Latest news: Trinity adds services biz; Sonesta, Aken align; Trump adds Dubia

Trinity launches third-party services. Honolulu-based Trinity Investments is launching two new offers, Trinity Asset Management Services and Trinity Development Services, that will provide third-party hotel owners and lenders with direct access to Trinity’s operational expertise and development capabilities. These newly launched services represent a strategic expansion of Trinity’s platform, which has historically been reserved for its investment portfolio.  Trinity Asset Management Services will be led by Rob Tanenbaum, managing director of strategic partnerships, and Trinity Development Services will be led by Craig Lovett, managing director of development.

Sonesta deal with Aken. Sonesta International Hotels Corp. has entered a strategic alliance agreement with Miami-based Aken Hotels & Resorts, a hotel group with a portfolio across South America and the Caribbean, to join the Sonesta system. The companies inked the deal at ALIS CALA and intend to finalize a definitive agreement by mid-year.

Peachtree expands DST offerings with New Jersey hotel. Atlanta-based Peachtree Group has launched its latest hotel property structured as a Delaware Statutory Trust (DST) with the 114-key Residence Inn Ocean Township in New Jersey. This marks Peachtree’s eighth DST property since launching the program in 2022.

Caesars rebrand in Lake Tahoe. Caesars Entertainment is transforming Harveys Lake Tahoe in Nevada into Caesars Republic Lake Tahoe Hotel & Casino this summer. The hotel will remain open during the $160 million renovation and will rebrand on July 1. Renovations are also taking place at Harrah’s Lake Tahoe, which is next door. Caesars Republic Lake Tahoe is the second Caesars Republic to open in two years, following the opening of Caesars Republic Scottsdale, a Hilton Hotel. The renovations at Caesars Republic Lake Tahoe will continue throughout 2025, pausing during the summer season, with the entire project slated to be complete in mid-2026.

CMBS delinquency climbs. The Trepp CMBS Delinquency Rate rose again in April, with the lodging sector rate rising for the fourth consecutive month to 7.85%. The overall rate increased 38 basis points to 7.03%. In April, the overall delinquent balance was $41.9 billion, up from $39.3 billion in March. The overall rate has now cleared the 7% mark for the first time since January 2021.

JV acquires in Alabama. Atlanta-based Sage Lane Partners and Ocala, Florida-based ARK Holdings have completed the joint venture acquisition of the 101-key Hampton Inn & Suites in Prattville, Alabama, from an undisclosed seller for an undisclosed amount.

Kempinski adds in Turks & Caicos. Munich-based Kempinski is partnering with Bratislava, Slovakia-based JTRE to develop the 123-key Kempinski Grace Bay, a luxury resort and branded residence being developed on Grace Bay Beach in the Turks & Caicos Islands. The property will have 119 private residences and four oceanfront villas.

Crestline adds in Seattle. Fairfax, Virginia-based Crestline Hotels & Resorts has assumed management of the 200-key AC Hotel Seattle Downtown in Washington. The 11-story hotel opened less than a year ago and was developed by Nexera Capital.

IHG debuts Kimpton in Dubai. IHG Hotels & Resorts has signed a management agreement with Melville, New York-based API Hotels & Resorts to launch the first Kimpton hotel in the UAE. The 180-key Kimpton Dubai is scheduled to open in Q1 2026 and continues the regional expansion for IHG, which now has more than 122 hotels and close to 44,000 rooms across nine Middle East countries.

Dar Global, Trump adds in Dubai. London-based Dar Global and The Trump Organization have announced the launch of Trump International Hotel & Tower, Dubai. The hotel is the first Trump International hotel in the Middle East and is the fifth collaboration between Dar Global and The Trump Organization. 

InnVentures adds to portfolio. Kent, Washington-based management company InnVentures has added a property in the Pacific Northwest to its portfolio: the Residence Inn Seattle Northgate Station. InnVentures also announced the conversion of the Crowne Plaza Portland-Lake Oswego to AC by Marriott Portland Lake Oswego in Oregon.

Booking Holdings earnings. Norwalk, Connecticut-based Booking Holdings reported first-quarter earnings and sales that exceeded expectations. Analyst Michael Bellisario of R.W. Baird said the Q1 results were better than expected but 2025 guidance “now reflects incremental macroeconomic and geopolitical uncertainties, even though the company is seeing stable travel trends globally… The company remains well-positioned to continue growing and gaining share, particularly internationally, and the domestic slowdown that is occurring does not materially impact overall performance.” Booking Holdings is the parent company of Booking.com, Priceline and other brands.

Equity International sells remaining stake of SAMHI. Chicago-based Equity International Management has sold its remaining stake in SAMHI Hotels Ltd., a hotel ownership and asset management platform in India. Equity International made its first investment in SAMHI in 2011 and has been its largest shareholder for most of its history. Blue Chandra Pte. Ltd., an affiliate company of Equity International, sold approximately 49.8% of its equity holdings in the company in conjunction with SAMHI’s IPO in September 2023. In March 2024, Blue Chandra sold an additional 27% of its initial interest in SAMHI, retaining 8,721,414 shares. The remaining 23.2% of shares were sold on April 29. SAMHI has a portfolio of 31 operating hotels and 4,823 rooms in 13 cities across India.

Second Holiday Inn in Japan. IHG Hotels & Resorts has signed an agreement with Minami Nijo Operations, a wholly owned subsidiary of Tokyo-based World Brands Collection Hotels & Resorts, to open Japan’s second Holiday Inn & Suites later this year, which will be owned by a fund managed by Goldman Sachs. The 195-key Holiday Inn & Suites Sapporo Odori Park will open in late 2025 following an extensive renovation.

Minor adds in UAE. Minor Hotels is partnering with UAE-based Al Fahim to sign the 232-key Avani+ Fujairah Resort in the United Arab Emirates. The new-build property is scheduled to open in 2028 and will mark the debut of the Avani brand in the emirate of Fujairah. It will also represent the brand’s first resort product in the country.

IHG adds in Australia. IHG Hotels & Resorts is partnering with Luxora Hotels to return the Holiday Inn brand to Townsville, Australia. The 93-key hotel will undergo extensive renovations before converting to Holiday Inn Townsville in early 2026. IHG has 76 hotels in Australasia operating under nine brands, and it has another 26 properties in its development pipeline.

Minor, Soma Bay partner in Egypt. Minor Hotels has entered into a memorandum of understanding with Cairo-based Soma Bay Hotel Company SAE to develop a hotel under its luxury Anantara brand in Egypt. The first project under this partnership is expected to be announced later this year.