| | | | | | Hong Kong investor Gaw in pole position to buy The Standard
US: Goodwin Gaw is in advanced talks over the $340 million sale of the Standard Hotel in Manhattan's Meatpacking District. Read more...
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Miami's Berkeley Hotel reopens after renovation and extension
US: Developer Blue Road has announced the re-opening of the historic Berkeley Hotel in Miami Beach after a $43 million renovation.
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Luxury hotel conversion for Goan mansion
India: A heritage-listed Portuguese mansion built in 1879 has been renovated into a high-end boutique hotel.
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| | | | Bargain hunt
• The likely sale of The Standard hotel, overlooking the High Line in Manhattan's Meatpacking District, for a reported $340 million, is a sign that while industry commentators have been predicting an upturn in the city's hotel performance, things have got a long way to go yet.
The Standard, once the flagship in the Andre Balazs empire, is an iconic New York property and $340 million is, admittedly, a lot of money. But it represents a 15 per cent discount on the $400 million agreed sale price for a deal on the property which fell through in 2014, a drop which Cushman & Wakefield hotel sale specialist Tom McConnell described as "similar to the diminution in values that we've seen around the city".
In short, a glut of new supply, combined with the Airbnb effect, has driven New York's numbers down across the board - REVPAR, occupancy and ADR are suffering.
At the start of this year, a Forbes article ran with the bullish headline "NYC's Tanking Hotel Market Is Coming Back In 2017", but since then the level of new supply has remained steady, exacerbating the problem. All this sits against a backdrop of growing tourist numbers to the city - so the city's fundamentals are good - and cash-rich investors such as Standard purchaser Goodwin Gaw are looking for bargains before the market picks up again.
George Sell, editor, Boutique Hotel News
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Anael Peu of Kew Green Hotels offers tips on how to stay ahead of the curve in revenue management.
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| Kitchen confidential: Gareth Ward, chef patron, Ynyshir
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November, 12-13 2017
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| | | | EDITORIAL
George Sell. Editor,
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