• Sat. May 18th, 2024

CoStar World News for April 20


Apr 19, 2023
Marriott's acquisition of City Express Hotels is nearly complete, and the company plans to expand the brand across Latin America. Shown is the City Express Plus Guadalajara Providencia in Mexico. (City Express)


Marriott International is poised to start expanding the City Express brand as soon as final regulatory conditions are met.

The $100 million deal inked in October to acquire the Mexico-based City Express brand portfolio from Hoteles City Express significantly expanded Marriott’s footprint in the Caribbean and Latin America, and that’s just the first step for growth in the region, said Bojan Kumer, regional vice president of hotel development for Marriott. Beyond Brazil, Marriott is targeting Argentina, Colombia, Peru and Chile, as well as in small countries such as Bolivia and Paraguay. Conversion will be the primary growth model, especially in Brazil, involving hotels with existing contracts that are expiring and independent hotels.

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Cain International, the privately held investment firm, has appointed creative studio Bompas & Parr to develop the Museum of Shakespeare at The Stage, the 2.3-acre mixed-use development in Shoreditch.

The firm, which has worked with brands including Coca-Cola, Mercedes and LVMH and cultural institutions including The Barbican and San Francisco Museum of Modern Art, will design an immersive experience in the remains of the Curtain Playhouse. Visitors will see new archaeological discoveries while experiencing a retelling of a day in Shakespeare’s life. The museum will open next year and contains the theatre where Shakespeare’s Henry V and Romeo & Juliet premiered and that operated from 1577 to 1624.

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The French co-living market has caught the attention of Ares Management. After an initial partnership with Colonies last year, the American investor has confirmed its interest in the sector by joining forces with Bouygues Immobilier and its new brand, Nomo. The objective is ambitious: to develop 10,000 beds by 2030.

In May 2022, the American investor entrusted the operator Colonies, via its alternative credit strategy, with a €1 billion package dedicated to the acquisition and management of 2,000 flats in France, Germany, Belgium and Luxembourg. “The plan is to aggregate a unique portfolio of existing apartments assets,” explains Quentin Orion, managing director of Ares Management. “Thanks to Colonies expertise, the apartment assets will be refurbished and converted to colocation properties, which we believe will support the ability to generate more attractive returns compared to traditional rental residential units.”

Business Immo>>

The German government passed the Building Energy Act Amendment calling for newly installed building heating systems to be powered by 65% renewable energies starting next year, with gas and oil phased out by the end of 2044.

The German government will provide a basic subsidy of 30% of the costs and bonuses of up to 20%, stressing there should be no further increase in the number of gas heating systems to avoid problems when owners can no longer afford the price of gas. Added costs for carbon emissions from buildings will be levied throughout the EU starting in 2027 and minimum energy performance standards are also planned.

Thomas Daily>>

François Duplantie is trying to push forward with a plan to develop his mansion on the private gated island once owned by singer Céline Dion. The 24,000-square-foot building in Laval, Quebec, as well as the entire heavily wooded 19-acre Gagnon Island is located about 26 kilometres northwest of downtown Montreal.

Duplantie dreams of transforming the site by adding 660 condominium units and a 35-room hotel that can capture business from the stream of tourists, often from the United States, that pour into greater Montreal. The mansion would be converted into a reception hall or restaurant, but those plans hit a roadblock in the summer of 2020 after his rezoning change proposals met with objections from residents of the city of Laval. Duplantie still meets with plan opponents and says he is willing to tinker with project details to win approval.

CoStar News>>

The rapid adoption of new artificial intelligence apps and an intensifying bid for dominance among tech giants Amazon, Google and Microsoft are expected to drive investment and double-digit growth for the data center industry in the next five years.

A “gold rush of AI” centers on the brisk development of tools such as ChatGPT, according to a new analysis from real estate services firm JLL. Voice- and text-generating AI apps could transform the speed and accuracy of customer service interactions and accelerate demand for computing power, as well as the systems and networks connecting users that data centers provide, the real estate firm said.

CoStar News>>

This report was compiled from CoStar’s news publications in the United States, United Kingdom, Canada, France and Germany.

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