Memoirs: L+R, PGGM form a European JV; HEI to manage Kimpton in Roswell

The Livingstone brothers, PGGM form a JV: British Livingstone brothers have formed a joint venture with PGGM, the Dutch pension fund manager, to invest 1 billion euros ($1.12 billion) in acquiring hotels from cash-strapped owners silver. London + Regional, the investment company of Richard and Ian Livingstone, will launch a European hotel business with PGGM and John Ozinga, the former chief executive of Accor Invest. The partnership, in which PGGM will hold a majority stake, will target selected cities in Benelux, Germany, Italy, France and Spain. L+R currently owns more than 100 hotels with 21,000 rooms worth more than 5 billion euros ($5.64 billion) in Europe, the United States and the Caribbean.

Interstate to manage Tribe in Manchester: Interstate Hotels & resorts, the international division of Aimbridge Hospitality, has been awarded the management contract for England’s first Tribe hotel, owned by the Accor family. The hotel will open on Manchester Airport’s Chicago Avenue in 2023. The new, nine-story, 412-room hotel, owned by H3 Hotels Sarl, will include four restaurants and bars, a gym and a lounge. crew for airline personnel. The hotel will be part of Airport City Manchester, a £1 billion (US$1.34 billion) development site comprising hotels, retail, offices and manufacturing and logistics facilities peak. The property marks Interstate’s third management contract at the Airport City Manchester site, following the 280-key Holiday Inn properties and the 262-key ibis Budget properties, which will open later this year. The company currently has a portfolio of 138 properties, including its pipeline, across the UK, Europe and Russia/CIS.

Rendering of the new Kimpton branded hotel for Roswell, Georgia

HEI to manage Kimpton in Roswell: HEI Hotels & Resorts has been selected by True North Companies to manage a new Kimpton-branded boutique hotel, which will be part of the West Alley Roswell mixed-use development in Roswell, Georgia. The interiors of the 125-room hotel will be designed by Sims Patrick Studio. The hotel will feature a multi-level lobby connecting a chef-led restaurant, rooftop bar, event and meeting space, and specialized event hospitality suites. In addition to the hotel, the West Alley project in historic Roswell will include shops, a restaurant, green space for community gatherings and parking.

Corbin & King enters the administration: Corbin & King, the owner of London restaurants like Wolseley and Delaunay, fell into administration after business was badly hit by the pandemic. Minor International, which owns 74% of the capital of Corbin & King, accused it of not respecting its financial obligations. Geoff Rowley and Ian Corfield, partners in specialist firm advisory form FRP, have been appointed joint directors of Corbin & King Ltd. Minor had provided Corbin & King with loans and loan guarantees worth £38 million ($51.23 million) since May 2020. Minor is the company’s largest lender and shareholder and also holds a control position on its board of directors since 2017. The restaurant’s operations will not be affected by the administration and will continue to operate.

RevPAR recovery in the Middle East is the highest: Middle East RevPAR reached 85.6% of pre-pandemic comparable, reclaiming the highest of any region globally, according to STR’s 2021 year-end data. The region has led in international arrivals and hosted major events, such as Expo 2020, boosting hotel performance in Dubai.

Compared to 2019, here is how RevPAR increased in all other regions:

Europe

  • Occupancy: 43.3% (-40%)
  • ADR: $125.54 (-6.9%)
  • RevPAR: $54.35 (-44.2%)

Asia

  • Occupancy: 48.8% (-28.9%)
  • ADR: $73.31 (-24.1%)
  • RevPAR: $35.78 (-46%)

Australia & Oceania

  • Occupancy: 47.2% (-36.3%)
  • ADR: $142.60 (-2.4%)
  • RevPAR: $67.24 (-37.8%)

Middle East

  • Occupancy: 56.5% (-14.1%)
  • ADR: $141.16 (-0.3%)
  • RevPAR: $79.77 (-14.4%)

Africa

  • Occupancy: 40.1% (-34.0%)
  • ADR: $102.64 (-0.6%)
  • RevPAR: $41.12 (-34.4%)

North America

  • Occupancy: 56.6% (-14%)
  • ADR: $124.08 (-4.8%)
  • RevPAR: $70.17 (-18.2%)

South America

  • Occupancy: 40.6% (-30.5%)
  • ADR: $65.92 (-4.2%)
  • RevPAR: $26.79 (-33.4%)

Launch of Marriott Homes and Villas in South Africa: Homes & Villas by Marriott International, the collection of high-end and luxury home rentals, made its debut in South Africa, with the addition of approximately 300 homes in Cape Town, Johannesburg and Durban. These homes will complement Marriott’s existing portfolio of hotels in the country across multiple brands.

Stoneweg acquires in Barcelona: Swiss investor Stoneweg has acquired the 92-room Hotel Mimic in Barcelona for around 20 million euros ($22.59 million) from Riera de Sant Miquel. The hotel opened in 2010 on the site of the former Gran Cine Colon. The building has retained part of the facade of the movie theater, with some rooms themed after movie scenes. Stoneweg, which has recently invested in the hospitality sector, has also struck a deal with Bain Capital and Hard Rock to open a 384-room hotel in Marbella.

Horseshoe returns to the Strip: Horseshoe, the historic casino brand, returns to Las Vegas after more than 70 years. Caesars Entertainment will transform Bally’s Las Vegas into a Horseshoe Casino through a multi-million dollar renovation project beginning this spring. The transformation into Horseshoe Las Vegas is expected to be completed by the end of this year. Renovations will include a refreshed exterior, new entertainment and dining options, and a new casino floor and public areas. This is the latest in a series of reimaginings for Caesar Entertainment properties in Las Vegas. To kick off the name change, the World Series of Poker will return to the Horseshoe, where it began in 1970. On 53rd The annual World Series event will take place from May 31 to July 19 in a newly designed poker room.

Deutsche Bank blames Palladium Group in sale lawsuit: Deutsche Bank AG blamed the Palladium Group, a former client, for the crippling losses it suffered while investing in currency derivatives. The Ibiza-based hotel chain was wrong to defend itself against false sales claims that are at the heart of a 500 million euro ($564.81 million) lawsuit, Deutsche said, and named several of its former employees involved in the transactions, including Amedeo. Ferri-Ricchi and former Global FX executives Jonathan Tinker and Fabio Madar. Palladium alleged in the lawsuit that it entered into hundreds of complex agreements with the German lender, which were impossible for Palladium to fix, assess or understand. Duetsche launched an internal investigation, called Project Teal, to see if any of its products were mis-sold.

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