Latest news: Blackstone’s $970M del Coronado refi; CDL sells in Japan; Baymont to Asia

Blackstone $970M CMBS refinance. Blackstone has secured a $970 million CMBS refinance for the 938-key Hotel del Coronado hotel in Coronado, California. The hotel has recently undergone $569 million in renovations and was recently appraised at $1.7 billion. The loan was provided by Goldman Sachs, Morgan Stanley, Barclays Bank and Wells Fargo and allows Blackstone to refinance its existing $950 million at a lower spread. According to the website Traded, the move comes amidst reported NOI pressure due to rooms being offline during construction. The loan has a two-year term with potential extensions of up to three additional one-year terms. 

CDL selling Japanese hotel to Blackstone. Singapore-based City Developments Limited (CDL) is proposing to divest of a hotel in Osaka, Japan, to real estate funds managed by Blackstone for 14 billion yen ($90 million). CDL said its wholly owned subsidiary, M&C Sakura TMK, has entered into a purchase and sale agreement with potential buyers to divest the Bespoke Hotel Osaka Shinsaibashi. The sale is set to be completed in December.

First Baymont outside Americas. Wyndham Hotels & Resorts has expanded its global footprint with the Asia Pacific debut of its Baymont by Wyndham brand, opening the 92-key Baymont Kunming Wuhua in Yunnan, China. This marks Baymont’s first property outside the Americas and underscores Wyndham’s continued strategic push into the region’s fast-growing midscale hotel segment. There are more than 550 Baymonts across North America.

New World acquires in the UK. London-based New World Hospitality has acquired the 105-key Bloc Hotel Birmingham in the U.K. for an undisclosed price from London-based Arora Group in an off-market deal. The purpose-built, freehold hotel first opened in 2011. Enterprise Hotels & Hospitality arranged the sale.

Safestay sells in the UK. London-based hostel brand Safestay, one of Europe's largest announced the sale and leaseback of its freehold property in Brighton to an undisclosed private investor for £3.125 million. The sale is expected to be completed by January 15. In June, Safestay announced it was considering the conditional sale of certain U.K. freehold assets and also announced the sale and subsequent franchising of its freehold property and hostel, Safestay Edinburgh Cowgate, for a cash consideration of £5.35 million, scheduled to be completed on December 1. Safesaty acquired the property in June 2024 for £2.275 million and in April 2025 received planning approval to develop a 170-bed hostel. Under the 15-year leaseback agreement, Safestay will benefit from a six-month rent-free period as it continues its previously announced £1 million investment to convert the property, enabling the hostel to open as planned in summer 2026.

JV adds in New Zealand. Singapore-based CDL Hospitality Real Estate Investment Trust and Auckland, New Zealand-based Millennium & Copthorne Hotels New Zealand Ltd. entered into a five-year lease agreement to operate the 453-key Grand Millennium Auckland in New Zealand. The lease agreement can be renewed for another five years, subject to the mutual agreement of the firms. The hotel is undergoing refurbishment, scheduled for completion this year.