Editor's Note: Some linked articles may be behind subscription paywalls.

In a year many expected to be defined by distressed asset sales, hotel transactions and pricing came roaring back at a pace many didn't foresee, HNN's Bryan Wroten reports.

Based on a survey from LW Hospitality Advisors, each quarter in 2021 saw a noticeable increase over 2020. The desirability of hotel assets isn't universal, though, said Jeff Davis, senior managing director at JLL’s hotels and hospitality group.

“It really became the tale of two cities where urban properties that are heavily reliant on business transient business didn’t do as well and the drive-to leisure transient resort properties did really well,” he said.

Unlike a certain inn, most hotels in Bethlehem were far from full Christmas night, according to Reuters, as pandemic-related concerns and restrictions "halted the arrival of wealthy foreign tourists, devastating the economy of the traditional birthplace of Jesus.

The news agency reports the activity that did take place in Bethlehem was almost inclusively people who live, work or study in Israel and the West Bank, as some "gathered near the tree and crib to sing carols and bring some cheer to the scene outside the Church of the Nativity."

Luxury hotel real estate investment trust Braemar Hotels & Resorts has announced an agreement to acquire the 96-room Dorado Beach, a Ritz-Carlton Reserve in Dorado, Puerto Rico, along with "the income stream attributable to 14 luxury residential units adjacent to the property."

The deal is expected to close by Feb. 1 and is for $186.6 million in total consideration, including a combination of Braemar stock, $104 million in cash, and the assumption of a $54 million mortgage loan. On a trailing 12-month basis as of Nov. 30, the property achieved revenue per available room of $1,129.

"The acquisition of Dorado Beach, a Ritz-Carlton Reserve is an opportunity for us to acquire one of the most iconic luxury assets in the Americas," Braemar President and CEO Richard Stockton said in the release. "As the first Ritz-Carlton Reserve in the Americas and one of only five Ritz-Carlton Reserve properties worldwide, this unique property fits perfectly with our strategy of owning high-RevPAR luxury hotels and resorts and further diversifies our portfolio."

Governments are still figuring out how to cope with the competing forces of labor shortages and a surge in COVID-19 cases tied to the extremely contagious omicron variant, the Wall Street Journal reports.

The top tool in the toolbox for governments right now seems to be shortening required quarantine periods, particularly for healthcare workers.

"In New York state, critical workers — including those in education, healthcare, transportation, grocery stores and sanitation — who test positive for the virus can now conditionally return to work after five days, under a Christmas Eve decision by Gov. Kathy Hochul, a Democrat," the newspaper reports.

The Ace Hotel Chicago has announced via Instagram plans to close on Jan. 26, just four years after opening and shortly after the property was purchased by Onni Group, Eater Chicago reports.

An Ace spokesperson issued this statement to the publication:

"Sterling Bay recently made the decision to sell the property which houses Ace Hotel Chicago. With the sale of the building comes the end of Ace’s tenure in the space, which includes Little Wild and Lovage. Effective Jan. 26, 2022, the hotel will no longer be part of the Ace Hotel Group.

"We have loved being a part of Chicago’s innovative and rich cultural landscape, and have deep gratitude for every staff member, guest and collaborator who helped bring our space to life in the West Loop. Chicago and its people are dear to our hearts and we hope to return to the city before too long."

Return to the Hotel News Now home page