Corinthia sells big stake in Lisbon
LISBON – Orion Capital Managers has formed a joint venture with International Hotel Investments Plc (IHI), owner of the Corinthia Hotels Group portfolio and brand, to acquire and own 72% of the 517-key Corinthia Hotel Lisbon. The investment marks the first deployment of capital from Orion European Real Estate Fund VI, which is targeting a final close at €1.5 billion.
For IHI, the deal frees up capital to fund further growth of the brand and achieve shareholder return objectives. IHI currently owns 100% of the asset, will retain a 28% interest in the JV following completion and its subsidiary Corinthia Hotels Ltd. will continue to manage and operate the hotel.
IHI also highlighted that the proposed transaction establishes a valuation for the hotel above book value. Corinthia Hotel Lisbon had an asset value of €144 million on December 31, 2024.
PE firm Orion, founded in 1999 with offices in London, Madrid, Milan and Paris, said the acquisition aligns with its sector agnostic investment mandate to identify opportunities across a wide range of sectors where it can generate alpha. The acquisition reflects Orion’s conviction in investment into high-quality hospitality assets in prime European cities, as well as partnering with well-established brands, owners, and operators.
Notable assets in the Orion portfolio include office developments with sustainability credentials in London, Milan and Lisbon, the Sotogrande resort in Spain, and residential developers in Spain and Portugal.
IHI has active investments or operations in more than 20 countries, including luxury Corinthia hotels in global gateway cities such as London, New York, Brussels and a pipeline of owned or managed hotels in destinations such as Rome and across the Gulf.
Corinthia Hotel Lisbon, the biggest luxury hotel in the city, just underwent a complete refurbishment.
“This structured transaction on a high-quality asset with proven financial performance and significant upside potential thanks to the strength of the Lisbon hospitality market and the just completed refurbishment is a great example of the opportunities Fund VI is pursuing in today’s market,” said Orion Partner Rami Badr.
Occupancy and RevPAR down in 2025; New York and San Francisco shine, while Houston and Vegas
NATIONAL REPORT – U.S. hotel occupancy and RevPAR in 2025 fell year over year for the first time since 2020, according to CoStar data.
For full-year 2025, occupancy was 62.3% (-1.2% YOY); ADR was $160.54 (+0.9% YOY); and RevPAR was $100.02 (-0.3% YOY).
Among the Top 25 Markets, New York City saw the highest absolute levels in each of the key performance metrics: occupancy (84.1%), ADR ($333.71) and RevPAR ($280.71). Occupancy was 0.2% lower than 2024, while ADR and RevPAR were up 4.7% and 4.5%, respectively.
San Francisco posted the highest increases in ADR (+6.0% to $225.82) and RevPAR (+11.8% to $155.84), while St. Louis posted reported the largest gain in occupancy (+6.5% to 61.7%).
Houston saw the steepest drop in occupancy (-8.6% to 58.9%).
Las Vegas registered the largest declines in ADR (-4.3% to $199.79) and RevPAR (-10.9% to $149.13).
Preferred Hotels & Resorts has outlined seven travel trends that they say will define luxury travel in 2026. The trends reflect shifts in guest expectations across sports, travel, heritage, wellness, design, pet travel, nature-based experiences and boutique seafaring. Each trend highlights how hotels are adapting through specific programs, experiences and openings within the company’s global portfolio.
1. Sportcations
Sports-related travel continues to be incorporated into hotel programming. At The Post Oak Hotel at Uptown Houston, stays are linked to attendance at Houston Rockets games and include transportation and event access. In India, The Leela Palace Jaipur offers stays connected to the Maharaja Sawai Man Singh Polo Cup with access to matches and related activities. Boston Harbor Hotel is developing soccer-focused stays connected to local matches.
2. Heritage Is the New Frontier
Historic buildings are being adapted for hotel use in several markets. Serras Sevilla is scheduled to open in Spring 2026 in an early 20th-century building in Seville. Romègas Hotel in Malta will operate from a restored 500-year-old palazzo. Palais Jamaï Fès is located in a late 19th-century mansion in Fes, Morocco, and will operate within the city’s cultural district.
3. Cognitive Wellness
Wellness programs are incorporating medical and technological elements. Amrit Ocean Resort in Florida includes hyperbaric oxygen therapy, red-light therapy, dry flotation and IV treatments. Sommerro in Oslo operates a Sleep Clinic focused on sleep management through nerve stimulation. The Alpina Gstaad in Switzerland offers a biohacking program combining technology with wellness practices.
4. Breaking Free from the Beige
The group identifies increased variation in hotel design as a trend. Kasbah Tamadot in Morocco incorporates Berber design and local craftsmanship. Rancho Santana on Nicaragua’s Emerald Coast includes regional artwork, outdoor activities and wellness programs. Dusit Thani Bangkok integrates elements of Thai culture into its design and programming. Properties following this approach will be included in Independent Hotel Week in January 2026.
5. Pawsome Adventures
Pet-related services are expanding across several properties. Nemacolin in Pennsylvania offers pet boarding, grooming and veterinary services. The Mark in New York has released a fragrance for dogs through a partnership with Dolce&Gabbana. Hotel Chinzanso Tokyo provides a private dog park, walking routes, pet treats, pet sitting and grooming.
6. The Healing Power of Nature
Some hotels are introducing nature-based wellness activities. Bernardus Lodge & Spa in Carmel Valley, Ca., offers guided full-moon sessions. Casa Velas in Puerto Vallarta provides outdoor programs focused on garden walks and coastal environments.
7. Boutique Seacationing
Preferred has expanded into small-scale cruise operations in Egypt through a partnership with Wings Encora Collection. Mazaj Meroot operates with 10 cabins along the Nile between Luxor and Aswan. Mazaj M/S Tamr offers two itineraries on the same route. In Taiwan, The Archipelago operates primarily as a land-based property with additional sea excursions.
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