its holdings as part of a broader push by Abu Dhabi to expand into non-oil sectors. Upon completion of the planned deal, the group would have 28 owned and operated hotels, three exhibition centers in Abu Dhabi, Al Ain, and London, as well as catering companies and food and beverage outlets.
Ascott to acquire in Paris, Hanoi: The Ascott, Singapore, CapitaLand’s wholly owned lodging business unit, has entered into agreements to acquire two properties in Paris, France, and Hanoi, Vietnam, for roughly S$210 million (US$156 million). The acquisition of the properties through the Ascott Serviced Residence Global Fund, Ascott’s private equity fund with the Qatar Investment Authority, will boost Ascott’s total fund assets under management to about S$8 billion (US$5.9 billion). Both the properties, which will be acquired on a turnkey basis, are expected to open in 2024. The property in Paris will be refurbished and launched as Ascott’s first co-living property in Europe under the lyf brand. Named livelyfhere Gambetta Paris, the 139-unit property is located in the 20th arrondissement. With this acquisition, Ascott will have 16 lyf properties with more than 3,100 units across 13 cities and nine countries in Asia Pacific and Europe. In Hanoi, Ascott is acquiring the 364-unit Somerset Metropolitan West Hanoi.
Dreamscape grows in Nashville: As part of an effort to acquire US$1billion in assets over the next 24 months, Dreamscape Companies, New York, has acquired The Sheraton Grand Nashville Downtown. As the exclusive hotel operating partner for Dreamscape Companies’ hospitality properties, Aimbridge Hospitality will assume management of the 482-room property, including food and beverage and fitness as well as the property’s meeting and event space. Adam Etra and Mark Schoenholtz of Newmark Knight Frank brokered the acquisition transaction. The Sheraton Grand Nashville Downtown marks the third acquisition for Dreamscape Companies this year after recently acquiring a stake in the Warwick Hotel Rittenhouse Square and the Saint Hotel New Orleans.
Dynamic City Capital acquires Anaheim Element: Dynamic City Capital (DCC) acquired the recently completed 174-suite Element Anaheim (California) Convention Center set to open in July. This marks the third hotel acquisition for DCC, a Utah-based real estate investment firm. With the purchase of two Hilton-branded San Diego Bayside hotels in January, DCC has acquired 538 hotel rooms in the first half of 2021.
Canada changes quarantine measures: Fully vaccinated Canadians and permanent residents will be able to return to Canada without a mandatory quarantine from 11:59 pm ET on July 5. This will apply to those already eligible to travel to Canada, including citizens, permanent residents and people registered under the Indian Act. These travelers must have received two doses of a Health Canada-approved vaccine, provide a negative Covid-19 test result 72 hours before arrival, take a second test upon arrival and have a quarantine plan should the result come back as positive. Others will have to quarantine at a hotel for three days pending a negative test result, and later quarantine at home for the rest of the 14 days.
Resorts World Las Vegas partners with Grubhub to introduce mobile food ordering: Resorts World Las Vegas has partnered with Grubhub to offer a mobile ordering experience to guests. Through the On The Fly at Resorts World, guests can order food from the resort’s 40 food and beverage outlets and select retail shops for pickup or delivery to guest rooms and the resort’s 5.5-acre pool complex. Orders can be charged to guests’ room or credit card via the Grubhub app. Guests can place orders via the Grubhub app or scan the Grubhub QR codes located throughout the property. This marks the first time Grubhub has partnered with a hotel and casino to provide its technology.