Latest news with #hotelindustry
Irish Times
4 days ago
- Business
- Irish Times
Millionaire Barry English checks into Dalata as bidders circle
Barry English , founder of data centre builder Winthrop Technologies, has emerged as a shareholder in Dalata Hotels Group , as a host of US bidders circle the company behind the Clayton and Maldron hotel brands. Mr English's family investment vehicle, Penman Securities Trading, has built up a 1.12 per cent stake in Dalata, according to stock exchange filings. Mr English owns the five-star Mount Juliet Estate hotel and golf resort in Kilkenny, acquired late last year, and Johnstown Estate Hotel and Trim Castle Hotel, both in Co Meath. However, the recent move to increase its shares in Dalata – tipping it over the 1 per cent disclosable threshold for a listed company in a sale process – is seen as a value play as the company is in the middle of a sales process, rather than a signal of bid interest. 'As owners of hotel assets we recognise the high quality of Dalata's portfolio and the material discount to fair value the equity is trading at,' a spokesman for Penman said in response to questions from The Irish Times. READ MORE The board of Dalata, which floated on the stock market in 2014, hired investment bank Rothschild to carry out a strategic review of the business in March, following a sustained period of underperformance by the stock. While the shares have subsequently rallied, Dalata's market capitalisation remains at a 15 per cent discount to the €1.42 billion net value the company puts on its assets. US investment firms Starwood Capital , Davidson Kempner , TPG, Apollo , Bain and KSL are among parties that recently submitted bid proposals for Dalata, according to property news services Green Street. Sources have independently confirmed that Starwood, Davidson Kempner, Apollo and Bain are in the mix. An affiliate of Starwood already owns 2.7 per cent of Dalata. A deadline for second-round bids has been set for early next month. A spokesman for Dalata, which is led by chief executive Dermot Crowley, declined to comment on the current state of the process. Dalata is said to be planning to bring the process to a conclusion before the end of the summer, with or without a sale. Davy and Berenberg are also advising Dalata. Dalata's three largest shareholders, London-based hedge fund Helikon Investments, Saudi conglomerate Zahid Group and Norwegian property investor Eiendomsspar, have each added marginally to their stakes in the Dublin-listed company since the 'for sale' sign was raised. Helikon own owns 17.4 per cent, Zahid Group, 10.6 per cent, and Eiendomsspar, 8.76 per cent. [ US investor to offload Cork's Blackpool Shopping Centre at heavily discounted €49.5m Opens in new window ] Mr English set up Penman Securities Trading eight years ago, largely funded by dividends from Winthrop. US private equity group Blackstone's purchased a 50.7 per cent stake in Winthrop last year in a deal that valued the business at about €800 million. The Irish engineer owned 65 per cent of Winthrop before that deal. Penman has only one other publicly acknowledged holding in an Irish publicly quoted company: a small position in Glanbia. Dalata has a portfolio of 55 hotels, primarily comprising a mix of owned and leased hotels operating through its two main brands, Clayton and Maldron hotels. Since 2021, the company has grown its portfolio by 35 per cent to 11,990 rooms, with a further 1,624 rooms in the pipeline. It aims to have 21,000 rooms in operation or under construction by 2030. Chairman John Hennessy said in March that the board was 'unanimous in the view that the key to achieving that vision is the availability of capital and that the share price does not reflect the underlying value of the company'. Dalata reported revenue of €652.2 million and basic earnings per share of 35.5 cents last year.
Skift
5 days ago
- Business
- Skift
DoubleTree by Hilton Opens 700th Property
DoubleTree by Hilton has added 40 properties in the past year, including in Nice, Laos, the Azores Islands, and Malta. Meanwhile, Canada's hotel industry reported mixed year-over-year performance in April, plus other hotel news. The DJIA ended Friday with a decline of 256 points, while Nasdaq was down 199, the S&P 500 fell 39 points, and the 10-year treasury yield was down .04 to 4.51%. Lodging stocks were modestly lower ahead of the long weekend. In observance of Memorial Day, there will be no Daily Lodging Report on Monday, May 26th. On the negative side of the Easter calendar shift, Canada's hotel industry reported mixed year-over-year performance in April, according to data from CoStar. April 2025 (percentage change from 2024): Occupancy: 63.2% (-1.0%) ADR: CAD190.46 (+1.1%) RevPAR: CAD120.36 (0.0%). Among the provinces and territories, British Columbia recorded the highest occupancy level (68.7%), which was 1.5% above 2024. Among the major markets, the highest occupancy was seen in Vancouver(-1.2% to 78.5%). The lowest occupancy among provinces was reported in Prince Edward Island (44.2%), up 6.4% against 2024. At the market level, Calgary saw the lowest occupancy (61.2%), down 0.9% from April 2024. DoubleTree by Hilton announced the opening of its 700th property, marking a significant expansion into 60 countries and territories. The past year has seen the brand welcome over 40 new properties, including first-time entries into Nice, Laos, the Azores Islands, and Malta. DoubleTree by Hilton's growth is expected to continue, with over 240 hotels currently in development. The brand's portfolio includes upcoming first-in-country debuts in various markets. In the Europe, Middle East and Africa region, the brand plans to open its second resort property in Egypt, the DoubleTree by Hilton Mangroovy El Gouna Resort, and bolster its presence in Northern Ireland with the DoubleTree by Hilton Derry-Londonderry. In North Africa, the DoubleTree by Hilton Casablanca City Centre is set to debut in Casablanca. The brand has 115 properties in the Asia Pacific region. Expansion will continue in China with new hotels planned for rapidly growing cities like Zhengzhou and Yanji. DoubleTree by Hilton has also contributed significantly to Hilton's growth strategy by converting existing properties into the DoubleTree portfolio. In the first quarter of 2025, conversions accounted for approximately 40% of Hilton's nearly 200 new openings. The Plasencia Group has facilitated the sale of the 297-key Hilton Houston Westchase. The property boasts 12,578 square feet of meeting space and onsite dining. Ashford Hospitality Trust announced it signed a definitive agreement to sell the 242-room Hilton Houston NASA Clear Lake in Houston, TX, for $27 million. The sale is expected to be completed in June. In Michigan, the Norton Shores City Council approved a special use permit for Amerilodge to build a four-story Tru by Hilton hotel. Construction on the 92-room hotel could begin as early as this summer. The 153-room AC Hotel Bentonville, in Bentonville, Arkansas, has opened at the entrance to the new 350-acre Walmart Home Office. Walmart, the hotel owner, signed a franchise agreement with Marriott International to operate the property. The five-story building features a rooftop lounge, more than 9,000 square feet of indoor and outdoor event space, the AC Kitchen, a fitness center and bike storage. Coury Hospitality is the hotel operator. Terra and Turnberry celebrated the groundbreaking of the Grand Hyatt Miami Beach, a transformative 800-room hotel connected to the Miami Beach Convention Center. The hotel is backed by $392 million in construction financing from TYKO Capital. Upon planned completion in late 2027, the 17-story Grand Hyatt Miami Beach will feature 12 floors of guestrooms, including 52 suites, four floors of meeting and ballroom space, and resort-style amenities. Park Hotels & Resorts Inc. closed on the sale of the 316-room Hyatt Centric Fisherman's Wharf located in San Francisco, California, for $80 million. Proceeds from the sale will be used for ongoing return on investment projects in Park's portfolio and for other general corporate purposes. In Wilkes-Barre, Pennsylvania, developer Hysni 'Sam" Syla unveiled plans to use the old Martz Trailways building at 46 Public Square as the location for a hotel and convention center. Renovations for the $20 million project are expected to begin in the fall of this year, with a grand opening slated for mid-fall 2026. According to project officials, the hotel will feature 110 rooms and a 10,000 square foot banquet hall. Amenities include a fitness center, restaurants and a business lounge. The hotel will be under a national brand, but it is too early in the process to release information on the name. Taos Ski Valley Inc.'s revamped Hotel St. Bernard project, in Taos, New Mexico, is on hold, according to a resort spokesperson. The construction on the Hotel St. Bernard was temporarily suspended due to several dynamics, including labor shortages, supply chain challenges, rising construction costs and other volatile market conditions. The White Elephant Aspen, with 54 rooms and suites, a heated pool, hot tubs, an outdoor fire pit and a LoLa 41 restaurant, is set to open its doors this fall. As part of White Elephant Resorts, the new hotel in Colorado's Pitkin County is being developed by New England Development. The very first hotel in the 12South neighborhood in Nashville, Tennessee, is officially open. The 99-room boutique-style hotel is called The Gilmore. The property was completely transformed over the last 18 months. The Dean, in Providence, Rhode Island, has been rebranded as Neptune. According to Ash Hotels, no impact on the hotel's operations will take place coinciding with the rebrand. A phase renovation will start later this year that will touch all 65 hotel rooms and common spaces. A new restaurant and bar concept is slated to launch this summer. Appellation joined forces with Deepak Chopra to create a transformative wellness destination community: AMEYALLI Park City by Appellation, set to debut in 2026. Built around a natural geothermal spring, AMEYALLI is located on 78 acres of pristine landscape in Midway, Utah. Appellation will manage and operate AMEYALLI Park City by Appellation, comprised of an 80-key hotel, a Charlie Palmer restaurant and bar, along with a Wellbeing Center complete with an expansive spa, luxury pool, and additional farm-to-table restaurant. The surrounding wellness development will also feature the AMEYALLI Center of Excellence in partnership with Deepak Chopra, as well as three types of private luxury residences. A 59-unit hotel is slated for 1224 Frankford Avenue in Philadelphia, Pennsylvania, a vacant lot owned by developer Roland Kassis. The project is being developed by a group called the Fishtown Collective, which Kassis is leading. Plans submitted to the city show a five-story structure with five parking spaces and two commercial spaces, both fronting on Frankford Avenue. The Silverado Franklin Hotel, one of the oldest and most iconic hotels in Deadwood, South Dakota, is undergoing a major renovation. The nearly $10 million project will touch on every corner of the hotel, including 73 guestrooms, 20 standard suites and four luxury suites. The completion is slated for summer 2025. Personnel News JLL announced Daniel K. Nahoopii has joined the JLL Global Tourism & Destination Advisory Group. Nahoopii will play a key role in advancing JLL's mission to develop implementable, future-focused strategies that enhance communities and economies worldwide. Nahoopii was the former Interim President & CEO and Chief Administrative Officer of the Hawaii Tourism Authority. Peregrine Hospitality announced Jeff Knowlton has joined the firm as Chief Information Officer, a newly created position. Knowlton joins Peregrine from Sonesta International Hotels Corporation, where he served as CIO and spearheaded comprehensive technology transformation initiatives. a&o Hostels announced the appointment of Thomas Hertkorn as the Head of Online Marketing, with the expert in performance and data-based strategies returning to the company after five years to take up his former position. Europe Highlights Hilton announced the opening of Hotel Astoria Vienna, Curio Collection by Hilton. The 125-room hotel is Hilton's first Curio Collection by Hilton opening in Vienna. Following an extensive refurbishment and renovation, the hotel is home to a stylish bar and restaurant, one Beletage Suite, seven Junior Suites and four meeting rooms. Wilde Aparthotels will unveil three new properties this year: Wilde Apartment, Cambridge City Centre with 229 apartments; Wilde Aparthotels, Lisbon, Liberdade with 95 hotel rooms and studio apartments; and the 136-guestroom Wilde Aparthotels, Vienna, Alte Post. Pan Pacific London unveiled a new standard of graceful luxury across its forty-two suites. The suites include striking views of the capital, dressing tables, custom-designed dining tables, ergonomic desks and marble bathrooms, and generous walk-in wardrobes. Guests staying in the suites also enjoy access to the hotel's SENSORY Wellbeing Floor with high-performance gym, infinity pool and spa treatment rooms, evening turndown service and more. Global Highlights Marriott International signed an agreement with Solana PA, S.R.L. to debut the St. Regis Hotels & Resorts brand in Costa Rica. The development, which will span 20 hectares on the Gulf of Papagayo in the Guanacaste region, is expected to begin in July of this year, with a planned opening in early 2027. The new-build St. Regis Papagayo is slated to feature 120 hotel rooms and 143 residential units, six culinary venues, St. Regis Library, multiple pools, a spa, an exclusive beach club, and 7,750 ft² of indoor space and 2,475ft² of outdoor space for meetings and banquet space.
Gulf Business
5 days ago
- Business
- Gulf Business
Oman's real estate: How many homes, hotel rooms are to come up by 2030?
Image credit: Getty Images The Sultanate of Oman is poised to deliver 62,800 new residential real estate units by 2030, with 5,500 set to come to market this year, in line with the country's strategic vision, according to new insight from leading According to the firm's Oman Real Estate Market Performance Report, released during Oman Design and Build Week, Oman will also add 5,800 hotel rooms over the next five years, with 35 new hotels and resorts scheduled to open by 2030. This will boost the current hotel inventory by around 25 per cent. Read- Housing inventory and distribution Oman's residential real estate inventory grew by 3.6 per cent in 2024, with 38,400 new homes delivered, bringing the total supply to approximately 1.1 million units. Most of the residential supply is located in Muscat, followed by Al Batinah North and South, and Dhofar. This expansion supports Oman Vision 2040, which targets 90 per cent of the national economy being driven by non-oil sectors by 2040. The population, currently at 5.3 million, is projected to reach 7.7 million by then, driven by both Omani nationals and expatriates. Over 80,000 new homes are expected to be delivered between now and 2040. Demand to outpace supply? Despite the pipeline of tens of thousands of new properties, Cavendish Maxwell warns of a possible shortfall in supply, citing rapid population growth. The consultancy estimates that 340,000 new homes will be required to maintain a sustainable 90 per cent occupancy rate in the long term. 'Oman is undergoing a meaningful economic transformation, with strong momentum in non-oil sectors and a growing population driving demand across real estate and infrastructure. Vision 2040 is not just a plan – it's a commitment to a sustainable, knowledge-driven, globally competitive future,' Khalil Al Zadjali, Head of Oman at Cavendish Maxwell, said. 'As the country advances with the 2040 agenda, stimulating investment in the real estate sector will be increasingly important. Government-led initiatives to attract foreign and local investment can play a key role in ensuring long-term housing market resilience. However, given the possibility of demand outpacing supply, proactive planning will be essential to avoid a potential shortfall,' Al Zadjali added. Occupancy rates holding strong Occupancy rates in Oman's residential sector remain stable, averaging 85.2 per cent across all units. Villas and arabic houses maintain a slightly stronger occupancy rate at 87.5 per cent, compared to apartments at 80.8 per cent. Apartment occupancy levels rose by 3 per cent in 2024 compared to the previous year. Integrated Tourism Complexes a key driver Integrated Tourism Complexes (ITCs) are playing a key role in shaping Oman's real estate future. These are the only areas where non-Omani nationals can own freehold property and are typically priced more affordably than comparable locations in the GCC, while offering similar rental yields. Aligned with Vision 2040, ITCs aim to support economic diversification. Key ITCs are under development in Muscat, Dhofar, South Al Batinah, South Al Sharqiyah, and Musandam. Apartment sales in ITCs generally range from OMR800 to OMR1,100 per square metre, compared to 1,600–2,100 in Dubai, 1,400–1,850 in Abu Dhabi, and 1,000–1,300 in Doha. Rental yields at Oman's ITCs range from 5 to 8 per cent, comparable to GCC peers. Villa prices range from OMR750 to OMR1,000 per square meter, again lower than Dubai (1,400–1,850) and Abu Dhabi (1,350–1,750). Branded residences gaining traction Branded residences are increasingly popular, offering premium options for investors and residents. Notable developments include: La Vie by Tivoli Hotels and Residences: OMR1,300–1,500 per square meter St. Regis by Marriott: OMR2,100–2,400 per square metre Mandarin Oriental Residences: OMR2,400–2,600/sq metre Tourism on the rise Oman's tourism sector continues to grow, with strong demand from both international and domestic travellers. In 2024, the country's four airports handled 14.5 million passengers – a 2.5 per cent year-on-year increase. Muscat led with 12.9 million passengers, while Salalah managed 1.5 million, underscoring its status as a seasonal destination. Hotel sector outperforms pre-pandemic levels Oman's hotels welcomed 2.15 million guests in 2024 – a 3.6 per cent increase from 2023. Hotel revenues rose by 6.1 per cent to OMR243. Cavendish Maxwell forecasts a positive but stable outlook for the tourism sector. The country currently has around 270 hotels and resorts, offering 24,000 rooms, more than half of which fall into the Upscale, Upper-Upscale, or Luxury segments. An additional 5,800 rooms across 35 hotels are planned by 2030, with 54 per cent in the higher-end segments, indicating a pivot towards premium tourism. Hotel performance metrics improving Hotel occupancy rose by an average of 2.4 per cent in 2024. The Upper Midscale and Midscale segments saw the highest gains – 11.1 per cent and 8.9 per cent respectively. Average Daily Rates (ADRs) reached OMR53.4, with Upper Midscale and Midscale hotels seeing ADR increases of 3.8 and 5.7 per cent respectively.
Skift
23-05-2025
- Business
- Skift
Tax-Free Tips? Hotels Hope Proposed Bill Will Help Fill Jobs
Hotel companies are betting that a potential federal tax break on tips could be a helpful recruitment tool to fill thousands of open positions and keep experienced workers from leaving the industry. The U.S. Senate and House passed legislation this week that would affect the take-home pay of tipped workers, including hundreds of thousands of hotel employees who provide housekeeping, food and beverage, bellhop, and concierge services. The topics of tips and taxes and are politically sensitive. Many of the hotel companies we reached out to didn't want to speak about it. But here's what the industry's hope is: Tax-free tips might make the country's 2.17 million hotel jobs more appealing. "This tax exemption is huge," said David Kong, the former CEO of BWH Group (Best Western). "I hope it will hel
Hospitality Net
23-05-2025
- Business
- Hospitality Net
AHLA Statement on the U.S. House-Passed Reconciliation Package
WASHINGTON - The American Hotel & Lodging Association (AHLA), the leading voice representing all segments of the hotel industry, today issued the following statement from AHLA President & CEO Rosanna Maietta following the inclusion of key tax provisions critical to the hospitality industry in the U.S. House-passed Budget Reconciliation package: This is a win for Main Street businesses. We commend lawmakers for including critical tax provisions in the budget reconciliation bill that will prevent a tax increase on American workers and the small businesses that are the backbone of America's hotel and lodging industry. This is a critical step to stave off the expiration of important tax provisions that will provide our members, the majority of whom are small business owners, the level of certainty they need to effectively operate their businesses. We urge the U.S. Senate to swiftly pass this legislation and send it to President Trump's desk. Additional Background AHLA supports the House's inclusion of permanency for Small Business Deduction (Section 199A) and applauds the increase of the Qualified Business Income deduction. The majority of hotel owners are bona fide small business owners who license the name and standards from nationally recognized hotel brand companies. These are the entrepreneurs who own real estate, acquire capital, employ workers and undertake financial risk. The expiration of the small business deduction would significantly increase their taxes – inhibiting their ability to reinvest back in their employees and businesses. The majority of hotel owners are bona fide small business owners who license the name and standards from nationally recognized hotel brand companies. These are the entrepreneurs who own real estate, acquire capital, employ workers and undertake financial risk. The expiration of the small business deduction would significantly increase their taxes – inhibiting their ability to reinvest back in their employees and businesses. AHLA supports the House's preservation of the Like-Kind Exchange (Section 1031). Maintaining Internal Revenue Code Section 1031, allowing for like-kind exchanges, as it currently exists, is critical. Any limits, caps or efforts to repeal the current law would significantly reduce new investments and inhibit job creation. This provision allows real estate owners to defer capital gains taxes if the proceeds are employed to purchase another property and, in the process, create new jobs, improve their community and promote economic activity. Maintaining Internal Revenue Code Section 1031, allowing for like-kind exchanges, as it currently exists, is critical. Any limits, caps or efforts to repeal the current law would significantly reduce new investments and inhibit job creation. This provision allows real estate owners to defer capital gains taxes if the proceeds are employed to purchase another property and, in the process, create new jobs, improve their community and promote economic activity. AHLA welcomes the House's extension of bonus depreciation at 100% for almost 5 years. Bonus depreciation incentivizes hotel industry members to make capital improvements that support jobs across a myriad of sectors, enhance existing properties and draw in new guests with modern updates. About the American Hotel & Lodging Association (AHLA) The American Hotel & Lodging Association (AHLA) is the largest hotel association in America, representing more than 30,000 members from all segments of the industry nationwide – including iconic global brands, 80% of all franchised hotels, and the 16 largest hotel companies in the U.S. Headquartered in Washington, D.C., AHLA focuses on strategic advocacy, communications support, and workforce development programs to move the industry forward. Learn more at Rosanna Maietta AH&LA View source
