Pursuit
acquires in Costa Rica. Denver-based Pursuit Attractions and Hospitality has acquired the
105-key Tabacón Thermal Resort & Spa in Costa Rica from an undisclosed
seller for $111 million. The asset spans approximately 570 acres of rainforest at the base of the Arenal volcano. The property includes the hotel and the Tabacón Hot
Springs, Costa Rica’s largest network of naturally flowing thermal mineral
springs. JLL represented the seller in the transaction.
Marina
Bay Sands tower begins. Las Vegas Sands has broken ground on its $8 billion development to
expand the footprint of the Marina Bay Sands resort in Singapore. The new
55-story hotel tower, located next to the existing resort, casino, and
convention center, will feature 570 keys and a 15,000-seat indoor arena for
concerts and other entertainment. The project is scheduled to open in 2031.
MG2
launches hospitality vertical. Fort Worth, Texas-based M2G Ventures has launched a
hospitality vertical and hired veteran executive Chris Hanrattie as managing
director and head of hospitality to lead the efforts. M2G said it will focus on
hospitality projects where it can implement its value-add strategies to drive
RevPAR growth and improve operational efficiency.
Azul adds
in Colorado Springs. San Diego-based Azul Hospitality has added the 168-key Hilton Garden Inn
Colorado Springs Downtown in Colorado to its portfolio. A new rooftop bar,
developed and branded by Azul, is slated to open this fall. The hotel also
recently completed a new ground-level ballroom. Azul operates 24 hotels and 28
restaurants in 32 markets across the U.S.
IHG
adding in Japan. IHG
Hotels & Resorts is partnering with Tokyo-based Fet System to rebrand
two hotels as ANA Holiday Inn, bringing the first international-branded hotels
to Sanda and Tosu City. The 130-key ANA Holiday Inn Kobe Sanda, currently The
Celecton Premier Kobe Sanda Hotel, and the 126-key ANA Holiday Inn Tosu,
currently Hotel Bientos, will undergo renovations and convert to the
Holiday Inn brand in 2026. There are 15 Holiday Inns open and
pipeline hotels across Japan. In Japan, IHG has 54 hotels across 10
brands, with 17 hotels in the pipeline.
New CEO
for Shangri-La Asia. The daughter of Malaysian tycoon Robert Kuok has been named the CEO of
Shangri-La Asia, effective August 1. Kuok Hui Kwong, the sixth of Kuok’s eight
children, has served as the company’s executive director since June 2016 and as
its chairman since January 2017. The Shangri-La Asia group owns 81 of the more
than 100 hotels it operates under four main brands: Shangri-La, Kerry, Hotel
Jen, and Traders. Its hotel properties had
a net asset value of US$10.83 billion (S$13.9 billion). Shangri-La Asia’s
previous CEO, Lim Beng Chee, retired at the end of 2022 but remains on the
board as a non-executive director.
GHA first
half growth. The
Global Hotel Alliance (GHA), an alliance of independent hotel brands, reported
continued growth in the first half of 2025 with total hotel revenues reaching
$1.5 billion, a 17% year-over-year increase. International stays accounted for
70% of all room revenue, totaling $810 million, a 21% jump YOY. The UAE took
the top slot, followed by Thailand, Spain, Singapore, and Italy. The U.S.
remains the leading international source market for GHA’s properties worldwide
with loyalty program members based in the country generating 15% of all
international room revenue in the first half. The top feeder markets were the
U.K., Germany, China and Australia.
IHG adds
in KSA. IHG Hotels
& Resorts is partnering with Al Madinah, Saudi Arabia-based Arbah Tayba
Real Estate Co., to sign the 383-key Crowne Plaza Madinah Al Haramain in Saudi
Arabia. The hotel is scheduled to open in 2026 and will be managed by IHG. The
company currently operates 45 hotels across six brands in Saudi Arabia with 47
hotels in the development pipeline set to open within the next three to five
years.
BWH adding in the Philippines. BWH Hotels is partnering with Pampanga,
Philippines-based Savers Group Holdings, which will accelerate the expansion of
its portfolio of hotels and resorts in the Philippines. Savers Group Holdings
currently owns two Best Western properties in the Philippines, Best Western
Plus Metro Clark and Best Western Plus Hotel Subic, both of which have been
fully renovated and relaunched in recent years. It is now set to become the
authorized Area Development Office (ADO) and official representative of BWH
Hotels in the Philippines to promote regional growth, investment, and community
development. BWH Hotels currently operates a portfolio of seven hotels and
resorts in the Philippines.
