Latest news: Assurance buys 3 in Colorado; Manhattan casino rejected; ESA sells 3 in Philly

Assurance acquires 3 in Colorado. Salt Lake City, Utah-based Assurance Hospitality and Affiliates has acquired three Marriott hotels in Longmont, Colorado: the 78-key Courtyard Boulder Longmont, the 90-key SpringHill Suites Boulder Longmont and the 84-key Residence Inn Boulder Longmont, along with The Meeting Place, a 1,860-square-foot meeting and event space, from an institutional seller for an undisclosed amount. The financing included two conventional loans totaling $10.2 million and a $6.2 million SBA-backed loan, according to Hunter Hotel Advisors, which facilitated the transaction.

NYC casino plans rejected. Plans to build New York City’s first full-service casino in Manhattan may have been put on hold for good as a local panel on Monday rejected the last of three Manhattan proposals that had been among those vying for a new state license to operate a Las Vegas-style casino in the lucrative New York City market. The proposal, a six-acre project near the United Nations headquarters dubbed “Freedom Plaza” and operated by Mohegan, the gaming company run by Connecticut’s Mohegan Tribe, was denied by a state-commissioned community advisory committee on a 4-2 vote. Five proposals remain in the race for up to three gaming licenses. Among them is a proposed Bally’s casino on a Bronx public golf course once run by President Donald Trump’s company, a gambling hall envisioned for Coney Island’s boardwalk in Brooklyn, and a Hard Rock casino proposed next to Citi Field in Queens, where the New York Mets play.

ESA sells 3 in the Philadelphia area. Extended Stay America has sold three Philadelphia-area hotels for more than $18.7 million combined, according to a story in the Philadelphia Business Journal. Newark, Delaware-based Niti Group purchased the 101-key Extended Stay America Suites Philadelphia Exton for more than $6 million. Niti owns and operates 10 hotels. The new owner rebranded the hotel under Choice’s Suburban Studios brand. Extended Stay America also sold off two properties with 227 keys near the Philadelphia International Airport for $5.4 million and $7.3 million, respectively, to Bartram Ave. Lodging LLC and Tinicum Holdings LLC, according to property records.

Badlands adds 9 to portfolio. Arlington, Virginia-based Badlands Hotel Capital has been appointed by Ocean City, Maryland-based Blue Water Development to provide asset management for nine hotels and outdoor hospitality properties across six East Coast drive-to resort markets operated by three management companies. The properties in Ocean City include the 145-key Commander Hotel & Suites, the 60-key Sealoft Oceanfront Hotel, the 120-key Aloft Ocean City, and the 52-key Shore Point Cottages. Badlands now provides asset management for 25 hotel and RV campground properties, including two properties in which Badlands holds an ownership stake.

StepStone adds 2. Providence, Rhode Island-based StepStone Hospitality has added two new properties to its management portfolio: Le Méridien Indianapolis in Indiana and the Hampton Inn & Suites by Hilton Clayton/St. Louis. Louis Galleria Area in Missouri.

Walford NYC is a billion over budget. In 2014, Chinese businessman Wu Xiaohui stunned Blackstone executives by agreeing to pay nearly $2 billion, far above its estimated value, for the aging Waldorf Astoria in Manhattan. What began as an aggressive three-year renovation stretched into an eight-year ordeal, with costs swelling to roughly $6 billion after factoring in construction overruns, union buyouts, and years of lost revenue while the property sat closed, with China covering the renovations and cost overruns, according to a story in the Wall Street Journal. Wu’s personal downfall — he was arrested in China on financial crimes in 2017 — forced the Chinese government to assume control of the project, and the overhaul continued under state-backed ownership. Meanwhile, the revitalized hotel, with 375 rooms and 372 condominiums, has finally reopened to much fanfare.

Canada hits record RevPAR in August. Canada’s RevPAR exceeded CAD200 for the first time on record, according to August 2025 data from CoStar. For the month, occupancy was 80.7% (+1.5% YOY), ADR was CAD250.18 (+6.1% YOY) and RevPAR was CAD202.01 (+7.7% YOY). The occupancy level was the highest since August 2014. Among the provinces and territories, British Columbia reported the largest occupancy lift (+6.0% to 87.2%). Newfoundland and Labrador registered the highest increases in ADR (+17.4% to CAD243.50) and RevPAR (+18.6% to CAD210.42). Among the major markets, Vancouver saw the largest gains in occupancy (+4.6% to 91.9%) and RevPAR (+12.0% to CAD340.08). Toronto, which hosted the Oasis Tour, posted the highest ADR lift (+8.1% to CAD281.46).

Japan Hotel REIT refinance. Tokyo-based Japan Hotel REIT Investment Corp. has announced a comprehensive JPY22 billion refinancing package to repay existing loans due on September 30, with a significant portion structured as green loans under the REIT’s environmental finance framework. The REIT disclosed on Monday that it had procured three new loans totaling JPY22 billion from a consortium of major Japanese banks. The refinancing will maintain the REIT’s total interest-bearing debt at JPY269.4 billion, with no net increase in borrowings. 

IHCL adds Taj in India. Indian Hotels Co. Ltd (IHCL) is partnering with Vishakhapatna, India-based Varun Hospitality Private Ltd. to sign a 310-key Taj hotel in Visakhapatnam, India. The greenfield project will mark the debut of the Taj brand in the coastal city.