Grand Mercure Bangkok Windsor Acquired for THB3.2 Billion, Mercure Pakenham Freehold Sold for almost AUD16 Million, L Catterton to invest in Hulic Redevelopment Project in Osaka, Japan, Bohol, Philippines Gets a New Mixed-Use Tourism Development.
As global volatility puts the debt exposures of real estate companies under sharp focus, lenders are paying greater attention to a metric that helps determine their ability to service loan facilities.
Accor announces that it has completed the sale of its residual stake in H World Group Limited (formerly known as Huazhu Group Limited) for $460 million. This transaction finalizes the value creation of the investment initiated in 2016. The cumulative disposal value since 2019 has reached $1.2 billion, compared to an initial investment of less than $200 million. This contributes to the “asset-light” strategy of simplifying the Group's balance sheet. Following this transaction, Accor no longer holds any shares in the capital of H World Group Limited.
When 2022 came to an end, we reached out to industry experts to gather their predictions and insights on the state of hospitality in 2023. We have compiled a list of their articles for your reading pleasure.
As the year 2022 draws to a close, we wanted to highlight the articles that captured the attention of our readers on Hospitality Net this past year. We have compiled a list of the most popular opinion pieces published on our website for you to enjoy.
As we near the end of 2022, we are pleased to share some of the top highlights from the Hospitality Net World Panel this year. We have compiled a list of the most popular viewpoints published in each panel on our website over the past 12 months for you to review.
Mitsui & Co. Digital Asset Management Acquired The Royal Park Hotel Iconic Tokyo Shiodome, Horan Group plans to develop a 233-key hotel in Surfers Paradise, Asset World Corporation and Accor Group has Signed Strategic Multiple-Property Framework Agreement, Japanese developer Daiwa House Industry to sell Resort Unit to Godo Kaisha Ebisu Resorts for JPY55.6 billion.
Hard Rock International (HRI) on Friday received regulatory approval from the Nevada Gaming Commission for its acquisition of The Mirage Hotel & Casino from MGM Resorts International. HRI assumed operations control of the property as of 6 a.m. Monday, December 19. Under terms of the transaction, HRI paid $1.075 billion in cash for the operating assets of The Mirage Hotel & Casino. HRI entered into a long-term lease agreement with VICI Properties Inc. for the real estate property of The Mirage.
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.