In Miami, the Vintro Hotel South Beach has just partnered to join Hilton’s Curio collection as the second hotel brand’s property in the area. “It’s no coincidence that this will be our second property in South Florida in such short order since we launched the brand just over a year ago,” said Matt Wehling, senior vice president, development – North America, Hilton Worldwide. “Travelers are looking for new ways to experience their favorite destinations, and we’re more than happy to oblige by welcoming remarkable properties like Vintro Hotel South Beach to the Curio collection.”
The Curio brand’s other location in Florida is The Diplomat Resort & Spa Hollywood, which had joined Hilton’s Collection in 2014. Hilton stated that Curio properties — like the Diplomat Resort & Spa in Hollywood — are “hand-picked” for their distinctive character and personality. And third property, Triptych will join Curio, and is set to open during Art Basel 2017, Hilton Worldwide announced earlier this year. BizJournals notes that the 20-story, 296-room project will offer gallery space, 40,000 square feet of meeting space, a number of food and beverage options and a fitness center.
Hilton has been aiming to bet big on the luxury hotel market leveraging Curio, it’s fairly new brand. Hilton initially developed just five Curio properties, however it’s obvious plans to grow the brand have evolved. Rob Palleschi, global head of Hilton hotels and resorts, had stated that their goal is to have 350 Curio hotels within the next five years.
“We’re looking in major markets such as Vancouver, Montreal, London, Paris and Rome, there are many iconic assets as well as new ones that are designed to be market specific,” Palleschi stated GlobeSt.com said recently at an investment conference in New York. Curio is a collection of four-to five-star hotels that is also part of Hilton HHonors, Hilton’s customer-loyalty program.
Jones Lang LaSalle’s (JLL) 2016 Hotel Investment Outlook indicates that hotel deal volumes skyrocketed 50 percent to $85 billion last year, boosted by a record proportion of cross-border capital and single asset transactions. In total sum, there were 53 hotels sold for over $600,000 per room last year, which according to the report reflects the high levels of confidence and capital in the hospitality sector. Activity in 2016 is expected to be more measured, with fewer headline-grabbing ‘trophy’ properties on the market.
“Hotel values will continue to rise, with secondary markets providing the most fertile investment landscape. RevPAR is projected to grow by 4-5 percent globally this year,” JLL noted. “Consolidation, single assets, and secondary markets are set to be the big stories in 2016.” The United States will lead the way. According to the report, the Americas region is forecast to see transactions of $37 billion in 2016. “The United States is again expected to be the most liquid country in terms of transaction volume. Offshore investors will likely become the second-largest buyer type after private equity.”