Minor Hotels to Debut in Singapore With Avani Hotels & Resorts Lifestyle Brand
Avani Hotels & Resorts | September 3, 2024
Brandt Hospitality Group Getting Great Results From Accounting Software Partner
Aptech | June 5, 2024
Finance & Development
Paramount Lodging Advisors Closes Out the Sale of the Courtyard by Marriott and Hampton Inn Statesville, NC
Paramount Lodging Advisors | October 28, 2024
Paramount Lodging Advisors (PLA) has successfully transacted the Courtyard by Marriott and Hampton Inn Statesville, NC. PLA Partners Mike Schlictman and Andrew Makhlouf represented the seller in the transactions. The 94-room Courtyard and 80-room Hampton Inn are both proximate to all local leisure demand generators, most notably Statesville Civic Center, Lake Norman, and Statesville Park and Soccer Complex. The properties were sold individually as part of a larger institutional portfolio sale. “As part of our ongoing efforts to deliver exceptional results for our clients, we’re proud to have recently brokered the sales of two instit...
Wyndham Expands Extended Stay Offerings, Teams with Reside to Introduce Wyndham Residences in the U.S.
Reside | October 28, 2024
PARSIPPANY, N.J., Oct. 28, 2024 -- Guests seeking contemporary, upscale residence-style accommodations in urban destinations now have new offerings to consider in key cities like Houston, Washington D.C and more as a result of a 10-year development relationship between Wyndham Hotels & Resorts, the world's largest hotel franchisor, and Reside, a leading residential hospitality management company. The franchise agreements bring five residence-style hotels that are open or under development to the Wyndham brand—marking the debut of its Wyndham Residence® tier in the U.S.—with a focus on expanding its offerings across top 50 markets...
Hyatt and Grupo Piñero Plan to Form Strategic Venture for Growth of Bahia Principe Hotels & Resorts Brand
Hyatt Hotels Corporation | October 28, 2024
Strategic joint venture will strengthen Hyatt’s position as a global leader in the all-inclusive space and boost the growth of Grupo Piñero's hotel division and its ability to reach new clients in key markets. CHICAGO, & PALMA DE MALLORCA, Spain--Hyatt Hotels Corporation today announced plans for affiliates of Hyatt and Grupo Piñero to enter into a long-term asset-light strategic joint venture, headquartered in Palma de Mallorca, Spain, which will manage Bahia Principe-branded hotels and resorts and own the Bahia Principe brand. The 50/50 joint venture is expected to expand Hyatt’s all-inclusive room portfolio by approximately ...
Las Vegas Sands To Spend $8 Billion to Expand MBS Resort in Singapore
October 25, 2024
SINGAPORE (Reuters) - Casino operator Las Vegas Sands plans to invest $8 billion in Singapore to expand its Marina Bay Sands resort, a major bet by the Nevada-based firm on the city-state's tourism market. The project, dubbed IR2, is to build a fourth hotel tower that will include 570 luxury suites, gaming areas, a 15,000-seat arena, rooftop pools, food and beverage offerings and 110,000 square feet of space for exhibitions and conferences, the company said during its earnings presentation earlier this week. "When IR2 is open ... that arena is going to be an incredibly powerful tourism driver for the overall complex," LVS Chief Operatin...
Maine Course Hospitality Group Breaks Ground on HomeAwhile in Scarborough, Maine
HomeAwhile | October 25, 2024
Scarborough, ME – October 25, 2024 – Maine Course Hospitality Group is excited to announce the groundbreaking on HomeAwhile, an innovative boutique hotel concept set to transform the extended stay experience in Scarborough, Maine. The ceremony will take place on October 24, 2024, marking the official start of construction on this 109-room all-suite hotel. HomeAwhile is designed to provide long-term guests with a comfortable and welcoming atmosphere, featuring fully equipped kitchens, spacious living areas, expansive bedrooms, and dedicated workspaces with high-speed internet access. This unique hotel concept is tailored to meet the evol...
Accor Adjusts Guidance as It Sees Strong Demand at Luxury Hotels
October 24, 2024
By Marta Maciag and Nathan Vifflin (Reuters) -Accor, Europe's largest hotel group by portfolio, on Thursday raised the bottom end of its forecast range for 2024 core profit on strong demand for its luxury hotels. The French group, however, said China was weak, echoing other big hotel groups that are seeing declining demand there. Accor, operator of luxury hotel group Sofitel and budget brand Ibis, now forecasts 2024 gross operating income of between 1.100 and 1.125 billion euros ($1.08 and $1.22 billion), against 1.095 and 1.125 billion euros previously anticipated. "This good performance was driven in particular by the dynamism o...
UAE’s Dex Squared Hospitality Secures Historic Contract for Baghdad’s First Luxury 5-Star Hotel
Dex Squared Hospitality | October 24, 2024
DUBAI, UAE, Oct. 24, 2024-- Dex Squared Hospitality, a leading hospitality management company in the UAE, has achieved a monumental milestone, winning a prestigious contract to develop the World Heart Hotel Brand and Operate Baghdad's first 5-star luxury hotel. This landmark 320-room property, comprising 285 hotel rooms, 35 upscale suites and 54 luxury apartments, is set to redefine Iraq's hospitality landscape. Dex Squared Hospitality's involvement underscores the company's expanding regional footprint "We are excited to bring our innovative approach to hotel operations and brand development to Iraq," said Kevork ...
B·Hospitality Completes Portfolio-Wide Implementation of Aptech’s PVNG Hotel Accounting Solution at Bayfront Inn 5th Avenue
Aptech | October 24, 2024
PITTSBURGH – October 24, 2024 – Aptech, a leading provider of enterprise accounting, business intelligence, financial planning and management solutions for the hospitality industry, today announces that B·Hospitality has implemented Aptech’s award-winning enterprise accounting solution, PVNG, at its luxury property, Bayfront Inn 5th Avenue in Naples, Florida. This rollout completes the seamless implementation of the solution in all three of Ontario-based B•Hospitality’s North American hotel properties. Known as a leading provider of back office and accounting solutions for the hospitality industry, Aptech has more than 50 years of ...
Ennismore Signs the First Mama Shelter in the Netherlands
Ennismore | October 23, 2024
Ennismore, the fastest-growing lifestyle and leisure hospitality company, investor Chagall B.V and White House Development B.V. are delighted to announce the signing of Mama Shelter Amsterdam. Set to open its doors in Q1 2027, the brand’s first outpost in the Netherlands will blend local charm with Mama’s distinctive spirit. Amidst the quaint villages and once-gritty industrial parks of the Noord district now lies some of Amsterdam’s most exciting creative and nightlife scenes. Mama Shelter Amsterdam will embrace all its new neighbourhood’s quirks and eccentricities. Designed by Mama Shelter’s in-house design team, guests ca...
Hilton Cuts 2024 Room Revenue Growth Forecast on Slowing Consumer Spending
Reuters | October 23, 2024
By Doyinsola Oladipo and Aishwarya Jain (Reuters) -Hilton Worldwide lowered its annual room revenue growth and net income forecasts as steady demand in Europe and business travel were not enough to counter a fall in demand in China and disruptions to its U.S. business during the third quarter. Shares of Hilton, which owns hotel brands such as Waldorf Astoria and DoubleTree, were down 2% on Wednesday. Rival Marriott International also fell 3%. Global travel demand has been facing challenges as American and Chinese consumers remain wary of macroeconomic trends. Ongoing labor disputes, the upcoming election and weather disruptions in the U....
IMF Cuts Forecasts for German Economy This Year and Next
October 22, 2024
By Maria Martinez NEW YORK (Reuters) -The German economy is expected to stagnate this year, the International Monetary Fund said on Tuesday, cutting its forecast for Europe's biggest economy, while growth is expected in all the other G7 countries. The IMF had forecast 0.2% growth for Germany in its previous forecasts. "Geopolitical strength needs economic strength, this is why I'm worried given the economic situation of the European Union and especially my country," German Finance Minister Christian Lindner said on Tuesday. "At the moment we are not as successful as we should be and as we used to be in the European Union," he said...
IHG: Q3 Trading Update to 30 September 2024
IHG Hotels & Resorts | October 22, 2024
Highlights Q3 global RevPAR +1.5%, with Americas +1.7%, EMEAA +4.9% and Greater China -10.3% Q3 global rooms revenue on a comparable hotels basis saw Groups demand +6%, Business +2% and Leisure broadly flat on same quarter last year YTD global RevPAR +2.4%, with Americas +1.8%, EMEAA +6.4% and Greater China -5.6% Average daily rate +1.7% and occupancy -0.1%pts in Q3, +1.9% and +0.4%pts respectively YTD Gross system size growth +5.9% YOY, +3.7% YTD; opened 17.5k rooms (98 hotels) in Q3, representing another quarter of sequential improvement and very significantly ahead of the 7.7k in the same period last year Net system s...
Hotel Alpenrock Breckenridge, Curio Collection by Hilton To Debut in Colorado This Winter
Curio Collection by Hilton | October 22, 2024
BRECKENRIDGE, Colorado – October 22, 2024 – A new era of adventure arrives in Breckenridge as Hotel Alpenrock Breckenridge™, Curio Collection by Hilton™ is set to debut this winter. The 205-room hotel will elevate the mountain town’s lodging experience with modern elegance and alpine charm. Located along the base of Peak 9, steps from both the world-renowned slopes of the Breckenridge Ski Resort and the historic downtown, Hotel Alpenrock draws inspiration from the high-altitude surroundings including the rugged beauty of the Rocky Mountains. Hotel Alpenrock will offer captivating mountain modern gathering spaces, complemented by...
Faena New York Set to Debut Late Spring 2025
Faena | October 22, 2024
New York, NY – Faena is pleased to announce the upcoming opening of Faena New York, set for late Spring 2025. Recognized globally as a visionary placemaker and creative innovator, Faena will bring its singular approach to hospitality and cultural curation to New York City. Located at 500 West 18th Street, overlooking the High Line, the iconic building designed by the esteemed Bjarke Ingels Group provides the perfect canvas for Faena’s distinct vision. Faena New York marks two decades since Faena’s transformative debut in Buenos Aires and a decade since the game-changing launch of Faena Miami Beach. Each Faena property reflects the br...
BirchStreet Appoints Phil Beck as GM, BirchStreet Pay
BirchStreet | October 22, 2024
LAS VEGAS – October 22, 2024 – BirchStreet Systems, a leading global SaaS provider and network for Hospitality procure-to-pay (P2P) and F&B services, today announced the appointment of Phil Beck as EVP & General Manager of its BirchStreet Pay business. Designed for the unique needs of the hospitality industry, the BirchStreet Pay solution helps customers streamline payment processes with increased visibility and enhanced spend control. As the latest addition to its executive leadership team, the appointment of Beck to drive the overall vision and strategy and enhance Pay product and technology is intended to further position Bir...
Marriott International and MGM Resorts International Partner to Convert Iconic Las Vegas Strip Property to W Hotels Brand
Marriott International, Inc. | October 21, 2024
Marriott International, Inc. and MGM Resorts International announced plans to convert an iconic property on the Las Vegas Strip to the W Hotels brand within the Marriott Bonvoy® portfolio, continuing the brand’s storied evolution. Anticipated to complete its conversion later this year, W Las Vegas marks the latest step in the companies’ long-term strategic licensing agreement announced in July 2023. “Our relationship with Marriott has far exceeded our expectations, demonstrating the power of its brand portfolio and the strength of their distribution channels,” said Steve Zanella, President of MGM Resorts Operations. “W Las Veg...
The Ayre Group and Nikki Beach Hospitality Group Partner to Bring Resort & Spa, Beach Club and Residences to Antigua
Ayre Group | October 21, 2024
JOLLY BEACH, Antigua, Oct. 21, 2024 -- Today the Ayre Group and Nikki Beach Hospitality Group, the global luxury lifestyle hospitality company, announced their partnership to open Nikki Beach Resort & Spa Antigua, which will also feature a beach club – Nikki Beach Antigua – as well as branded, private Nikki Beach Residences. The details of the resort were unveiled at a groundbreaking ceremony on Jolly Beach, the location for the new development. The mile long Jolly Beach is located on the island's beautiful west coast, an immaculate example of one of Antigua's 365 powdery-white sand beaches. The US $400m+ de...
Sunray Group and Town of Wasaga Announce Agreement on New Mixed-Use Development
Sunray | October 21, 2024
TORONTO--Sunray Group of Hotels and the Town of Wasaga Beach have announced a letter of intent on a new development in Wasaga Beach at 1st St. North and Beach Drive. The project, set on 4 acres of land across from Beach Area One, is planned to include a full-service hotel with 120 to 150 units, restaurant, event spaces and retail. The hotel component will occupy approximately 1.5 acres of the property. The redevelopment also includes a joint venture between Sunray Group and the Town on a mixed-use residential component and public square. Sunray is also in preliminary discussions with the Town to acquire additional land to build and operate a...
Radisson Hotel Group Boosts Its Italian Portfolio with 5 Signings and Introduction of New Brands to the Region
Radisson Hotel Group | October 17, 2024
Italy is a crucial growth market for Radisson Hotel Group, drawing million visitors annually to cities like Rome, Venice, and Milan. Its rich cultural heritage makes it ideal for expanding luxury lifestyle brands such as Radisson Collection. Opportunities in emerging cities like Bergamo and Pisa, along with Italy’s role as a major business hub, align with the Group’s strategy to serve diverse travelers. With five new hotels signed in the past year and seven openings planned in 2025, adding over 1,000 rooms, Radisson Hotel Group’s Italian portfolio has grown from three to 20 properties in six years, advancing its goal of 30 hotels ...
Baha Mar in The Bahamas Unveils Expansion Plans With New Beachfront Resort and Residences
Baha Mar | October 17, 2024
NASSAU, The Bahamas, Oct. 17, 2024 -- The leading luxury resort Baha Mar announces expansion plans to add a 4th luxury resort as the next phase of its continued development. The new resort and residences will be a stunning addition to Baha Mar's "luxury of choice" collection, with a projected opening in 2029. Today Baha Mar and the government of The Bahamas have signed their Heads of Agreement signaling the approval to move the project forward to construction. Designed by internationally recognized architect and designers Foster + Partners, the resort will be situated on 12 beachfront acres and feature approximately 350 rooms and 5...
Four Seasons and AGC Equity Partners Announce Plans for Luxury Resort in Mykonos, Greece
Four Seasons Resort Mykonos | October 17, 2024
Expansion of Four Seasons portfolio in Greece will feature a new beachside property nestled within the soaring cliffs and crystal blue waters of Kalo Livadi Bay TORONTO, Oct. 17, 2024-- Leading luxury hospitality company Four Seasons and Blue Iris Investments S.A, ('Blue Iris'), an investment vehicle of AGC Equity Partners ('AGC'), a global alternative asset investment firm, announce plans for a brand new beachside resort that will welcome its first guests in summer 2025. Located along the coastline of Kalo Livadi Bay, Four Seasons Resort Mykonos, Greece will offer 94 spacious rooms, villas and suites with exquisite views of the Ae...
Wyndham Inks Development Agreement to Bring Microtel by Wyndham Brand to India
Wyndham Hotels & Resorts | October 17, 2024
LONDON, Oct. 17, 2024 -- Wyndham Hotels & Resorts has signed an exclusive development agreement with NILE Hospitality LLP to introduce its Microtel by Wyndham brand to India, marking the eighth Wyndham brand to debut in the country. This strategic alliance enables Wyndham to leverage a leading regional third-party developer and operator to bring its award-winning brand to India. With Wyndham's global presence and NILE's expertise across India, the Company anticipates opening 40 Microtel hotels by 2031, all of which will be direct franchisees of Wyndham, as part of its ambitious and robust growth strategy. The agreement underscores ...
Growth Across Pacific Slows as Post-Pandemic Rebound Fades, Says World Bank
World Bank | October 17, 2024
By Kirsty Needham SYDNEY (Reuters) - Growth across the Pacific Islands is expected to slow to 3.6% this year, down from 5.8% in 2023, as a post-pandemic rebound fades and Fiji, contributing half of the region's output, slowed significantly, the World Bank said on Tuesday. A long-term slowdown was caused by weaker investment, increasing climate risks, and structural challenges, a report said. Without immediate action to ramp up investment, Pacific Island nations may struggle to reduce poverty and generate new economic opportunities, it added. The Washington-based global lender said investment had shrunk on average across Pacific Island coun...
Jamie Dimon Charts JPMorgan Expansion Plan Into Africa
JPMorgan Chase | October 17, 2024
By Nupur Anand NEW YORK (Reuters) -JPMorgan Chase, the largest U.S. lender, plans to enter Kenya and Ivory Coast this year and grow its footprint in Africa, CEO Jamie Dimon told Reuters. International markets are a growth area for JPMorgan, which has more than $4.2 trillion in assets and operates in over 100 countries. That compares with Citigroup, which does business in almost 180 countries and has the largest global footprint among U.S. banking giants. "We want to add a country or two (enter or deepen presence) in Africa, every couple of years or so," Dimon said by phone from New York on Friday before departing on a trip to Africa. The c...
