Global Hospitality Report (February 2, 2015)

U.S. Hotel Development Cost Survey 2014/15 
By Elaine Sahlins

HVS annually researches development costs of actual hotel construction budgets, industry reports, and uniform franchise offering circulars. This 2014/15 survey reports updated per-room development costs in the U.S. through the end of 2014.

In Focus: Experiential Travel 
By Ezio Poinelli

This article provides an overview of trends in luxury leisure travel.

Ready for Takeoff: Forecasting Lodging Demand in Airport Markets 
By Jessica White

With the expansion of major national airports and airport passenger volume expected to increase over the next 10 years, examining the link to forecasting lodging demand is critical to understanding the airport-hotel relationship.

Singapore Mandai Project 

Singapore Tourism Board (STB) and Temasek Holdings have partnered to reshape the Mandai area, near the world famous Singapore Zoo, into a leading nature destination in Asia. This development will happen in phases over 10 years; the first phase is slated for completion in 2020 with an expected cost of S$1 billion. Phase one will include the relocation of the Jurong Bird Park and developments to the surrounding public areas. When fully complete, the development will comprise 120 hectares of new attractions integrated with the existing Singapore Zoo, Night Safari and River Safari (also owned by Temasek Holdings). Currently, the Mandai area attracts close to 5 million visitors annually. This development comes in the wake of a series of initiatives by the government to develop outlying areas in Singapore such as Jurong, Holland Village and Geylang. Although it is unclear whether hotel developments are part of the plan, these new attractions will increase the attractiveness of Singapore as a key regional leisure destination.

Lone Star Funds to Purchase Jurys Inn 

Mid-market hotel group Jurys Inn is to be sold to an affiliate of US private equity firm Lone Star Funds for £680 million (approximately £90,300 per room for the 7,523-key portfolio). Lone Star has signed a definitive agreement to purchase the chain of 31 hotels across the UK (four in London and 21 in provincial locations), Ireland (five properties) and the Czech Republic (one hotel in Prague) from Jurys Inn's shareholders, which comprise Mount Kellet Capital Management, Ulster Bank, Westmont Hospitality Group and Avestus Capital Partners. The sale, which is expected to close during the first quarter of 2015, is subject to approval from Ireland's Competition and Consumer Protection Commission.


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