Noble Investment fund gets a boost; TRIBE to Thailand – HOTELSMag.com

Increase in the noble investment fund: The New York State Common Pension Fund has approved a $200 million commitment to Noble Hospitality Fund V, Noble Investment’s recent U.S. hospitality investment fund. The commitment to the fund “will lead to more diversification and capital needs, and depleted reserves combined with high loan-to-value loans in the post-pandemic scene present attractive opportunities to purchase hotels.” Noble Investment has reportedly hit its US$800 million target for the fund and is likely to reach its hard-hit US$1 billion mark by the end of this year when the fund closes. The fund will invest in select service and extended stay hotels and will target an IRR of 15% net and 20% gross with a 65% leveraged loan-to-value component.

TRIBE Bangkok Sukhumvit 39 will open later this year

Ennismore signs with TRIBE in Thailand: Ennismore in partnership with Bangkok-based Siamese Asset Public Co. Ltd. signed TRIBE Bangkok Sukhumvit 39. The hotel, which will be TRIBE’s first property in Thailand, will open in the fourth quarter of 2022. The hotel will offer 272 serviced rooms and suites, a cafĂ© and flexible spaces for work or social interaction, an all-day dining restaurant , rooftop bar, gym and pool. Ennismore has signed 50 TRIBE hotels and plans to grow its portfolio with up to 100 properties to open globally over the next five years, including in Phuket, Singapore and Manila by 2025.

US profitability slows: US GOPPAR in July exceeded pre-pandemic figures but remained lower than June, STR’s July earnings and expenditure data revealed.

  • GOPPAR: $78.30
  • TRevPAR: US$209.66
  • EBITDA PAR: US$55.29
  • LPAR (Labor Cost): $67.27

Although each of the major metrics reported a slight decline from June on an available room basis, overall earnings increased with peak summer demand for rooms and revenue. Profit margins were higher than in July 2019 for full and limited service hotels, but GOP margins were lower compared to the past four months. A total of 11 major markets reported higher GOPPAR and TRevPAR levels than the 2019 figures. Recreation-heavy markets such as Miami are expected to see both GOPPAR and TRevPAR rebound. Chicago posted the third highest GOPPAR.

Saudi Arabia Streamlines Visa Norms: A ministerial decree signed by Saudi Arabia’s tourism ministry will allow the country to welcome more tourists and allow Gulf Cooperation Council (GCC) residents to apply for a tourist visa. GCC residents can now apply for an eVisa through an online portal, allowing US, UK and EU residents to apply for a visa on arrival. The decree lifted the mandate for potential visitors to visit their country’s embassy before entering Saudi Arabia, increasing options for travelers through simplified travel.

Fairmont Hotel, Residences in Spain: Accor has signed a management agreement with Odyssey Hotel Group and Madrid-based Spain’s SOCIMI, Millennium Hospitality Real Estate, for the Fairmont hotel and residential project in Sotogrande, Spain. The 323-room Fairmont La Hacienda is expected to have a soft opening over the next 12 months and will be fully operational by Easter 2024. The project will be located within La Hacienda, a gated residential and golf complex set on 400 hectares. The complex will include 153 guest rooms with three junior suites and two-bedroom suites and 51 villas with 170 keys, of which 15 will consist of junior suites and one-bedroom suites. Of the 51 villas, 36 will have a private pool, living room and kitchen and will be available for sale to a third party. The complex will also feature a Fairmont Villa, five restaurants and bars, a 2,000-square-foot spa, a fitness center, a 1,108-square-foot ballroom, flexible meeting spaces and two golf courses.

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