Bourne Leisure founders to buy Butlin’s: The Harris family, who co-founded Bourne Leisure and previously owned the UK’s best-known holiday camp chain, Butlin’s, have reportedly offered to buy the brand from current owner Blackstone for more than £300million ( $362.58 million). A deal is expected to be finalized next week and will bring Butlin’s sale proceeds to over £600 million ($725.17 million). The family’s interest in buying the brand comes amid the domestic holiday business benefiting from a boom in staycations across the UK. The Harris family’s push to regain control of the chain comes 18 months after they sold Bourne Leisure to Blackstone for £3 billion ($3.62). billion). The Harris family were part of a trio to sell Bourne Leisure and retained a minority stake in the business after the transaction. Earlier this year, Blackstone hired Rothschild to launch an auction to sell Butlin’s share of the business. Last month, the UK’s largest private pension fund, the Universities Superannuation Scheme, said it was buying Butlin’s underlying property for £300million.
Noble acquires a portfolio of 14 assets: Noble Investment Group, Atlanta, Georgia, has acquired a portfolio of 14 Marriott, Hilton and Hyatt assets and will invest in physical improvements across the portfolio while optimizing operations to increase profitability and increase market share. Since 2Q21, Noble has invested more than $1.5 billion in the United States in 40 hotels with 6,000 rooms. The acquisition of these upscale hotels is part of the company’s strategy to invest in well-located assets in high-growth markets with healthy demand for business and leisure. In February, Host Hotels & Resorts acquired a 49% stake in Noble Investment Group with the stated aim of leveraging their respective platforms/expertise in asset management, renovation and investment opportunities.
Oxford Capital recapitalizes Godfrey Hollywood: Oxford Capital Group, Chicago, Illinois, recapitalized its construction debt and equity at The Godfrey Hotel Hollywood, its newest hotel in California, including senior debt from Alliance Bernstein and preferred stock from Related Fund Management. The hotel will continue to be sponsored and managed by Oxford Capital Group and Oxford Hotels & Resorts, respectively. The 220-key luxury lifestyle hotel that opened in August 2021 is Oxford California’s 10th property and 12th in the West Region.
Left Lane acquires Mansion on Forsyth Park: New York’s Left Lane acquired The Mansion on Forsyth Park in Savannah, Georgia for $52.5 million from hotelier Richard Kessler of the Orlando, Florida-based Kessler Collection. Left Lane will undertake a multi-million dollar renovation and expansion of the 126-key hotel. When completed, the property will include 149 guest rooms, the main restaurant, club bar and lounge, pool restaurant and bar, spa, lobby bar, retail spaces and multiple event spaces.
Projects in the early planning phase are exploding in Latin America: The construction pipeline in the Latin America region stands at 555 projects/90,496 rooms in 2Q22, with the early planning phase of the pipeline being the only phase of growth, up 43% by projects and 26% by rooms YOY , according to Lodging Econometrics. In the first half of the year, 40 projects/8,481 rooms started construction in the region. New project announcements in Q2 2022 increased by 57% per YOY projects to 36 projects/6,208 rooms. There are 254 projects/46,670 rooms currently under construction, while projects scheduled for construction in the next 12 months are at 158 projects/23,371 rooms, and projects in early planning are at 143 projects/20,455 bedrooms.
Top 5 Latin American countries leading the construction pipeline:
Mexico – 211 projects/34,509 rooms
Brazil – 89 projects/14,471 rooms
Peru – 29 projects/3,669 rooms
Dominican Republic – 24 projects/5,563 rooms
Columbia – 19 projects/2,936 rooms
Top 5 cities in Latin America with the largest pipelines:
Mexico City, Mexico – 26 projects/3,371 rooms
Guadalajara, Mexico – 21 projects/2,595 rooms
Cancun, Mexico – 19 projects/8,379 rooms
Lima, Peru – 18 projects/2,567 rooms
Sao Paulo, Brazil – 11 projects/2,101 rooms
Main franchise companies in Latin America:
Marriott International – 105 projects/17,559 rooms
Hilton – 100 projects/14,166 rooms
Accor – 80 projects/10,274 rooms
IHG – 59 projects/6,828 rooms
Choice Hotels launches direct payment: Choice Hotels International, Rockville, Maryland, has launched the Choice Direct Pay program, a direct billing option that streamlines the billing and booking process for business travelers. The program allows corporate customers to make reservations at multiple Choice hotels, with their business billed directly through a single, centralized bill. The program allows business travelers to make a single payment for all stays at all hotels with weekly consolidated billing, add project costs and department codes to invoices, access their rates channel-wide and existing brokers by entering their Choice-issued CID, search for participating hotels and book through their preferred channel, and more.