LVMH
sells only US asset. French luxury conglomerate LVMH Moët Hennessy Louis Vuitton has sold its only U.S. hotel property, the 90-key El
Encanto Hotel in Santa Barbara, California, to Justin Mateen, founder of the
online dating app Tinder, and his brother, Tyler Mateen, in partnership with
Costa Mesa, California-based Culver Capital, for $82.2 million. LVHM acquired
the hotel in 2018 as part of its $2.6 billion acquisition of Belmond. The new
owners plan to put $40 million in renovations into the property, which was
first opened in 1918. The hotel will be added to the Leading Hotels of the
World portfolio.
Dual-brand
in the Phoenix area. Las Vegas-based LaPour Partners and Tucson, Arizona-based Holualoa Companies
are developing the $92 million, 240-key dual-branded AC/Element City North in
North Phoenix. The companies recently broke ground on the property, which will
feature a 142-key AC Hotel by Marriott and a 98-key Element. The project
represents the second partnership between LaPour and Holualoa, following their
successful development of the AC Marriott Biltmore in 2018.
Extended-stay
demand increases. Extended-stay hotel demand increased 1% in May 2025 compared to May 2024
despite small declines in mid-price and upscale extended-stay segments,
according to The Highland Group. Economy and mid-price
extended-stay hotels posted increasing ADR in May, but at a cost to occupancy,
which declined for the fifth consecutive month. “While extended-stay supply
growth remains below its long-term historical average, it has exceeded the
change in demand for three consecutive months,” said The Highland Group’s Mark Skinner.
Barceló
acquires in France. Palma, Spain-based Barceló Hotel Group has acquired the 338-key Evergreen
Laurel Hotel in Levallois-Perret, France, for €70 million from an undisclosed
seller. This marks Barceló’s entry into the French market. The hotel will be
operated under the Occidental Hotels & Resorts banner, one of the group’s
upscale brands. CBRE facilitated the transaction.
Whitbread
adding in London. Whitbread PLC has begun construction on its flagship hub by Premier Inn hotel
development at 5 Strand in Central London. The 693-key hub by Premier Inn at 5
Strand will be one of the largest budget hotels in London. Whitbread acquired
the development site in August 2022 as part of its strategy to grow its
presence in the popular London market. The £200 million development is
scheduled to open in fall 2028.
Luxury
wellness resort in Mexico. The 96-key Mailena, which will be the first wellness resort and
adults-only property in Loreto, Mexico, is scheduled to open in late summer
2026. The luxury boutique hotel is part of Danzante Bay, a 741-acre
master-planned resort community set amidst the Sierra de la Giganta mountains
and the Sea of Cortez. The development will also include the Villa del Palmar
at the Islands of Loreto hotel and TPC Danzante Bay, the only TPC-designated
golf course in Mexico.
Ventive,
Marriott expand partnership. Ventive Hospitality Ltd. and Promoter Group Companies are
partnering with Marriott International by signing management contracts for
seven luxury, upper upscale, and upscale hotels, comprising 1,548 rooms, across
India and Sri Lanka. The partnership marks the debut of multiple brands in key
locations, including Sri Lanka, Varanasi, Mundra, Pune, and Navi Mumbai.
Further, Ventive Hospitality also announced its plans to develop a hotel on its
existing leasehold land in Mundra, India. Ventive Hospitality and its
subsidiaries are developing three hotels – the Ritz-Carlton Reserve (73 villas
and 80 branded residences for sale) in Pottuvil, Sri Lanka; the 161-key
Varanasi Marriott Hotel in Varanasi, India; and the 200-key Courtyard by
Marriott in Mundra, India. Four of the hotels – the 450-key JW Marriott Navi
Mumbai, the 200-key Moxy Navi Mumbai, the 264-key Moxy Pune Wakad and the
200-key Moxy Pune Kharadi – are being developed by the Promoter Group companies
on a right of first offer or alternative structure basis for Ventive
Hospitality and will be transferred to the company.
