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Briefs: Florida market report | New fund targets Europe

European fund targets COVID-hit hotels: Pygmalion Capital Advisers has held the first close for Pygmalion European Opportunistic Hotel Fund II (PEOH II), backed by a European Private Bank and a European Pension Fund. Capital coming into the Fund’s first close is already earmarked towards the acquisition of seed assets located in Italy, the UK and Ireland, that are under exclusivity. PEOH II is structured as a closed-end limited partnership domiciled in Luxembourg with a five- to seven-year life. PEOH II is targeting an unleveraged equity volume of over EUR400 million. The fund’s strategy is focused on opportunistic European real estate hotel investments expected to deliver a net annualized IRR of over 15% with regular quarterly income distributions for its investors and a maximum leverage of 60% loan-to-value. The fund’s objective is to build a diversified portfolio of approximately 20 special situations investments in 3- to 5-star hotels across Western Europe’s business and leisure destinations.

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Getty Images

Florida market report: A new report from CBRE looks back at 2020 in the state of Florida on a quarterly basis in terms of transactions and performance. Deals were down 75% and saw a larger percentage of smaller transactions completed. Hotel performance shows the dramatic impact the pandemic had, dwarfing previous crises such as 9/11.

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ASTA calls for government help: The American Society of Travel Advisors has sent a letter to the U.S. Centers for Disease Control and Prevention (CDC) requesting that the CDC immediately issue guidance to the traveling public as its “numerous orders intended to slow the spread of the coronavirus (COVID-19) have created confusion, uncertainty and unpredictability, a chilling effect on future bookings and innumerable other challenges for our travel agency members.” Among its requests, ASTA asked for “the adoption of concrete milestones against which the enforcement of various travel-related policies can be measured will ensure that travel advisors, suppliers and consumers can make informed decisions.”

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U.S. occupancy remains relatively flat: Weekly occupancy remained relatively flat from the previous week, according to STR’s latest data through February 6.

January 31 through February 6 (percentage change from comparable week in 2020):

Occupancy: 40.9% (-30.5%)
ADR: US$91.44 (-29.0%)
RevPAR: US$37.44 (-50.6%)

Lifted by Super Bowl LV, Tampa/St. Petersburg, Florida (62.9%), saw the highest occupancy level among the top 25 markets. Among STR-defined submarkets, Tampa East (90.4%) saw the highest spike in Friday/Saturday occupancy, while Tampa CBD/Airport posted the highest ADR (US$379) on those nights. STR will release a more detailed Super Bowl analysis following next week’s data processing, which will include the night of the Super Bowl Sunday (February 7).

Top 25 markets with the lowest occupancy levels for the week included Oahu Island, Hawaii (23.4%), and Minneapolis/St. Paul, Minnesota-Wisconsin (28.0%). Overall, aggregate data for the top 25 markets showed lower occupancy (38.9%) but higher ADR (US$99.20) than all other markets.

Wyndham sees net loss of US$7M for Q4: Wyndham Hotels & Resorts reported a net loss of US$7 million and a year-over-year (YOY) global RevPAR decline of 33% for the fourth quarter of 2020, ended December 31. For the full year, the company recorded a net loss of US$132 million and RevPAR decline of 35% YOY. According to analysts from Baird Equity Research, RevPAR trends improved sequentially as expected, and Baird sees the company’s balance sheet as “well positioned (and more capital is being returned to shareholders), the midscale and economy chain scales continue to perform relatively well, and signings/openings momentum persisted.” Highlights include:

•   Diluted loss per share for the quarter was US$0.08 and adjusted diluted earnings per share was US$0.07; diluted loss per share for the full-year was $1.42 and adjusted diluted earnings per share was US$1.03

•   Net loss for the quarter was US$7 million and adjusted net income was US$7 million; net loss for the full-year was US$132 million and adjusted net income was US$96 million

•   Adjusted EBITDA was US$56 million for the quarter and US$327 million for the full-year

•   Global comparable RevPAR for the quarter declined 33% year-over-year; global comparable RevPAR for the year declined 35% year-over-year

•   System-wide rooms declined 4% year-over-year

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Latin America’s 2020 pipeline: According to Lodging Econometrics’ (LE’s) year-end 2020 Construction Pipeline Trend Report for Latin America, the Latin America Hotel Construction Pipeline stands at 632 projects/109,597 rooms, down 11% by projects and 15% by rooms, year-over-year (YOY). These are the lowest project and room counts seen in as many as eight years in the region. Projects currently under construction remain primarily unchanged YOY to close out Q4 ’20 at 329 projects/57,300 rooms. Projects scheduled to start construction in the next 12 months are at 171 projects/31,729 rooms. Projects in the early planning stage are at 132 projects/20,568 rooms at the Q4 close. With the exception of the under construction stage, the other two stages of the pipeline saw declines of 20% or more by projects and rooms YOY.

Six Interstates in the UK, Europe: Six Interstate Hotels & Resorts-operated properties set to open across the UK and Europe over the next 12 months. Interstate is Plano, Texas-based Aimbridge Hospitality’s international division. The new properties include Aloft Birmingham, Bodmin Jail and Hampton by Hilton Canterbury in the UK. And its planned European openings are Holiday Inn Express Almere, Holiday Inn Express Brussels and Sapphire House – an Autograph Collection hotel – in Antwerp. The announcement of Interstate’s planned openings for the year follows the company’s portfolio growth at the end of 2020, taking on the management of the 31 Jupiter Hotels properties.

Davidson managing Bellyard: Atlanta, Georgia-based Davidson Hospitality Group will manage Bellyard, A Tribute Portfolio Hotel, also located in Atlanta. The 161-room hotel will be managed by Davidson’s lifestyle operating vertical, Pivot, and will feature Drawbar, a modern, upscale American tavern; an outpost of Saint-Germain Bakery; a rooftop pool and bar concept operated by Slater Hospitality; 8,000 square feet of flexible indoor and outdoor meeting and event space, and a collection of local art on display. The hotel will be located within The Interlock, a US$450 million mixed-use development. The hotel is expected to open summer 2021.

Marriott Bonvoy’s latest mobile app: Marriott Bonvoy has released a redesigned, “more intuitive” version of its mobile app. Featuring new travel shopping options as well as access to vacation rentals from Marriott’s Homes & Villas, the new app has upped the personalized recommendations and offers. Marriott says the app will also make it easier for guests to choose a contactless option for check-in and check-out, provide easy access to mobile keys, and give guests the ability to request services and amenities via chat and mobile requests.

Extended-stay trend hot: Mandarin Oriental Hotel Group has launched extended-stay offers at all U.S. and Caribbean properties. These all-encompassing ‘Extended Stay’ packages include components unique to the property and region. For example, the Mandarin Oriental, Boston, has two extended stay offers, including accommodation in some of the city’s largest guest rooms,  access to personal fitness training twice per week, discount on laundry and valet services, discount on in-room dining, complimentary parking for up to two cars, and more.

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