CapitaLand Ascott Trust (CLAS) has acquired the remaining 10% stake in Standard at Columbia, a freehold student accommodation property in South Carolina, United States of America (USA). The earnings before interest, taxes, depreciation and amortisation (EBITDA) yield on total development cost is expected to be approximately 7%. This is higher than the 6.2% EBITDA yield that was projected in 2021 on the basis that the property has achieved stable performance. The acquisition is funded by proceeds from CLAS’ earlier divestments.
Marriott International announces three conversions to bring iconic luxury properties in the United States
Marriott International, Inc. announces plans to convert three iconic luxury properties in the U.S. to brands within the Marriott Bonvoy portfolio. Located in some of the most sought-after destinations in the country, The Resort at Pelican Hill, Turtle Bay Resort, and a luxury Midtown hotel in New York City are all expected to join Marriott Bonvoy’s luxury brands this summer.
IHG Hotels & Resorts heats up in Mexico, Latin America and the Caribbean with exciting openings and upcoming debuts across its luxury and lifestyle brands
IHG Hotels & Resorts (IHG), one of the world’s leading hotel companies, today celebrates its exceptional luxury and lifestyle growth in Mexico, Latin America and the Caribbean (MLAC). Already one of the largest luxury and lifestyle portfolios in the world, this expansion underscores IHG’s strategic focus, significant investment, and ambitious growth plans in the region for this important segment. With five openings to date in 2024 and 32 properties currently in the regional pipeline, IHG is expected to more than double its MLAC luxury and lifestyle presence in the coming years.*
Furama Hotels International to open its first Australian address at rebranded Darling Harbour property
Singapore-based hospitality company, Furama Hotels International (FHI) is poised to debut its eponymous hotel brand in Australia this winter, announcing the arrival of the Furama Darling Harbour in Sydney on 1 July 2024.
Cairns in the spotlight as TPG Hotels acquires the Pacific Hotel
Australian hospitality group TPG Hotels has acquired the freehold interest in the Pacific Hotel Cairns.
Now Open: Amrit Ocean Resort, Florida’s luxury wellness destination
Amrit Ocean Resort, a luxury beachfront wellness resort located in Singer Island of Palm Beach County is now open and ready to welcome guests and the surrounding community. Spanning seven beachfront acres along the Atlantic Ocean, this revolutionary, next-generation wellness-focused property merges Eastern principles with Western luxury.
TPG Hotels & Resorts selected to manage two premier Washington DC properties
TPG Hotels & Resorts, one of the nation’s premier hospitality management firms, announced today it has been selected to manage two upscale independent properties in Washington DC. The Glover Park Hotel and The Graham Hotel, both located in the Georgetown neighborhood, will be managed within the INTERA Collection by TPG Hotel and Resorts.
Waramaug Hospitality acquires Austin Marriott North in Round Rock, TX
Waramaug Hospitality, in a joint venture with Franklin Real Asset Advisors, announced today it acquired the Austin Marriott North, a 295-key full-service hotel located in Round Rock, Texas, with close proximity to downtown Austin.
Dubbo’s Comfort Inn™ shearing shed joins Choice Hotels Asia-Pac
Leading hotel group Choice Hotels Asia-Pac is pleased to welcome the newest addition to its flagship Comfort brand: Comfort Inn™ Shearing Shed, located in the vibrant regional NSW city of Dubbo.
Ritz-Carlton reserve makes grand entrance in the Middle East with exclusive private island oasis in the red sea, Saudi Arabia
Nujuma, a Ritz-Carlton Reserve, the first Ritz-Carlton Reserve in the Middle East was unveiled today on Ummahat Island in the tranquil waters of The Red Sea. The private island retreat is nestled within the captivating Blue Hole cluster of islands, where pristine coral reefs thrive beneath the surface and the celestial canopy above paints an endless tapestry of stars. Nujuma – inspired by the meaning of ‘stars’ in Arabic – invites travellers to embark on an unchartered journey to one of the world’s most secluded and protected archipelagos. Here, amidst the azure expanse, guests are beckoned to explore and immerse themselves in the region’s culture and traditions.
