Read the latest news from around the Asia-Pacific region.
Choice Announces Deal To Buy Radisson's Americas Business for $675 Million
Choice Hotels International announced it has reached an agreement with Radisson Hotel Group to acquire its Americas division for approximately $675 million, reports HNN’s Terence Baker. Radisson’s majority owner is Chinese state-owned firm Jin Jiang International.
The deal would apply to all of Radisson’s properties across the U.S., Canada, Latin America and the Caribbean. The company’s business across other parts of the globe would remain independent of the deal. Radisson CEO Federico González said in the new release the company has been committed to expanding the reach of its global operations, and plans on doubling its portfolio in the Europe, Middle East and Africa and Asia-Pacific markets by 2025.
Hyatt Closes on $812 Million in Hotel Asset Sales
Hyatt Hotels Corp. announced it had closed on $812 million in previously announced asset sales, reports HNN’s Sean McCracken. The sales included the Hyatt Regency Indian Wells Resort & Spa; the Grand Hyatt San Antonio River Walk; the Driskill in Austin, Texas; and the Confidante Miami Beach.
Hyatt also released an operations update for May, stating its revenue per available room reached $127, its highest level since November 2019. Systemwide RevPAR was still about 6% below May 2019 because of the slowed performance of its properties in the Asia-Pacific region.
London-based Kew Green Looks To Continue Global Expansion
Kew Green Hotels CEO Chris Dexter said in a video interview his company plans to grow its footprint around the globe, and no country or destination is too small, reports HNN’s Sean McCracken.
"The Middle East, Africa, Asia, predominantly Western Europe, Eastern Europe,” he said. “And we're about to sign in the next two months a property down in Florida, so we'll expand our footprint in North America, as well as South America."
Deals, Developments, People on the Move
- Blackstone Group acquired Crown Resorts for 8.9 billion Australian dollars ($6.2 billion) following Australian Federal Court approval.
- Philippines-based Alliance Global Group will invest $75 million into expansion projects for Resort World Manila.
- Thailand’s Central Pattana Public Co. announced a 10 billion Thai baht ($283.2 million) hotel development project for 37 hotels in 27 Thai provinces.
- Subsidiaries of Singapore’s High Street Holdings acquired the Rydges North Sydney from Australia’s Event Hospitality & Entertainment for 75 million Australian dollars.
- The 240-room Quality Hotel Marlow will rebrand as the Holiday Inn Express & Suites Singapore Novena.
- Sequitur Resorts has acquired the Six Senses Fiji following restructuring and relaunch by U.S.-based FTI Consulting.