1. Barbados: Global operators boost Caribbean resort investment
Global hotel companies are accelerating development and investment in all-inclusive Caribbean resorts as the category becomes increasingly competitive, according to analysts at a recent industry conference in Bridgetown, Barbados.
“Half of the all-inclusive rooms in the world are here in the Caribbean, and that’s accelerating even more,” Robert MacLellan, managing director of MacLellan & Associates, said at the Caribbean Hotel Investment Conference and Operations Summit. Analysts said all-inclusive resorts often charge guests on a per-person rather than per-room basis, a business model that relies on large volumes of customers willing to pay extra for high-end amenities like top-shelf liquor, spa services, and special activities and excursions.
2. UK: Largest wealth manager plans to close property funds
The United Kingdom’s largest wealth manager, St. James’s Place, plans to close all three of its property funds as part of a proposed wind-down, citing a challenging investment climate since the start of the COVID-19 pandemic.
The company has effectively hoisted a for-sale sign on commercial properties valued at more than £1.84 billion, noting its decision was also influenced by proposed regulatory changes expected to affect open-ended property investment funds. The portfolios include industrial, office, retail and leisure properties throughout the U.K.
3. France: Women lag in real estate management roles
Despite growing awareness among companies, parity remains elusive when it comes to women’s access to real estate management positions in France compared with men, according to an annual survey.
Progress remains slow in terms of equal pay and management hiring because parity “is still perceived as a distant goal rather than an urgent one,” sociologist Chantal Schmitt said in the latest report from the Observatory of the Charter for Parity in the Real Estate Sector. While women account for 51% of the real estate industry’s workforce, slightly higher than the average for all French industries, the proportion of women in management roles fell to 37.7% in 2023.
4. Germany: Hotelier leases Berlin property from Singapore firm
Hotel operator Premier Inn signed a lease with property owner IREIT Global as the former plans to operate a 270-room hotel at a Berlin commercial campus owned by the Singapore-based real estate investment trust.
The hotelier is taking about 10,000 square meters of space being vacated by the German Pension Insurance Association at the end of 2024, after signing a 20-year lease with an initial annual rent of €2.2 million. Premier Inn said it plans to begin work in the second quarter of 2025 on what is expected to be a €42 million conversion and redevelopment.
5. Canada: EY’s downtown Toronto office lease ranks among year’s largest
Oxford Properties Group secured one of this year’s largest office leases in Toronto, renewing a long-term deal that calls for accounting and business services giant EY Canada to expand its downtown office footprint by 20% to 300,000 square feet.
The real estate arm of the Ontario Municipal Employees Retirement System, among Canada’s largest pension funds, said the deal would maintain the 40-story EY Tower at 100% occupied. Financial terms were not disclosed. Bradley Jones, senior vice president and head of leasing and operations in Canada at Oxford Properties, said in a statement that the deal “highlights our belief that well-located, high-quality and sustainable buildings focused on wellness and employee experiences will continue to outperform.”
6. US: Shoppers flock to stores on Thanksgiving weekend
More people shopped at actual stores this Thanksgiving weekend than last year, creating a bit of momentum and holiday cheer for brick-and-mortar retail owners. But some analysts found that online sales outpaced physical locations.
The kickoff to the holiday shopping season is closely watched in real estate circles, as it can signal whether some chains will upgrade or expand their property holdings next year if they do well — or maintain the status quo or consider downsizing if they don’t. An estimated 197 million people shopped during the five-day holiday period from Thanksgiving through Dec. 2, or Cyber Monday, according to a survey released by the National Retail Federation trade group.
This report was compiled from CoStar’s news publications in the United States, United Kingdom, Canada, France and Germany.