Latest news with #Marriott-branded
Straits Times
2 days ago
- Business
- Straits Times
Singapore-listed Acrophyte Hospitality Trust jumps as it ‘evaluates strategic options'
Seven more hotels in Acrophyte's portfolio are slated for asset enhancement initiatives in 2025, after six hotels completed theirs in 2024. PHOTO: ACROPHYTE HOSPITALITY TRUST SINGAPORE - A strategic review is underway for Acrophyte Hospitality Trust, formerly known as ARA US Hospitality Trust, as a potential transaction involving its stapled securities is on the table but not guaranteed. The renaming of the Singapore-listed hotel trust was done in 2024 after the family of billionaire couple Gordon Tang and wife Celine completed their takeover of ARA US Hospitality Trust's managers. Their vehicle for this was Acrophyte, which was known as Chip Eng Seng until the Tangs privatised the company in 2023. The Tang family also upped their stake to become the trust's largest unit-holder and sponsor. On May 30, the managers of Acrophyte Hospitality Trust said that they are currently evaluating a 'range of strategic options' in light of the potential capital expenditure needed to enhance its portfolio of hospitality assets in the United States. 'In connection with their evaluation, the managers are also in discussions with the sponsor in respect of a potential transaction involving the stapled securities,' they said. Despite being in the process of reviewing options, the managers emphasised that 'there is no certainty that any transaction will materialise' from the ongoing review or discussions. Acrophyte's stapled securities jumped 11.3 per cent, or three cents, to 29.5 cents as at 11.24am on May 30. This after a gain of 7.5 per cent on May 29, before the announcement. Seven more hotels in Acrophyte's portfolio are slated for asset enhancement initiatives in 2025, after six hotels completed such initiatives in 2024. Work on two Marriott-branded hotels will commence in June as that on five Hyatt-branded ones will start in November. The hospitality stapled group comprises Acrophyte Hospitality Property Trust and Acrophyte Hospitality Management Trust. For the fiscal first quarter of 2025, its revenue declined 7.7 per cent to US$33.5 million from US$36.2 million in the year-ago period amid an 8.3 per cent year-on-year downsizing of its portfolio. Its Q1 operating profit was 12.8 per cent lower at US$9.3 million, from US$10.7 million in the previous corresponding period. THE BUSINESS TIMES Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Times
2 days ago
- Business
- Business Times
Acrophyte Hospitality Trust undergoes strategic review, in talks for potential transaction involving stapled securities
[SINGAPORE] A strategic review is underway for Acrophyte Hospitality Trust , as a potential transaction involving its stapled securities is on the table but not guaranteed. On Friday (May 30), the managers said that they are currently evaluating a 'range of strategic options' for the hospitality stapled group. This is in light of its potential capital expenditure needs in relation to the ongoing asset enhancement requirements of its existing portfolio. 'In connection with their evaluation, the managers are also in discussions with the sponsor in respect of a potential transaction involving the stapled securities,' they said. Despite being in the process of reviewing options, the managers emphasised that 'there is no certainty that any transaction will materialise' from the ongoing review or discussions. Seven more hotels in Acrophyte's portfolio are slated for asset enhancement initiatives in 2025, after six hotels completed such initiatives in 2024. Work on two Marriott-branded hotels will commence in June as that on five Hyatt-branded ones will start in November. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The hospitality stapled group comprises Acrophyte Hospitality Property Trust and Acrophyte Hospitality Management Trust. It was formerly known as ARA US Hospitality Trust. In its Q1 2025 business update, its revenue declined 7.7 per cent to US$33.5 million from US$36.2 million in the year-ago period amid an 8.3 per cent year-on-year downsizing of its portfolio. Its Q1 operating profit was 12.8 per cent lower at US$9.3 million, from US$10.7 million in the previous corresponding period. Stapled securities of Acrophyte ended pn Thursday 9.4 per cent or US$0.025 higher at US$0.29, before the announcement.
Yahoo
14-04-2025
- Business
- Yahoo
AC HOTEL BY MARRIOTT OTTAWA DOWNTOWN TO OPEN APRIL 24th, 2025
A bold new addition to Canada's hospitality landscape, the hotel pairs contemporary style with elevated amenities in the heart of the capital. OTTAWA, ON, April 14, 2025 /CNW/ - RIMAP Hospitality Services Inc., one of Canada's leading hotel management companies, proudly announces the upcoming opening of the AC Hotel by Marriott Ottawa Downtown, set to welcome guest April 24th, 2025. This milestone marks a major expansion of RIMAP Hospitality's regional footprint, with this property serving as the first of three Marriott-branded hotel projects in the capital area, including the vibrant Moxy Ottawa Downtown opening in early 2026 and the sophisticated Renaissance Hotel slated for 2027. Located at 201 Rideau Street in the heart of Ottawa's vibrant ByWard Market district, the hotel places guests just steps from the city's top business, cultural, and entertainment destinations. From Parliament Hill and the Rogers Centre to the historic Rideau Canal—a UNESCO World Heritage Site—Ottawa's best experiences are within easy reach. Whether skating along the canal, exploring world-class museums, or shopping at the Rideau Centre, travellers will discover a unique blend of culture and sophistication—all just outside the hotel's front door. The 159-room AC Hotel by Marriott Ottawa Downtown delivers the brand's signature Perfectly Precise Hotel™ experience—modern, harmonious, and curated. The hotel's design blends refined minimalism with warm sophistication, featuring clean lines, calming color palettes, and thoughtfully placed contemporary art, creating a space that is both elegant and functional. "AC Hotels are known for thoughtful design and signature moments that elevate every stay," said Marc Varadi, President of RIMAP Hospitality Inc., "We are thrilled to introduce this refined, European-inspired experience to Ottawa—a city growing as a vibrant hub for business and leisure. This project represents a significant investment in the capital and underscores RIMAP's long-term vision to expand our presence in key Canadian markets while delivering best-in-class hospitality." Guests will enjoy a full suite of modern amenities, including EV charging stations, a pool, sauna, and gym, along with five naturally lit meeting rooms perfect for business events or social gatherings. Culinary offerings include the AC Kitchen, serving a refined European-inspired breakfast, and the AC Lounge®, offering craft cocktails and tapas in the evening. "This hotel truly embodies what AC Hotels are celebrated for—sophisticated style, intuitive service, and seamless guest experiences," said Stéphane Pelletier, Regional General Manager, RIMAP Hospitality Inc. "We've curated every element to create a refreshing, productive, and inspiring visit, and we're proud to bring this elevated hospitality experience to Ottawa." "Following the success of RIMAP Hospitality's AC Hotel Montreal Downtown, Marriott International is thrilled to partner with RIMAP to bring the AC brand to Ottawa's vibrant ByWard Market district," said Aaron Laurie, AVP of Development, Eastern Canada, at Marriott International. "The brand's purposeful design and unwavering attention to impactful details will resonate meaningfully with Ottawa's diverse mix of guests." The AC Hotel by Marriott Ottawa Downtown promises a meticulously curated guest experience—immersive, efficient, and memorable. With sophisticated design, exceptional service, and a vibrant city backdrop, every stay is crafted to resonate long after check-out. About RIMAP Hospitality Services in 2007, RIMAP Hospitality Services Inc. is an innovative Montreal-based hotel management company. In just over a decade, RIMAP has become one of Montreal's largest hotel operators, currently managing six internationally recognized brands under the Marriott, Hilton, and InterContinental Hotels Group banners. For more information, please visit: About AC Hotels by MarriottAt AC Hotels, every moment has been designed, refined, crafted and considered to create a comfortable, elegant, and unobtrusive experience that lets guests maximize their time and focus on what matters most to them. AC Hotels by Marriott celebrates the beauty of classic modern design with a European soul and Spanish roots, born from the entrepreneurial spirit of Antonio Catalan. The brand features over 225 hotels in more than 30 countries and territories. For more information, visit and In addition, connect with us on Instagram @achotelottawadowntown and LinkedIn: About Marriott InternationalMarriott International, Inc. (NASDAQ: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of more than 7,600 properties under 30 leading brands spanning 133 countries and territories. Marriott operates and franchises hotels and licenses vacation ownership resorts all around the world. The company offers Marriott Bonvoy™, its highly-awarded travel program. For more information, please visit and for the latest company news, visit In addition, connect with us on Facebook and @MarriottIntl on Twitter and Instagram. SOURCE AC Hotel by Marriott Ottawa Downtown View original content to download multimedia: Sign in to access your portfolio
Yahoo
24-02-2025
- Business
- Yahoo
Peachtree Group Announces Grand Opening of Dual-Branded TownePlace Suites/Fairfield Inn & Suites Paris, Texas
PARIS, TEXAS, February 24, 2025--(BUSINESS WIRE)--Peachtree Group ("Peachtree"), a diversified commercial real estate investment platform, today announced the grand opening of the dual-branded, 51-suite TownePlace Suites and the 62-suite Fairfield Inn & Suites in Paris, Texas. Peachtree will operate the hotel on behalf of TEKMAK Development Company ("TEKMAK"). "We continue to seek best-in-class partners as we grow our third-party management portfolio," said Vickie Callahan, president of Peachtree's hospitality management division. "The new-build hotels will help to meet the growing demand created by the ever-increasing business and leisure travel to Paris. These Marriott-branded properties were designed to provide the latest and most requested services and amenities that guests need to make a stay on the road a little bit more like home." In 2023, Peachtree partnered with TEKMAK, a full-service hospitality development company, to provide third-party management for three of its hotels. As part of this partnership, Peachtree assumed operations of the SpringHill Suites Dallas Rockwall and is set to manage the under-construction TownePlace Suites by Marriott in Forney, Texas. Peachtree's hospitality management division specializes in operating premium-branded hotels across the upper-midscale and upscale segments, including limited-service, select-service, and compact full-service properties. The division currently manages 107 hotels across 27 brands, totaling 13,360 rooms in 26 states, with 33 properties under third-party management. TownePlace Suites Paris and Fairfield Inn and SuitesConveniently located just off US-271, the pet-friendly hotels provide shared amenities, including a full lobby bar, while offering the best each brand has to offer. Guests may enjoy an outdoor pool, 24/7 fitness center and complimentary, daily breakfast buffets. Proximate to multiple area airports, including Dallas/Ft. Worth International Airport, Dallas Love Field and Texarkana Regional Airport, the hotels also offer 535 square feet of meeting space. TownePlace Suites provide spacious suites with full kitchens, while Fairfield Inn & Suites have contemporary guest rooms to work or relax with a well-lit work area and ergonomic chair. About Peachtree GroupPeachtree Group is a vertically integrated investment management firm specializing in identifying and capitalizing on opportunities in dislocated markets, anchored by commercial real estate. Today, the company manages billions in capital across acquisitions, development and lending, augmented by services designed to protect, support and grow its investments. For more information, visit View source version on Contacts Charles Talbert678-823-7683ctalbert@ Sign in to access your portfolio
