Latest news: Turnberry refi; IHCL takes Claridges; Airbnb reports

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.