Memoirs: Mandarin Oriental to Greece; Plans for the Hyatt in Santorini
Mandarin Oriental to Greece: Mandarin Oriental Hotel Group, Hong Kong, and Greek developer and operator TEMES SA will introduce the first Mandarin Oriental in Greece to Costa Navarino in spring 2023. Mandarin Oriental, Costa Navarino will feature 99 rooms, including 48 pool villas with outdoor terraces, five restaurants and bars overlooking Navarino Bay. The complex was designed by Greek architects Tombazis & Associates Architects and K-Studio and features the sustainable principles of Costa Navarino. The resort will also include a 1,500 square meter spa and fitness center with a 25 meter indoor-outdoor pool.
Hyatt announces plans for Magma Resort: Hyatt Hotels Corp. has entered into a franchise agreement with Thera Island Suites SA, owner of Magma Resort Santorini, to bring The Unbound Collection by Hyatt to the Greek island this summer. The first-ever Hyatt-affiliated resort in the Greek islands will be operated by SWOT Hospitality, headquartered in Athens. The complex will include 59 rooms, including 24 suites. The resort’s restaurant, Magma by Spondi, will be curated by a Michelin-starred chef. The design and architectural development of the property is led by PEOPLE and ELASTIC Architects. Once opened, it will be the ninth Unbound Collection by Hyatt in Europe.
Marina Bay Sands $1 billion reinvestment plan: Marina Bay Sands has launched a US$1 billion reinvestment program for its existing property, including hotel rooms and suites, new dining offerings and other enhancements that will position the Integrated Resort (IR) for stronger growth. The reinvestment is the largest since the IR opened in 2010 and comes on top of the multi-billion dollar expansion announced in April 2019, which includes the development of an entertainment arena, sports tower ultra-luxury hotel and more MICE space adjacent to the existing IR. . The US$1 billion reinvestment for Marina Bay Sands is part of Las Vegas Sands’ ongoing program to improve guest experience and design at its properties in Singapore and Macau. The investment will see the upgrade of all rooms and suites in towers 1 and 2 of the hotel and the introduction of signature experiences on the 55and floor of the three towers of the hotel.
Mission Hill acquires in New York: Mission Hill Hospitality, a Denver, Colorado-based portfolio company of KSL Capital Partners, has acquired the 92-key Residence Inn by Marriott in Kingston, New York, for an undisclosed amount. It’s Mission Hill 14and to its portfolio since the company launched in March 2021.
edyn acquires the Ascot Hotel: edyn, the British hotel group specializing in the extended stay sector, has acquired the Ascot Hotel in Zurich, Switzerland. The six-story hotel will be converted into a Locke property, Edyn’s lifestyle brand, and will feature 80 rooms, a mix of studios and one-bed suites, a restaurant, cafe and bar. The interiors of the hotel will be designed by Sella Concept. edyn secured additional funding from Blackstone Mortgage Trust and KSL Capital Partners, who extended their £195 million (US$263.72 million) multi-asset credit facility to facilitate the acquisition. The hotel, which is scheduled to open in the summer of 2023, marks edyn’s entry into Switzerland. The company’s Locke brand has expanded across Europe, with six new launches in 2021, including London, Dublin, Cambridge and Munich. Currently, there are 11 Locke commercial properties with 1,768 trading keys spread across five markets.
TSH grows in Italy: The Student Hotel, Amsterdam has reached an agreement with UniCredit for €145 million ($165.79 million) social and environmental impact financing for the development of urban campus-style properties in Rome San Lorenzo and Florence Belfiore. SACE, the financial insurance company specializing in supporting the growth and development of businesses and the Italian economy, is backing the financing with a green guarantee of 54 million euros ($61.74 million). The loan includes conditions for the two sites to obtain a BREEAM “Very Good” rating and adherence to the EU taxonomy for sustainable activities as criteria for the green guarantee by SACE. TSH and UniCredit will include impact funding terms in the form of an interest rate discount, which TSH has pledged to reinvest by providing scholarships to students from lower socio-economic backgrounds in the form of interest rate reductions. rent. Construction of the 396-room hotel in Rome will begin in March 2022 with a total investment of more than 90 million euros ($102.91 million) by TSH and is expected to open in winter 2023/24. In Florence, the development consists of a 550-room hotel and is expected to open before summer 2024. TSH will invest more than 160 million euros ($182.95 million) in the project. The funding supports TSH’s growth strategy which plans to open 10 hotels across Europe by 2025, bringing the total number of operational hotels to 25. TSH recently secured €300 million (343.03 million) from existing shareholders to fund the growth strategy.
Australia will reopen to fully vaccinated travellers: Australia will reopen to fully vaccinated international travelers from February 21, Australian Prime Minister Scott Morrison has announced. International travelers must have received both doses of an approved vaccine, unless they qualify for a medical exemption. State-based caps on the quarantine period will continue and these quarantines will be decided by state and territory governments. Currently, fully vaccinated citizens, permanent residents and families, international students, backpackers and migrant workers are permitted to enter Australia. The country had closed its borders since early 2020 due to the pandemic and was gradually easing requirements from November 2021 allowing programs with New Zealand, Singapore, South Korea and Japan.
Davidson adds Hotel Lorien: Davidson Hospitality Group has added the 107-key Lorien Hotel & Spa in Old Town Alexandria, Virginia to its management portfolio, the third Washington, DC area hotel to be managed by the Pivot Operating Division company lifestyle. Pivot also operates Thompson Washington DC and Hotel Madera in the DC metro area.
UK business owners call for lower VAT rate: Around 261 UK hotel business owners have written to Chancellor Rishi Sunak urging the government to keep VAT at 12.5% to help struggling hotel and leisure businesses recover. The projected 20% increase in April will “add further pressure on household finances” and could be a “cliff edge” for the hospitality industry, the letter said. The letter asked Sunak to reconsider the increase because a rate cut is more important as customers feel the pinch of rising costs while businesses face inflated prices for labor, energy and supplies. Business leaders from Apex Hotels, Hilton, IHG, Nobu, The Savoy Hotel Group, Bourne Leisure, Big Table Group, Center Parcs, Pizza Hut and Pizza Express are some of the letter’s signatories.
Sandpiper Lodging Trust acquires in Tampa: Sandpiper Lodging Trust, Richmond, Virginia, has acquired the new 122-key WoodSpring Suites extended stay hotel in Tampa, Florida for an undisclosed amount. The hotel was developed by Liberty Investment Properties, based in Orlando, Florida. Sandpiper acquired it in the end. Sandpiper now owns 19 properties in eight states, ranging from the Mid-Atlantic region to Texas and Colorado. Sandpiper Hospitality, an affiliate hotel management company, will manage the hotel.