From the desks of the Hotel News Now editorial staff:
- Under new name, French REIT Covivio eyes growth
- Hyatt expects to more than double revenue from China in five years
- Baha Mar's final hotel to open to guests this week
- Plans for second Phuket airport as hotel demand rises
- Water shortage forces India retreat to turn away tourists
Under new name, French REIT Covivio eyes growth: French real estate investment trust Foncière des Régions, effective today, has changed its name to Covivio, with its dedicated hospitality and hotels division, formerly Foncière des Murs, to fall under the new company name, the firm’s Deputy CEO Gaël Le Lay told Hotel News Now’s Terence Baker.
Le Lay also shared insights into the REIT’s growth strategy, which includes targeting major hotel markets in Europe for development. Earlier this month, the company entered the United Kingdom with the acquisition of 14 hotels from Starwood Capital Group, Baker reports.
Hyatt expects to more than double revenue from China in five years: Hyatt Hotels Corporation CEO Mark Hoplamazian said a greater foothold in China over the next five years will allow the company to more than double its revenue from the country, CNBC reports.
“If I look over the next four, five years, we will fully double our presence here moving from the 58 hotels or thereabouts that we have today to more than double that number,” Hoplamazian told the news outlet.
“And from a financial perspective—also quite important for us—more than $50 million of fee revenue coming out of greater China that will more than double over the next four to five years again because of our growth,” Hoplamazian added.
Baha Mar's final hotel to open to guests this week: The Baha Mar resort and casino complex in Nassau, Bahamas, will welcome guests Friday at the Rosewood Baha Mar, the last of its three planned hotels to open, more than a dozen years after the project was announced, CNBC reports.
The Rosewood Baha Mar, which had its ribbon-cutting ceremony last week, joins a Grand Hyatt and SLS hotel on site—which combined offer 2,300 guestrooms, suites and villas.
The development, operated by Hong Kong-based conglomerate Chow Tai Fook Enterprises, has followed a long and winding track, which includes seeing its price tag rise from a projected $1.6 billion in November 2005 to $4.2 billion today.
Plans for second Phuket airport as hotel demand rises: A report from C9 Hotelworks citing STR data points to 10% year-over-year demand growth in the upper-midscale hotel segment in Phuket, Thailand, where the Airports of Thailand has announced it will invest $1.8 billion in a second airport. (STR is the parent company of Hotel News Now.)
The report also cites 19% growth in passenger arrivals to Phuket’s existing “newly upgraded and expanded international airport” over the first four months of 2018 as evidence of the market’s surging tourism industry.
Water shortage forces India retreat to turn away tourists: At the height of a summer season which typically draws 100,000 visitors, Shimla—a hill retreat in India—is suffering a water shortage that is forcing locals to beg tourists to stay away, The Washington Post reports.
“Many of the town’s nearly 200,000 residents have been without water for more than a week, forced to stand with plastic buckets in long water lines along its famed Mall Road—where shops and restaurants are normally crowded with visitors this year,” the newspaper reports.
One local posted a plea on social media, which has gone viral, according to The Post: “Stop visiting Shimla! The residents are barely getting water to drink, and at a few places, sewage water is being supplied to the houses. And it’ll only get worse as tourists throng to the place in large numbers during June.”
Compiled by Robert McCune.