Global Hospitality Report (April 11, 2017)

In Focus: Lagos Hotel Market Update 
By Tshepo Makhudu

This article focuses on Lagos, Nigeria and considers the factors that make this capital city a favourable tourism development and hotel investment destination.

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Market Pulse: Minneapolis - St. Paul, MN 
By Tanya Pierson, MAI, and Justin Kaminski

Three distinct but adjacent markets in Minnesota account for well over half of all hotel business in the state. Driven by strong performance and growth in demand, hotel supply in Minneapolis, St. Paul, and Bloomington is on the rise.

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Paramount Corp Ventures into Hotel Development in Shah Alam 

Paramount Corp Bhd is making a foray into hotel development and ownership, with the property developer set to build a Mercure Hotel at its university metropolis township in the city of Shah Alam, Malaysia. Paramount Corp, through its joint-venture (JV) company with Singapore-listed Lasseters International Holdings Ltd, has entered into a management agreement with French hotel group, AccorHotels, which owns the Mercure brand. The JV company, Super Ace Resources Sdn Bhd (SARSB), which is 45% owned by Paramount Corp, will invest RM75 million into the development of the hotel. Apart from the hotel management agreement, SARSB also entered into a hotel consultancy services agreement with AccorHotels, which will see the latter providing its expertise in the design and technical fit-out of the hotel. The 230-room hotel will be situated within a 21-acre township development, which houses the new flagship KDU University College (KDUUC) campus.

HVS APAC HOSPITALITY NEWSLETTER.
Frogmore Sells the South Place Hotel and Arora Acquires the Hilton London Gatwick  

The South Place Hotel in London has been sold to an international investor (rumoured to be Hong Kong-based holding company Tian An China Investments) by former owner Frogmore for a price reported to be around £67 million (£837,500 per room). D&D London are expected to continue to operate the 80-room boutique hotel, which is between Moorgate and Liverpool Street stations at the crossroads between the UK capital’s Square Mile and the East End. Other London news this week includes the announcement from Arora Group that it has purchased an occupational lease for the Hilton London Gatwick Airport, directly connected to Gatwick Airport’s South Terminal, for an undisclosed sum. Hilton Worldwide will continue to manage the 821-room hotel, the largest at the airport.

HVS EMEA HOSPITALITY NEWSLETTER.

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