Read the latest hotel industry news from around the Americas region.
KSL Agrees To Buy Hersha for $1.4 Billion
KSL Capital Partners entered into an agreement to purchase real estate investment trust Hersha Hospitality Trust in an all-cash transaction worth roughly $1.4 billion, reports Hotel News Now's Bryan Wroten.
KSL will purchase all the outstanding common shares of Hersha for $10 per share. The deal amount represents a premium of roughly 60% over Hersha's closing share price on Aug. 25, Wroten reports.
“Hersha and its team have built an impressive, curated portfolio of experiential luxury and lifestyle hotels and resorts in strategic markets,” Marty Newburger, partner at KSL Capital, said in a news release. “With KSL’s extensive track record investing in high-quality assets in dynamic metropolitan markets across North America and around the world, we are uniquely suited to position the business for further success over the long term.”
Waikiki Resort Hotel Sells for $108 Million
A Korea-based newspaper reports that South Korea's Hanjin Kal Corp. sold off its Waikiki Resort Hotel to U.S. company AHI-CLG for 146.6 billion won ($108.4 million).
CoStar property data shows the sale was complete on Sept. 15. Hanjin sold all real estate and related assets of the hotel, excluding cash and cash equivalents to secure liquidity as its debts — worth 104 billion won — mature this year.
Satisfaction Scores Up as Management Companies Make Investments
A recent J.D. Power study shows that guest satisfaction scores are increasing at properties with management companies that are investing in property updates and staff, reports HNN's Dana Miller.
In an interview with HNN about the study, J.D. Power hospitality practice lead Andrea Stokes said the question around staff service was always present, but it is now the highest-scoring factor.
"We can't compare apples to apples to last year, but we really think that this is due to the increased hiring in the industry," she said. "We do think guests are noticing more staff in hotels, especially in full-service hotels. They're getting better service not only from additional staff but I think the pressure is sort of reduced on existing staff."
Hackers Attack MGM Resorts, Caesars
MGM Resorts International and Caesars Entertainment had six terabytes worth of data stolen by hacking group Scattered Spider, according to Reuters.
Caesars said the breach was a result of a social engineering attack on an IT vendor that Caesars uses. The hacking group has become known for its use of social engineering attacks.
Deals, Development, People on the Move
- Qatar Investment Authority purchased the 610-room Park Lane Hotel in New York City for $623 million from Witkoff.
- MCR acquired the 197-room Gramercy Park Hotel for $50 million from Solil Management.
- Waramaug Hospitality picked up the 222-room Atlanta Marriott Peachtree Corners for an undisclosed sum. Junson Assets Management was the seller.
- AON Hospitality purchased a two-hotel portfolio in Florida for $31.2 million. The hotels include the Holiday Inn Express & Suites Jacksonville Southeast Medical Center Area and the Hampton Inn Jacksonville/Ponte Vedra Beach.
- Calmwater Capital purchased the 190-room Banyan Cay Resort and Golf for $60.3 million.
- IHG Hotels and Resorts' Voco brand opened its fourth location in New York with the opening of Voco Fiorello — LaGuardia East.
- Hilton opened its second Motto by Hilton-branded hotel in New York City with the 400-room Motto by Hilton New York City Times Square.
- Sage Hospitality promoted Renee Wriedt to area director of sales and marketing, overseeing The Crawford Hotel, Denver Union Station and The Oxford Hotel in Denver.
- Remington Hospitality assumed management of Senna House Hotel in Scottsdale, Arizona.
- Highgate has been selected by Continental Assets Management to manage the 216-room Hilton Garden Inn Kauai Wailua Bay.
- The Ritz-Carlton, San Francisco appointed Aimee King as director of sales and marketing.
- Peter McMahon was named managing director for the Grand Hyatt Baha Mar.
- Hemal Jain has been appointed general manager of the Mandarin Oriental, Canouan, an all-suite, all-villa luxury resort in St. Vincent and The Grenadines.
- The Hotel Indigo Guadalajara Expo opens in Guadalajara's historic district, Chapalita.