Global Hospitality Report (October 23, 2017)

Market Pulse: Toronto Airport Strip, ON, Canada 
By Jingjianxiong (Charlie) Shi, Cedric Oberlin and Monique Rosszell

The YYZ hotel market has been capitalizing on growth in airport traffic. Hotel revenue growth is expected to shift from occupancy gains to rate increases as occupancy levels remain high and capital improvements to lodging facilities are completed.

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Public Involvement in Convention Center Hotel Financing 
By Thomas Hazinski and Brian Harris

Public sector involvement in convention center hotels is common due to high cost of development and lack of private capital for such investments. Many communities provide public subsidies to projects that are not feasible on a purely private basis.

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Ascott Acquires The Domain Hotel in Silicon Valley for S$81.5 Million 

Singapore-based CapitaLand’s wholly owned serviced residence arm, The Ascott Ltd (Ascott), is investing S$81.5 million to acquire and refurbish The Domain Hotel in Silicon Valley, California. The 136-key freehold property will continue to operate as it undergoes refurbishment in phases, and will be rebranded to a Citadines Cupertino Sunnyvale in the last quarter of 2018. Having more than tripled last year’s portfolio to over 2,900 units in the United States, the investment marks both Ascott’s fourth acquisition in the country within five months, as well as Ascott’s second Citadines-branded property, following its acquisition of Hotel Central Fifth Avenue New York in May. Ascott’s first property in Silicon Valley is surrounded by numerous renowned corporations, including Apple’s new headquarter campus, and will capitalise on the fast-growing demand from global technology companies and Fortune 500 multinational corporations.

HVS APAC HOSPITALITY NEWSLETTER.
Blackstone Buys Spain's Hotel Investment Partners  

Blackstone Real Estate Partners Europe has announced that it has agreed to acquire Spanish hospitality company Hotel Investment Partners (HI Partners) for €630.7 million from Banco Sabadell. The HI Partners portfolio comprises 14, mainly coastal, hotels (more than 3,700 rooms) across Spain’s most popular tourism destinations. “We are delighted to make another substantial investment in Spain and to have the opportunity to partner with the HI Partners management team, working with them to continue to execute their strategy of growing HI Partners into Spain’s premier hospitality business," said Anthony Myers, Head of Real Estate Europe at Blackstone.

HVS EMEA HOSPITALITY NEWSLETTER.

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