Meliá Founder Dies, $9B Loan for Marina Bay Sands, Florida Construction Loan News
Meliá Hotels International has announced the passing of their Honorary Chairman and Founder, Gabriel Escarrer Juliá, at the age of 89. The founder of the company, which has over 400 hotels across 40 countries, has left a lasting impact on the industry. Escarrer’s son Gabriel Escarrer Jaume is now the current chairman and CEO of the company, carrying on his father’s legacy.
In other news, a significant $9 billion (S$12 billion) loan has been secured to fund the expansion of Marina Bay Sands in Singapore. This loan, split into three parts, will be the largest financing of its kind in Singapore. The expansion project includes a new hotel tower with its own casino and is set to begin construction in June 2025, with completion expected in 2031.
Meanwhile, in Florida, Miami-based Related Group and Sunny Isles Beach-based Dezer Development have obtained a construction loan of $307 million for Rosewood Residences Hillsboro Beach. This development will consist of 70 beachfront residences and 22 coastal homes, offering a luxurious living experience in Florida.
U.S. hotel performance has seen an increase in key metrics, driven by the Thanksgiving holiday. Occupancy rates were up by 20.7%, with ADR increasing by 8.6% and RevPAR by 31.1%. Market-wise, Seattle saw the largest year-over-year occupancy boost, while Chicago reported significant increases in ADR and RevPAR.
Sonder Holdings faced a NASDAQ delinquency notice for missing a third-quarter earnings report due to accounting errors. The San Francisco-based company is working to regain compliance within the given timeframe.
Looking ahead to the Abu Dhabi F1 Grand Prix, hotel rates are expected to rise significantly, driven by an influx of visitors from the U.K., Italy, and Germany. The predicted spending for the event is substantial, with accommodation prices expected to be 85% higher than the previous year.
In a bid to revolutionize hospitality education, Nemacolin luxury resort has opened the Nemacolin Hospitality Innovation and Technology Lab at West Virginia University. This facility aims to collaborate with industry leaders to develop new technologies and improve operational efficiency through practical training programs.
In international acquisitions, Rainbow Tourism Group has purchased the Montclair Hotel and Casino in Zimbabwe, while Pandox has acquired the Radisson Blu Hotel, Tromso in Norway. Neville Park Hotel Group has added Clayton Whites Hotel in Ireland to its portfolio, and HWS Immobilien und Vermögensverwaltung GmbH along with MHP Hotel AG have acquired Le Méridien Stuttgart in Germany. Additionally, Forma Real Estate Funds acquired Travelodge Manchester Piccadilly in the U.K., Vision Hotels acquired Beachcomber Island Resort in Fiji, and Ichigo Hotel REIT Investment Corp. acquired two properties in Fukuoka, Japan – The OneFive Marine Fukuoka and Nest Hotel Hak.
These developments in the hospitality and real estate sectors promise exciting growth opportunities and further expansion globally.
