FinancialNewsMedia.com News Commentary
PALM BEACH, Fla., July 19, 2021 /PRNewswire/ -- Latin America is a consistently underrated hospitality market, one where in recent years hoteliers have come to identify a host of opportunities as well as occasional hurdles that still remain in their way when it comes to developing new properties in the region. Experts and information from industry databases paint a picture of a rising market that is not without a few ongoing challenges for investors. Investors who are considering putting their money into hospitality project in Latin and South America would do well to verse themselves in both, of course, experts have said. Indeed, information from the TOPHOTELCONSTRUCTION database certainly paints the picture of an up and coming hospitality region that is on the cusp of having its big moment in the sun. In fact, according to numbers from the TOPHOTELCONSTRUCTION database, there are currently 314 projects in Latin America's project pipeline, which once they have been completed will yield a total of roughly 72,065 rooms. The database also seems to indicate that growth will happen sooner, rather than later, with a massive 48 percent of Latin America's upcoming projects being scheduled to come to completion within this calendar year, yielding as many as 32,186 rooms for the region during 2018. Currently, the database also shows that 46 percent of the overall number of projects are presently under construction. Active Companies in the markets today include Gaucho Group Holdings, Inc. (NASDAQ: VINO), Hyatt Hotels Corporation (NYSE: H), MGM Resorts International (NYSE: MGM), Hilton Worldwide Holdings Inc. (NYSE: HLT), Marriott International, Inc. (NASDAQ: MAR).
Another report, focused on Argentina as an area which is set to grow. An article in Top Hotel News said that Argentina has a host of big brand hotels, as well as smaller boutique properties, set to welcome guests over the course of this year and beyond. It said that Argentina's hotel pipeline is in good shape, according to figures from the TOPHOTELPROJECTS database. The article added that Argentina has set its sights on first-class and 4-star hotels. It said: "As coronavirus seems to have had less of an effect on South America than other regions, for the moment at least, the market's hospitality industry seems to be ticking along nicely, if figures from the TOPHOTELPROJECTS database are anything to go by. In Argentina, 49 hotels are at various stages of development that will add a total key count of 5,038 to the country. Of these, 36 will be 4-star and first-class hotels, while the remaining 13 will be luxury 5-star properties."
Gaucho Group Holdings, Inc. (NASDAQ:VINO) BREAKING NEWS: Gaucho Group Holdings, INC. Engages EDSA, INC. to Develop Algodon Wine Estate's Masterplan and Seeks to Partner with Branded Luxury Name to Co-Develop Boutique Hotel and Residences - Gaucho Group Holdings, Inc., a company that includes a growing collection of e-commerce platforms with a concentration on fine wines, luxury real estate, and leather goods & accessories, today announced it has engaged the architectural planning and design firm, EDSA to enhance and further develop the existing masterplan of Algodon Wine Estates Private Estancias 4,138 acre luxury vineyard and golf development, in San Rafael, Mendoza, Argentina. This initiative includes laying the foundation for a partnership with a branded luxury name in hospitality to co-develop a boutique hotel and associated residences.
EDSA, Inc. is a planning, landscape architecture, and urban design firm founded in 1960. The company is headquartered in Fort Lauderdale, Florida with offices in Orlando as well as New York City, Baltimore, and Shanghai, China. EDSA's commitment to excellence can be seen through their past works, which spans more than 500 projects in over 100 countries including Miami's notable 1 Hotel & Homes South Beach, as well as The Dubai Opera House, the Bahamas' Atlantis Resort, and PepsiCo Headquarters in New York.
EDSA plans to position Algodon Wine Estates to meet the current luxury market demand and become the most exciting ultra-luxury, residential resort community in South America. These enhancements and new vision seek to encourage worldwide interest in the 4,138-acre project, particularly among equally situated luxury brands.
Scott Mathis, CEO & Chairman of Gaucho Group Holdings, Inc. commented, "We could not be more excited to work with EDSA. We are hiring the best, and we are getting the best, with the goal to potentially bring in a world class branded 80-120 room hotel with branded residences including our own 'Algodon' branded residences. If we are successful in our effort to partner with a branded luxury name, not only will Algodon be associated with this name, but we expect all the residences associated with the project will see the value of their properties reflect the added mystique of a world renown luxury name.
"We came to San Rafael, Mendoza, with a plan to develop the finest world-class wine, wellness, culinary and sports lifestyle resort and residential development in the region, and we feel as though this partnership is the next logical step in taking this to the next level. In the subsequent months after over a year in lockdown, we believe individuals are prioritizing family, health, and well-being, now more than ever. These days, big cities have lost their allure, and our award-winning vineyard community can provide many with a unique peace of mind only found in a natural, socially distanced living community."
The expanded masterplan looks to further build upon the award-winning vineyard community by incorporating the existing winery and vineyards, an 18-hole championship-style golf course (with the potential to further expand to 36 holes) and championship-style tennis facilities with the goal of attracting international golf and tennis tournaments, a locally-sourced boutique distillery, organic/seasonal restaurants, newly developed villa homesites, equestrian facilities, existing pools, spa and fitness center, lavender and rose gardens, clubhouse and social club, working farm, as well as various hiking, biking, and walking trails and curated local adventures.
Marco Larrea, PLA EDSA Principal stated, "We are very excited to begin work on this expansive project. I believe our team in conjunction with those in place at Algodon Wine Estates and Gaucho Holdings will work effectively to design and complete the enhancement of these inviting and unique assets." CONTINUED… Read this full release for Gaucho Group Holdings at: https://www.gauchoholdings.com/news/press
Other recent developments in the markets include:
Hyatt Hotels Corporation (NYSE: H) recently announced that it will release second quarter 2021 financial results on Tuesday, August 3, 2021, after market close, followed by a conference call on Wednesday, August 4, 2021 at 9:00 a.m. CT. Participants may listen to a simultaneous webcast of the conference call, which may be accessed through the Company's website at investors.hyatt.com. An archive of the webcast will be available on the Company's website for 90 days.
Participants are encouraged to dial into the call at least fifteen minutes prior to the scheduled start time. For those unable to listen to the live broadcast, a replay of the call will be available Wednesday, August 4, 2021 at 1:00 p.m. CT until Wednesday, August 11, 2021 at 11:00 p.m. CT via the telephone details below:
U.S. Toll-Free Number: 800-585-8367
International Toll Number: 416-621-4642
Conference ID: 5295622
MGM Resorts International (NYSE: MGM) recently announced that it has entered into a definitive agreement to purchase Infinity World Development Corp's ("Infinity World") 50 percent interest in CityCenter Holdings, LLC for $2.125 billion. The purchase price represents an implied valuation of $5.8 billion based on net debt of $1.5 billion, after giving effect to the recently closed sale of a two-acre parcel. The agreement will make MGM Resorts the 100 percent owner of CityCenter on the Las Vegas Strip, which is comprised of Aria Resort & Casino and Vdara Hotel and Spa
"CityCenter has consistently elevated the Las Vegas experience over the years, contributing to this vibrant city's undeniable position as a top tourism and business destination," said Bill Hornbuckle, CEO and President of MGM Resorts. "Uniting all of CityCenter under MGM Resorts' corporate structure and strategy will allow us to consolidate financial results, build on efforts to strengthen our operating model and guest experience and further our vision of becoming the world's premier gaming entertainment company."
Hilton Worldwide Holdings Inc. (NYSE: HLT) recently reported that after revolutionizing the Las Vegas hospitality experience decades ago, Hilton is building on its storied legacy in time for the return to travel by almost doubling its presence in the sought-after global destination over the past three years. The company is slated to have more than 30 hotels and over 11,000 rooms across 12 brands in the market by the end of 2021. On the heels of Virgin Hotels Las Vegas, Curio Collection by Hilton's June opening celebration, and just weeks before the anticipated debut of Conrad Hotels & Resorts, LXR Hotels & Resorts and Hilton Hotels & Resorts at the integrated Resorts World Las Vegas complex, Hilton is making an epic return to this top-tier travel destination, bringing new premium and luxury brands to the Strip.
"Hilton helped create the Las Vegas we know today – the entertainment capital of the world grew as we invested in unparalleled hotels, dining, entertainment and design," said Hilton President and CEO Chris Nassetta. "Now we are raising the bar again, offering brands for any style of travel with a renewed focus on premium and luxury hotels. Las Vegas has been an especially bright spot in our global growth strategy, and we are excited to open thousands of rooms there just as people begin traveling again."
Marriott International, Inc. (NASDAQ: MAR) recently announced the opening of Fairfield by Marriott South Binh Duong, celebrating the brand's debut in Vietnam. Located in the Binh Duongprovince and inspired by the beauty of simplicity and warm hospitality, the 181-room hotel delivers an inviting and seamless experience, poised to become the destination-of-choice for travelers in southern Vietnam.
"We are thrilled to introduce the Fairfield by Marriott to Vietnam with the opening of Fairfield by Marriott South Binh Duong," said Rajeev Menon, President, Asia Pacific(excluding China), Marriott International. "The opening marks the fifth brand entry within Marriott Bonvoy's portfolio into the fast-growing country of Vietnam – a testament to our focus on bringing a diversified portfolio for different types of travelers. We look forward to expanding our portfolio further across Vietnam to offer new accommodations in attractive destinations."
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