Latest news with #hoteldevelopment
Irish Times
2 days ago
- Business
- Irish Times
Clarence Hotel set to nearly triple in size after appeal dropped
The operator of Dublin's Clarence Hotel is set to almost triple the hotel bedroom capacity of the former U2 -owned hotel, after an appeal against the plan was dropped. Aidan Crowe of Banta Restaurants Ltd withdrew a third party appeal at An Bord Pleanála against the Dublin City Council decision giving the green light to Keywell DAC to increase the number of hotel rooms from 58 to 162 and add an extra floor to The Clarence and adjoining Dollard House. Mr Crowe's Cleaver East restaurant is a tenant at the Clarence Hotel in Dublin's Temple Bar and An Bord Pleanála has now granted planning permission for the development following the appeal's withdrawal. Mr Crowe's appeal was before the board for 19 days. READ MORE Banta Restaurants stalled the redevelopment plan last month after initially lodging a letter of support for the project in December. In the letter of support, Banta Restaurants Ltd said that 'in our capacity as the licensee operator of the restaurant, Cleaver East, which is located within The Clarence Hotel, Banta Restaurants Ltd wishes to express full support for the proposed planning application for the development, extension and refurbishment works at the hotel'. Then last month, in a U-turn by Banta Restaurants Ltd, director at the firm Aidan Crowe lodged the third party appeal. Mr Crowe stated in his appeal that 'approving further tourist accommodation contributes to the gradual erosion of the city centre as a lived in space, undermining national and local policy objectives around compact growth and sustainable communities.' The planned hotel revamp includes Cleaver East becoming a contemporary music pub; replacing Roberta's Restaurant with a premium event facility; refurbishing and relaunching the Workman's Cellar as a premium event driven late night music venue and repositioning Anne's bar as a specialist bar. Keywell DAC is part of Lifestyle Hospitality Capital (LHC) and last year, LHC purchased a majority stake in the Dean Hotel Group, that included the boutique Clarence Hotel, from Press Up Group. The deal came only months after Bono, The Edge and Paddy McKillen Snr sold the Clarence hotel in October 2023 to the Dean Hotel Group. The deal ended Bono and The Edge's connection with the four-star hotel after more than three decades of ownership. However, the hotel continues to trade on its U2 association with the hotel website stating that the hotel is 'also known as the 'U2 Hotel' or 'Bono Hotel' in Dublin'.
Zawya
5 days ago
- Business
- Zawya
Egyptian government reviews ICON's development plan for 7 state-owned hotels
Egypt's Prime Minister Moustafa Madbouly has reviewed development plans by the Arab Company for Hotel and Tourism Investments (ICON) for seven historic hotels, following the finalisation of a deal valued at up to $800m for a controlling stake in the portfolio. The Prime Minister held a meeting to follow up on the plans for the hotels, describing them as having significant cultural value and promising market potential. He affirmed the meeting's purpose was to track the implementation of development strategies in partnership with the private sector. 'We are following up on the development plans for these historic hotels to raise their operational efficiency and maximise the return from these tourism assets in partnership with the private sector,' Madbouly stated. The meeting was attended by Minister of Tourism and Antiquities Sherif Fathy, Minister of Public Business Sector Mohamed Shimy, Minister of Investment and Foreign Trade Hassan El-Khatib, and Hisham Talaat Moustafa, CEO and Managing Director of Talaat Moustafa Group Holding (TMG). ICON, a subsidiary of TMG, has signed final agreements to acquire a 39% stake and full management rights in Legasi Hotels, a new company that owns the portfolio of seven hotels. The stake is set to increase to 51% within a specified contractual period, at which point the deal value will reach $800m. The acquisition will be financed through ICON's internal resources and a capital increase of $882.5m from an international strategic investor, who will acquire a minority stake in ICON. TMG will retain its majority stake in the company. TMG Holding has previously stated it expects revenues from the seven-hotel portfolio to double and exceed $250m by 2024. The hotels included in the portfolio are Marriott Mena House Cairo, Marriott Omar Khayyam Zamalek, Mövenpick Resort Aswan, Sofitel Legend Old Cataract Aswan, Sofitel Winter Palace Luxor, Steigenberger Hotel Tahrir, and Steigenberger Cecil Hotel Alexandria. Cabinet spokesperson Mohamed El-Homsany said the meeting reviewed ICON's plans for the hotels, which were part of the state's public offering programme. The initiative aligns with the government's 'State Ownership Policy Document' to maximise the value of state-owned tourism assets. The spokesperson added that the ongoing development and modernisation work was discussed, which is part of a plan aimed at restoring the hotels while preserving their unique architectural and historic character. The efforts seek to enhance the properties' tourism value and attract a wider segment of tourists, supported by strong regional and global promotion. El-Homsany added that the presented plans reflected significant investments being channelled into the hotels. He noted that the current phase represents a major step in renovating the properties and improving services to meet international hospitality standards, with significant returns expected for the state and investors. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (
Hospitality Net
11-06-2025
- Business
- Hospitality Net
IHG Hotels & Resorts strengthens presence in Gujarat with the signing of Holiday Inn Ahmedabad
IHG®Hotels & Resorts, one of the world's leading hotel companies, has signed a management agreement with Atithi Gokul Hotel Inns Pvt Ltd (Part of AG Group, Ahmedabad) to develop a new hotel, "Holiday Inn Ahmedabad". Scheduled to open in the third quarter of 2028, the hotel reflects IHG's strategy to expand its presence in high-potential markets across India, offering guests trusted, quality hospitality in key urban, commercial and leisure centers. Renowned globally with over 1,200 open hotels, IHG's Holiday Inn® brand has consistently evolved over the years to meet the needs of modern travellers. Known for its warm and welcoming service that helps guests make the most of their journey and its consistent offerings, the brand remains a preferred choice among both business and leisure travellers. The Holiday Inn brand family has received exceptional response in India and the latest signing reflects a great brand fit for travellers and owners alike. Holiday Inn Ahmedabad, the 150-key hotel will form part of Highline - a mixed use development comprising residential and commercial spaces. Positioned strategically along the Sarkhej-Gandhinagar Highway, will benefit from excellent connectivity to government institutions, educational hubs, corporate offices, and IT parks, making it an ideal choice for business and transient travellers visiting the city. Guests at the hotel will have access to well-appointed rooms and suites, three vibrant dining options including an All-Day Dining restaurant and Lobby Lounge, as well as a ballroom, fitness centre, swimming pool, and ample parking, delivering on the Holiday Inn brand promise of making travel more relaxed and enjoyable. Recognised as one of India's major commercial and manufacturing centres, Ahmedabad plays a crucial role in sectors such as textiles, pharmaceuticals, chemicals, petrochemicals, and automobiles. It is the second-largest cotton producer in India, a leading exporter of gems and jewellery, and the largest denim supplier in the country. As the state capital of Gujarat and the seventh-largest metropolis in India, Ahmedabad offers a vibrant mix of industry, culture, and commerce making it an ideal market for IHG's expansion. IHG® currently has 50 hotels operating across six brands in India, including Six Senses, InterContinental Hotels and Resorts®, Crowne Plaza®, voco™ Hotels, Holiday Inn Resort® and Holiday Inn Express®, and a strong pipeline of 63 hotels due to open in the next 3-5 years. Hotel website
Skift
06-06-2025
- Business
- Skift
San Diego Could Welcome a 25-Story Hotel
J Street announced plans to transform Tower 180, a 25-story office building in Downtown San Diego, into a 560-key dual-branded project with a Hyatt Place and Hyatt House hotel. Construction is slated to begin in early 2026, and completion of the almost $250 million project is expected in the first half of 2028. With updated infrastructure already in place, the tower will be converted into a 371-key Hyatt Place and a 189-key Hyatt House hotel. The dual-branded property will feature reception areas, a lobby lounge, and a market on the ground floor; a breakfast bar with an additional overflow lounge on the second floor; and more than 12,000 square feet of meeting space across levels 9 and 10. The crown jewel of the project will be the Lurline Cocktail Club, an upscale rooftop bar and lounge on the 25th floor. Acrophyte Hospitality Trust has proposed the disposal of a hotel in Auburn Hills, Michigan, for a consideration of around $6.7 million. Through its indirectly wholly owned subsidiary ARA USH Chicago, the group entered into a conditional purchase and sale agreement to sell the 127-room Hyatt Place Detroit/Auburn Hills to AHM Hospitality. The transaction is set to be completed in the third quarter of 2025. avid hotels by IHG celebrated the opening of its 80th property with avid hotel Coralville - Iowa City. This marks the brand's second property in Iowa and the fourth dual-branded avid hotel and Candlewood Suites in the U.S. The 71-room avid hotel Coralville - Iowa City is owned by Westcor JD Royal Hospitality. Other recent openings and locations that will soon welcome guests include: the 118-room avid hotel Queretaro Centro Sur, which opened in February 2025 under the operation of Inmobiliaria Flecha Amarilla; the 80-room avid hotel Harrisburg NE - Hershey Area, which also opened in February 2025, under SNP Management, LLC; and set to become the brand's first location in California, avid hotel Victorville - Hesperia will open under Score Hospitality Inc. IHG Hotels & Resorts, in collaboration with owner Cushing Hotel, LLC, and management, Platinum Hospitality, recently finalized the opening of a newly built Holiday Inn Express & Suites hotel in Cushing, Oklahoma. The Holiday Inn Express & Suites Cushing offers 69 rooms, an outdoor pool, a fitness center, and 1,091 square feet of meeting space. Dreamscape Hospitality assumed management of Holiday Inn Express & Suites Milwaukee - West Allis, in Wisconsin, marking the company's continued expansion into key Midwest markets. The hotel features 107 guestrooms, an indoor pool, a fitness center, and a versatile 360-square-foot meeting room. A cornerstone of Saratoga Spa State Park, The Gideon Putnam is celebrating 90 years of storied hospitality with a multifaceted refresh. Over the past year, Delaware North, which manages the hotel and spa for the New York State Office of Parks, Recreation, and Historic Preservation, has renovated the hotel's 124 guestrooms, upgraded public spaces, and renewed the hotel's commitment to delivering exceptional comfort. Previous renovations by Delaware North have restored structural elements of the guestrooms and included a makeover of corridors, a refresh of Putnam's Restaurants, an extensive renovation of the hotel lobby, and a modernization of the hotel's extensive ballroom and meeting spaces. The Brooks Hotel and its owner, Emily Nelson, revealed the property's newly remodeled lobby. Along with her other renovation efforts in the building's restaurant and rooms, the lobby's completion is the end of Nelson's first phase of work on the hotel, which is located in Wallace, Idaho. Kalahari Resorts & Conventions marked a major construction milestone with a Ceremonial Steel Signing at its newest location in Spotsylvania, Virginia. Set to open in November 2026, the $900 million development is Kalahari's most ambitious resort to date. When complete, the resort will be a comprehensive vacation, entertainment, and convention destination offering: 907 guestrooms and suites; 175,000-square-foot indoor waterpark; outdoor waterpark spread across 10 acres; Tom Foolerys Adventure Park; 150,000 square feet of convention and meeting space, including two expansive ballrooms and 16 breakout rooms; 12 onsite food and beverage outlets; entertainment venues; and 10,000+ square feet of retail space, fitness center, Build-A-Bear Workshop and more. The first My Place Hotels of America hotel in Arkansas has opened in Bentonville. The 63-room My Place Hotel-Bentonville/Rogers is owned by TGC Group, the developer and property manager. The four-story hotel offers a market, an onsite laundry, and a computer with printing services. My Place Hotels has nearly 80 hotels across 31 states and more than 120 hotels in the works. Cadillac Hotel & Beach Club, located in Miami, Florida, announced the launch of the Donna Mare Italian Chophouse. HHM Hotels, through its restaurants and bars division, partnered with local chef Luigi Iannuario on the restaurant. JLL's Hotels & Hospitality Group arranged a refinancing for the Aloft Tampa Downtown, a 130-key hotel located in the heart of Tampa's urban core. JLL worked on behalf of Newbond Holdings to secure a five-year, floating-rate loan provided by funds managed by affiliates of Fortress Investment Group. The nine-story hotel features 130 rooms, two food and beverage outlets, a large lobby, an outdoor pool and deck, a 738-square-foot meeting room, a gym, and onsite valet parking. Grupo Posadas will invest around 18 billion pesos over the next three years in the construction of 30 new hotels, according to the company. The company is also evaluating another 30 possible projects. Grupo Posadas plans to expand not only in Mexico, but also to have one of the 30 hotels in Punta Cana, Dominican Republic, and the new developments will focus on brands such as Live Aqua, Grand Fiesta Americana, Curamoria and Funeeq, and it is expected that this expansion will increase the total number of rooms offered by the chain by 4,500. Personnel News Palette Hotels named Joseph Yi Chief Investment Officer. In his new role, Yi will oversee the firm's investment platform, grow the company's corporate-owned and third-party asset management portfolio, and lead Palette's strategic growth initiatives aimed at enhancing the quality and scale of the company's portfolio. Yi previously held Chief Investment Officer roles at Frontier Development & Hospitality Group and Real Hospitality Group. Europe Highlights IHG Hotels & Resorts announced the signing of a dual-branded hotel complex in Central London: voco hotel London - Waterloo and Hotel Indigo & Suites London - Waterloo, in partnership with Palm Holdings. Expected to open last quarter of 2028, the voco London - Waterloo will boast 182 guestrooms. Alongside the new voco hotel, will be the first Hotel Indigo & Suites property in Europe, which is also expected to open in the last quarter of 2028 and feature 172 guestrooms and suites. Guests at both hotels will have access to a range of shared amenities, including restaurants, bars, cafes, a gym, and a business center. Victoria Hotels & Resorts has sold two Spanish hotels to an unnamed private investor for a combined 74 million euros, according to Europe Real Estate. Victoria Hotels' principal sponsors are Bankinter Investment, GMA Capital, and Melia Hotels International. The deal is for the 102-room Innside by Melia Zaragoza and the 262-room Innside by Melia Palma Bosque. Victoria acquired the two hotels as part of an eight-hotel portfolio deal in July 2021.
Hospitality Net
03-06-2025
- Business
- Hospitality Net
Hotel Market & Feasibility Studies: Connecting Vision with Viability in Untapped Markets
Since the COVID-19 pandemic, macroeconomic trends have helped breathe new life into secondary and tertiary hotel markets. The shift to hybrid and remote work, an increase in highway tourism, and a strengthening of the logistics and manufacturing sectors have supported a resurgence of leisure and commercial hotel demand in many small and medium-sized communities. These factors, among others, have generated interest in new hotel development in these areas, often by local municipalities and/or economic development organizations. However, these smaller markets often fly under the radar of well-established hotel development groups, many of which are facing significant headwinds from rising construction and capital costs in today's market. A hotel market or feasibility study can be a key tool in bridging the gap between these communities and developers, but the usefulness of such a study is highly dependent on the consultant's ability to understand the perspectives and motivations of both public and private interests. Balancing Local Lodging Needs with Hotel Development ROI In my numerous conversations with municipal stakeholders, I've found they often speak of a 'need' for hotel rooms, asking me to evaluate and quantify that need. This perception of 'need' is typically based on anecdotal observations of a lack of quality hotel rooms during periods of peak demand, such as special events or summer weekends. However, community residents and stakeholders do not often consider lodging demand during off-peak travel periods, such as a Tuesday night in January. On the other hand, one of the fundamental concerns of a private developer is the depth and diversity of hotel demand in a given market and its potential to support a profitable operation throughout the year. As a result, the concept of 'need' can be somewhat of a distraction, as it does not necessarily correlate to the viability of hotel development. Orienting the discussion and evaluation of a potential hotel development around its possible benefits, both to the local community and a potential developer, is the first step in bridging the gap between public and private stakeholders. The potential benefit to a private developer is the expected return on investment (ROI), a relatively straightforward metric to evaluate. As profit-oriented private business enterprises, hotel development firms actively seek out projects that will produce an adequate return for the work and risk required to undertake the development. In other words, a developer needs to know if the expected profitability of the hotel operation will justify the cost of construction, including the cost of debt and equity capital. From a municipal perspective, the benefits of a hotel may be less direct and tangible. Hotels generate a variety of direct taxes for a community, including property, sales, and occupancy taxes. They also accommodate visitors to the area who spend money at other local businesses. Additionally, hotels can serve as an amenity to residents and area businesses, allowing them to conveniently host visitors near their homes or offices. The Role of Incentives Numerous hotel development groups throughout the country are actively searching for their next projects. There is a high likelihood that these private developers are already involved in most communities with strong enough lodging demand to produce adequate returns on new hotel development. There are also many other communities that could support profitable hotel operations but not a strong enough ROI level to entice private development. In these locations, many municipalities attract hotel development by offering development incentives to offset project costs and/or improve operational profitability. The same factors come into play in markets where private development is targeting a different hotel class or product type than what would most benefit the community. These incentives frequently include the following: — Source: HVS The potential impact of incentives can be evaluated by comparing the stabilized profitability and cost of a proposed project under both a private development scenario and an incentivized scenario. This is illustrated in the following table, which shows two proformas for a hypothetical select-service hotel development under these different scenarios. — Source: HVS Without incentives, the project would produce a capitalization rate below 7.0%, which would not meet investor return expectations in most markets. However, an abatement of property taxes on the improvements and a partial rebate of sales and/or transient occupancy taxes would increase the cap rate above 8.0%, resulting in an attractive investment. Let Market Intelligence Guide Your Community's Next Hotel Project From a municipal standpoint, adding new hotel rooms to an area may attract and accommodate additional visitors during peak periods, but they may also cannibalize demand from other hotels in the same market during off-peak periods, negatively impacting tax revenue from those properties. In order to accurately assess potential benefits of a hotel development for a community, it is important to focus on net new demand to the market as the driver for tax growth, not just the anticipated performance of the newly constructed property. Additionally, the quality and scope of hotel facilities should be evaluated in relation to the needs and desires of community stakeholders to ensure the incentivized project is truly providing community benefits. In order to properly examine these potential benefits to a community, as well as the return on investment for a private developer, a hotel market and feasibility study should thoroughly evaluate the nature of hotel supply and demand in the local market, in addition to the performance, profitability, and return on investment for an individual proposed hotel project. When the perspectives and motivations of both public entities and private developers are addressed, such a study can serve as a key tool in bridging the gap between private and public stakeholders to support mutually beneficial hotel developments. At HVS, we turn data into powerful insights that drive your success. Our unique methodology involves conducting primary interviews within local markets, capturing real-time insights and data. This ensures a deep understanding of each market we operate in to give you a distinct competitive edge. When you partner with HVS, you gain access to the most current data, unlocking the nuances of local dynamics and empowering you to make confident, strategic decisions. For more information about a new hotel development in your market, or for assistance in making investment decisions that align with your specific goals and risk tolerance, we invite you to reach out to Dan McCoy, MAI.
