The latest development and M&A news from around the world.
Portfolio sale in Montana. Denver, Colorado-based investor Evermore Partners and
Ridgefield, Connecticut-based owner-operator New Castle Hotels & Resorts
have acquired the Montana Marriott Portfolio – a 105-key AC Hotel by Marriott,
a 175-key Residence Inn by Marriott, and The Mercantile, a collection of
approximately 20,000 square feet of in-line retail located in downtown
Missoula, Montana. Montana-based Stockman Bank partnered with Evermore on this
Blackstone refinances European portfolio. PE giant Blackstone has reportedly closed on a €680 million refinancing of its Spanish hotel company Hotel Investment Partners (HIP), which has 73 hotels and 21,500 rooms, predominantly in Spain, as well as Italy, Greece and Portugal. The loan consists of a senior tranche of approximately €475 million with a maturity of four years and an interest rate of Euribor plus 3%, approximately, as well as about €205 million in mezzanine debt with a maturity of five years and a rate of 7%. American and European banks, including Morgan Stanley and Crédit Agricole, are leading the deal.
Marriott milestone in China. Marriott International has
announced plans to expand its portfolio in Greater China with the anticipated
addition of 47 hotels in 2023, comprising more than 12,000 rooms, which would
bring the company’s presence in the region to more than 500 properties and well
over 150,000 rooms by this year’s end. Anticipated additions Rissai Valley, a
Ritz-Carlton Reserve near the historic Chinese valley of Jiuzhaigou in Sichuan
Province. It becomes the fifth Ritz-Carlton Reserve property in the world.
Voco announced for Riyadh. IHG Hotels & Resorts has signed
a management agreement with Jurmaz Hotels Co. to bring a voco hotel to the
center of Riyadh. The 246-key voco Hotel and Suites Riyadh North is set to open
its doors in 2026. IHG currently operates 38 hotels in Saudi Arabia across
brands. It 33 hotels in the voco development pipeline.
Maldron Galway sold. Savills Ireland has sold the 113-room Maldron
Hotel in Oranmore, Galway, to a private investor and will continue to be
leased and operated by DalataHotel Group. The hotel was put on the market for €13