MGM Resorts International (NYSE: MGM) ("MGM Resorts" or the "Company") today announced it has closed on the sale of the operations of The Mirage Hotel & Casino ("The Mirage") to Hard Rock International ("Hard Rock") for $1.075 billion in cash.
Meliá Hotels International presented a new valuation of its assets today, carried out by the specialist international firm CBRE. The total value of the assets under global integration criteria is €4,041Mn, which is added to the assets in joint ventures in which the Meliá participation is valued at €600Mn. The total value of assets owned and in joint ventures is therefore €4,641Mn, 5.8% higher than the 2018 valuation in spite of the reduction in the number of assets entirely owned by the company after the asset disposals made since 2018.
Today marks the official launch of Growth Advisors International Network – GAIN, bringing together some of the world’s most experienced strategic leaders in the travel, hospitality and restaurant technology industry that work closely with organizations around the globe from tech-based startups to large enterprises and venture firms, to drive growth, industry impact and intelligent commercial expansion.
limehome, the leading technology-based provider and operator of fully digitised design serviced apartments in Europe, has closed a funding round of 45 million euros in new growth capital. AW Rostamani Group and Capital Four are investing in the Munich-based start-up for the first time. Current investors HV Capital, Picus Capital and Lakestar are also renewing their investment in the funding round.
Karim Family Acquires Harbour Rocks Hotel in Sydney for AUD40 Million, Hanwha Group Sold Saipan World Resort for KRW90 Billion, EBC Hotel & Leisure Fund Sold Their Tasmanian Portfolio for AUD30 Million, China has Approved Macau International Airport’s Land Reclamation Expansion Plan.
Rockbridge is pleased to announce it has completed the final closing of its most recent value-add flagship fund, Rockbridge Hospitality Fund VIII L.P. ("Fund VIII") at $431 million of investor commitments, surpassing its target of $425 million. Fund VIII was backed by both long-standing investors and select new investors, including pension funds, foundations, endowments, insurance companies, asset managers, and private capital from family offices and high net worth investors.
Prices rose by 8.2% annually in September, up 0.4% from August. A 2.1% drop in energy prices was offset by broad-based price increases, particularly for housing, food and health care. Core inflation, which excludes volatile food and energy prices, increased 6.6% from a year ago and 0.6% from August. With core inflation remaining well above its 2% target, the Fed will continue aggressively tightening monetary policy. A 75-bp increase in interest rates is expected in November, followed by another significant increase in December.
Stamford Land to Sell its Sole Five-star property in Auckland to Alvarium Consortium for NZD170 million, Laundy Hotels to acquire a hotel in Casula, Australia for AUD42 Million, Regent Singapore Set to be Rebranded As Second Conrad in Singapore, StayWell Holdings is Debuting Two New Brands in Australia.
The easing of Covid travel restrictions has meant growth for Singapore’s hotel market, with investors also showing increasing interest.
At CapitaLand Investment (CLI) Investor Day 2022 event, which was held over two days (13 – 14 October 2022) in Singapore, CLI’s wholly owned lodging business unit, The Ascott Limited (Ascott), shared its business outlook in a panel discussion titled: “Riding the Wave of Travel Recovery and Beyond”. Ascott also presented its lodging investment management strategy at this gathering of over 200 institutional investors, bankers and market analysts.
Hotel transaction volume across Europe reached over €7 billion during the first six months of 2022, with 319 properties changing hands. Despite the strong recovery of travel demand and the wall of capital looking for opportunities, transaction activity remained flat compared to the same period last year, with investor appetite constrained by rising financing and operating costs, fears over consumer confidence and a lack of willing sellers.
Redevco acquires six properties to transform into hotels in Spain and Portugal, PRIAMS acquires the Bellecôte Tourist Residence in France from SARPB, edyn acquires Paris property for hotel conversion, Wirtgen Invest acquires the A-ROSA Resort in northern Germany from Deutsche Immobilien, EXTENDAM acquires the Forsters Posthotel in Germany, Revitalis acquires the Hanseatischer Hof Lübeck in northern Germany from Art-Invest, abrdn sells the Apex Hotel in Edinburgh.
Travelodge Hotels (Asia) to Expand Footprint in Japan by Acquiring Two Properties, Oreana Group Plans for an AUD250 Million Mixed-Use Development Project in Melbourne, Tropicana Corporation is Bringing a New 270-key Hotel to Langkawi, Thai Government Plans to Expand Bangkok Airports.
ICD Property and Belingbak Bringing 58-Storey Mixed-use Development to Sydney City Centre, Coliwoo to Acquire Arab Street Property for SGD6.4 Million, Invincible Acquired Land Adjacent to Hotel Epinard Nasu for Further Development, Hyatt enters a Joint-Venture with Japanese Operator Kiraku to Develop Ryokans.
Pandox acquires the DoubleTree by Hilton in Bath, UK, from Starwood Capital, Pictet acquires the Expo Hotel Valencia in Spain from Jordi Mestre, IAM Capital acquires a trophy asset in Rome, EQ Group and Eternam jointly acquire the Courtyard Paris Arcueil, Terrot Group acquires the Hôtel du Ministère in Paris, Everest sells Holiday Inn Unterhaching, Munich, to regional German developer, Borealis Hotel Group acquires Bierwirth & Kluth Hotel Management, IMAXXAM acquires the B&B Hotel in Augsburg, Germany, for Union Investment fund, Basingstoke and Deane Borough Council acquire Premier Inn Basingstoke, UK, from CBREi, HVS Hodges Ward Elliott advises Covivio in operator selection process for three luxury UK hotels.
GIC has Acquired Majority Stake in Mediterranean Luxury Resort Group Sani/Ikos Group, Coliwoo to Acquire Singapore’s Pasir Panjang Inn for SGD30 Million, LaSalle Raises over USD2.2 Billion for Asia Property Fund, Ichigo Hotel REIT to Acquire Hotel Sunshine Utsunomiya for JPY2.2 Billion.
GIC takes major stake in luxury resort operator Sani/Ikos, Blackstone and Bourne to sell Butlin’s to Harris family, Arrow Global acquires Hotel California in Portugal from Details Hotels.
The biggest challenges affecting hotels through this period of high inflation relate to the cost of labour, rising energy prices, coping with supply chain issues, the cost of debt and uncertainty that makes budgeting for the year ahead almost impossible.
Fortimo Group acquires the Grand Hotel Regina in Grindelwald, Switzerland, Kula and Gold Tree acquire future hotel sites in Dublin and Lisbon, EXTENDAM acquires the Little Palace Hotel in Paris, The Clearys acquire the Temple Bar Lane Hotel in Dublin from MM Capital, Langham Hall purchased by next door luxury hotel The Harper in Norfolk, UK.
Capital Alliance and TFE Hotels has Announced to Build a AUD340 Million Mixed-use Development in Melbourne Docklands, Steadfast Capital to Develop Dual Hotel at Bourke Street Mall, Melbourne, Weave Living Acquired Two Hotel Properties in Hong Kong for HKD3.2 Billion, Pollux Properties to Acquire Three Hotels in Indonesia for IDR217 billion.