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Accor Plans to Open 100 Luxury and Lifestyle Hotels by 2025

Alan Woinski and Kim Woinski
February 6th, 2024 at 4:40 PM EST

Skift Take

Accor will open 100 luxury and lifestyle hotels by 2025, with plans to sign at least 50 more projects per year.

The DJIA rose 141 points while Nasdaq and the S&P 500 were both up 11 points on the day. The 10 year treasury yield was down .07 to 4.09%. Lodging stocks were mostly higher. AINC traded down to another new low, down another -5%. SHCO was down -6%. SLNA was up 3 cents but that was 9%.

Bloomberg published an article that Hilton is considering an acquisition of AJ Capital Partners’ Graduate Hotels. That is definitely one type of brand HLT and MAR do not have in their portfolio yet. The Points Guy said this isn’t the only rumor swirling around HLT, saying at the ALIS show there was talk that HLT was interested in the NoMad Hotels brand. That was first brought up last November.

The data from JLL’s latest U.S. Hotels chart of the week shows that we can expect to see increased investment and consolidation in hotel brands that expand into new verticals and converge with the retail sector. Key takeaways include Global hotel brands have expanded significantly in the past two decades, with 1,350 currently in existence, a 13% increase since 2000. Brands have evolved from simply places to sleep into proxies for one’s lifestyle. Hotel brands have ventured into the retail sector through store launches and partnerships with retail companies. Similarly, iconic luxury retail brands are entering the hotel industry. Further, hotel brands are expanding into residences, private membership clubs and yachts to the entire travel experience. Since the onset of the pandemic, global M&A hotel brand transactions have exceeded $10.0 billion, nearly double the long-term average since 2012.

Aimbridge Hospitality announced plans to enhance and streamline its U.S. operations, including adding a dedicated Owner Relations team to its structure and moving to two focused operating divisions. The Owner Relations team will proactively mine proprietary data and insights, source and synthesize stakeholder feedback, and partner across the organization to accelerate actions that result in higher portfolio profitability and improved satisfaction scores. The will also be responsible for launching the Aimbridge Owners Council, a new advisory committee that will include representatives across ownership groups and serve as a valuable resource as the Company looks to make ongoing enhancements to its product offerings. Leading the team is Aly El-Bassuni, Divisional President – Owner Relations. El-Bassuni joined Aimbridge in 2023 as Division President – Enhanced Select Service. To enable faster results, the Company will simplify its U.S. Operations into two divisions with its above property operations teams shifting to drill down on actions that drive better property-level performance, associate engagement and owner satisfaction. The two divisions will be: Aimbridge Select, a comprehensive select service division that includes select enhanced, select, economy and extended-stay properties, that will be led by Simon Mendy, Divisional President – Select Service. Aimbridge Full Service, a full service, luxury and resort business, including Evolution, Aimbridge Lifestyle vertical, that will be led by Rob Smith, Divisional President – Full Service. Both Mendy and Smith are longtime industry leaders and Aimbridge executives.

Accor to open 100 luxury and lifestyle hotels by 2025, with plans to sign at least 50 more projects per year. This expansion will see the growth of EnnismoreFairmontRafflesSofitel and MGallery brands, adding a range of new properties in various global locations. Ennismore will open more than 15 new hotels in global cities. Fairmont brand has planned openings in Costa del Sol Spain, Cape Grace in South Africa and Long Beach. Raffles is building momentum with new openings in Bahrain, Boston, London and Macau. Sofiteland MGallery will be opening new hotels in many new country destinations.

MCR completed the sale of the 100-room Residence Inn by Marriott Philadelphia Langhorne in Langhorne, Pennsylvania for $22.1 million.

Kemper Development announced the completion of a $24 million renovation to The Westin Bellevue’s 337 hotel rooms and suites. The Westin, located in Bellevue, Washington, offers a fitness studio, indoor 25-meter lap pool, full-service spa, and lounge and wine bar.

Noble Investment Group is looking to build a StudioRes hotel by Marriott in Columbia, South Carolina. The Columbia Planning commission is expected to consider the 124-room project at Thursday’s meeting.

Peachtree Group closed its third hotel property structured as a Delaware Statutory Trust with the completed acquisition of its 98-key Hilton Garden Inn in Jackson, Tennessee. The other two DST acquisitions included the 100-key Courtyard by Marriott Atlanta Kennesaw (Atlanta MSA) and the 126-key Home2 Suites by Hilton Chandler (Phoenix MSA). All three acquisitions, totaling more than $83.8 million in real estate-related transactions, were acquired debt-free.

Loews Corp., the parent of the Loews Hotels chain, detailed the extent of its financial commitment to expanding in two key states – Texas and Florida – where it’s building four hotels. Loews Hotels said it had made an equity investment of nearly $435 million in these four soon-to-open hotels, and put together nearly $600 million in debt and partner equity. On February 13, Loews Hotels will open the 888-room Loews Arlington in Texas. It owns 95% of the property. In Florida, Loews is making an even bigger expansion. It is the half-owner, with Universal Studios, of three hotels that are set to open next year at the Universal Orlandotheme parks.

IHG Hotels & Resorts announced the opening of a new Candlewood Suiteshotel in Collingwood, Ontario. The 51-suite Candlewood Suites Collingwood is owned by Dunn Capital Corporation and managed by Dunn Hospitality Group.

MMI Hotel Group announces the acquisition of the independent, 70-key, full-service Switzerland Inn, situated on the popular Blue Ridge Parkway at mile post 334, one hour northeast of Asheville, NC. The 15-acre resort was originally built in 1910 in Little Switzerland, NC, is perched at an elevation of 3,500 feet and boasts premier on-site dining, shopping, spa, pool and retail. The hotel is open seasonally and plans to reopen on April 17th. The leisure destination resort is the newest strategic addition to the owned and/or managed portfolio of hotels and resorts for MMI.

The LCP Group, L.P. arranged an $85 million refinance loan for the Brown Palace Hotel and Spa, Autograph Collection, and the Holiday Inn Express Denver Downtown, located in Denver, Colorado. The $85 million refinancing package for Crescent Real Estate, facilitated by LCP, includes a senior loan from Benefit Street Partners and a mezz loan from a partnership between LCPand Ares Management.

The Wave Waterpark Resort by EPIC is ready to make a splash in North Dakota. The first new construction indoor waterpark, is set to soft-open in Fargo, December 2025. Guests will be able to make their first reservation on February 1st, 2026. The Wave has finalized all plans and closed on its final loan allowing construction to begin. The finalized financing for the project has come in at approximately $73.8 million. EPIC Companies and its investors will be the owner and developer while S&L Hospitality. IMAGINE Hotels by EPIC, seamlessly connected to The Wave by EPIC Waterpark Resort, creates the ideal accommodation for guests and visitors. The 4-story hotel will have 135 guestrooms a ground-floor restaurant with a lounge, dedicated meeting spaces, party rooms and a family entertainment center. The waterpark will also have a variety of dining and entertainment options.

The legendary Hotel del Coronado announced plans to open Nobu at Hotel del Coronado, in Coronado, California, marking the continued expansion of The Del’s culinary experiences. The opening of Nobu at Hotel del Coronado is part of the last phase of Blackstone’s more than $550 million restoration and revitalization of The DelNobu at Hotel del Coronado, opening in early 2025, will offer over 3,700 square feet of stunning indoor and al fresco oceanfront dining space, including outdoor covered patio dining with a pagoda bar and dedicated sushi bar.

Personnel Move

Eric Danziger, CEO of Braintree Group and Resolute Road Hospitality, has officially announced his retirement after five decades in the hospitality industry. Under the capable leadership of Kristen Pierce, Chief Investment Officer, and Daniel Pinheiro, Chief Business Development, the management team will continue the pursuit of unparalleled service and excellence. Gary Horton will continue to serve as President of Resolute Road, the third-party management organization launched last year. While Danziger will be stepping down from his role as CEO, he will remain active on the Board of Directors.

Europe Hightlight

The Pavilions Hotels & Resorts announced the addition of Chateau De Fiac, located in the Occitania region of France. The three-story Chateau De Fiac by The Pavilions Hotels & Resorts offers 10 rooms and six suites, REVIVO Spa, and fine dining. The boutique hotel will enhance its offerings during 2024 with the addition of further exceptional facilities, elevated experiences and superior dining options, as well as embracing The Pavilions Hotels and Resorts’ signature Curated Journeys, helping guests discover the best of the region. With the addition of Chateau De FiacThe Pavilions Hotels & Resorts now has a total of 10 owned or managed hotels and resorts in operation across Asia and Europe, with a further two in the pipeline.

Alan Woinski and Kim Woinski
February 6th, 2024 at 4:40 PM EST

Companies: Accor, Aimbridge Hospitality, Ashford Hospitality Trust, Blackstone, Candlewood Suites, Ennismore, Fairmont, Graduate Hotels, Hilton Hotels & Resorts, IHG Hotels & Resorts, Loews Hotels & Co, Marriott International, MCR, MGallery Hotel Collection, MMI Hotel Group, Nobu Hotels, Nomad Hotel Group, Raffles, Residence Inn by Marriott, Resolute Road Hospitality, Selina, Sofitel, Sotherly Hotels Inc., StudioRes

Locations: Atlanta, California, Dallas, Denver, France, London, Macau, North Carolina, North Dakota, Ontario, Pennsylvania, Phoenix, Seattle, South Carolina, Spain, Tennessee

Photo credit: Accor CEO Sébastien Bazin at Skift Global Forum in New York in 2022.  Skift

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