Latest news: IGO sells final 12; Ben sells in Florida; Peregrine buys in N. California

IGO sells 12-hotel portfolio, closes. After more than 35 years in the hospitality industry, IGO Legacy Hotel Group, a Duluth-based hotel group, sold its portfolio of more than a dozen hotels across Minnesota, Wisconsin, Iowa, and Michigan. It has also closed its management business. The portfolio included limited-service brands such as AmericInn, Comfort Inn, and multiple Country Inn & Suites properties. HREC Investment Advisors arranged the sale.

West Palm Beach hotel acquired. West Palm Beach, Florida-based Related Ross has acquired The Ben, Autograph Collection, a 208-key luxury-lifestyle hotel in West Palm Beach. The hotel opened in 2020 and is the only waterfront hotel in West Palm Beach. Newmark arranged a $172.5 million acquisition loan on behalf of Related Ross, which was financed by Nomura.

Peregrine acquires 2 in California. Denver-based Peregrine Hospitality has acquired two Northern California hotels, The Lodge at Tiburon in Tiburon and Toll House Hotel in Los Gatos, from an undisclosed seller for an undisclosed amount. The 104-key The Lodge, located on three acres overlooking the San Francisco Bay, has 10,000 sq. ft. of meeting space. The 115-key Toll House Hotel has over 6,300 sq. ft. of meeting space and was last renovated in 2021. Peregrine owns and operates 57 hotels and resorts across the U.S.

Ashford legend passes. Ashford Hospitality Trust announced with great sadness that board member Davinder “Sonny” Sra passed away on February 25, 2026. Sra joined Ashford Hospitality Trust’s Board of Directors in July 2023, where he served as an independent director. Prior to his board position, he was with Remington Hospitality from 1995 until his retirement in 2020. His 25 years of operational hospitality experience and institutional knowledge brought immeasurable value to the board, and his efforts were instrumental in helping to guide AHT through unprecedented times in the hospitality industry, Ashford stated, adding that his infectious smile, positive spirit, and wise counsel will be greatly missed by the Ashford family.

Texas hotel sells. Kerrville, Texas-based Catering of Central Texas has sold the 107-key Best Western Swiss Clock Inn & Alpine Lodge Restaurant in Pecos, Texas, to a private investor group in West Texas for an undisclosed amount. Marcus & Millichap represented the seller in the transaction.

ADIA sells 2 in Australia. Sovereign wealth fund Abu Dhabi Investment Authority (ADIA) has found a buyer for its Novotel and Ibis hotels in Sydney’s Darling Harbour after a five-year search, according to Financial Review. The report said ADIA has signed a deal to sell the two hotels, which collectively have 781 rooms, to Wentworth Capital for an undisclosed amount.

PPHE reacquires in London. Amsterdam-based PPHE Hotel Group is reacquiring its freehold interest in Park Plaza London Waterloo for £147.9 million. In June 2017, following the group's development and opening of the 494-room Park Plaza London Waterloo hotel, PPHE entered into the initial sale and leaseback transaction whereby it sold its interest in the hotel for £161.5 million and entered into a 199-year lease subject to an initial annual rent of £5.6 million with future annual inflation adjustments. The annual rental obligation currently is £7.3 million. The transaction is expected to close in the coming months.

ECE Work & Live rebrands. ECE Work & Live GmbH & Co. KG is rebranding as ParkProperty Europe GmbH & Co. KG and, as a pan-European real estate investor and developer, is now part of ParkProperty, an Otto family company active in the residential sector with entities in Europe, the U.S., and Canada.

LXR to debut in Australia. Hilton is partnering with Islander Hotel Trading Pty Ltd to introduce LXR Hotels & Resorts in Australia in early 2027, with a conversion in South East Queensland following renovation. The hotel, formally known as Palazzo Versace and currently operating as The Imperial Hotel, will feature 200 rooms after its renovation. LXR Hotels & Resorts has 36 properties either operating or in the pipeline.

Minor adds in Tanzania. Minor Hotels is partnering with Infinity Developments to sign the 145-key NH Collection Pemba Island Resort in Tanzania. The hotel is scheduled to open in February 2030 and marks an expansion of the NH Collection brand into the Zanzibar archipelago, strengthening Minor’s growing presence across East Africa.