Hyatt and Gencom are proposing a major Miami redevelopment: Hyatt Hotels Corp. and Miami-based luxury residential and hotel developer Gencom presented to a meeting of the Miami River Commission on Tuesday their vision for redevelopment of the downtown-owned Miami Hyatt Regency site with a mixed-use project funded by taxpayers. private funds with three towers, Project designed by ARQUITECTONICA that includes 1,500 residences, a flagship 615-room Hyatt Regency, 190,000 square feet of event space, improved access in and out of the urban core and a outdoor public space along the Miami River. The Hyatt-Gencom joint venture is currently negotiating the terms of a ground lease extension with City of Miami staff. If approved by commissioners this summer, the measure would be presented to voters in a referendum in November 2022. If approved, construction on the Hyatt Regency Miami site is expected to begin in 2025. The proposed development seeks to alter and to reformulate the ground lease that inaugurated the development of the existing Hyatt hotel in the early 1980s to include, but not be limited to, an extension of the lease renewal term from 45 to 99 years.
IHG Growth in DACH: IHG Hotels & Resorts has extended its multi-property development agreement for the DACH region (Germany, Austria and Switzerland) and said it has extended growth ambition to Italy and Poland. In 2022 alone, tristar GmbH will open four new Holiday Inn Express hotels and one Hotel Indigo in Vienna, marking the brand’s entry into the Austrian market. This announcement is a further development of IHG’s existing partnership with tristar GmbH, which is expected to include 60 hotels by 2035 with openings across all IHG collections, including Luxury & Lifestyle, Premium and Essentials brands in Germany, Austria, Switzerland, Italy and Poland. The DACH region continues to be a key strategic market for IHG, with 88 hotels currently open in Germany and 27 properties under development, including those operated by tristar GmbH. In Austria and Switzerland, there are currently 17 hotels in operation and six properties in the pipeline. The most recently signed agreement concerns the Holiday Inn Express & Suites Monheim am Rhein, which is scheduled to open in November 2024 in the city located between Cologne and Düsseldorf.
Leisure makes Hyatt bounce back: Led by Apple Leisure Group Americas revenue and earnings, Hyatt Hotels Corp. reported 1Q22 earnings with losses eased to US$73 million from US$304 million in 2021, as well as a more than 100% increase in system-wide comparable RevPAR year-on-year previous . Record levels of leisure demand fueled nearly 60% of Hyatt’s room revenue in the quarter, with continued outperformance at resorts and all-inclusive properties. Hyatt noted that system-wide comparable RevPAR was -37% below 2019 in January and improved to 9% below in April. For April 2022, Americas and EAME/SO Asia exceeded April 2019 RevPAR by 3% and 1%, respectively. Hyatt also reported first-quarter EBITDA of $200 million, which was above consensus of $132 million. Hyatt CEO Mark Hoplamazian said the company expects the rate of recovery to widen and strengthen in the coming months, as evidenced by the steady pace of discounted and future travel bookings. business and group. The company also updated its Asset Disposal Commitment, which says the company expects net proceeds of US$812 million from sales or signed management agreements in the first quarter. In total, the company expects to sell $2 billion worth of real estate by the end of 2024.
Big wins beaten for Choice: Choice Hotels International’s 1Q22 earnings report showed domestic RevPAR exceeded 2019 levels by 10.4%, while applications for new domestic franchise agreements increased 46% year over year ‘other. April RevPAR increases by approximately 16% compared to April 2019. RevPAR for the full year 2022 is expected to increase between 10% and 13%, compared to the full year 2019. RevPAR growth was driven by a average daily rate (ADR) increase of 9.3% and a 60 basis point increase in occupancy levels compared to the first quarter of 2019. Adjusted EBITDA of US$96.6 million was above the consensus of US$88.3 million. Total revenue increased 41% to US$257.7 million in 1Q22, compared to the same period of 2021. Net profit increased by US$45.1 million to $67.4 million US, which represents diluted earnings per share (EPS) of US$1.20, an increase of 200% compared to the first quarter of 2021.
GHA reports a solid 1T: Dubai-based Global Hotel Alliance reported a strong rebound in room revenue in the first quarter, with the United Arab Emirates and the Maldives dominating with average room revenue (ARR) per stay of $1,270 and $8,530 respectively, compared to the world average of 670 USD. Ten GHA member hotels out of more than 500 worldwide accounted for one-third of total room revenue in the first quarter. Six of these 10 were located in Dubai and the Maldives, with their room revenues accounting for 14.4% and 8% of total room revenues for the period, respectively. Overall, first quarter overall room revenue exceeded 60% of 2019 levels, while first quarter total (room and non-room) revenue increased 76% from the first quarter of 2021, driven both through an increase in nights sold (up 34%) and through much higher average spend per night (up 32%).
New Four Seasons project in Doha: Four Seasons Hotels and Resorts has partnered with Q Bayraq Real Estate Investments to announce a new development in Doha that will be available for long and short stays. Currently under construction, The Pearl-Qatar will feature 161 fully furnished apartments, ranging from one to three bedrooms with full kitchens, attached laundry facilities, living areas and outdoor terraces. The interiors of the building will be designed by Wimberly Interiors. A total of 84 additional private residences will also be available for sale. The 19-story building will be located on a private beach and will offer both sea and city views. The Pearl-Qatar will also feature five restaurants and bars (including a signature restaurant by starred chef Joël Robuchon), wellness and fitness centers, a lounge, an indoor lap pool and two outdoor pools, a private screening room with an open kitchen and outdoor terrace and a private beach. Mehdi Zaanoun has been appointed general manager of the project.
Hang Eleven, Life House will innovate in Canada: Canadian real estate developer Hang Eleven Properties will soon begin construction of a 48-key boutique hotel, Beldi, in Squamish, British Columbia. The hotel will be operated by Life House, while the design and concept will be a collaboration between HunterOffice, headquartered in Squamish, and Ste. Mary Workshop. This is Life House’s first Canadian property. The independent hotel management company will oversee operations, revenue, marketing and catering. Beldi will offer a restaurant on the ground floor and a lounge area on the roof which will double as a coworking space by day and a cocktail bar by night. The hotel was originally designed as a micro-hotel.
Parkview provides $207 million loan for New York deal: Parkview Financial, Los Angeles, CA, along with Montgomery Street Partners, has provided a loan worth US$207 million to an undisclosed borrower for the acquisition and redevelopment of the former Hudson Hotel in New York City. Morris Betesh and Alex Bailkin of New York-based Meridian Capital Group arranged the transaction. The 24-story hotel was recently operated by Cain International and closed in 2020 due to mounting pandemic losses. The borrower plans to convert the hotel into a 438-unit residential tower. The building will also include 25,000 square feet of office space and 30,000 square feet of retail space. Units would be offered at a 20% discount to rates offered at other properties to appeal to young professionals, students and small families. The redevelopment of the property is expected to be completed in early 2023.
Hyatt announces a new luxury collection: Hyatt Hotels Corp. launched a global collection of resort brands focused on leisure demand by combining the luxury all-inclusive portfolio of Hyatt and AMR Collection. Composed of 70 resorts with more than 25,000 rooms, the new Inclusive Collection consists of nine luxury all-inclusive resort brands: Hyatt Ziva resorts, Hyatt Zilara resorts, Zoëtry Wellness & Spa Resorts, Secrets Resorts & Spas, Breathless Resorts & Spas, Dreams Resorts & Spas, Vivid Hotels & Resorts (coming soon), Alua Hotels & Resorts and Sunscape Resorts & Spas. World of Hyatt members can enjoy benefits at more than 50 Inclusive Collection resorts in destinations including Costa Rica, Mexico, Panama and the Caribbean. Inclusive Collection resorts in Europe will soon begin participating in the Hyatt Rewards Program. Hyatt now offers four collections: Timeless Collection, Boundless Collection, Independent Collection and Inclusive Collection.
The war in Ukraine does not deter American travel plans: Americans’ sentiment about visiting Europe has remained strong, with a majority (61%) planning to travel to Europe this year despite the ongoing war in Ukraine, new research by MMGY Travel Intelligence. About 23% of Americans said they planned to wait and see how things turn out before finalizing their plans, while 10% were expected to postpone or postpone and 7% were likely to cancel plans. Since the first survey was conducted in early March, travelers’ concerns about the spread of war to other parts of Europe have declined (from 62% to 54%), while concerns about the increase in cost of air travel increased (from 32% to 38%) . The war has also increased Americans’ fears about the safety of traveling to Europe, with 58% agreeing or strongly agreeing with these fears. It also increased their travel security concerns about traveling to international destinations outside of Europe (45%) and traveling to the United States (27%). Americans are also more likely to rate Eastern European countries as less safe than Western European ones. Poland, Germany and Austria, other than Ukraine and Russia, were considered less safe due to the war.
Ireland gets new VAT relief: To help the industry get back on its feet, the Irish government has extended the reduced VAT rate for the hospitality sector. The lower VAT rate of 9%, which was due to expire at the end of August, will now apply until 28 February 2023. The cost of maintaining the 9% rate is expected to be around 250 million euros (263, US$4 million). ).