Hilton announces new midscale brand: Hilton Worldwide Holdings is launching a midscale segment brand called Tru that eventually could have the largest footprint among the company’s 12 hotel brands, according to Hotel News Now’s Jeff Higley.
Hilton President and CEO Chris Nassetta said the initiative would ultimately “be our biggest brand by number of units.” Nassetta added that within that lodgings segment, he did not “think there are a lot of great options for consumers, and I don’t think there are a lot of great options for owners.” According to executives, 102 Tru by Hilton hotels have been signed, with an additional 30 in various stages of approval.
Commune to merge with Destination: San Francisco-based Commune Hotels & Resorts has announced plans to merge with Destination Hotels—which is headquartered in Englewood, Colorado—according to a joint news release that stated the new entity will create “the leading operator of independent and lifestyle hotels and resorts.” No details were given as to how the merger will play out, but the new company will be based in Denver.
Commune includes such brands as Joie de Vivre Hotels, Thompson Hotels, Tommie and Alila Hotels & Resorts, while Destination’s portfolio includes such noted properties L’Auberge Del Mar in California and Stowe Mountain Lodge in Vermont.
PPHE sees RevPAR up 12.1% in 2015: PPHE Hotel Group, which owns such brands as Park Plaza Hotels & Resorts and Art’otel, published its full-year 2015 earnings to 31 December that showed improvements in revenue per available room of 12.1% to €127.30 ($137.44) and average daily rate of 11.3% to €150.90 ($162.92).
The earnings statement also showed that occupancy for the year had increased by 60 basis points to 84.3% and that a £20.6 million ($29.37 million) loan had been secured for the renovation of the Park Plaza London Park Royal property.
Choice debuts Ascend soft brand in UK: Choice Hotels International has introduced its soft brand, Ascend Hotel Collection, into the United Kingdom, with two properties in the Scotland’s capital of Edinburgh, writes HNN’s Terence Baker.
Mark Pearce, SVP of Choice Hotels’ international division, said the company plans to expand the Ascend brand over the next three years to between seven and 10 properties in the U.K. and 80 or so across mainland Europe.
US 2015 single-asset sales top $14b: LW Hospitality Advisors has released its 2015 “Select major United States hotel sales survey,” which includes single-asset sale transactions greater than $10 million that are not part of portfolio transactions, according to a news release published by the company. Total transactions of these properties was approximately $14 billion, according to LWHA’s research.
In 2015, the highest estimated sales price paid for a property was $805 million, which Lotte Group paid Northwood Investors for the New York Palace Hotel in June. The highest estimated price paid per key was approximately $2.02 million for the 114-room Baccarat Hotel also in New York City. JV Starwood Capital Group & Tribeca Associates sold that property in February to Chinese company Sunshine Insurance Group Company ahead of the hotel’s March opening.
Compiled by Terence Baker.