Latest news with #RevPAR
Economic Times
a day ago
- Business
- Economic Times
IHCL guidance has been around 35% and we will achieve that for the year despite big disruptions: Puneet Chhatwal
Indian Hotels Company Ltd (IHCL)'s MD & CEO, Puneet Chhatwal, highlights the strength of the Taj brand, recognized as India's strongest, driving a RevPAR premium exceeding 50% in various markets. Despite challenges like airport shutdowns, the brand's resilience, effective asset management, and successful renovations contribute to premium pricing. New business growth is robust, projected to reach 35% for the year with high margins. It has been another great quarter and despite all the flight disruptions, geopolitical tensions, you have managed to post an 11% year-on-year RevPAR growth. Tell me, what is the secret sauce? How resilient is your domestic business? Puneet Chhatwal: There is nothing like a secret sauce out there. It is what we have been communicating, what we have been doing. We have a very strong brand which is rated as India's strongest brand across sectors. Taj is still the backbone of the company. It tends to command a premium. Our RevPAR premium to the market that we have achieved is north of 50% depending on which markets we look at. In many markets, we have completely outperformed and in many we have also suffered when 33 airports shut down during Operation Sindoor. We have a Taj in Jaisalmer and a Taj in Jodhpur, and a Taj in Amritsar and in Srinagar, and so we had our share of challenges. But generally, a strong brand and a strong promise helps you sail through. Our efforts on asset management are paying off well. Our renovations are paying off well, helping us drive premium. And our new business growth as you might have seen is at 27%. Our guidance has been around 35% and we will achieve 35% for the year and there's a very high margin on new businesses. Are the aberrations because of Operation Sindoor, well behind us now? Puneet Chhatwal: Yes. When Operation Sindoor ended, suddenly there was the Iran and Israel conflict. It does have an impact on the foreign tourists of business people from outside of India coming in. There is a certain drop. Then, there were air disruptions because of the unfortunate accident (Air India crash). But generally speaking, everything is behind us and our guidance stands at a double-digit growth on a very high base for the year and it is driven 70% by the market and 30% by strong openings that will follow for us from September till March. We expect to open at least 20 to 25 hotels in this period, and a total of 30 to 36 for the full year. I was just looking at your EBITDA margins and they remain steady despite a change in your payroll cycle. What are the cost control or productivity initiatives you are prioritising right now in order to maintain or even expand margins going forward. Puneet Chhatwal: As we have consistently communicated, it is about finding the right balance or the sweet spot between capital heavy and capital light, between growth in brands like Taj and brands like Ginger, having the right formula for growth in our private membership club, the Chambers and new destinations for the Chambers like we will be opening one now in Frankfurt, we are doubling the size in both Taj Mahal Palace in Colaba which is under renovation and it is also happening in London. So, increasing capacity of high margin businesses like private membership club, increasing the speed of growth in businesses like Ginger which are also high margin businesses and smart renovations of assets like we have done at the Taj Mahal Hotel popularly known as Taj Mansingh in Delhi, this is a combination which creates the high margin versus what we used to do 8-10 years ago and that is not changing because the quality of our pipeline of projects both for renovation as well as new construction and the fee-based growth is very-very robust. You have reaffirmed a double-digit revenue growth for FY26. Is there any key geography or brand Taj, Ginger or SeleQtions that you are going to be focusing on or that will drive this growth? Puneet Chhatwal: What has worked very well for us in this quarter is the growth going back to a very normal level, not a high level is San Francisco, the Taj in San Francisco, the Pier, has done very well for us in Q1 and is showing good trend in Q2 also. What's very important is that London is coming back strongly. London was very sluggish for a couple of years because of the elections and all the other things that were happening there and so was San Francisco. These are our company-owned assets and we expect them to do very well in the remaining nine months of this financial year and going forward also. Cape Town has also shown a great turnaround in the last few years and that is how things are working on the international front. And on the domestic front, obviously, Delhi, Mumbai, Rajasthan, Goa, Bangaluru continue to perform well, and I see no reason why they would not be doing as well as they have done in the past in the remainder of the year or in the years going forward. Since you touched upon London, I want to talk about that in greater detail because I understand you are investing a sizable 22 million pounds in London alone this year. How are the international markets both in the UK and the US which you just flagged off, contributing to your overall EBITDA if you could give me some colour on that and how do we see their margin profiles evolving going forward? Puneet Chhatwal: In the US, it is not a secret that San Francisco was fine till the city took a dip because of reasons beyond anybody's control in any sector, but now it is coming back to where it used to be and maybe it will take another 12 to 15 months. London has always been a strong performer for us and a very strong contributor. I was there for a day-and-a-half privately this month and I have to say that this month London is doing so well, it is so buzzing, the whole hotel, the property during Wimbledon. During cricket, we had the men's cricket team there, along with the women's cricket team and we had all the Wimbledon celebrations out there. So a lot is happening in London the way it always used to be and it is the most important lodging market in the world, besides New York and Paris and investing in that asset helps us to become a very strong brand that is an icon for us. It has always contributed well and we expect that it will continue to contribute even more than it has ever done in the past both on a percentage basis as well as in absolute terms. I wanted to talk about these 392 hotels and the fact that you are planning to add 504 own rooms across four properties in FY26. What is your road map to achieve the 700 hotel milestone by 2030 that you have talked about and which will continue to be largely asset light for you? Puneet Chhatwal: Yes, absolutely, our guidance for 2030 under 2030 has a 700 hotels portfolio of which, at least 500 will be in operation. Our growth brands will be Ginger, Gateway, Tree of Life and other new businesses which will significantly contribute to the number of rooms and number of dots on the map. We will keep the purity of Taj as an absolute priority and a selective growth of Taj in select international markets. Of our own hotels that we are talking about, two are in Ekta Nagar – a Vivanta and a Ginger, which are slated to open in September and October respectively, followed by the Taj in Frankfurt by the end of January, which means in this financial year or at the beginning of Q4. So, nothing is changing on that front. We had a great year last year in terms of growth. We had 74 signings and 26 openings. We expect to sign at least a hotel a week this year too and open 30 to 36 properties and that will be the trend going forward. 30, 35, 40, or even 50 hotels per year to open because our pipeline is so strong. We are already at 140 plus hotels in our pipeline. TajSATS has seen a solid growth of 21% on an annual basis and you have guided for a 20% growth for the full year as well. How central is the airline catering business to IHCL's diversification strategy and are there plans to scale it up internationally also? Puneet Chhatwal: At the moment, our focus remains India only. We might get opportunistic if something comes along our way in let us say Sri Lanka or Maldives, etc, because it makes sense for us to do it then for TajSATS to do it from Singapore, that is one. The second is that TajSATS is also diversifying into non-aviation business, into institutional catering very strongly. We expect that segment to get to 20% of the total revenue of TajSATS over the next three years. And very importantly, we should not forget that India has ordered more than 1,000 planes amongst various airlines. As they come in, the needs and wants of the flight kitchen business is expected to grow. We are the largest with more than 50% share of all meals served in the sky. We think TajSATS is very well positioned to take advantage of that. Spiritual tourism will be growing in the coming years and it has been a great growth driver for you as well. Are you developing any new products, locations, or experiences to further tap into this emerging segment? Puneet Chhatwal: Well, we are in a B2C business and the needs and wants and preferences of customers are always changing and evolving and that is why it is also a capital intensive and a labour intensive business. Being the largest hospitality ecosystem from India, we have to be at the forefront of any new innovations that come in. Over the last few years, as you are aware, one of our big customers favourite – Homestay came out of nowhere. Today we have a portfolio of 300 Homestays and almost 140 are in operation and another 160 will open in the next few years. Home delivery with Qmin to Qminsation of Ginger – all these are new concepts including Tree of Life. I do not know if anybody would have thought five years ago that we would be having these brands in our portfolio. Continuous evolution is a part of the journey and being at the forefront of the hospitality sector, it is our responsibility to take this to the next level. What is the final message to your long-term shareholders? What should they be expecting? Is the stock fairly priced right now or still undervalued? Puneet Chhatwal: I am not qualified to comment on it but what I can definitely say is that Taj will continue to be the crown jewel not just of Indian Hotels but the crown jewel of India. We will do whatever it takes to secure the next 100 years of Taj and we will put enough power behind our new businesses and scale them up as fast as possible so that they are all standing on their own feet and are recognisable business units contributing well to both the top line as well as EBITDA and the net profitability of the company.
Time of India
a day ago
- Business
- Time of India
IHCL guidance has been around 35% and we will achieve that for the year despite big disruptions: Puneet Chhatwal
Indian Hotels Company Ltd (IHCL) 's MD & CEO, Puneet Chhatwal , highlights the strength of the Taj brand, recognized as India's strongest, driving a RevPAR premium exceeding 50% in various markets. Despite challenges like airport shutdowns, the brand's resilience, effective asset management, and successful renovations contribute to premium pricing. New business growth is robust, projected to reach 35% for the year with high margins. It has been another great quarter and despite all the flight disruptions, geopolitical tensions, you have managed to post an 11% year-on-year RevPAR growth. Tell me, what is the secret sauce? How resilient is your domestic business? Puneet Chhatwal: There is nothing like a secret sauce out there. It is what we have been communicating, what we have been doing. We have a very strong brand which is rated as India's strongest brand across sectors. Taj is still the backbone of the company. It tends to command a premium. Our RevPAR premium to the market that we have achieved is north of 50% depending on which markets we look at. In many markets, we have completely outperformed and in many we have also suffered when 33 airports shut down during Operation Sindoor. We have a Taj in Jaisalmer and a Taj in Jodhpur, and a Taj in Amritsar and in Srinagar, and so we had our share of challenges. Explore courses from Top Institutes in Select a Course Category Design Thinking others healthcare Digital Marketing Cybersecurity Project Management Product Management PGDM Leadership Management MCA Artificial Intelligence Data Science Degree MBA Technology Healthcare CXO Data Analytics Others Public Policy Finance Data Science Operations Management Skills you'll gain: Duration: 22 Weeks IIM Indore CERT-IIMI DTAI Async India Starts on undefined Get Details Skills you'll gain: Duration: 25 Weeks IIM Kozhikode CERT-IIMK PCP DTIM Async India Starts on undefined Get Details by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 20 Things Women Should NEVER Wear! Undo But generally, a strong brand and a strong promise helps you sail through. Our efforts on asset management are paying off well. Our renovations are paying off well, helping us drive premium. And our new business growth as you might have seen is at 27%. Our guidance has been around 35% and we will achieve 35% for the year and there's a very high margin on new businesses. Are the aberrations because of Operation Sindoor, well behind us now? Puneet Chhatwal: Yes. When Operation Sindoor ended, suddenly there was the Iran and Israel conflict. It does have an impact on the foreign tourists of business people from outside of India coming in. There is a certain drop. Then, there were air disruptions because of the unfortunate accident (Air India crash). But generally speaking, everything is behind us and our guidance stands at a double-digit growth on a very high base for the year and it is driven 70% by the market and 30% by strong openings that will follow for us from September till March. We expect to open at least 20 to 25 hotels in this period, and a total of 30 to 36 for the full year. I was just looking at your EBITDA margins and they remain steady despite a change in your payroll cycle. What are the cost control or productivity initiatives you are prioritising right now in order to maintain or even expand margins going forward. Puneet Chhatwal: As we have consistently communicated, it is about finding the right balance or the sweet spot between capital heavy and capital light, between growth in brands like Taj and brands like Ginger, having the right formula for growth in our private membership club, the Chambers and new destinations for the Chambers like we will be opening one now in Frankfurt, we are doubling the size in both Taj Mahal Palace in Colaba which is under renovation and it is also happening in London. Live Events So, increasing capacity of high margin businesses like private membership club, increasing the speed of growth in businesses like Ginger which are also high margin businesses and smart renovations of assets like we have done at the Taj Mahal Hotel popularly known as Taj Mansingh in Delhi, this is a combination which creates the high margin versus what we used to do 8-10 years ago and that is not changing because the quality of our pipeline of projects both for renovation as well as new construction and the fee-based growth is very-very robust. You have reaffirmed a double-digit revenue growth for FY26. Is there any key geography or brand Taj, Ginger or SeleQtions that you are going to be focusing on or that will drive this growth? Puneet Chhatwal: What has worked very well for us in this quarter is the growth going back to a very normal level, not a high level is San Francisco, the Taj in San Francisco, the Pier, has done very well for us in Q1 and is showing good trend in Q2 also. What's very important is that London is coming back strongly. London was very sluggish for a couple of years because of the elections and all the other things that were happening there and so was San Francisco. These are our company-owned assets and we expect them to do very well in the remaining nine months of this financial year and going forward also. Cape Town has also shown a great turnaround in the last few years and that is how things are working on the international front. And on the domestic front, obviously, Delhi, Mumbai, Rajasthan, Goa, Bangaluru continue to perform well, and I see no reason why they would not be doing as well as they have done in the past in the remainder of the year or in the years going forward. Since you touched upon London, I want to talk about that in greater detail because I understand you are investing a sizable 22 million pounds in London alone this year. How are the international markets both in the UK and the US which you just flagged off, contributing to your overall EBITDA if you could give me some colour on that and how do we see their margin profiles evolving going forward? Puneet Chhatwal : In the US, it is not a secret that San Francisco was fine till the city took a dip because of reasons beyond anybody's control in any sector, but now it is coming back to where it used to be and maybe it will take another 12 to 15 months. London has always been a strong performer for us and a very strong contributor. I was there for a day-and-a-half privately this month and I have to say that this month London is doing so well, it is so buzzing, the whole hotel, the property during Wimbledon. During cricket, we had the men's cricket team there, along with the women's cricket team and we had all the Wimbledon celebrations out there. So a lot is happening in London the way it always used to be and it is the most important lodging market in the world, besides New York and Paris and investing in that asset helps us to become a very strong brand that is an icon for us. It has always contributed well and we expect that it will continue to contribute even more than it has ever done in the past both on a percentage basis as well as in absolute terms. I wanted to talk about these 392 hotels and the fact that you are planning to add 504 own rooms across four properties in FY26. What is your road map to achieve the 700 hotel milestone by 2030 that you have talked about and which will continue to be largely asset light for you? Puneet Chhatwal: Yes, absolutely, our guidance for 2030 under 2030 has a 700 hotels portfolio of which, at least 500 will be in operation. Our growth brands will be Ginger, Gateway, Tree of Life and other new businesses which will significantly contribute to the number of rooms and number of dots on the map. We will keep the purity of Taj as an absolute priority and a selective growth of Taj in select international markets. Of our own hotels that we are talking about, two are in Ekta Nagar – a Vivanta and a Ginger, which are slated to open in September and October respectively, followed by the Taj in Frankfurt by the end of January, which means in this financial year or at the beginning of Q4. So, nothing is changing on that front. We had a great year last year in terms of growth. We had 74 signings and 26 openings. We expect to sign at least a hotel a week this year too and open 30 to 36 properties and that will be the trend going forward. 30, 35, 40, or even 50 hotels per year to open because our pipeline is so strong. We are already at 140 plus hotels in our pipeline. TajSATS has seen a solid growth of 21% on an annual basis and you have guided for a 20% growth for the full year as well. How central is the airline catering business to IHCL's diversification strategy and are there plans to scale it up internationally also? Puneet Chhatwal: At the moment, our focus remains India only. We might get opportunistic if something comes along our way in let us say Sri Lanka or Maldives, etc, because it makes sense for us to do it then for TajSATS to do it from Singapore, that is one. The second is that TajSATS is also diversifying into non-aviation business, into institutional catering very strongly. We expect that segment to get to 20% of the total revenue of TajSATS over the next three years. And very importantly, we should not forget that India has ordered more than 1,000 planes amongst various airlines. As they come in, the needs and wants of the flight kitchen business is expected to grow. We are the largest with more than 50% share of all meals served in the sky. We think TajSATS is very well positioned to take advantage of that. Spiritual tourism will be growing in the coming years and it has been a great growth driver for you as well. Are you developing any new products, locations, or experiences to further tap into this emerging segment? Puneet Chhatwal: Well, we are in a B2C business and the needs and wants and preferences of customers are always changing and evolving and that is why it is also a capital intensive and a labour intensive business. Being the largest hospitality ecosystem from India, we have to be at the forefront of any new innovations that come in. Over the last few years, as you are aware, one of our big customers favourite – Homestay came out of nowhere. Today we have a portfolio of 300 Homestays and almost 140 are in operation and another 160 will open in the next few years. Home delivery with Qmin to Qminsation of Ginger – all these are new concepts including Tree of Life. I do not know if anybody would have thought five years ago that we would be having these brands in our portfolio. Continuous evolution is a part of the journey and being at the forefront of the hospitality sector, it is our responsibility to take this to the next level. What is the final message to your long-term shareholders? What should they be expecting? Is the stock fairly priced right now or still undervalued? Puneet Chhatwal: I am not qualified to comment on it but what I can definitely say is that Taj will continue to be the crown jewel not just of Indian Hotels but the crown jewel of India. We will do whatever it takes to secure the next 100 years of Taj and we will put enough power behind our new businesses and scale them up as fast as possible so that they are all standing on their own feet and are recognisable business units contributing well to both the top line as well as EBITDA and the net profitability of the company.
Zawya
14-07-2025
- Business
- Zawya
Abu Dhabi hotel performance jumps during Eid Al-Adha
Abu Dhabi's hotel industry recorded its highest June occupancy and revenue per available room since 2009, due to improved performance during Eid al-Adha, according to preliminary data from CoStar. The occupancy rate increased by 5.0% to 71.9%, with an average daily rate (ADR) of AED496.78 ($135.25) and a revenue per available room (RevPAR)of AED357.10. The market's average daily rate was its highest for a June since 2010. The occupancy peak was at 91.5% on 6 June, pushing RevPAR to a monthly high of AED602.47. The highest ADR was posted on the following night (7 June) at AED663.71. -TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Skift
11-07-2025
- Business
- Skift
Hilton Reaches 500 Open Hotels in Florida
The Daily Lodging Report will be on a very rare vacation from July 13 to 17. UBS lowered its price target on Choice Hotels to $149 from $160 while maintaining its Neutral rating. UBS sees domestic RevPAR downside in FY25 due to the tough comps for the rest of the year. Key takeaways from CBRE's latest U.S. Hotels State of the Union June 2025 Edition include: In June, CBRE reduced its 2025 and 2026 GDP growth estimates to 1.3% and 2.0% respectively, below the long-run average of 2.1%. May employment increased 1.3% while unemployment ticked up to 4.2%. May credit spreads contracted by 50 basis points y/y. CMBS loan issuance has fallen substantially from $2.6 billion in May 2024 to $0.9 billion in May 2025, with average loan size decreasing from $55 million to $13.1 million. ADR growth of 0.7% was offset by a 0.7% drop in occupancy, resulting in relatively flat RevPAR y/y. RevPAR growth for some chains softened in May. Luxury chains outperformed during the month, with a 3.4% RevPAR increase, while economy chains continued to struggle with a 1.9% RevPAR decline. Short-term rentals increased 6.0%, well above the 0.3% contraction in traditional hotel demand. STR share of total demand increased again in May to 13.9% compared with 13.2% in 2024. STR RevPAR increased 5.7% in May as ADR rose to 144% of 2019 and occupancy dropped slightly y/y to 99% of 2019. Despite an uncertain economic outlook, business sentiment in May remained the same at 98.9 versus 99.0 last year. Outbound international travel increased 3.4% to 124% of 2019's level, while inbound international travel declined 2.8% y/y, falling to 84% of 2019. Despite lower airfares and stable discretionary income, travel trends appear to be softening with declining throughput and minimal RevPAR growth. On a bright note, Google searches for corporate and redemption travel picked up in June, increasing 5.2% and 2.8% y/y, respectively. This could be a tailwind for travel in the second half of 2025. Hilton announced a major milestone, surpassing 500 open hotels across Florida, marking a new chapter of growth fueled in part by its expanding portfolio of lifestyle brands. A focal point in the company's plans is expanding its lifestyle footprint, including the first Tempo by Hilton properties in Florida, new Canopy by Hilton hotels in South Florida, and the doubling of its Tapestry Collection by Hilton portfolio. Notable lifestyle properties that recently joined the Hilton portfolio include: Thesis Hotel Miami Coral Gables, Curio Collection by Hilton; The Hiatus Clearwater Beach, Curio Collection by Hilton; Faro Blanco Resort & Yacht Club Marathon, Curio Collection by Hilton; and Castillo Real St. Augustine Beach, Tapestry Collection by Hilton. Additional opening highlights that reflect the diversity and strength of Hilton's brand lineup include: Hampton Inn St. Augustine Downtown Historic District; Tru by Hilton Panama City Beach; Spark by Hilton Tampa Brandon; and Conrad Orlando – the Conrad brand's flagship luxury property in Central Florida. Construction of Patchogue, New York's first hotel in many decades, could start as soon as this year, according to its developer, after the project received all required village approvals. Tempo by Hilton, a five-story hotel with a rooftop restaurant, 96 guestrooms, 13 rental apartments, and 119 parking stalls, would be built on the site of a shuttered bowling alley on West Avenue. Windsor Aughtry Hotel Group announced several significant milestones across its expanding portfolio of hotel assets throughout the Southeast. Hotel Avail, a new Tapestry Collection by Hilton property in Rogers, Arkansas, is now open. The 168-room boutique hotel offers over 8,000 square feet of flexible meeting and event space and an onsite restaurant featuring private dining options and an expansive rooftop terrace bar. The hotel will be managed by Hospitality America, Inc. The Hampton Inn Historic District in Columbia, South Carolina, has undergone a $6 MM full internal restoration and makeover. The undertaking includes an expanded Exercise Room with all new equipment, a new outdoor seating area with a fire pit, new rooms, baths, a lobby, and corridors. Hospitality America manages the hotel. The Clarion Hotel in Taunton, Massachusetts, which was previously used as an emergency shelter by the state, is being renovated and is in the process of being sold to Hilton, according to Taunton Economic and Community Development Director Jay Pateakos. The hotel's conference center will stay open during the renovations, although the hotel rooms will be closed. There is no definitive timeline for when the renovations will be finished, and the hotel will eventually become a DoubleTree Hotel. A new dual-branded Marriott hotel has opened next to Harrah's Racing and Casino in Columbus, Nebraska. The four-story Fairfield Inn and Suites and TownePlace Suites is developed and managed by Midas Hospitality. LaPour Partners and Holualoa Companies announced the groundbreaking of AC/Element City North, a new dual-branded hotel located in the CityNorth, a premier mixed-use development adjacent to Desert Ridge Marketplace in North Phoenix. LaPour and Holualoa purchased the site from Crown, the master developer. The eight-story hotel will bring 142 AC Hotel by Marriott guestrooms and 98 Element by Westin suites; 5,700 square feet of flexible indoor-outdoor meeting space; a saline pool, AC Lounge; outdoor fireplaces; a sundry market; guest laundry and EV charging stations. Welcome Group, Inc. announced that the construction of a new AC Hotel by Marriott in Pasadena, California, has reached its full height. The new podium-type building will feature 194 guestrooms, a rooftop bar, and 5,000 square feet of ground-floor commercial space. IHG Hotels & Resorts, in collaboration with Asi Diaz Doral Hotel Investment Group and Buffalo Lodging, announced the opening of EVEN Hotel Miami - Doral Area in Sweetwater, Florida. The 125-room, newly developed hotel features 1,800 square feet of meeting space, a business center, outdoor pool, athletic studios, and onsite dining. IHG announced the opening of Holiday Inn Express & Suites Mazatlan in Mazatlan, Sinaloa in Mexico. The newly developed hotel features 130 rooms, 782 square feet of meeting space, a fitness center, and an outdoor pool. Holiday Inn Express & Suites Mazatlan is owned by Grupo Valiliz, SA de CB and managed by HiPICK Hotel Management. IHG announced the opening of EVEN Hotel Orlando International Airport, the brand's second Florida opening this year. The hotel is owned and operated by Conway Wave, LLC. The Squire at Grand Canyon, a Holiday Inn Resort operated by Delaware North, has completed notable renovations to enhance the guest experience. The property now features six kids' suites with bunk beds and king beds, while over 100 guestrooms have been upgraded. Additional upgrades include a refreshed lobby, redesigned front desk area, revitalized dining spaces, an Ecolab pool system, and full audio/visual improvements throughout the resort, and additional changes underway, including enhanced door locks and smart thermostats. The nonprofit Arch Conservancy has closed on its purchase of the vacant Millennium Hotel site, bringing the key downtown St. Louis property closer to redevelopment. The Gateway Arch Park Foundation completed the purchase from longtime owner Millennium & Copthorne Hotels of London. The Cordish Companies is planning a $670 million remake of the property to include 1.3 million square feet of residential, office, commercial, and cultural spaces. The Millennium's current two hotel towers would be demolished. Danzante Bay, a 741-acre master-planned resort community in Loreto, Mexico, announced its latest development: Mailena. Set to open in late summer 2026, Mailena will be Loreto's first wellness resort and adults-only property. The luxury beachfront resort will feature 96 suites, casitas, and one-bedroom penthouses; an oceanfront pool; a panoramic restaurant and bar; a beach club; several onsite culinary experiences; and access to TPC Danzante Bay, an 18-hole golf course. At the heart of Mailena will be the Wellness and Longevity Center, an immersive space including a central pool, sensory deprivation tanks, steam rooms, saunas, snow room for contrast therapy, biohacking technology suites, and more. Reservations are expected to open in March 2026. Hard Rock International is working with Sak Capital Partners, which will manage the development of REVERB by Hard Rock Florence, Alabama, a new-build hotel project slated to open in early 2028. The contemporary hotel will contain approximately 155 rooms and over 2,000 square feet of meeting space. T2 Hospitality bought a 163-key oceanfront hotel in Lauderdale-By-The-Sea, Florida, for $36.6 million. The firm purchased Plunge Beach Hotel from an entity managed by Oleksandr Naumyk and Liubov Tereshko, according to The Real Deal and records and real estate database Vizzda. T2 Hospitality borrowed $27.5 million from Bank of America. After 14 years, Palisades Tahoe has finally reached a settlement agreement with Sierra Watch and Keep Tahoe Blue. The conservation groups have been challenging proposed development plans in Olympic Valley, California. One of the biggest changes is making the original development plans smaller, reducing 20% of new commercial space in the main village area and 40% of total bedrooms. The plan to have an indoor water park has been permanently eliminated, and once the redevelopment is done here, there's no more new development allowed for the next 25 years. As far as next steps go, if Placer County approves the new blueprint, then the legal challenges will officially be over with, and the plans for the redevelopment will begin. VDA Origin has secured a $30.5 million construction loan from S3 Capital to advance the development of its exclusive 27-residence luxury condominium in Bay Harbor Islands, Florida. VDA Origin broke ground in April 2025 and is slated for completion in late 2026. The boutique seven-story development will feature 10 private marina slips, a rooftop pool deck with a summer kitchen and bar, a club room, fitness center, coworking space, and a social lounge. Kohan Retail Investment Group is floating the plan of converting part of the mid-rise portion of a 65-story tower at 311 S. Wacker Drive, in Chicago, Illinois, into 300 hotel rooms to help revive it. The estimated $60 million project would target vacant floors above the building's 32nd floor, which are more difficult to access by elevator and have been tricky to lease to office users. Hershler Hospitality Inc. arranged the lease of the 12-room inn, formerly known as the Zaballa House, in Half Moon Bay, California. The tenant is a local operator. Hunter Hotel Advisors announced the sale of the 107-key Residence Inn Detroit Novi, located in Michigan. Spark GHC purchased the property from an institutional seller. RobertDouglas represented, as exclusive advisor, TPI Hospitality on the refinancing of the recently opened Margaritaville Beach Resort Fort Myers Beach located in Fort Myers Beach, Florida. The financing, provided by an institutional-grade balance sheet lender, repaid construction financing, returned equity to TPI, and includes an earn-out structure for future proceeds based on performance. The expansive resort features 254 guestrooms, five food and beverage outlets, and the Fins Up! Beach Club. Paramount Capital Advisors announced the funding of a $7.9 million USDA Business & Industry loan supporting the acquisition and renovation of the Hampton Inn located in a rural submarket near Pittsburgh. The financing was structured at 83% loan-to-cost, including both the purchase price and the property improvement plan. The loan provides an interest-only period during the first year to accommodate renovations, then transitions to a competitive floating rate of Prime + 1%. Personnel News Ginobbi Group announced the appointment of Alessia Meli as Chief Operating Officer. Meli will lead the day-to-day operations across Ginobbi Group's real estate and hospitality assets, with a focus on internal alignment, talent development, and the integration of forward-thinking practices. European Highlights Minor Hotels announced the expansion of its brand portfolio with the addition of four new hotel brands. Included in that is the company's first soft brands. Minor said the new brands will support its continued growth by allowing it to expand into new markets and provide distinctive hospitality offerings across the luxury, premium and select segments. The new brands include the Wolseley Hotels luxury brand, which Minor said blends British elegance with European flair and global influence. The Minor Reserve Collection is a luxury soft brand for travelers who seek extraordinary stays with each property a world of its own. Colbert Collection is a soft brand in the premium segment and is expected to encompass a global collection of independent hotels designed for those fueled by a passion for culinary excellence and genuine social connection. Finally, iStay Hotels is a select segment brand, with budget-friendly hotel experiences that include the latest tech. The first property announcements for the new brands are expected in the coming months. Marine & Lawn Hotels & Resorts, an AJ Capital Partners brand, announced a major expansion of its portfolio with the acquisition of landmark properties in two of the world's most storied golf regions. The brand expands its footprint in Scotland with the addition of Greywalls Hotel, a historic estate bordering the famed Muirfield Golf Course, and enters the U.S. market for the first time with the acquisition of Mid Pines Inn and Pine Needles Lodge, in the storied Pinehurst region of North Carolina. Marine & Lawn's in-house design team will lead a thoughtful restoration of Greywalls, re-imagining its interiors, food and beverage program, and overall guest experience. Mid Pines Inn & Pine Needles Lodge will undergo a comprehensive restoration led by AJ Capital's design team, featuring fully renovated guestrooms, new dining concepts, and refreshed public spaces. Sir Hotels announced that bookings are now open for its newest property, Sir Devonshire Square, in London, marking the brand's debut in the UK market. Sir Devonshire Square will offer 81 rooms, including 14 suites, a lobby bar, a gym and yoga studio, a shop, and general public areas. While rooms are bookable now for stays from mid-September, the main restaurant and The Cover, Sircle Collection's private members' club, will follow later this year.
Skift
10-07-2025
- Business
- Skift
Minor Hotels Unveils 4 New Brands in Global Expansion Push
The Daily Lodging Report – Asia Pacific will be on a very rare vacation from July 14 to 18. STR reported China hotel data for the week ended July 5th. Hotel RevPAR in China fell by -7.4% year over year, up against what should have been an easy comparison as the week a year ago was down -15%. For the week ending 7/5/25, occupancy was down -5.1% year over year while ADR declined by -2.5%. CBRE issued a report on what new international flight routes mean for Australian hotels. CBRE said that over the past year, they tracked the launch of 56 new international flight routes, adding over 10,500 annual flights into key Australian cities. They believe the increased capacity from core markets, including China, India, Southeast Asia, North America, and the Middle East, will drive the continued recovery in international arrivals. They see this creating demand for potentially 1.9 million room nights annually. Minor Hotels announced the expansion of its brand portfolio with the addition of four new hotel brands. Included in that is the company's first soft brands. Minor said the new brands will support their continued growth by allowing them to expand into new markets and provide distinctive hospitality offerings across the luxury, premium and select segments. The new brands include the Wosley Hotels luxury brand, which Minor said blends British elegance with European flair and global influence. The Minor Reserve Collection is a luxury soft brand for travelers who seek extraordinary stays with each property a world of its own. Colbert Collection is a soft brand in the premium segment and is expected to encompass a global collection of independent hotels designed for those fueled by a passion for culinary excellence and genuine social connection. Finally, iStay Hotels is a select segment brand, with budget-friendly hotel experiences that include the latest tech. The first property announcements for the new brands are expected in the coming months. Anantara Siam Bangkok, considered the original Grand Dame of Thai luxury hospitality, will undertake a comprehensive US$50 million renovation. The hotel originally opened in 1983. The transformation will unfold across two carefully phased stages to ensure uninterrupted guest stays. Phase one will run through November 2025 and will see the reimagining of the Montathip and Kannika Court guest rooms and suites, Garden Terrace Rooms, Kasara Lounge, swimming pool and terrace, fitness center and selected ground floor meeting spaces. Phase two will run from May to September 2026 and will focus on the Garden Pool Villas, Parichart Court guest rooms, Spice Market restaurant, Kids Club, grand lobby, ballroom and all remaining meeting and event spaces. The new Kasara Lounge unveiling will highlight a completely refreshed arrival experience from the reimagined lobby to the lounge. There will be a signature Jim Thompson Suite, six all-new Garden Suites offering private plunge pools, the swimming pool area will be transformed into a tranquil urban retreat, while the wellness center will be updated to a state-of-the-art destination. This renovation is part of Minor Hotels' broader strategy to redefine Thai luxury hospitality across its Anantara Hotels & Resorts portfolio in the Kingdom. ONYX Hospitality Group unveiled its strategic direction for the remainder of 2025, focusing on regional expansion, brand elevation and sustainable long-term growth through the launch of ONXYRT, a new real estate investment trust. The company has 42 properties currently operating across Thailand, Malaysia, China, Hong Kong, Bangladesh, Sri Lanka and Lao PDR. ONYX's goal is to reach a milestone of 50 properties by the end of 2025 and 70 by 2028. They had recent openings in Colombo, Sri Lanka; Vientiane, Lao PDR; and Bangsaen in Thailand for their Amari upper-upscale brand. The OZO upper-midscale brand recently opened OZO Medini. They have renovations and upgrades planned at key properties, including Amari Don Muang Airport Bangkok, Amari Buriram and Amari Phuket. Kasumigaseki Capital Co., Ltd announced the approval of listing investment units of its subsidiary, Kasumigaseki Hotel REIT Investment Corporation, on the Tokyo Stock Exchange Real Estate Investment Trust Securities Market. This is the first developer-related listed REIT in Japan specializing in hotels. It aims to leverage Kasumigaseki Capital's development and operational capabilities to address the domestic hotel market's supply gap. The company offers hotel brands such as 'fav', 'FAV LUX', 'edit x seven', 'seven x seven' and 'BASE LAYER HOTEL' catering to group guests across Japan. Goldman Sachs Alternatives acquired the Mercure Ambassador Seoul Hongdae, a 270-room hotel and mixed-use retail property in one of Seoul, South Korea's business, youth and tourist hubs. The hotel was purchased through a real estate fund managed by Goldman Sachs Alternatives, located in the heart of Hongdae, a neighborhood in Mapo-gu, northwestern Seoul. The property's retail component is anchored by a major Korean retailer expanding its offline footprint. Wyndham Hotels & Resorts announced its second hotel in Bareilly, Uttar Pradesh in India, the Ramada by Wyndham Bareilly. The modern 80-room greenfield development is being developed by local company M/s Ankit Agarwal and was designed to cater to the needs of both business and leisure travelers. Amenities include all-day dining, fitness center, flexible meeting spaces and well-appointed guest rooms. The other hotel there is the Ramada Encore by Wyndham Bareilly, launched earlier in Civil Lines. Construction of the new Ramada by Wyndham is expected to begin shortly, with an opening anticipated in 2028. Hanoi Anpha Real Estate Exchange Co., Ltd has become a major shareholder of Vinaconex ITC, the developer of the Cat Ba Amatina urban-tourism project in Hai Phong City, northern Vietnam. Hanoi Anpha acquired more than 48.4 million shares or a 23.06% stake in Vinaconex ITC. The Cat Ba Amatina project is located on Cat Ba archipelago and is planned to become a green-smart premium urban resort complex including 1,300 detached, semi-detached and terraced villas; mixed use high rise buildings; serviced apartments; luxury resort villas; and various hotel types such as mini hotels, five star hotels, and ultra-luxury hotels.
