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Hoteliers in the Middle East are researching and fine-tuning new ways to transform wellness and spa offerings to serve the luxury-focused hotel category as they seek to boost revenue and profits as international travel rebounds from the pandemic.
Speaking at the Future of Hospitality Summit in Riyadh, Saudi Arabia, Ruben Toral, director of health and wellness at Bangkok-based business consultancy Quo Global, said spas used to be all about health, but now they are life. synonymous with manner. The consideration now, he said, is how to turn such a broad concept “into a smaller, more targeted product and sell it to a smaller, more demanding segment of consumers.”
CBRE Investment Management has completed the acquisition of the Halo office property in Bristol, UK, from the Tesco Pension Fund at a net initial yield of 5.61%, implying a bellwether deal for the UK regional office of around £7300 million pounds.
Broker Savills, appointed by Tesco Pension Fund, marketed the landmark multi-tenanted property in Bristol city center at the start of the year with an expected sale price of around £70.3m and an initial net yield of 5.75 per cent. According to multiple bidders, the property had been put up for bidding, underscoring the divide among investors over high-quality, sustainable spaces and office buildings.
Analysts say France’s hotel industry is well on its way in the run-up to major sporting events including the 2024 Summer Olympics and this autumn’s Rugby World Cup, both of which are largely held in the Paris region.
Events planned across France are expected to boost the hotel industry’s already steady recovery from the pandemic. “French hoteliers have been hit hard by closures during the COVID-19 pandemic, but they have received strong support from the state, landlords and bankers,” said CBRE, head of investment properties and senior director at brokerage CBRE. Sami Mendil represents the hotel.
Innsbruck, Austria-based developer Signa plans to build two skyscrapers on the existing site in Karstadt at Berlin’s Kurfürstendamm 231, with plans calling for a mixed-use mix of office, retail and hotel space.
Due for completion in 2029, the tower project, designed by Danish firm Henning Larsen Architects, is planned to cover 134,000 square meters of land, of which 5,000 square meters will be residential. Signa initially wanted to create more holistic spaces, but encountered political resistance.
Montreal apartment resident Carla White rose to fame for refusing to move out of a building her owner was trying to demolish to make an apartment complex.
Developer Mondev and his architecture firm ACDF have spent months working through a grueling permitting process to build a downtown Montreal residential tower on the southwest corner of St. Catherine and St. Hubert streets. Now Mondev finally has municipal approval, but the project is stalling after White rejected Mondev’s offer to move out of the dilapidated 260-square-foot $400-a-month apartment unit.
Silicon Valley tech giant Apple is reportedly embarking on its most extensive retail expansion yet, with plans to revamp stores in the U.S. and overseas.
Apple is finalizing plans to open, relocate or remodel as many as 50 stores over the next four years, renewing its retail brand more than two decades after the debut of its first retail outpost. With more than 520 stores in 26 countries, the strategy underpins the company’s commitment to invest heavily in real estate, even as the tech company looks to cut costs elsewhere. A typical suburban mall Apple Store generates about $40 million in annual sales, according to company regulatory filings.
This report is compiled from CoStar’s news publications in the US, UK, Canada, France and Germany.
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