Trinity Investments to acquire Diplomat Beach Resort: Trinity Investments, Honolulu, Hawaii, is reportedly set to acquire the 1,000-room Diplomat Beach Resort in Hollywood, Florida from New York-based Brookfield Properties for approximately US$850 million. Trinity is under contract to buy the beachfront hotel, with JLL leading the sale. The hotel was first listed for US$1 billion in 2019, and Jeffrey Soffer’s Fontainebleau Development was set to buy it before the pandemic hit. Brookfield and Fontainebleau, along with Koch Real Estate as a buying partner, resumed talks a few months ago, but negotiations fell through. Thayer Lodging Group, a subsidiary of Brookfield, acquired the hotel for US$460 million in 2014 and invested some US$100 million in renovations.
Assembly to transform the Fashion Island Hotel: Montage International, with Eagle Four Partners, will transform the former Fashion Island hotel in Newport Beach, California into Pendry Newport Beach by summer 2023. Pendry Newport Beach will feature 295 rooms, including 82 suites, as well as three lounges, a restaurant and bar experiences and a private club focused on building community and delivering tailored experiences. The interior of the hotel will be designed by Studio Munge, the architecture by WATG and the landscape architecture by Burton Studio. This is the third Pendry-branded property in Southern California, following San Diego and West Hollywood.
Choice beats 2019 RevPAR by 2.2%: Choice Hotels International beat The Street on all key measurables for 4Q21 with Adjusted EBITDA of US$95.5 million (consensus estimate US$83.6 million). Adjusted earnings per share were US$0.99 (vs. consensus estimate of US$0.83). Domestic RevPAR was $46.73 and up 13.9% from 4Q19. For the full year, RevPAR increased by 2.2% compared to 2019. In 4Q, the company concluded 239 national franchise agreements, an increase of 23% compared to 4Q20. However, domestic room count was down 1.2% year-over-year, primarily due to the release of 17 properties from the AMResorts brand. Choice said: “To ensure the quality of our portfolio of brands over the long term, we continue to close underperforming budget hotels at the bottom of the portfolio, as well as quality hotels that are unable to maintain standards. from a mid-range brand. Choice also increased its quarterly dividend by 6% to $0.2375/share.
Mandarin Oriental in the Maldives: Mandarin Oriental Hotel Group will manage a new private island resort in the Maldives, slated to open in 2025. Currently under development, the resort will span three private islands in the South Malé Atoll and include 120 villas self-contained, consisting of 56 overwater villas and 64 beachfront villas, including 10 branded residences at Mandarin Oriental. The resort will feature six dining outlets, including three specialty restaurants and a sunset bar. Mandarin Oriental ensures that best practices in sustainability are followed during development. The 34-hectare site is being developed by DAMAC Properties, part of the Dubai-headquartered DAMAC Group.
Strong demand drives Airbnb in 4Q21: Airbnb’s fourth-quarter results showed strong demand and profitability, driven by increased domestic travel and longer stays at higher prices. The San Francisco, Calif.-based short-term home rental company reported fourth-quarter revenue of $1.53 billion, versus Refinitiv IBES estimates of $1.46 billion. “Nearly half of our nights booked in the fourth quarter were for stays of a week or longer. One in five nights booked were for stays of a month or longer,” the company said. drive up prices charged by hosts, with ADR in the fourth quarter up 20% to $154. This quarter’s bookings of $11.3 billion were lower than Morningstar’s forecast of $11.4 billion US dollars, but was 132% of 2019 levels and a 123% increase from the prior quarter Sales of US$1.6 billion versus Morningstar’s forecast of US$1.5 billion represented 138 % of pre-pandemic levels and nearly 136% in the prior quarter.
Singapore allows entry without quarantine: Singapore will allow fully vaccinated international travelers to skip quarantine upon arrival after the Omicron wave ends, authorities said on Wednesday. Although authorities did not specify a date for the implementation of the new policy, they said the Omicron wave should peak in a few weeks. Singapore had earlier announced “vaccinated traffic lanes” (VTL) that will allow travelers from certain countries to enter without following quarantine rules. From February 22, all countries will be classified into three main groups – restricted, general and low infection. Most nations will be in the general category and will be subject to the same entry requirements unless a VTL has been set up. No countries will be in the restricted category at this time, but the list will be updated if a new variant of concern is identified.
U.S. tourism spending abroad is the most valuable: The average outbound tourism spending per person in the United States was $3,580 in 2021, making it the most valuable in the world, according to GlobalData’s “Premiumization in Travel & Tourism (2022)” report. The US market’s willingness to spend large amounts of its disposable income on international vacations will drive the recovery of many global destinations. The report reveals that among the top 10 outbound destinations for the US market in 2021, six would be classified as long-haul destinations due to average flight time exceeding six hours. The average length of stay for international travel from the US market was 18 days in 2021. Global spending by outbound tourists is expected to grow at a CAGR of 22% between 2021 and 2024, with spending exceeding pre-pandemic levels by 2024. will be driven by American travellers.
Accor adopts Ocean Approved Framework: Accor has worked with Amundi, the Paris-based asset manager, to adopt the Ocean Approved Framework, designed by the Fondation de la Mer to help companies and investors assess the impact of their activities on marine wildlife. Accor is the first major company to adopt the benchmark, also designed by Amundi, as part of its ocean strategy and reporting policy. The framework was created in line with the United Nations’ Sustainable Development Goal number 14 “Life Below Water” and aims to preserve the oceans and seas and sustainably use marine resources. Accor has banned six endangered fish species and locally threatened fish from its menus and ensures that wild and farmed products come from sustainable fisheries. The group has also already pledged to stop using single-use plastic in its hotels by the end of the year. Amundi has been using the Ocean Framework as a tool since last year and its engagement focuses on four areas: seafood and aquaculture, energy, hospitality and shipping/cruise lines. Amundi plans to double the number of companies it engages with and allocate more capital to ocean protection.
Synergy to manage Embassy Suites in Philadelphia: Colmar Hotels, Irving, Texas, has chosen Synergy Hospitality Management, based in Wayne, Pennsylvania, to manage the 229 Embassy Suites by Hilton Philadelphia Valley Forge suites in Wayne. Colmar acquired the five-story, all-suite hotel in 2018 and completed a $14 million renovation of the entire property.
Remington to manage Le Méridien Fort Worth: In partnership with Blueprint Hospitality, Remington Hotels has signed an agreement to manage Le Méridien Fort Worth, a redevelopment of the 13-story building formerly known as the Texas Annex Hotel, in Fort Worth, Texas. The 189-key hotel is slated to reopen in 2023 and will be adjacent to the Hilton Fort Worth, another Remington property. The redevelopment, which is being led by Premier and Sanvick Architects, will see new ground floor restaurants and a rooftop bar, 3,000 square feet of meeting space and a refresh of the sixth floor pool deck . Le Méridien Fort Worth is Remington’s sixth property in the Dallas-Forth Worth area.
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