STR, TE Upgrades US Recovery Schedule; Four Seasons expands in Italy – HOTELSMag.com
STR and TE predictions for the US recovery: STR and Tourism Economics have updated the RevPAR recovery schedule for the United States. On a nominal basis, the measure is now expected to exceed 2019 levels this year, according to the latest forecast presented at the 44e NYU International Hospitality Industry Investment Conference. The significant factor in the new schedule was a +11 USD adjustment in ADR 2022. Occupancy throughout the year is expected to fall below the comparable pre-pandemic level, while ADR and RevPAR are projected to be $14 and $6 higher than in 2019, respectively. The previous version of the forecast projected a recovery in nominal RevPAR in 2023. After adjusting for inflation, the full recovery in ADR and RevPAR is not expected until 2024, while the central business districts and the 25 main Markets are not expected to see a full RevPAR recovery until 2024. While demand and occupancy have increased in line with forecasts, prices continue to beat expectations driven by inflation and economic fundamentals supporting increased spending client. Despite ongoing concerns over the cost of labor and services, and hotels in some key markets still lagging in the recovery timeline, the outlook for hotel performance remains positive.
Roberto Wirth died: Roberto Wirth, owner of the historic Hotel Hassler in Rome, has died. He was 72 years old. The fifth generation of a famous family of Swiss hoteliers, he also owned the Hotel Vannucci in Città della Pieve in Umbria, Italy, and the luxury resort Borgo Bastia Creti in Umbria as well as the luxury residence Parco del Principle in Tuscany. , in Italy. The emblematic Hotel Hassler, a meeting point for the Italian and foreign political and cultural elite, has welcomed guests such as Audrey Hepburn, the Kennedy family, Prince Rainier of Monaco and Grace Kelly, Henry Kissinger, Gabriel Garcia Márquez, Pablo Picasso , Bill Gates and many others. . Profoundly deaf since birth, he established the Roberto Wirth Fulbright Scholarship in 1992, offering deaf students the opportunity to major at Gallaudet University, Washington DC.
Four Seasons expands its Italian portfolio: Four Seasons Hotels and Resorts, in partnership with Gruppo Statuto, announced that Four Seasons will manage Hotel Danieli in Venice. The property will be reintroduced as Hotel Danieli, Venezia, A Four Seasons Hotel after extensive renovations in 2025. Designer Pierre-Yves Rochon will oversee the hotel’s interiors. The property will remain operational during the renovation process with certain services and amenities available. During this period, the hotel will be managed and operated by Gruppo Statuto as The Hotel Danieli, Venezia. The hotel comprises three buildings, the 14e century Palazzo Dandolo and two 19e century additions connected by bridges – Palazzo Casa Nuova and Palazzo Danieli Excelsior. Guests of the luxury hotel will arrive by boat via the adjacent Grand Canal. Rooms have Grand Canal views, and the property is also home to four restaurants and bars and seven meeting spaces.
Virgin Limited Edition, partner Virgin Hotels: Virgin Limited Edition, the private global collection of properties and islands owned by Sir Richard Branson, and Virgin Hotels have announced a partnership to jointly pursue global opportunities. The partnership will allow Virgin Limited Edition to utilize Virgin Hotels’ business development team, led by Director of Development Greg Doman. Virgin Hotels will expand into the UK with two new hotels in Scotland. In addition to international expansion in key locations, Virgin Hotels will also debut in the residential market. In addition to its current hotel pipeline, the brand is in the development phase of a branded residential platform.
1 Hotels in Texas: 1 Hotels has announced plans to launch 1 Hotel Austin, the brand’s entry into Texas. Scheduled to open in 2026, the property is being developed in partnership with Lincoln Property Co. and Kairoi Residential. The hotel will be part of a mixed-use hotel, residential and commercial project currently under construction. When completed, the property is expected to be the tallest tower in Texas. The hotel will include a swimming pool at 16e floor.
Soul Community Planet strengthens its presence in California: Soul Community Planet Hotels, Laguna Beach, CA, announced the expansion of its hotel offering with the addition of two restored inns – Glendeven Inn & Lodge and Inn at the Cobbler’s Walk – in Van Damme State Park in California . Following the renovations, the two properties will merge to become the eighth SCP hotel and will be renamed SCP Mendocino Inn and Farm. Both inns have 31 rooms, most with wood-burning fireplaces and ocean views, plus 15 acres of farm pastures, organic gardens, wellness and dining areas. The property will undergo renovations that will include upgrading rooms and public areas and adding sustainability systems for waste, energy and water. The company will also add wellness facilities and a full spa with a space dedicated to yoga and meditation. Other additions include a Terra Kitchen Restaurant, Wayfarer Club and Provisions Market.
Hyatt closes 4 sales: Hyatt Hotels Corp. announced the closing of the last of four previously announced asset disposals, which generated US$812 million, or 40% of its current US$2 billion disposal target. This indicates an aggregate multiple of 15.7x 2019 EBITDA. The company has entered into a long-term management contract for each of the properties offered for sale. Disposals include Hyatt Regency Indian Wells Resort & Spa, Grand Hyatt San Antonio River Walk, The Driskill in Austin, Texas, and The Confidante Miami Beach. Additionally, Hyatt is also marketing two additional hotels for sale. The company’s operational metrics improved in May, with system-wide RevPAR outside the Asia-Pacific region discounting 3% above 2019 levels for the second consecutive month.
A Four Seasons hotel in the Vatican?: Four Seasons Hotels and Resorts has reportedly entered into negotiations with the Order of the Holy Sepulcher of the Catholic Church for a potential new 75-room hotel near St. Peter’s Basilica in the Vatican. The hotel should be built in the Palazzo di Domenico della Rovere building in Borgo or “Palazzo della Rovere”. Bill Gates’ Four Seasons is believed to be focused on a 27-year, $52.4 million deal for the hotel, which will include a spa, gym, restaurants and underground parking. The contract would mention an annual rent of 1 million US dollars, which includes the work of rebuilding the building and restoring works of art. The hotel business plan currently includes 64 rooms, 11 executive suites and two super suites. The new hotel is expected to open before the Jubilee of Hope in 2025. Previously, a significant portion of the building was leased to a family-owned hotel company and operated as the Columbus Hotel before closing in 2018. The building at the time of the Renaissance includes a turret, large courtyard and ancient frescoes by the Italian artist Pinturicchio and is the only property belonging to the Order of the Holy Sepulchre.
Tempo/Homewood Suites by Hilton in Virginia: Pembroke Square and its hotel partner Landmark Hotel Group announced a new concept hotel in the market that is expected to open in Virginia Beach, Va. in 2025. The 14-story dual-brand Tempo/Homewood Suites by Hilton is expected to open this winter and will be part of the upcoming mixed-use community destination replacing the Pembroke Mall. The hotel, which will be located at the former SunTrust Bank on Virginia Bach Boulevard, will include a nationally acclaimed restaurant, a rooftop tapas-style restaurant and lounge, and parking. The hotel will feature an open lobby concept with dedicated areas for relaxation, work and dining, dining options, a fitness center, outdoor patio and flexible meeting spaces. The hotel is the first dual-branded property in Hampton Roads and one of the first Tempo by Hilton properties to open in the world. ODA Architecture is the project architect and Kimley-Horn will provide civil engineering services.
Southern Sun Africa sells in Nigeria: Southern Sun Africa, Johannesburg, South Africa, is selling its 75.55% majority stake in Southern Sun Ikoyi Hotels, one of Nigeria’s largest business hotels, to Kasada Albatross Holding, the subsidiary of Kasada Hospitality Fund LP , based in Johannesburg. Nigerian companies hold the remaining 24.45% stake. Valued at US$30.4 million, the deal consists of US$29.1 million in stock and an additional US$1.3 million in shareholder receivables. Southern Sun Africa bought the majority of shares in 2013 in a US$65 million deal. Once the deal is finalized, the hotel is expected to be rebranded as part of the Accor hotel group. All hotels in Kasada operate under the Accor brands.
Banyan Tree launches a storytelling platform: Banyan Tree Hotels & Resorts has launched a storytelling platform, Compass. The platform will highlight the personal stories of boundary disruptors and changemakers as they share stories of their journeys and creative rituals through podcasts, interviews and panels. Compass will launch later this month, with its first content series “The Possibility Podcast” hosted by TedX speaker and sustainability advocate Mukul Bhatia. Each of the podcast’s eight episodes will be based on changemakers and their journeys, with the first four focusing on environmental activists.
Pathfinder adds Wingate by Wyndham: Pathfinder Hospitality, Austin, Texas, has added the 100-key Wingate by Wyndham Round Rock Hotel & Conference Center in Round Rock, Texas to its portfolio of managed contracts. This will be the company’s first hotel in the San Antonio market. The hotel features a full-service restaurant and bar, 15,000 square feet of conference space, an on-site lounge, business and fitness centers, and a garden pool.