Trip.com signs JV with Rosewood, Tongpai: Rezen Group, a subsidiary of Trip.com Group, New World Hotels & Resorts, a subsidiary of Rosewood Hotel Group, along with China’s Tongpai Hotels will create a technologically advanced portfolio of hotels in China. The venture has a three-year goal to create 90 Tongpai Hotels and 10 New World hotels, focusing on promoting advanced digital processes for operations and increased profitability. So far, one New World Hotel and three Tongpai Hotels have been linked to Rezen, which has been developed by Trip.com as a one-stop hotel ecosystem solution. Rezen’s R&D, marketing, operation and training teams will train New World and Tongpai to use the ecosystem.
New hotel coming to Wilshire Blvd.: Los Angeles-based developer CGI+ Real Estate Strategies has received full entitlements and will begin development on a major hotel/multifamily/retail multi-use project at the intersection of Wilshire Boulevard and La Brea Avenue in Los Angeles’s Miracle Mile District. The eight-story development will comprise a 125-key, boutique-style hotel; 121 residential rental units; and 13,000 square feet of street-level and rooftop restaurant space. The hotel will offer rooms ranging in size from 320 to 415 square feet, as well as two top-floor guest suites as large as 1,200 square feet. Amenities will include a 3,500-square foot event space, a layered roof top guest deck and swimming pool. New York architecture and interior design firm Morris Adjmi will design the project.
IHG encouraged, reports Q3: IHG has reported Q3 earnings, citing signs of revival in international and business travel as strong corporate bookings in the U.S. helped the company’s revenue inch closer to the pre-COVID levels. IHG’s RevPAR jumped 66% in Q3, with the U.S. dipping 7% below from the 2019 level. The company’s revenue in the Americas increased 76% in Q3, dipping 10% below the 2019 level. The company said it was encouraged by the uptick in international and business travel and group bookings during September. Domestic leisure demand was strong in some markets during the summer, where rate and occupancy went back to 2019 levels, Chief Executive Officer Keith Barr said.
IHCL to buy remaining stake in Roots: Indian Hotels Co. Ltd. (IHCL), Mumbai, is likely to buy the remaining 40% stake it doesn’t own in Roots Corp. for Rs 500 crore (US$66.7 million). Roots runs Ginger, IHCL’s economy hotel brand. The purchase is likely to be completed by December 31 and will make Roots a wholly-owned subsidiary of IHCL. IHCL said the board has approved the purchase of 39.84% of stake from Omega TC Holdings, Tata Investment Corp., Tata Capital and Piem Hotels. Roots currently operates 55 Ginger properties in India and has 26 more hotels under development. The IHCL board has also given its nod of approval to raise up to Rs 2,000 crore (US$267 million) by selling shares to its current investors and an additional Rs 2,000 crore by selling shares to financial institutions. The money will be utilized to fund capital expenditure and eventually become a zero-debt company.
Honolulu city council green lights tax on hotel stays: The Honolulu City Council’s Budget Committee on Wednesday moved forward a bill that seeks to levy a 3% tax on hotel stays in Oahu. A portion of the tax will be contributed to the city’s rail transit venture. Although Bill 40 seeks to implement the Transient Accommodations Tax, which will direct funds to infrastructure and facilities affected by tourism, along with rail transit, the bill doesn’t clarify how much each department will be receiving.
Canada changes travel advisory: Canada has finally rolled back its advisory against non-essential travel and instead replaced it with new guidance asking all travelers to be fully vaccinated before traveling outside the country and follow protective measures (like wearing face masks and avoiding cruise ships). The development takes place a few weeks before the U.S. reopens its borders to fully vaccinated Canadians and ahead of the holiday season. Since March 2020, Canada had directed all its citizens to avoid non-essential travel outside the country and cruise ships “until further notice.”