Latest news: HAP buys in Atlanta; Memphis deal update; US occupancy falls again

HAP acquires in Atlanta. Annapolis, Maryland-based Hospitality Asset Procurers (HAP) has acquired the 149-key Hyatt House Atlanta/Cobb Galleria hotel from an institutional seller for an undisclosed amount. HAP’s sister company, Rohm Group, will manage the hotel. Hunter Hotel Advisors facilitated the transaction.

Update on Memphis hotel acquisition. The city of Memphis will not spend the $250 million expected to renovate its newly acquired Sheraton Hotel, according to the mayor's office. The hotel will have a complete renovation, but the city said that will be done by a third-party developer and that it’s expected to be completed by 2029. Last week, the city completed a $22 million deal to acquire the hotel.

US occupancy falls again. U.S. hotel occupancy fell year-over-year for an eighth consecutive month, according to October data from CoStar. For the month, occupancy: 65.8% (-2.4%); ADR was $167.71 (+1.5%) and RevPAR was $110.35 (-0.9%). Among the top 25 markets, New York City experienced the highest occupancy level (-1.6% to 89.4%). Markets with the lowest occupancy for the month included Tampa (62.5%) and St. Louis (63.1%), the former affected by the elevated displacement demand period that followed Hurricane Milton in 2024. Top 25 markets showed higher occupancy and ADR than all other markets.

$6.5M bridge financing in Ohio. Pasadena, California-based KCB Partners has secured $6.5 million in bridge financing for the conversion of the Holiday Inn Dayton Fairborn in Ohio to the DoubleTree by Hilton Dayton Fairborn. The 203-key property features recently had renovations, including a lobby transformation, upgrades to all MEP and life safety systems, and a refresh of FF&E throughout the property. The property transitioned to DoubleTree by Hilton operational systems in July 2025 and is expected to complete all renovations by year end.

Peregrine adds in South Carolina. Denver-based Peregrine Hospitality has been selected as the asset manager for the 420-key The Westin Hilton Head Island Resort & Spa. Peregrine has 92 properties under direct management, asset management or participating in the organization’s global sales programs in the U.S., Fiji, the Maldives, Mauritius and Thailand.

Falak acquires in Georgia. Falak Properties has acquire the 71-key Sleep Inn & Suites Valdosta in Valdosta, Georgia, for $5.2 million from 1031 Specialists Processor. DSH Hotel Advisors brokered the sale, which had five competitive offers. The hotel was recently renovated.

Minor names VP for North America. Bangkok, Thailand-based Minor Hotels has named Genna Panagopoulos as vice president of Development for North America. Panagopoulos has more than 14 years of experience in hotel investment and development and joins Minor from IHG, where she worked in luxury and lifestyle brand development and growth across the Americas.

IHCL acquires Atmantan brand. Indian Hotels Co. Ltd. (IHCL) is making a formal entry into the wellness sector by acquiring a 51% stake in Pune, India-based Sparsh Infratech, the owner of the Atmantan wellness retreat in Mulshi near Pune. For INR 2.4 billion ($27 million), the deal gives IHCL control of the Atmantan brand and its wellness programs. The company said it will work with founders Sharmilee and Nikhil Kapur to scale the platform.

Cheval adds in KSA. London-based Cheval Collection has signed an agreement with Ladun Investment Co. to open a second hotel in Riyadh in the Kingdom of Saudi Arabia. Scheduled to open in 2028, the new-build property will operate under the Cheval Maison brand and will feature approximately 150 apartments.

PHG adds in Australia. Victoria, Australia-based Panache Hotel Group (PHG) has signed its first property in Sydney with The Sebel Sydney Chatswood. On November 12, PHG assumed management of the apartment hotel, strengthening its partnership with Accor and adding another brand to its portfolio.

Minor to debut in Malta. Minor Hotels has signed the 268-key NH Collection Sliema, its first hotel on the Mediterranean island of Malta. Scheduled to open by the end of 2026, the new-build hotel will sit in the coastal town of Sliema. NH Collection has over 100 hotels and resorts in 25 countries worldwide.