Latest news: $691M deal largest for APAC; IHG adds in Indianapolis; $550M Florida refi

TPG Angelo Gordon $691M acquisition. New York City-based TPG Angelo Gordon has made the largest hotel purchase in Asia Pacific this year by partnering with Tokyo-based Kenedix to acquire the Grand Nikko Tokyo Daiba from Tokyo-based Hulic Co. Ltd. for JPY 106 billion ($691 million), according to reprots. The deal for the 882-key hotel is expected to close by November 29. The 29-story hotel is located on an artificial island on Toyko Bay. TPG acquired Angelo Gordon in a $2.7 billion deal in 2023.

IHG adds in Indy. IHG Hotels & Resorts is expanding its InterContinental portfolio in the U.S. with the opening of the 170-key InterContinental Indianapolis this winter. The hotel will be located in the Illinois Building, which was listed as one of the state’s 10 most endangered landmarks until Indianapolis-based developer Keystone Group purchased it. The $110-million renovation includes adding a new floor to the building. It’s the first luxury hotel to open in Indianapolis in nearly two decades.

$550M refinance in Florida. Aventura, Florida-based Fontainebleau Developments has secured a $550 million refinance for the 685-key JW Marriott Miami Turnberry Resort & Spa, according to Michael Bellisario of R.W. Baird. The financing includes a $475 million CMBS loan and a $75 million mezzanine loan, both of which have initial two-year maturities with three one-year extension options. The new debt will pay off a $412.5 million loan from the Bank of China.

$93M refinance in Cali. Gary Jabara has secured a $93 million refinance for the 191-key Estate Yountville resort in Yountville, California, according to Bellisario. The five-year CMBS loan has a 5.88% fixed rate and is interest-only for the full term. The refinancing includes $6.8 million of net cash proceeds to the sponsor.

MGM earnings. Las Vegas-based MGM Resorts International reported a 5% year-over-year increase in net revenues as part of its third-quarter earnings. CEO Bill Hornbuckle said he’s optimistic about future growth in Vegas that will be driven by sports tourism, especially with the future relocation of Oakland Athletics to a new ballpark that will be built on the site of the former Tropicana casino-resort and major events like Formula 1’s Las Vegas Grand Prix, which is coming back to the city in November. Hornbuckle also said MGM’s loyalty partnership with Marriott continues to exceed expectations.

Striking Boston workers return. Workers at four Boston Hilton hotels returned to work on Friday after ratifying a new contract. The four hotels on strike included Hilton Boston Logan Airport, Hilton Boston Park Plaza, DoubleTree Hilton Boston-Cambridge and Hampton Inn & Homewood Suites Boston Seaport.

IHG adds in Montenegro. IHG Hotels & Resorts is opening its second hotel in Podgorica, Montenegro, by signing the 93-key Crowne Plaza Podgorica, which is scheduled to open at the end of 2024. IHG has two open hotels in Montenegro and three other properties in its development pipeline due to open in the country in the next 3- 5 years. The hotel also joins a pipeline of 19 Crowne Plaza properties in development across Europe and 146 around the world.

Blue Diamond adds in Barbados. St. Michael, Barbados-based Blue Diamond Resorts is expanding into Barbados with the 220-key Royalton CHIC Barbados, which is scheduled to open in spring 2026. Blue Diamon has over 80 properties in eight countries in the Caribbean.

Marriott adds in Bahrain. Manama, Bahrain-based Gulf Hotels Group has signed a strategic agreement with Marriott International to integrate its Gulf Hotel Bahrain into the Autograph Collection Hotels’ portfolio. Marriott’s Autograph Collection has a global portfolio of over 300 hotels.

LHC and Elliott acquire in Munich. London-based Lifestyle Hospitality Capital (LHC) and New York City-based Elliott Investment Management have acquired the 280-key Roomers Munich, Autograph Collection in Munich, Germany, from New York City-based REIT W.P. Carey, according to HVS. The hotel will undergo refurbishment and repositioning under the management of Dublin-headquartered Dean Hotel Group, a subsidiary of LHC. This will be the Dean Hotel Group's first hotel outside of Ireland.

Norway hotel trades hands. Billingstad, Norwegian-based owner-operator Rica Eiendom has acquired the 368-key Scandic Ørnen in Bergen, Norway, from Norwegian pension fund Oslo Pensjonsforsikring (OPF), according to HVS. Rica Eiendom will have a portfolio of 22 properties across Norway.

Kempinski adds in Azerbaijan. Munich-based Kempinski Hotels is partnering with Baku-based Baku City Residences to manage a pair of branded residences in Baku, Azerbaijan. The 37-key Kempinski Residences Bayil Bay is scheduled to open in the second quarter of 2025.