Hotels (Commonwealth Union)_ PPHE Hotel Group, a prominent London-based owner-operator, has secured planning permission for an ambitious mixed-use development in the bustling South Bank area. This project will introduce a 15-story hotel with up to 186 rooms, along with office and light industrial spaces across two floors. The development is designed with sustainability at its core, targeting a BREEAM ‘Excellent’ environmental rating. The ground floor will feature a flexible public space, including an all-day dining bar and café, aimed at revitalizing a former brownfield site. Having purchased the site for £12 million in 2019, PPHE is now moving forward with detailed designs to bring this vision to life.
In the broader hospitality industry, Choice Hotels is taking significant steps to enhance its marketing strategy by partnering with creative and digital media agencies, 72andSunny and dentsu X. This collaboration is focused on personalizing customer engagement, driving direct bookings, and expanding beyond traditional advertising mediums into newer platforms like social media and podcasts.
Meanwhile, in the finance sector, Miami-based BridgeInvest has closed a $670 million equity fund, its largest to date. The fund will target senior-secured financing across various sectors, including multifamily, industrial, hospitality, and retail, with plans to deploy up to $1.2 billion over the next two years.
In Asia, Minor Hotels is set to open the Avani Ratchada Bangkok Hotel on September 1, 2024. This marks the 12th Avani property in Thailand and the third in Bangkok, following extensive renovations of the former Grand Fortune Hotel Bangkok. This expansion underscores the growing footprint of the Avani brand in the region.
On the investment front, India-based budget hotel chain Oyo has raised approximately $174 million in a Series G funding round. This new capital, sourced from Patient Capital, InCred Wealth, and J&A Partners, is intended to support Oyo’s future growth efforts. Despite previous challenges in going public, Oyo continues to refine its financial strategies.
Lastly, European hostel developer Safestay PLC is expanding its portfolio with a new acquisition in Budapest, Hungary. The site will add around 150 beds to Safestay’s existing portfolio of over 3,580 beds across 18 locations. The Budapest hostel is expected to generate significant revenue and EBITDA, contributing to the company’s ongoing growth in the European market.
