Latest news: Blackstone buys in SF; $686M construction loan in Vegas; good week in US

Blackstone buying in SF. Further evidence that San Francisco is on the rebound comes with news that Blackstone is nearing a deal as early as Wednesday to acquire the 277-room Four Seasons hotel in San Francisco for $130 million, according to the Wall Street Journal. It would be Blackstone’s first acquisition in the city in almost 10 years. The price for the property in the heart of the city’s financial district is reportedly $20-30 million less than what seller Westbrook Partners had listed it for more than a year ago.

$686M construction loan in Vegas. Henderson, Nevada-based Azure Resorts & Hotels, New York City-based Luxus Developments and West Palm Beach, Florida-based Two Roads Development have secured $686 million in construction financing for the 171-key Four Seasons Private Residences Las Vegas. The funding was provided by J.P. Morgan, Sculptor Real Estate and Morning Calm Management Financing. The project is scheduled to open in mid-2027.

US hotels up last week. Due to a comparison against election week in 2024, the U.S. hotel industry from November 2-8 reported favorable year-over-year comparisons, according to CoStar data. Occupancy was 64.2% (+2.5% YOY); ADR was $162.70 (+3.6% YOY); and RevPAR was $104.42 (+6.2% YOY). Among the top 25 markets, San Francisco (+43.0% to $157.43) and Washington, D.C. (+43.0% to $138.52) matched for the largest increase in RevPAR. San Francisco also reported the highest occupancy lift (+23.1% to 71.6%), while Washington, D.C., posted the largest jump in ADR (+21.9% to $195.73). Tampa registered the largest declines in occupancy  (-20.6% to 67.2%) and RevPAR (-24.1% to $109.67), due to the elevated displacement demand period that followed Hurricane Milton in 2024.

Sixth Street acquires The Clancy. San Francisco-based Sixth Street has been revealed as the buyer of the 410-key The Clancy hotel in San Francisco from Dallas-based REIT Braemar Hotels & Resorts for $115 million. Sixth Street completed this transaction in partnership with Riller Capital. The fee-simple hotel will continue to be managed by Marriott International as an Autograph Collection hotel. “This investment reflects our deep conviction in the San Francisco recovery story, which we believe is in its early innings,” said Marcos Alvarado, partner and head of US Real Estate at Sixth Street.

REIT hotel sells in Baltimore. An affiliate of Vancouver, British Columbia-based American Hotel Income Properties REIT LP has sold the 131-key Residence Inn Baltimore White Marsh in Maryland to an undisclosed buyer for an undisclosed amount. Hodges Ward Elliott brokered the transaction.

APAC hotel investment hits $11.9B. Asia Pacific’s hotel investment market is regaining momentum in 2025, with transaction volumes on track to hit $11.9 billion, according to a new forecast by JLL. Despite a slight downward revision from earlier projections of $12.8 billion, the region’s hospitality sector is showing renewed strength as investor confidence improves and cross-border capital returns to key markets. JLL expects deal activity to accelerate in the second half of 2025 as delayed transactions close and institutional investors reposition their portfolios to capitalize on a sustained tourism rebound. Japan, Australia, Greater China, Singapore, and South Korea continue to draw the bulk of institutional capital, while Vietnam and other emerging markets are benefiting from surging visitor arrivals and rising room demand. Hong Kong, though a smaller market in regional terms, emerged as a standout performer in 2025. The city’s hotel investment volume more than doubled to $456.6 million in the first three quarters -- up 106% from a year earlier. 

La Vie adds historic Australian hotel. Sydney-based La Vie Hotels & Resorts has secured the management rights for the 200-key Lindeman Island Hotel project in Queensland’s Whitsundays. This milestone marks a significant step in revitalizing one of Australia’s most iconic island destinations. The resort is being developed by Singapore-based Well Smart Group, which acquired Lindeman Island in 2023. Well Smart is spearheading a multi-million-dollar transformation of the former Club Med site, which has remained dormant since Cyclone Yasi in 2011. La Vie will secure an international luxury brand for Lindeman Island in 2026.

LCP adds in St. Pete. White Plains, New York-based The LCP Group is debuting 200-key The Luce, a Tribute Portfolio Hotel, in St. Petersburg, Florida, in early 2026. The hotel will be managed by Crescent Hotels & Resorts and will have over 14,000 sq. ft. of combined event space across seven indoor and outdoor spaces.

Host $400M senior notes. Bethesda, Maryland-based Host Hotels & Resorts, Inc. has priced its offering of $400 million aggregate principal amount of 4.250% senior notes due 2028. The offering is expected to close on November 26, subject to the satisfaction or waiver of customary closing conditions. The estimated net proceeds of the offering, after deducting the underwriting discount, de minimis original issue discount, fees and expenses, are expected to be approximately $395 million.

F1 drives Singapore traffic. Driven by Formula 1 Grand Prix, Singapore’s hotel industry posted its highest monthly ADR and RevPAR on record, according to preliminary October data from CoStar. For October 2025, occupancy was 82.8% (+6.5%); ADR was SGD384.15 (+19.5%) and RevPAR was SGD317.96 (+27.3%). In addition to record highs in ADR and RevPAR, Singapore’s monthly occupancy reached its highest level for an October since 2019.

Cologne rates hit record highs. The Anuga food fair pushed Cologne’s hotel industry in Germany to its highest ADR and RevPAR on record, according to October preliminary data from CoStar. For October, occupancy was 80.8% (+11.7%); ADR was EUR189.43 (+55.6%) and RevPAR was EUR153.06 (+73.9%). The market also posted its highest monthly occupancy since November 2019.

Abu Dhabi occupancy surges. Boosted by Showdown Week, Abu Dhabi’s hotel industry posted its highest October occupancy level since 2008, according to preliminary data from CoStar. For October, occupancy was 86.2% (+1.7%); ADR was AED809.28 (+18.2%) and RevPAR was AED697.38 (+20.2%). In addition to the occupancy milestone, the market recorded its highest October ADR and RevPAR since 2009.

Australian hotel acquired. High Street Holdings, the investment arm of Singapore-based JD Properties, has acquired the George Williams Hotel in Brisbane, Australia, for approximately $34 million, with plans to expand its A$150 million Australian hotel portfolio. CBRE brokered the sale.

CG adds 5 hotels in Thailand. Thailand-based CG Capital Advisory Co., Ltd., the private equity arm of Central Group of Companies Co., Ltd., has announced plans to develop five new hotels in key resort destinations across Thailand, four in Phuket and one in Koh Samui, according to HVS. The projects represent a combined investment of over THB5 billion. CG Capital has been actively expanding and investing in Thailand. The announcement coincides with CG Capital’s launch of the 88-key InterContinental Residences Bangkok Asoke, a THB5.5 billion branded condominium project.

Italian hotel trades. Italian hotel investment company Gest Resort has acquired the 47-key Hotel Risorgimento in Lecce, Italy, for €18 million from Italian entrepreneur Giovanni Casto, according to HVS. The property is situated in Lecce, a city in the Salento peninsula of the Apulia (Puglia) region in southern Italy. The hotel is currently closed for an extensive renovation that will reduce the room count to 45. It is scheduled to reopen in April 2026 under Minor Hotels’ Tivoli Hotels & Resorts brand as the Tivoli Palazzo Risorgimento Lecce.

French hotel sells. French hotel investment company Holding Financière Hadhoum has acquired the 201-key Radisson Blu Hotel, Toulouse Airport in France, according to HVS. Situated a short walk from the airport, the hotel is the largest in the airport precinct. It opened in 2008 and underwent an extensive renovation in 2018. This acquisition increases Hadhoum’s portfolio to 12 hotels.

German hotel trades. Czech owner-operator Ensana Hotels has acquired the 145-key Hotel Fürstenhof in Bad Griesbach, Germany, according to HVS. The property is situated in Bavaria, near the Austrian border, approximately a two-hour drive east of Munich, and features seven restaurants, two bars, and a 4,400 sqm wellness area. Ensana plans to renovate the rooms and wellness facilities in early 2026, with the hotel reopening in the second quarter of the year. This is the group’s first hotel in Germany and it plans to further expand in Germany, Austria and Switzerland.