At a Glance

Three Key Takeaways

The Hotel and Location

Canopy by Hilton Houston, which broke ground in June this year, is scheduled to open in the later part of 2027 with 140 rooms. In partnership between SLTX Capital and Studio South Design, the design combines bold materials, thoughtful textures, and a refined sense of place. Every inch on the hotel is meant to feel layered, modern, and “uniquely Houston.” Take a look inside the design here. The bedrooms alone make for the kind of jealousy where I wish my own personal bedroom looked like these!

The Scope of the Project

The hotel occupies the Scanlan building, which was originally built in 1909 on the ground previously occupied by the residence of the first president of the Republic of Texas. It’s an 87,000-square-foot building, once the tallest in Houston, that is being redeveloped to preserve the building’s ornate crown molding, marble walls, original flooring, and the Case Maclaim mural of a boy on a bicycle painted on its exterior. At the same time, the plumbing, electrical, mechanical systems, and elevators will be completely replaced.

Plans will also include a restaurant and bar, a rooftop garden, a fitness center, and communal gathering spaces, though no operator, chef, or specific concept names have been reveled at this time.

THP Take

We recently did an article about adaptive reuse projects and how they are becoming more and more popular in the world of hotel projects. And even though that article was specific to the DACH region, it’s not actually a concept that pertains only to that region. Adaptive reuse and hotel refurbishments are becoming more popular worldwide, which has been really to watch and learn more about.

Without going into it in too much detail, there are a few reasons behind the shift. Converting an existing building can be faster and cheaper than ground-up construction, and in many cities it’s easier to secure than a new site. Older buildings also come with a certain kind of character and story that you sometimes just don’t get from a ground-up build.

This Canopy by Hilton conversion project is a great example. SLTX Capital picked the building up in late 2024 after its previous owner surrendered it to foreclosure, and the project is using historic tax credits to help preserve all those features previously mentioned (the marble, crown molding, and exterior mural).

It will be interesting to follow this project’s updates and progress over the next year. Because of Hilton’s track record of conversion projects, I think this luxury hotel has the potential to be one of the more compelling examples yet of “old bones, new life” that will really impress those who step through the front doors.

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All regions saw positive momentum, despite upheavals caused by conflict in the Middle East. The busiest customer segment was group, with demand up 10%. Stronger demand overall enabled IHG to push up prices by an average 3.9% globally, while room occupancy eased up 0.9%. Net system growth recorded an increase of 4.9% year on year.

All Brands Contributed to Success

“Our US performance was very strong, with growth across all brands,” reported CEO Elie Maalouf. “There was very good growth in EMEAA, most notably in Continental Europe and East Asia & Pacific, which included an increase in inbound travel from China.”

IHG finished the quarter with 7,186 hotels, while it opened 92 during the quarter. But it was the group’s signing momentum that was more impressive, with 164 hotels added to the pipeline, taking its global pipeline total to 353,000 rooms across 2,426 hotel projects around the globe.

IHG’s growth has been helped by the addition of new brands, notably those such as Voco which are flexible and suit hotel conversions. A truly global brand, it has seen a slew of recent openings around the world, including Voco Parma & Congressi, Voco London Bloomsbury and Voco Antalya Konyaalti in Europe. Further afield, the 227 room Voco Queenstown has opened in New Zealand, and Voco Shenyang Golden Corridor recently launched in China.

The brand is also supporting the group’s expansion in the Americas. In Canada, Voco Montreal and Voco Toronto Airport are in the pipeline. In Mexico, Voco Guadalajara Expo has just opened, with five more sites signed across the country. And in the US, voco Missoula Downtown has just opened, with Voco El Celeste signed in New Mexico.

“We expect another year of record development activity, and for 2026 to be our fifth straight year of accelerating net system growth,” asserted Maalouf. “Development remains split broadly evenly between new builds and conversions, with each of our collection and conversion-focused brands – voco, Vignette, Garner and Noted – continuing their rapid expansion around the world.”

The Garner brand is making impressive progress, with 120 hotels already open and dozens more signed. In India alone, the brand has a pipeline of seven hotels, with the first of these, Garner Kutch Gujarat about to open before the year end. Into 2027 and IHG will open Garner Kathua, Garner Etawah, and Garner Bhiwadi.

Holiday Inn Family Leads the Way

Holiday Inn Express is the group’s largest brand, with 3,353 hotels globally, followed by Holiday Inn with 1,263 properties. In contrast, the Regent luxury brand, and extended stay brand Atwell Suites, have just 11 properties each globally.

With strong cash generation from the business, IHG will return over USD1.2 billion to shareholders over the course of 2026. This will be in the form of USD285 million of dividend payments, and around USD950 million deployed to buy back the company’s shares on the open market.

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The Brand and the Concept

The hotel draws on Vermont’s maple sugarhouse traditions, local makers, and natural landscape, reflecting the independent spirit of Tribute Portfolio. The idea is that Sugar House should not resemble any other hotel in the collection but feel like one that could only exist in Vermont. Its guiding duality is “nature out back, city out front.”

Design and Setting

Guests pass beneath a planted living roof on the porte-cochère and MOSS entrance into a lobby that pays modern tribute to the sugarhouse tradition. The central lounge is anchored by a 20,000-pound native Green Mountain Schist boulder hearth and a 20-foot indoor maple tree, with a spiral staircase leading to a treehouse-inspired mezzanine library. Check-in includes a make-your-own maple creemee station.

Food, Drink and Community

Treetops Restaurant is the only rooftop restaurant and bar in the Greater Burlington area, pairing seasonal, approachable cuisine with floor-to-ceiling views and an outdoor terrace. Beneath the lobby’s maple tree, MOSS Café + Bar serves as an all-day social hub, moving from morning coffee and locally baked maple pastries to deli fare, small bites, and seasonal cocktails. Planned programming includes wellness sessions, naturalist walks, and artisan workshops.

Sustainability

Sugar House operates entirely on electricity, including its commercial kitchen, with no gas lines or fuel tanks. Rooftop solar panels are designed to generate roughly one-third of the building’s energy needs, while a geothermal well system provides heating and cooling and supports hot-water production. Water-efficient fixtures such as low-flow showerheads support conservation, and reclaimed timbers from Vermont’s historic North Hero drawbridge have been repurposed in the Treetops bar and elevator lobby tables.

Partnership and Portfolio

Marriott International’s Peggy Roe, Executive Vice President and Chief Customer Officer, said the hotel shows how care for place can shape the guest experience, from design and materials to how the building uses energy. Nedde said the opening reflects a local team combining environmental sustainability with the community’s culture and artisans. Tribute Portfolio has more than 200 independent hotels in more than 35 countries and territories.

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Hyatt has filed a formal opposition to Hilton’s application to register “Select by Hilton” as a trademark. The filing went to the Trademark Trial and Appeal Board, which is part of the U.S. Patent and Trademark Office. Hyatt argues that Hilton’s brand is likely to cause confusion with its own “Select” marks, and that guests could believe the two are connected. It is asking the board to stop the application from moving toward registration.

Hyatt says it built goodwill in its marks through advertising, promotion, and sales, and it dates its rights to around February 2025. Hilton began using “Select by Hilton” in October 2025, about the same time it filed its application.

Two Brands With Different Models

Hyatt launched Hyatt Select in February 2025 as an upper-midscale brand for transient guests. It is built for both new construction and conversions, with hotels ranging from 70 to 200 rooms and a lean operating model. Guests get complimentary breakfast and a 24-hour grab-and-go market. The brand joins Hyatt’s Essentials portfolio and will focus on the Americas before expanding globally.

Hilton announced Select by Hilton in March 2026 as its 27th brand. It works as a collection of established brands that keep their own identity and brand management while gaining access to Hilton Honors and Hilton’s distribution and technology platforms. Yotel is the first brand in the collection, under a franchise agreement, and continues to manage and license its own brand at 23 hotels across 10 countries. Hilton’s chief development officer has described the collection as open only to a very selective list of companies or brands.

Yotel launched in London in 2007 and operates urban hotels in cities such as New York, Tokyo, Amsterdam, Glasgow, and Singapore. Yotel’s goal is to more than triple its portfolio in the coming years. The first Yotel hotels became bookable through Hilton starting July 15.

THP Take

The case is at an early stage, and nothing in the filing seems to say when the board will make their decision. Both brands are already using the “Select” name, so the filing does not change how either one operates today. Opposition proceedings can involve discovery and extensive legal briefing, so the matter may remain open for a while before anything more is known.

Trademark law works on a sliding scale, and where a name is positioned on it affects how much protection it gets. For example, take Amazon, a word with nothing to do with online shopping, which puts it near the strong end. Words like “great,” “premium,” “super,” and “select” are located near the weak end of the scale because they simply say something nice about the service. In hotels, “select” can suggest a carefully chosen, higher-quality stay, which is why it tends to not receive as much attention. So, it will be interesting to see how everything pans out.

For hotel suppliers, the name matters because brand names show up on signage, uniforms, amenities, and printed materials. Anyone quoting branded items for a Select-branded hotel may want to ask the project team how the dispute could affect brand standards and product needs, if at all. It also helps to confirm who owns the brand specifications and who approves any changes before an order is placed. Readers can follow the case through the public filings at the Trademark Trial and Appeal Board to see where the case stands and how it moves forward.

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Avani+ Khao Lak Resort in Thailand centers its offer on children’s entertainment. Younger guests can take part in Santa’s Lost Gift Hunt, try Christmas crafts, and meet Santa by the sea. The climbing wall and AvaniFarm give kids more to do between events. Parents can book an AvaniSpa treatment or take a long walk on the beach, and everyone gathers again for festive dining.

Beach and Riverside Stays

At Avani+ Fares Maldives Resort in Baa Atoll, the schedule includes a castaway lunch on a sandbank, a game of bubble football, and a family film under the stars. Pirate treasure hunts and the kids’ and teens’ clubs give younger guests their own activities. Petit Bistro makes children the center of the dining experience, and parents can book a Pearl of the Atoll treatment at AvaniSpa.

Avani+ Luang Prabang in Laos takes a slower approach to the holiday. Christmas Eve dinner is a five-course meal served poolside by the fire pit. Days can include cycling through the UNESCO-listed old town, browsing local handicrafts, or joining a meditation session with a monk. A sunset cruise on the Mekong is also available, and evenings can be filled with a courtyard swim, a book, or an open-air film.

City Options in Madrid and Bangkok

Avani Alonso Martínez Madrid Hotel in the Chamberí district points guests toward the city’s food offerings. Breakfast at The Pantry comes first, followed by trips to Christmas markets, cafés, and tapas bars. Guests can also join a churro-making workshop with San Ginés, the historic Madrid churrería. Seasonal workshops cover Christmas crafts and a “Collage of Intentions” vision board for the year to come, and the Christmas lights along Gran Vía make for an evening stroll before dinner at a neighborhood restaurant.

The final stay moves to New Year’s Eve at Avani+ Riverside Bangkok Hotel. Its Celestial Empire celebration welcomes 2027 across the SEEN and SIN venues with dining, cocktails, live entertainment, and DJs. Midnight fireworks go off over the Chao Phraya River. Dining and bar packages let guests choose their evening in advance, and a river-facing room keeps the trip back short.

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Global revpar was up 4.9% for the period, as the international hotel group shook off worries around conflict in the Middle East to deliver a solid increase in the performance metric. The group’s luxury and lifestyle properties continued to lead the way, with revpar up 8.9% at luxury brand properties across brands including Delano, Hyde, Mondrian, Fairmont and Sofitel. Lifestyle segment properties saw revpar up 7.1% overall, though the global figure was reduced by a weaker performance in the Middle East. Taking this region out of the calculations, lifestyle revpar was 13.8% across other regions.

Premium, Midscale and Economy Hotels a Strong Supporting Act

Across the group’s premium, midscale and economy brands, which include Pullman, Novotel and Ibis, performance was less strong but still positive, up an average 2.5%. The Brazil market was a standout performer, with revpar at hotels in the Americas region up 6.5%.

Growth metrics for the quarter recorded a 3% net unit growth, while the Accor pipeline grew 9.5%. Nearly 9,000 rooms were added to the group’s inventory during the quarter, as it opened 63 hotels – almost five a week.

One significant corporate move for Accor is the disposal of its stake in Essendi, the business that owns many Accor properties and was previously named AccorInvest. A deal with Blackstone and Colony IM will see the investors acquire Accor’s remaining 30.7% stake in the real estate vehicle, for an initial EUR675 million with a further EUR300 million earnest. Accor will be returning the proceeds to shareholders via a EUR500 million share buyback.

With no slowdown in the group’s opening pace, the coming quarter will see another strong roster of hotel launches. The Sofitel brand will be opening Sofitel Rio de Janeiro Ipanema in Brazil; the massive 1,141 room Sofitel Jabal Omar Makkah in Saudi Arabia; the Sofitel Thalassa Alger Sea & Spa in Algeria; Sofitel Diamond Crown Hai Phong in Vietnam; and in Fiji, Vatu Talei by Sofitel.

Pullman’s Global Pipeline

Among the group’s premium, midscale and economy brands, Pullman has a busy few months ahead with a list of openings around the globe. In China the group has just launched the 198 room Pullman Taizhou Huahong, and over the next few months will add Pullman Shangrao, Pullman Hotel Nanjing Riverside, Pullman Wuhan and Pullman Jinan Changqing.

In its more mature European region, Accor is still finding growth opportunities for Pullman. It will shortly open Pullman Okol Lake Park Golf Resort & Spa in Bulgaria, a combined hotel and branded residences. While Pullman Kolasin Breza will open in Montenegro in time for the winter ski season.

Accor is confident of its momentum continuing. The group upgraded its full year outlook, expecting group revpar to come in at the upper end of its 2-2.5% range, with ebitda of somewhere close to EUR1,285 million. Network growth is expected to land in the range of 3-3.5% for the full year.

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During Dominican Republic Week in France, held in October 2026, the group signed a series of new hotel development agreements with a variety of delivery partners. As a result, the Accor pipeline in the country has grown and now adds up to 23 properties, representing around 6,000 new rooms, including both hotels and branded residences. This volume is around 6.5% of the country’s hotel capacity, and will support around 9,000 local jobs.

A Market Growing at Pace

“The Dominican Republic is a market where tourism growth, infrastructure investment, and international demand are all converging at pace, and the opportunity is real,” commented Camil Yazbeck, who is Accor’s global chief development officer for its premium, midscale and economy brands. “With more than 20 hotels underway, we are not simply entering this market, we are helping to shape it.”

Among pipeline projects already under way are Novotel Punta Cana Airport, a 105 room new build expected to be ready for opening during 2027. And Accor is partnering with Noval Properties on the Swissotel Jardines de Bellas Artes in Santa Domingo.

The country welcomed 11.6 million international visitors in 2025, and the country’s administration is keen to push that figure higher. Banreservas, the country’s state-owned bank, is playing its part alongside a broad range of domestic and international investors.

Recent additions to the Accor pipeline include partnership in a major coastal development at Miches. There, a wellness oriented Swissotel with 250 rooms will be joined by Grand Mercure and Novotel resorts, each with around 1,000 rooms. In addition, there will be an Ibis hotel and a further luxury branded hotel with branded residences.

Accor’s Handwritten Collection will also be growing its presence, with two new signings. A 350 room resort in Samana Bay will be part of a larger project including 400 branded residences. And on the north coast, Handwritten Collection Cabrera is a 95 room boutique hotel that will operate under a franchise agreement from opening in 2028.

More Brands Move In

Plenty of other international brands are also busy building across the Dominican Republic. Archipelago International’s Aston brand is one, with live projects including the Grand Aston Larimar City Golf Hotel & Residences; Juanillo Hills by Aston; and Poseidonia Villas by Aston.

The country is also featuring strongly in Hyatt’s plans. The group recently opened the Hyatt Vivid Resort in Punta Cana, a 467 room complex designed for adults only. It is working on Secrets Macao Beach Punta Cana, another major resort with over 400 rooms that will launch in spring 2027. Bigger than both of these will be the 650 room Hyatt Ziva Punta Cana Resort and Spa, expected to be complete by early 2029.

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A Wellness Club with a Longevity Focus

The Tivoli Wellness Club has a wet area with a sauna and steam room, a relaxation area, and a treatment room for face and body services. Its main feature is the Longevity Suite, which uses Starpool technology and is meant to support physical and mental recovery. Treatments use products from INSÌUM, an Italian skincare brand that makes vegan formulas. The hotel gym, which has Technogym equipment, is on the same floor.

The Longevity Suite offers three experiences. Zerobody Dry Float gives guests a feeling of weightlessness over warm water without direct contact with it. Zerobody Cryo pairs dry flotation with a mild cold treatment, and the hotel says it can help with recovery after exercise and with jet lag. Molecular Hydrogen involves inhaling high-purity hydrogen, which is a treatment used to support recovery and manage oxidative stress.

Guests can also request a private trainer, yoga classes, or a personal runner who leads routes past the city’s landmarks. The club accepts a limited number of outside members, who get access to the gym and wet area and can book treatments. Non-members can reserve single treatments or Zerobody sessions through the hotel website or by phone.

A Sicilian Chef Opens on the First Floor

CityMilano by Natale Giunta is located on the hotel’s first floor and overlooks Largo Augusto, with views of the Duomo. Giunta is a Sicilian chef and entrepreneur who also runs CitySea Palermo and Oro Bistrot in Rome. His cooking draws on Mediterranean and Sicilian traditions with a contemporary approach. He also curates events and hospitality projects for private clients, companies, and institutions.

The menu offers dishes from seafood crudo to premium cuts of meat. The restaurant also has a wine list and a piano bar that focuses on signature cocktails. Its first cocktail list is based on Alessandro Manzoni’s novel I Promessi Sposi (The Betrothed), using the book’s places and characters as themes. A live DJ plays on Friday and Saturday nights.

A Presidential Suite and a Holiday Makeover

The Presidential Suite covers 150 square meters and has views of the Duomo. It includes a living area, a private kitchen, three bathrooms, a Technogym gym, and a wellness area with a private sauna. A direct entrance leads to the rooftop terrace on the ninth floor. During recent Milan fashion weeks, the suite hosted guests from fashion, entertainment, and media.

From December 1, the suite and rooftop will become the Tivoli Christmas Suite. The space will have holiday decorations and custom installations and will be open to hotel guests as well as private and corporate events. The hotel also has meeting rooms facing Largo Augusto that hold up to 70 people. Architects Luigi Figini and Gino Pollini built the hotel between 1961 and 1965, and it remains a notable example of Italian Brutalism.

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The news came as Pandox reported strong third quarter results. Lease revenues were up 37%, while ebitda increased by 30% to SEK 1,561 million. CEO Liia Nou reported that “hotel market growth continued in a turbulent world” and warned that fourth quarter results would be impacted by tough comparables from 2025. She also noted that interest costs for the group have risen in the last year.

Stabilised Assets Passed to New Owners

The hotel disposals were in two separate transactions. Five hotels in Denmark have been acquired by joint venture investment partners Alma Property Partners and Midstar AB. The properties they have taken on are four Scandic hotels, in Sluseholmen, Hvidovre, Kolding and Glostrup. A fifth property in the deal is the Motel One Copenhagen. The four Scandic branded properties have been in the Pandox portfolio since 2012.

A second deal sees Pandox moving on two more Scandic branded hotels, Scandic Hallandia and Scandic Kalmar Vast. In this case, the buyer is another Swedish group, Västerkulla Hotell Holding AB. Pandox said all seven properties were sold at prices above their current book value.

“The divestments combined are made above book value and they reflect a growing interest in hotel properties,” said CEO Nou. “They are good examples of our ability to create value through active ownership, and also reduce our debt.”

The sales have changed the balance of the Pandox portfolio, reducing its Scandinavian holdings notably. After the deals, it will own just three hotels in Denmark. However, its total portfolio remains substantial, with the group owning 191 hotels across Europe, adding up to around 42,400 rooms.

Pandox also reported on the impact of the loss of Revo Hospitality in Germany, which impacted nine hotels owned by the group and leased to Revo. Six of the hotels have been transferred into Pandox’s own operating division, and will be operated directly for the short to medium term. Three hotels remain with the official receivers of the Revo business, as discussions proceed with potential new tenants.

Busy Absorbing the Dalata Acquisition

During the last year, Pandox has seen less transaction volume than is normal for the group. But management has been busy absorbing the Dalata Hotels business, including its Maldron and Clayton branded hotels, following the takeover of that group. One recent deal, however, was the reletting of a hotel in Bodo, Norway which will see it branded by operator Strawberry. The change will take place in early 2027, after a current agreement with Radisson Hotel Group expires.

As a major hotel owner, Pandox is continually investing in its portfolio, often with renovations, repositioning or rebranding exercises to enhance the value of individual properties. Current live projects include a planned renovation at the 275 room Pullman Hotel Koln Cologne. In Brussels, the Crowne Plaza hotel is being redeveloped and extended, to create the DoubleTree by Hilton Brussels City.

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Growth Behind the Milestone

IHG says the growth has come from adding brands as well as hotels. Since the start of 2024, it has made 36 brand debuts in new European countries, not counting Ruby, spanning its luxury and lifestyle, premium, and essentials and suites categories. Recent arrivals include Iceland, Sweden, and Greece.

The portfolio has also widened at the brand level. IHG acquired Ruby, a premium urban lifestyle brand, and launched Noted Collection, its 21st brand, which already has seven signings globally. The company says its development pipeline is made up of both conversions and new builds.

Why Europe

IHG ties the milestone to the confidence owners, partners, and guests have in its brands, its enterprise platform, and IHG One Rewards. Europe’s pull as a destination also plays a part. UN Tourism puts international arrivals at about 793 million in 2025, more than half the global total.

Karin Sheppard said the milestone reflects the strength of the brands, the trust owners place in IHG as a partner, and the work of its hotel teams. She said IHG is growing new and established brands in priority markets and is well positioned to deliver long-term value for owners. The company says the openings and pipeline also set it up for further expansion across Europe and the wider EMEAA region.

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