Latest news: Extendam buys in Portugal; shutdown impact; Grupo Hotusa adds 9 in Spain

Extendam, Highgate acquire in Portugal. Paris-based private equity firm Extendam and Highgate formed a joint venture to acquire the 194-key Hilton Porto Gaia hotel in Vila Nova de Gaia, Portugal, for an undisclosed amount from Sabersal. The hotel opened in 2021 and is Extendam’s first collaboration with Highgate.

USTA says shutdown could cost a billion per week. The U.S. Travel Association stated that a government shutdown would have a significant impact on the travel economy and the traveling public, warning that the travel economy is at risk of losing $1 billion a week due to disruptions in air and rail travel, as well as the closure of national parks and museums. A survey from Ipsos shows that a large majority of Americans believe a U.S. government shutdown will cause economic harm and disrupt air travel. According to the survey, 60% of Americans said they would cancel or avoid air trips in the event of a shutdown, and 81% of Americans agree that government shutdowns hurt the economy.

Grupo Hotusa acquires 9 in Spain. Barcelona-based Grupo Hotusa has acquired a portfolio of nine hotels in Spain, previously owned by the Pygmalion and CBRE Investment Management funds and operated by the Spain-based Silken for €250 million. The portfolio includes around 1,650 rooms in cities such as Seville, Madrid, Bilbao and San Sebastián, and will become part of the portfolio of the company that owns the Eurostars hotel chain. In July, it was reported that New York City-based LCN Capital Partners had reached an agreement to acquire these assets for €225 million, but the transaction ultimately fell through.

HCW adds management vertical. Phoenix-based HCW is launching a third-party hotel management division. With a portfolio of 2,000-plus rooms and more than $2.75 billion in managed asset value, HCW actively oversees $136-million-plus in annual hotel revenue.

CG adding JW residences in Dubai. CG Developers, the real estate arm of Kathmandu, Nepal-based CG Corp Global, is partnering with Marriott International to launch the first JW Marriott Residence in Dubai. The 115-key residential project will be set in the Dubai Islands. CG Corp Global’s broader collaboration with Marriott also includes converting the Wellness Resort, The Farm at San Benito, into the first Autograph Collection in the Philippines. Another agreement includes the founding deal for Marriott’s new global collection brand Series by Marriott, with plans to affiliate CG Hospitality’s Fern Hotels.

New credit facility for Chatham. Palm Beach, Florida-based REIT Chatham Lodging Trust has entered into a new credit agreement that increases total capacity under a senior unsecured revolving loan from $260 million to $300 million and increases total capacity under its senior unsecured term loan from $140 million to $200 million. The newly enhanced $500 million credit facility can be increased up to $650 million through an accordion feature. The $500 million credit facility matures in September 2029. The facility also includes options to extend the maturity by 12 months, subject to customary conditions. The new facility bears interest pursuant to a leveraged-based pricing grid over the applicable adjusted term SOFR, ranging from 1.5% to 2.25% for the revolving loan (currently 1.6%) and 1.45% to 2.2% for the term loan (which represents a 0.1% decrease from the prior facility).