Salter Brothers, Accor Deal; Centennial Bank loan for Hilton project – HOTELSMag.com
Salter Brothers, Accor deal: In one of the largest hotel management portfolio deals in Australia in over a decade, Salter Brothers has signed a management agreement under which its hotel portfolio, which was part of the recent Travelodge acquisition, will join Accor at the beginning of FY2023. The agreement includes a link to ESG results and will see more than 2,000 rooms rebranded to Accor’s ibis Styles, Mercure and Novotel brands. The deal is Accor’s largest integration since its $1.2 billion acquisition of Mantra Group in 2018, which brought the Art Series, Peppers, Mantra and BreakFree brands into the Accor network.
Minor wins battle for restaurant group: Famed London restaurateurs Jeremey King and Chris Corbin have lost their fine dining group at auction to Minor International and its chairman William Heinecke. Minors reportedly paid more than £60million as of Friday morning. Minor previously owned 74% of Corbin & King, forcing the company into bankruptcy. Corbin wrote in his newsletter on Friday: “I no longer have an equity interest in the company, although I remain an employee for the time being. I expect Minor to take control of the restaurants immediately.” Dillip Rajakarier, Chief Executive of Minor International, said the group looks forward to building on the strong foundations in place to drive growth in the UK and internationally.
Centennial Bank lends $10 million for new Hilton project: Centennial Bank has provided a $10 million home loan to open a new Tru by Hilton property in Miramar, Florida. The loan will enable Tru at Miramar, LLC, managed by Dania Beach-based DP Hotels, to develop the 97-unit hotel. DP Hotels acquired the 4.5 acre vacant lot from Progressive Casualty Insurance Co. Coastal Choice Construction was the general contractor for the project. The hotel is expected to feature an outdoor pool, meeting room, fitness center, dining options and a 97-space parking lot.
Booking.com expands the loyalty program: Booking.com announced a third tier of benefits for its Genius loyalty program. Genius Level 3 members receive up to a 20% discount on bookings made through the online platform. Genius Level 2 members get up to 15% discount and Genius Level 1 members get up to 10% discount. In addition to free breakfast and free room upgrades at participating hotels for Tier 2 and 3 Genius members, new tier members can access priority customer support with a live agent for real-time support.
Retro Hospitality to Manage Quirk Hotels: Retro Hospitality, Richmond, Virginia has acquired management of the 73-room Quirk Hotel Richmond and the 80-room Quirk Hotel Charlottesville from Hyatt Hotels. When the Quirk Hotel Richmond opened seven years ago, it was managed by a boutique-focused management company that was later acquired by Hyatt. Quirk owner Ted Ukrop said that while Hyatt is a global brand, he wanted Quirk to be an independent, authentic boutique hotel. Retro Hospitality has been Quirk’s long-time asset manager and advisor. While he didn’t share details, Ukrop said he expects administrative costs to decrease as a result of the transition to retro. With the addition of the Quirk Hotels, Retro now has four properties in its management portfolio and three more properties in its development pipeline.
Inbound trips to the US in January up 140%: Total international arrivals volume (arrivals by non-US citizens) to the US rose 140% year-on-year to 2,508,236 in January, but still 43% of January 2019 arrivals volume, according to those released by the National Travel and Tourism Office Data. International outbound travel volume (visitors by US citizens departing from the US) reached 4,029,838 in January, up 69% year-on-year, but 62% of January 2019 departuresth Consecutive month in which total arrivals by non-US international visitors to the US increased year-over-year. Most international visitors came from Mexico (1,061,693), Canada (436,208), Great Britain (96,769), Brazil (70,214) and India (65,103). These top five inbound markets combined accounted for 69% of all international arrivals. Mexico recorded the largest number of overseas visitors with 2,364,935 (58.7% of all departures). Compared to other international regions, Canada saw the largest percentage increase (+411.8% YOY). Together, Mexico (2,364,935) and the Caribbean (504,289) accounted for 71.2% of all international departures by US citizens.
Stonehill’s Georgian Hotel Bridging Loan: Stonehill, Atlanta, Georgia has provided a $73.8 million bridge loan to a joint venture between BLVD Hospitality and ESI Ventures to refinance the Georgian Hotel in Santa Monica, California. The joint venture, which acquired the historic hotel in August 2020 for an undisclosed price, has planned extensive renovations to the 84-room hotel, which was built in 1933. In February, Stonehill provided a $58.1 million bridge loan to acquire the Maui Seaside hotel in Kahului, Hawaii, and in January provided a $30 million financing package to recapitalize a national Hyatt hotel portfolio ready.
Lemon Tree Signs in Jaipur, India: Lemon Tree Hotels, New Delhi, India, announced the signing of a property from Keys Lite by Lemon Tree Hotels in Jaipur, Rajasthan. The hotel, scheduled to open in December, is owned by M/s TF Enterprises and managed by Carnation Hotels Pvt., Lemon Tree’s management arm. ltd The hotel will have 47 rooms, a restaurant and a conference room. Lemon Tree currently operates around 8,400 rooms in 86 hotels in 54 destinations in India and abroad. Once the current pipeline is operational, the company will have approximately 10,600 rooms in 109 hotels in 65 locations.
Hyatt’s New Corporate Retreat Offering: Hyatt Hotels Corp. launches Work from Hyatt: Offsite, a new corporate retreat concept that offers team building opportunities focused on creating strong personal connections as well as group discounts. The offering will be rolled out through partnerships with local attractions, gyms and restaurants at over 30 participating hotels across the United States. The new offering will include curated team-building experiences based on local offerings, dedicated on-site event planning and event experience managers, and off-site discounts starting at 10% on meeting, work and social spaces, F&B and guest rooms. Standard World of Hyatt benefits apply to corporations and employees along with 2 qualifying nights at the elite level for every $5,000 in event planner spend.
Supporting program of the Auberge Resorts: Auberge Resorts Collection, Mill Valley, California, launched Enriching Lives, a social commitment to enriching the lives of communities through education and learning in the locations where the Company’s properties operate. Each real estate team offers mentorship, raises money for nonprofits and grants through fundraising events, and volunteers time and resources to help and create opportunities for those in need.
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