Breaking news about deals, development, data and more.
Turnberry refi. Fontainebleau Development has raised $475
million to refinance the JW Marriott Miami Turnberry Resort &
Spa in Aventura, Florida, according to the Commercial Observer. Financing
from J.P. Morgan Chase and Goldman Sachs adds $62.7 million to an existing
$412.2 million loan, bringing the total debt for the property to $475 million,
according to mortgage documents.
IHCL adds Claridges New Delhi. Indian Hotels Co. Ltd. is
expanding the Claridges brand with the signing of a management contract for the
119-room The Claridges, New Delhi, beginning in April 2025. “This signing
aligns with our growth strategy to enhance IHCL’s presence in key metro cities with
iconic assets. The Claridges, a distinguished landmark in Lutyens’ Delhi,
provides a unique opportunity to expand our footprint at the nation’s most
prestigious address, while also paving the way for potential expansion of our
brandscape by growing The Claridges brand,” said IHCL Managing Director and CEO
Puneet Chhatwal. IHCL also reported Q2 and H1 FY 2024-25, marking ten
consecutive quarters of record performance. For the second quarter, IHCL
Consolidated reported overall revenue growth of 28% and 16% growth for the
hotel segment, marking the best ever Q2 EBITDA margin at 29.9%. IHCL has also achieved
a record signing of 42 hotels, resulting in a portfolio of 350 hotels. Earlier
in the week IHCL said it had entered into definitive agreements to acquire
majority shareholding in ‘Tree of Life’ brand holding company.
Pebblebrook earnings. Pebblebrook Hotel Trust reported solid
3Q24 earnings with same-property revenues up 2.8%. Earnings were helped by $7.1
million in business interruption income. However, last week Pebblebrook reported
hurricane-related impacts of $11.5 million, which impacts full-year adjusted
EBITDA. In 3Q24, same-property hotel EBITDA was $110.8 million (-1% YOY). For
4Q24, Pebblebrook forecasts softer results with same-property hotel EBITDA
-$4.4 million (-100 bps in RevPAR). Earlier this week, Pebblebrook extended
$787 million of debt, including $185 million that was set to mature in 2025.
Airbnb reports. Airbnb reported solid 3Q24 results with
$3.73 billion in revenues, up 10% year-over-year. ADRs in 3Q24 increased to
$164 (+1% YOY), decreasing 3% from $170 in 2Q24. Nights booked in 3Q were
better than consensus (121.36 million), with APAC and LATAM the fastest-growing
regions with bookings increasing 19% YOY and 15% YOY in the two regions,
respectively. Adjusted EBITDA of $2 billion was well above consensus estimates
of $1.86 billion due primarily to operating leverage; adjusted EBITDA margin of
52% decreased ~150bps YOY but was above consensus of 50%. Management
highlighted three areas of investment for 2025, including the core business
(increasing nights stayed), global market expansion (Spain, Germany, APAC,
Mexico), and new adjacent opportunities, including the Experiences relaunch.
Management indicated that new product areas should each have long-term
opportunities to generate an incremental $1 billion in revenues. Airbnb guided
to 4Q24 revenues of $2.42 billion (+9% YOY).
Accor cluster deal in India. Accor has signed a deal with
developer Shravanthi Hotels & Resorts Pvt. Ltd. for a 350-rrom cluster
property set to open in 2028, including the 180-room Novotel Tirupati and 170-room
ibis Styles Tirupati in India’s pilgrimage destination of Tirupati. Accor
currently operates 65 hotels across the country and has a pipeline of another
30-plus hotels.
Ichigo Hotel REIT sells in Japan. Tokyo-based Ichigo Hotel
REIT Investment Corp. sold 171-key Valie Hotel Hiroshima in Japan to an
undisclosed Japanese company for JPY1.785 billion (JPY10.44 million per key).
The sale is expected to yield a gain of JPY230 million for Ichigo Hotel.
Whitbread sells 2 in the UK. Dunstable, U.K.-based Whitbread
completed the sale and leaseback of the 90-key Premier Inn Oxford City Centre
(Westgate) hotel in Oxford, U.K., and the 137-key hub by Premier Inn London
Westminster, St James's Park hotel in London, to an undisclosed buyer for a
combined £56 million (£246,700 per room).
Cologne hotel sells. Strabag Hold Estate, the real estate
investment arm of the construction company Vienna-based Strabag SE, has
acquired the 222-key Moxy Cologne Mülheim in Cologne, Germany, from
Cologne-based Art-Invest Real Estate and Rösrath, Germany-based OSMAB Holding
AG. The property opened in 2022 and is operated by the Chocolate on the Pillow
Group under a 20-year lease agreement.