Lengishu, the luxury Kenyan safari home and esteemed member of the environmental membership organisation, The Long Run, is one of only twelve properties worldwide to have achieved Global Ecosphere Retreat® (GER®) status, recognised by the Global Sustainable Tourism Council. Members of The Long Run organisation diligently work towards gaining GER® status, considered the gold standard in sustainability audits for the hospitality industry. They adhere to the charity’s sustainability standards, focusing on the 4Cs: Conservation, Community, Culture, and Commerce. Lengishu’s steadfast commitment to responsible tourism, particularly in protecting the surrounding wilderness and environment and local community education, has earned them global recognition within the community of the membership organisation The Long Run and beyond. Lengishu’s distinction is underscored by the exclusive nature of its achievement. Notably, no other private houses have garnered the esteemed GER® accreditation, amplifying Lengishu’s exceptional standing within the industry. This accolade not only sets them apart but also solidifies their position as trailblazers in the realm of sustainable luxury accommodations. It reflects the house’s unwavering commitment to environmental stewardship and responsible tourism, elevating Lengishu to a unique echelon where luxury seamlessly intertwines with conscientious conservation practices. Anne-Kathrin Zschiegner, Executive Director for The Long Run comments: “We’re delighted to welcome another property on Borana Conservancy to the Global Ecosphere Retreat fold. It has been inspiring to watch the whole Lengishu team grow more committed and experienced in implementing the 4Cs since they joined The Long Run in 2020. Congratulations to them all!”
Global Hotel Deals to Surpass $58 Billion in 2024
23.01.2024 - 08:08 / skift.com / Sean Oneill
Global hotel dealmaking will speed up in 2024 thanks to a more positive financing environment, exceeding 2023’s unusually low level by 15% to 25%.
Expect at least $58 billion in deals this year, according to JLL Hotels & Hospitality. This investment advisory firm has helped trade more than $60 billion in hotel assets worldwide during the past five years. Skift got an exclusive early look at the 2024 global hotel investment outlook report that JLL will release this week.
JLL believes 2024 will see a hospitality transaction boom for a few reasons:
Global hotel transactions hit the second lowest in a decade last year – only the exceptional 2020 pandemic year was worse. Rising interest rates caused many buyers and sellers to wait. Most believe debt costs won’t climb any higher and may perhaps moderate.
JLL believes that hotels in major gateway cities will see the most investor interest: London, Los Angeles, Paris, New York, Sydney, and Tokyo.
Pricing will strengthen. Last year, the single-asset price per hotel guestroom key in cities was $301,000 — 8% behind 2019 levels. But after a few years of sellers holding out for the ideal prices they want, more liquidity is expected in the market this year as sellers face pressure to exit their investments and buyers become more willing to pay a premium.
London, in particular, may draw interest from investors because of pent-up demand, given that only $867.8 million worth of deals happened last year, down 64% from the long-term average.
Landmark luxury, select-service, and extended-stay properties will be the most favored. Investors in North America and Europe properties will lead growth transaction volume, with Asia’s recovery ongoing but lagging.
Major hotel groups will also likely do an above-average level of dealmaking.
The supply of new hotels has slowed because of rising construction costs and ongoing supply chain and labor disruptions, so hotel groups are looking at persuading owners of existing properties to convert to their brands. However, hotel groups are all fighting over the same properties to convert. So they will face pressure to seek net rooms growth through acquisitions of portfolios.
Revenue growth will finally decelerate from red-hot growth. But that’s not a sign of weakness. it’s a return to normal – and that’s a good thing.
Lengishu Has Been Awarded Global Ecosphere Retreat® Status
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