Read the latest hospitality industry news from across the Americas region.
Bethesda, Maryland-based real estate investment firm Host Hotels & Resorts had an active year in 2021 with deals, and it continues that growth momentum in 2022 by announcing its new joint venture partnership with Atlanta-based Noble Investment Group, reports HNN’s Dan Kubacki.
Speaking on his fourth quarter earnings call, Host Chairman and CEO Jim Risoleo said the REIT purchased a 49% stake in Noble’s asset management platform with an investment of $90.7 million in January.
“By capitalizing on Noble’s deep expertise, we will have the ability to incubate and invest in future adjacent hosting strategies, creating additional pathways for long-term strategic value creation,” he said. -he declares. “These strategies include real estate technology solutions, development and alternative accommodation.”
Also during this round of the fourth quarter earnings call, Wyndham Hotels & Resorts President and CEO Geoff Ballotti announced plans for a new economy brand for extended stays launch this springreports Robert McCune of HNN.
Ballotti said the launch of this brand should boost Wyndham’s development prospects.
“Extended stay [hotel] demand has proven to be absolutely recession and pandemic proof, and we know demand is growing,” he said.
“We have seen our upscale extended stay brand Hawthorne Suites grow our pipeline by 50% over the past year and we know there is demand for an economy extended stay brand. developers are asking for an economy brand of extended stays, our franchisees are asking for it, and especially our corporate accounts are asking for it.”
Members of the Lodging Industry Investment Council share the hope that this year the pace of transactions will accelerate in terms of strong hotel deals, HNN’s Stephanie Ricca reported at the recent Americas Lodging Investment Summit.
“It’s going to be a good year for acquisitions,” said Roger Clark, executive vice president of hotel acquisitions at The LCP Group. “Debt markets are finally cooperating. There is fairness. Now our partners want to be acquirers. It will be a year of action as the smoke clears on trends and patterns.
- The $6.25 billion sale of The Venetian Resort by Las Vegas Sands Corp. to subsidiaries of Apollo Global Management and Vici Properties was finalized in February.
- Realty Income has purchased the Encore Boston Harbor for $1.7 billion from Wynn Resorts. Wynn Resorts will continue to operate the property.
- The Wayfarer DTLA, a Pacifica Hotels property, has appointed Carl Hubbard as general manager.
- Driftwood Capital purchased the Scottsdale Resort at McCormick Ranch for $113 million from an entity of Hong Kong-based Junson Capital.
- Ralph Scatena returns to the JW Marriott Scottsdale Camelback Inn Resort & Spa as General Manager as well as Regional General Manager, Phoenix. Scatena’s last term as general manager of the station was 15 years ago.
- Rochester, New York-based hotel management and development company DelMonte Hotel Group has named Guy Crawford as Chief Investment Officer.
The Hilton Short Hills in Short Hills, New Jersey reopened on March 1 for the first time since March 2020. During its closure, it upgraded public areas as well as backstage infrastructure.
- Viewline Resort Snowmass in Snowmass, Colorado has reopened after a multi-million dollar renovation. Its exteriors and interiors have been enhanced as well as its culinary offerings improved.
- The Gwen Hotel in Chicago has appointed Katharine Degoma as general manager. Additionally, Anna Jaszczyk joined the team as Director of Sales and Marketing.
- The Watergate Hotel appoints Manuel Martinez as general manager.
- Keith Cesare has been appointed general manager of Ambassador Chicago, a JDV of Hyatt Hotel.
- Indigo Road Hospitality Group assumed management of The Historic Park Inn hotel in Mason City, Iowa, as well as management of the on-site restaurant and bar.
- The DoubleTree by Hilton Trujillo opened in Trujillo, Peru with 147 rooms.
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