Hyatt in Scotland; Dream Hotel Group signs in Saint Lucia – HOTELSMag.com
Hyatt returns to Scotland: Hyatt Hotels Corp. has entered into a franchise agreement with the Edinburgh International Conference Center (EICC) for the Hyatt Centric Edinburgh Haymarket in Scotland. Scheduled to open in mid-2025, the 349-key hotel will be the first Hyatt property in Scotland and will form part of the Haymarket Edinburgh development, which will include office buildings and retail units. Working with Edinburgh College, the EICC development will also include a hotel training academy. The hotel is designed by Foster + Partners, with Glasgow-based design firm Ica working on the interiors. Hyatt Centric Edinburgh Haymarket will join Hyatt’s 16 properties in the UK and will be the second Hyatt Centric there.
Dream Hotel Group signs in Saint Lucia: Dream Hotel Group, New York, will open the Cas en Bas Beach Resort by Dream Hotel Group in Saint Lucia in 2023. The signing with British company Wellington Estates, led by Edward Wellington, is the group’s first property to be on the island of the Caribbean and its second By Dream Hotel Group branded hotel in the region. The condo complex consists of two low-rise buildings and includes several restaurants. The layout of the station has been designed to follow the course of the sun. Currently, Dream has 15 hotels open and 25 locations in various stages of development.
Sunstone to acquire JV stake in Hilton San Diego: Sunstone Hotel Investors, Irvine, Calif., has reached an agreement with Tysons, Va.-based Park Hotels & Resorts to acquire Park’s 25% stake in the joint venture, which owns the leasehold interest in the Hilton San Diego Bayfront of 1,190 keys. As part of the agreement, Sunstone will pay Park US$102 million in cash and assume Park’s US$55 million share of the current mortgage on the hotel, which is already fully consolidated as part of the statements. Sunstone financials. Following the transaction, Sunstone will own 100% of the company’s interest in the hotel. With debt, the purchase price implies a value of US$628 million or US$527,7000 per key and represents a multiple of 13.2x on the hotel’s projected 2022 EBITDA and a capitalization rate of 6.6% on expected 2022 net operating income. Sunstone plans to finance the transaction primarily by borrowing against its revolving credit facility.
Crestline adds to the management portfolio: Crestline Hotels & Resorts, Fairfax, Virginia, will manage the 187-room Courtyard Dulles Airport Herndon Virginia for San Diego, California-based Avisstone, LLC. The newly acquired and renovated hotel includes a 910 square foot meeting room. Crestline currently manages 125 properties with 18,000 rooms in 29 states and the District of Columbia.
Hotel Lancaster, Plastiks Launches Luxury Travel NFTs: The Lancaster Hotel in Paris and Plastiks, the NFT utility powered by London company Nozama, have launched a new range of NFTs, each linked to a luxury experience in the hotel while helping to reduce the volume of plastic waste in the environment. The first 15 NFTs will go on sale from June 1 and will be connected to a hotel room while supporting Green Mining to eliminate 15 tons of plastic waste from Brazil. In addition to the artwork of the room the guest will be staying in, the NFT will also include the Plastic Retrieval Guarantee which certifies that the plastic has been removed from the environment in Brazil. Including the plastic recovery guarantee when booking a room is part of the hotel’s plan to offset its environmental impact. This technology will provide environmentally conscious customers with proof that a ton of plastic has been recovered.
JV to open Hilton in Washington, DC: Trammell Crow Co., Dallas, Texas, and Metlife Investments Management have formed a joint venture to open The Morrow, a 203-room hotel under the Curio Collection by Hilton in the NoMa area of Washington, D.C. The hotel is expected to open this fall as part of a mixed-use development, Central Armature Works, which will include three towers (one for the hotel and two residential towers with 640 apartments) located atop a 60,200 square foot retail podium. The hotel will include 16,500 square feet of meeting space and three dining venues from star chef Nicholas Stefanelli of Masseria and Officina. Shalom Baranes Associates is working on the design of the hotel. Rooms and event spaces are designed by Rottet Studio, while dining and common spaces are developed by INC Architecture. The hotel is being developed on the latest site of Central Armature Works, a century-old electrical manufacturing and repair company.
Marriott Hotel on Walmart Corporate Campus: Walmart Inc., Bentonville, Arkansas, has signed a franchise agreement with Marriott for a 153-key hotel on its new corporate campus. The hotel, which is expected to open in summer 2024, spans 90,000 square feet and will operate under the Marriott’s AC Hotel brand. The five-story building will be used by Walmart for recruiting, corporate meetings and employee visits. It will include 6,000 square feet of flexible event space on the ground floor of the main lobby and a rooftop lounge with indoor and outdoor seating. Gensler, based in San Francisco, Calif., is the executive architect for the project, working alongside operators such as Miller Boskus Lack Architects, CEI Engineering Associates, Nabholz Construction Corp. and Flintco’s Springdale office.