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news about deals, development, data and more.
$67M
construction loan in Nashville. Atlanta-based Nexera Capital has closed a $67 million
construction loan for a dual-branded Hilton in Nashville’s East Bank, adjacent
to Oracle’s planned $2B global headquarters. The Hampton Inn/Home2 is one of
several properties in the East Bank area for Nexera. Arriba Capital secured the
financing.
Sunday’s
UK expansion. Sunday
Hotel, the premium brand launched by SoftBank-backed Oyo, has announced plans
to expand its presence in the U.K. Sunday, which debuted in the U.K. with the
Lansbury Heritage Hotel near Canary Wharf in London in 2024, now aims to more
than double its managed portfolio of hotels from 20 to 50 hotels by the end of
2026. The company said these managed hotels currently operate in London,
Cardiff, Bristol, Liverpool, Exeter, Dundee, and benefit from higher
occupancies, cost efficiencies and seamless day-to-day management since joining
the program.
Boca
Raton hotel sells. An affiliate of Waterstone Capital has sold the 120-key Residence Inn by
Marriott Boca Raton in Florida to an undisclosed seller for $15 million. The
new buyer intends to turn the hotel into student housing for Florida Atlantic
University. Marcus & Millichap facilitated the sale.
Booking
settles Texas junk fee suit. Booking Holdings has reached a $9.5 million settlement with
the state of Texas over a lawsuit alleging the company engaged in deceptive
“junk fee” practices. The lawsuit
alleged that Booking Holdings, operator of Booking.com, Priceline and Kayak,
drew in customers with “artificially low room rates that were not actually
available” by grouping hotel fees in with taxes and fees that were not
displayed until checkout, giving it an advantage over companies that included
those fees in the initial room price. Per the settlement, Booking has agreed to
display any such fees upfront.
Atlanta
hotel joins Design portfolio. The 120-key Hotel Granada in Atlanta has joined the Design
Hotels portfolio, a collection of independent hotels from Marriott International. As a member, the hotel
will now participate in the Marriott Bonvoy program. Originally built in 1924
as the Granada Apartments, the property had renovations and reopened as a hotel
in August 2024.
Tryst
adding in Brazil. San Juan, Puerto Rico-based Tryst Hospitality is planning to open the 140-key
The Tryst Ipanema in Rio De Janeiro in 2026. Tryst said it is the global leader
in luxury LGBTQ+ travel and has previously announced three other hotels: the
Tryst Puerto Vallarta, which opened earlier this year; the Tryst Fire Island,
which is expected to open next year; and the all-new Tryst San Juan, which is
also expected to open in 2026.
Travelodge
earnings. U.K.-based
budget chain Travelodge said it remains confident of future growth
despite a tough first half of the year, which saw drops in both earnings and
revenue. The brand, which operates across the U.K., Ireland and Spain,
generated revenues of £471.3 million for the first six months of this year, down from almost £487 million for the same period last year. Earnings fell,
year-over-year, from £82.1 million to £47.3 million. However, the group said it
has seen improved trading in the first few weeks of the third
quarter of the year.
IHG
adding voco in Thailand. IHG Hotels & Resorts is partnering with SCX Corporation Co. Ltd., a
subsidiary of Thailand-based SC Asset Public Co. Ltd., to develop the 350-key voco
Bangkok Siam in Thailand. The new-build hotel is scheduled to open in 2029.
Tours
drive Australian performance. A number of Australian hotel markets saw significant jumps
in performance during the British and Irish Lions Tour, including Brisbane,
which posted record highs in ADR and RevPAR, according to the latest data from
CoStar. Six Australian cities hosted matches over the course of June, July and
August. The highest occupancy for a single night was recorded in Canberra
(95.9%) on Wednesday, July 9. Year over year, the market’s ADR (AUD247.17) and
RevPAR (AUD237) for that night were up 10.3% and 12.8%, respectively.