Brookfield offers to take real estate arm private: Toronto, Canada-based Brookfield Asset Management has made an offer to take its commercial real estate arm Brookfield Property Partners private in a US$5.9 billion deal. Brookfield Property has roughly US$88 billion in total assets, including office buildings, malls, self-storage facilities and logistics hubs, although many of its properties’ values have fallen due to the pandemic. The asset-management firm is offering US$16.50 for each Brookfield Property share it does not already own.
MGM’s US$11B takeover bid falls short, says Ladbrokes owner: Entain, the owner of British betting and gambling company Ladbrokes, says that a US$11 billion takeover approach from U.S. casino operator MGM Resorts significantly undervalues its business, as companies move to capitalize on an expected boom in U.S. sports betting. The United States is widely viewed as the next big growth market following a 2018 Supreme Court ruling that lifted a ban on sports betting. U.S. companies have sought partnerships to tap European expertise, including Caesars Entertainment’s £2.9 billion (US$3.9 billion) deal for Britain’s William Hill in September. A deal would make a global gaming company with presence in both online and retail channels and end-to-end technology stack, MGM said, adding it aimed to engage with Entain. MGM and Britain’s Entain, formerly known as GVC, have had a joint venture since 2018, when they set up an online betting platform in the United States.
Hersha sells Courtyard for US$64.5: Hersha Hospitality Trust agreed to sell the 245-room Courtyard San Diego for $64.5 million to a fund managed by “a leading global investment management firm,” the trust said in a pres release. “The sale is an attractive opportunity to bolster our balance sheet with a relatively low cost of capital,” Heresha CEO Jay Shah said. The purchase is expected to close in the first quarter.
Two companies target white-label demand in Asia Pacific: Hong Kong-based hospitality and tourism marketing company The Delivering Group entered a partnership with U.S.-based white-label hotel management specialist Valor Hospitality Partners to jointly leverage their services and client bases to provide white-label operational management services, as well as sales and marketing support to hotels and resorts globally, according to reporting from HVS. The partnership will prioritize independent hotels in the Asia-Pacific and Greater China regions, which is expected to gradually rebound from the coronavirus epidemic in 2021. This alliance is part of DG’s strategy in forming a coalition that provides various solutions for travel and hospitality firms.
Choice bolsters MainStay with conversion deal: Choice Hotels International awarded franchise agreements to Topeka, Kansas-based Gulf Coast Hotel Management to convert 15 MainStay Suites hotels in major markets across the U.S., the largest multi-unit transaction in the brand’s history. The properties add nearly 1,700 rooms to the Choice portfolio and are located in the following cities: Centennial, Colorado; Meriden, Connecticut; Altamonte Springs, Florida; Hoffman Estates, Schaumburg and Wheeling, Illinois; Louisville, Kentucky; Auburn Hills and Farmington Hills, Michigan; Omaha, Nebraska; Charlotte, Greensboro and Raleigh, North Carolina; Blue Ash, Ohio; and Salt Lake City, Utah.
Shangri-La provides COVID-related coverage: Hong Kong-based Shangri-La Group is offering emergency medical coverage of up to SGD250,000 (US$189,156) at no additional charge, should a guest be diagnosed with COVID-19 during their stay at any of the company’s four hotels in Singapore. The COVID-19 emergency medical coverage is currently only available to international guests traveling to Singapore via countries that use the Reciprocal Green Lane (created in October to facilitate an ease of business travel during COVID-19), or if the guest is in possession of an Air Travel Pass (which means the guest will have been COVID-tested). To receive the coverage, guests must book their stays at a publicly listed rate directly through the group website, Shangri-La Hotels & Resorts mobile app, or through the reservations hotline or email. The coverage will be effective January 1 through June 30, 2021. Guests are automatically covered at no additional charge.
Aimbridge to manage in Florida: Aimbridge Hospitality announced it will manage The Diplomat Beach Resort, a 1,000-key Hollywood, Florida, property that recently underwent a US$100 million renovation. The Diplomat features a 200,000-square-foot convention center on the Atlantic Ocean. The property also boasts two pools, 25 poolside cabanas, children’s water play area, a spa and fitness center, and a marina.
