Latest news: $1B Boca Raton refi; Rosewood adds Exuma; Kimpton to Orlando

MSD Capital refinancing Boca Raton resort. New York City-based MSD Capital is refinancing the 1,047-key Boca Raton Resort & Club in Florida with a $1 billion CMBS loan, according to multiple sources. Most of the two-year CMBS securities loan will be used to pay existing debt, with $64.6 million being returned in equity to the borrower, and the rest will be used for closing costs. The transaction is expected to close on August 22. Michael Dell's MSD Capital paid $875 million for the property in 2019.

Rosewood expanding in Caribbean. Hong Kong-based Rosewood Hotels & Resorts is partnering with Miami-based Yntegra Group to expand in the Caribbean with the 33-key Rosewood Exuma. The property will be situated on a 124-acre private island and is scheduled to open in 2028. Rosewood currently has 34 luxury hotels in 21 countries.

Kimpton coming to Orlando. Kimpton Hotels & Restaurants has signed a new partnership with San Francisco-based JMA Ventures and Houston-based Machete Group to develop a new boutique hotel in Orlando adjacent to the Kia Center arena as part of Westcourt’s new mixed-use sports and entertainment development. The 11-story, 261-key hotel will be the first Kimpton in Orlando, the seventh in Florida and is scheduled to open in early 2027.

SLS goes all-inclusive. Ennismore has signed its first all-inclusive resort deal with the 498-room SLS Playa Mujeres Cancún, which will open on November 1. This signing also marks the first all-inclusive destination for Ennismore in the Americas. The opening will also mark the debut of the Elite category, which grants guests exclusive access to VIP dining and entertainment experiences and bespoke amenities and benefits. SLS currently operates seven hotels, including Miami, Dubai, and the Bahamas. It has five hotels in the pipeline, including its first European flagship, SLS Barcelona, which is set to open later in 2024.

Tafer partners in Cabo. Tafer Hotels & Resorts has partnered with Diamante Cabo San Lucas, a master-planned luxury resort community, to open and operate two luxury hotels that expand the benefits of existing members of the Diamante Residence Club and Tafter Residence Club. Tafter will also operate the  residences, ranging from one- to four-bedroom villas set on 1,500 acres of Pacific Ocean coastline.   Additionally, Tafer has agreed to partner with Diamante to own and operate the Dunes Course by Davis Love III and El Cardonal by TGR Design.

NexGen acquires in CA. Itasca, Illinois-based NexGen Hotels has acquired the 30-key The Cole Hotel in Palm Springs, California, from Mark Weis for an undisclosed amount. The hotel, originally opened in 1959 as the Bahama Hotel, was purchased by Weis in 2018 and reopened in 2020 after $6 million in renovations. St. Louis-based Genuine Hospitality will manage the hotel.

Wynn buys 70 more acres for UEA casino/resort. Las Vegas-based Wynn Resorts has acquired 70 more acres in Ras Al Khaimah in the UAE as it looks to further its expansion plans for its new-build resort/casino, CEO Craig Billings said during Wynn’s second-quarter earnings call. The 1,542-key Wynn Al Marjanin Ras Al Khaimah is scheduled to open in 2027 and will be the region’s first-ever gaming resort.

Airbnb earnings. San Francisco-based Airbnb said its revenue increased 11% year over year, but its net income fell 15% from 2023 as part of its second-quarter earnings. The company issued guidance of third-quarter revenue of $3.67-$3.73 billion but also warned that it expected moderation in year-over-year growth in its “nights and experiences” category and said it is seeing shorter booking lead times globally and some signs of slowing demand from U.S. guests. Analysts at R.W. Baird said, “We continue to believe that Airbnb is one of the best-managed and most compelling online marketplaces. However, current macro headwinds challenge visibility, combined with some potential margin contraction on incremental marketing investments, leading us to expect choppy trading until the [short-term rental] market stabilizes.”

Canada projects hit record highs. Canada has had a 54% increase in projects under construction in the second quarter, according to the latest data from Lodging Econometrics. At the close of Q2, 322 projects and 40,297 rooms are in the country’s total pipeline, representing record highs for both numbers, a 17% increase in projects and an 8% increase in rooms year over year. Projects under construction in the country have increased 54% by projects and 51% by rooms YOY, with 80 projects and 10,603 rooms at the end of Q2. Projects scheduled to start construction in the next 12 months stand at 80 projects and 9,249 rooms, while projects in early planning stand at 162 projects and 20,445 rooms, for a 20% and 1% YOY increase, respectively. Upper-midscale projects lead the pipeline with 131 projects and 13,822 rooms, accounting for 41% of the project and 34% of the rooms in the country’s total pipeline. Provinces with the most projects in the pipeline in Canada in Q2 are dominated by Ontario, which accounts for 59% of the projects and 60% of the total pipeline, reaching record-high counts of 189 projects and 24,228 rooms. The top city in Canada is Toronto, with 68 projects and 9,532 rooms, a new record-high project count that claims 24% of all the rooms in Canada’s total construction pipeline. Vancouver was second with 21 projects and 4,075 rooms. LE said six new hotels with 815 rooms opened in Canada during the first half of 2024, with an additional 20 new hotels and 2,129 rooms scheduled to open before the end of the year.

Minor Hotels earnings. Bangkok-based Minor Hotels announced that Q2 revenues rose 11% year over year, and consolidated first-half profit rose 16% versus 2023 as part of its second-quarter earnings. Minor reported strong year-on-year increases in occupancy across Asia, Indian Ocean and MEA, up 6% to 61% in the first half and up 4% to 56% in the second quarter. Worldwide occupancy results were positive but more modest, rising 1% for the quarter and 2% for the half. ADR across its global portfolio rose 11% year-on-year for the quarter, driving a 12% increase in RevPAR. Similar ADR growth of 11% for the first half pushed RevPAR up 15% versus 2023. Minor’s owned hotels in Thailand experienced significant growth, with RevPAR in Q2 increasing 14% year on year. In the first half of the year, Minor Hotels expanded its global footprint by opening several new properties, including four hotels under the NH Hotels & Resorts and NH Collection brands in Finland, South Africa and Sri Lanka, the brands’ first properties in these countries.

IHCL adds in Nadaid. Indian Hotels Co. Ltd. is partnering with Ankur Desai to build a SelecQtions hotel in Nadaid, India. The 108-key SeleQtions Nadiad-Ahmedabad, Gujarat, will be IHCL’s 25th hotel in Gujarat, with six more in development.