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STR, TE forecast; InterContinental launches NFT – HOTELSMag.com

STR, TE forecast;  InterContinental launches NFT – HOTELSMag.com

STR, TE support ADR, RevPAR forecasts: STR and Tourism Economics corrected ADR marginally down but retained earlier ADR and RevPAR forecasts in their latest revised US hotel forecast for this year. RevPAR is still on track for a full recovery this year in nominal terms, but not until inflation-adjusted 2025. The updated forecast reduced occupancy by less than a percentage point. Labor issues continue to be a concern due to high unemployment and rising contract labor costs, causing costs per available room to skyrocket compared to 2019 levels. Oxford Economics expects a slight downturn in the first half of 2023 as higher interest rates and inflation dampen real consumer spending and business investment. While weaker economic momentum will dampen a travel recovery, a recovery in business travel and continued prioritization of leisure travel will support continued growth in housing demand next year.

InterContinental Hotels & Resorts is partnering with Claire Luxton to launch 10 NFTs.

InterContinental launches NFT: InterContinental Hotels & Resorts has partnered with contemporary British artist Claire Luxton to launch 10 exclusive Non-Fungible Tokens (NFTs). A first for both brand and artist, each NFT is inspired by global travel, using natural flora and fauna in Luxton’s work to illustrate InterContinental’s heritage and direction. Each of the 10 NFTs includes a rare utility, an inclusion that adds value to the NFT not just as an illustration; NFT ownership with 1 of 10 custom artworks from Luxton; InterContinental Ambassador status; and one night stay at the new InterContinental Rome Ambasciatori Palace hotel, which will open in 2023. IHG One Rewards members will first have a choice of NFTs, followed by additional activations. NFT ownership is permanent, which gives access to all NFT trading rights. This will be the third part of InterContinental’s partnership with Luxton.

Flynn, Värde acquire 80% stake in a portfolio of 89 hotels: Flynn Properties of San Francisco, California and Värde Partners of Minneapolis, Minnesota have acquired an 80% stake in a joint venture of 89 select service and extended stay hotels in a transaction with an estimated total enterprise value of 1.1 billion US dollars. The hotels were sold by affiliates of Highgate and Cerberus Capital Management. The portfolio includes 58 Marriott-branded hotels, 24 Hilton-branded hotels, four Radisson-branded hotels, two IHG-branded hotels and one Choice-branded hotel. The sellers will retain a 20% share of the investment and Highgate will continue to manage the property on behalf of the JV. With this acquisition, Flynn’s limited service portfolio has grown to 115 properties. This is the second joint venture between Flynn and Wärde, following the acquisition of 20 Marriott and Hilton-branded hotels from Apple Hospitality in 2021.

Escott represents Somerset: Ascot Ltd. launched a revamped Somerset brand that strives for sustainability and inclusion. The update includes a new experience based on sustainable travel for multi-generational families and is in line with Ascott’s recently announced CARES, a sustainability framework that aligns the company’s growth strategy with ESG considerations. The brand refresh is part of the Ascott Brand 360 strategy, an initiative to strengthen the brand portfolio and deliver branded experiences and programs. The Citadines brand was updated in September, and in 2023 Ascott, Oakwood and The Crest Collection will introduce new branding and programs.

Accor, partner of Lila.help: Accor is partnering with Lila.help to expand its commitment to ending violence against women. Lila.help, a collaboration between the Global Network of Women’s Shelters, UN Women, the National Domestic Violence Network and Meta, is a platform and global directory of support services for victims of domestic violence and sexual violence . Supported by the ALL Heartist Fund’s philanthropic grant program, Accor will help Lila.help expand the reach of its global catalog by translating platform content into the 15 most common languages. Accor will engage in major awareness raising activities to increase engagement with the platform among local governments, organizations and vulnerable individuals.

Sancus acquires in Spain: Sancus Hotels made its debut in Spain with the acquisition of two Madrid hotels – Rosewood Villa Magna and Bless Hotel Madrid – from Mexican hotel operator RLH Properties for €130m ($133.35m). RLH reportedly purchased the 154-room Villa Rosewood Magna for €134 million ($137.45 million) in 2018 and spent €49.6 million ($50.87 million) to acquire a 51% stake in the Bless Hotel Madrid for 111 rooms in July 2021. Sancus Hotels is a division of the Spanish management company Sancus Capital.

The pyramid expands the portfolio: Pyramid Global Hospitality, Boston, Massachusetts, has added two hotels to its portfolio — the 55-room Pine Mountain Ski and Golf Resort in Iron Mountain, Michigan, and the 55-room Four Seasons Island Resort in Pembin, Wisconsin. Both properties are owned by Storie Co., based in Indianapolis, Indiana. The Pyramid portfolio includes more than 220 properties in the US, the Caribbean and Europe.

Hmlet launches first hotel: Hmlet, a Singapore-based flexible housing brand, will launch Owen House by Hmlet in Singapore with real estate partners TCRE Partners and JMD Group. TCRE and JMD purchased the 106-room hotel earlier this year and partnered with Hmlet to refurbish the hotel ahead of its opening as Hmlet’s first hotel. The facility will open early next year. The hotel will offer rooms for both long and short stays, as well as a lobby and a bar on the island. In April, Hmlet merged with the German housing chain Habyt. Owen House by Hmlet will join the global portfolio of the newly formed Habyt Group, which consists of 8,000 rooms managed in 10 countries and 20 cities. The hotel will become part of the Hmlet Boutique Collection with the launch of Hmlet Cantonment Serviced Apartments in August 2019.

Zlip adds 16th in Denmark: Zleep Hotel, Deutsche Hospitality’s economy class brand, will open its 16thth hotel in Denmark in 2024 as it becomes the first partner hotel of Recharge City in Horsens. When it opens, the 164-room hotel in Recharge City will be part of a new 270,000-square-foot center that will also include restaurants, parking spaces and a gas station. The hotel will be spread over five floors and will include a lounge and breakfast area, as well as a bar and reception. Recharge City is an EU platinum certified parking and charging center. The center is designed for 450 places for trucks, road trains and special trains of wagons, and will also include a service station, a gas station, charging stations, a repair and washing area, restaurants and open areas. Zleep Hotels portfolio currently includes 15 hotels in Denmark and one in Sweden, and plans to open 40 hotels in 2025 together with Deutsche Hospitality.

Written by khirou

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