Latest news: Big loan for Miami Waldorf; Highgate buys in Manhattan; Virgin sells in Spain

PMG secures $668 million construction loan. New York City and Miami-based PMG and its capital partners have secured a $668 construction loan for the new Waldorf Astoria Hotel & Residences Miami, the largest-ever condo construction loan in Florida. The financing was secured by JLL from Little Rock, Arkansas-based Bank OZK and New York City-based Related Fund Management. PMG is partnering with Canadian PE firm Greybrook and Cyprus-based Mohari Hospitality on the project, which began almost 10 years ago. The roughly 1,049-foot tower (which could become one of the tallest buildings south of New York) would have 387 condominiums and 205 hotel rooms. 

Highgate acquires interest in Manhattan hotel. Irving, Texas-based Highgate has acquired David Werner’s interest in the 1,331-key Row Hotel in Manhattan for around $350 million, according to The Real Deal. Werner’s investment group owned the ground below the hotel, while Highgate owned the hotel through a long-term lease. The hotel is currently being used as a migrant shelter.

Virgin sells in Spain. Virgin Hotels is selling the Son Valenti on the island of Mallorca in Spain to Kim Fournasis, founder and CEO of Copenhagen-based Saxo Bank, for an undisclosed amount. The Son Valenti is part of the Virgin Hotels Collection and is next to the Son Bunyola, which opened last year and is also owned by Virgin Limited Edition.

Accor debuts Ibis Styles in Uzbekistan. Accor has signed a partnership with Tourism Developer to open the first Ibis Styles hotel in Uzbekistan. The 100-key Ibis Styles Tashkent Airport is scheduled to open by the end of 2024. The Ibis Styles brand has more than 670 hotels across 55 countries.

New Pullman in New Zealand. After an extensive renovation, the tallest building in Hamilton, New Zealand, will become a 191-key Pullman hotel. The Pullman Hamilton is scheduled to open in 2026 and will be operated by Accor, the largest hotel operator in New Zealand. Local businessmen Sanjil Mistry and Pienaar Piso from Mistry Centre Ltd. own this $100 million development.

Hilton adds in Iceland. Hilton has signed an agreement with Bohemian Hotels ehf. to open two hotels, one in the northern Icelandic countryside and another in Iceland’s capital city of Reykjavik. The 70-key Akureyri “Skáld” Hotel, Curio Collection by Hilton, is scheduled to open in the summer of 2025, while a second 170-key property located in Brietartún, Reykjavík, is scheduled to open in spring 2026. Hilton currently has four properties in Iceland.

Marriott debuts Luxury Collection in Germany. Marriott International is debuting its Luxury Collection brand in Germany by opening the 106-key Koenigshof, a Luxury Collection Hotel, Munich. There are over 110 Luxury Collection hotels and resorts in 40 countries and territories worldwide.

Kimpton debuts in Hungary. San Francisco-based Kimpton Hotels is opening its first hotel in Hungary with the 127-key Kimpton BEM Budapest. The former 19th-century mansion has been transformed into a boutique hotel.