Latest news: AHT sells in SD; business travel rebound?; HE grows in Canada

AHT sells in San Diego. Ashford Hospitality Trust has a deal to sell the 150-room Residence Inn San Diego Sorrento Mesa located in San Diego, California, for $42 million ($280,000 per key). The sale is expected to be completed in October 2025. When adjusted for Ashford’s anticipated capital expenditures of $16 million, the sale price represents a 5.7% capitalization rate on net operating income or a multiple of 15.3 times EBITDA for the 12 months ended July 31, 2025. Excluding the anticipated capital spend, the combined sale price represents a 7.9% capitalization rate on net operating income or a multiple of 11.1 times EBITDA for the 12 months ended July 31, 2025.

US BT rebound? U.S. business travel demand in the latter half of the third quarter has bounced back from the lows of the spring and early summer, Business Travel News reported after executives from the largest U.S. carriers spoke at a Morgan Stanley conference. Delta Air Lines President Glen Hauenstein said, “we’re seeing very strong domestic corporate demand into the fall." Hauenstein added the carrier recently had its highest post-pandemic corporate sales number for any day and any week in September. Delta EVP and CFO Dan Janki said sectors including banking, financial service technology were leading the way. United Airlines EVP and CFO Mike Leskinen said overall bookings since Labor Day for travel at least two months out had increased year over year by double-digit percentages.

HE adds in Canada. Hotel Equities, Atlanta, has been selected to operate the dual-branded Moxy Vancouver Downtown and Element Vancouver Downtown. The 30-story tower is owned and developed by Paul Y. Construction (B.C.) Ltd. and is set to open in Summer 2028. Located in the heart of Vancouver’s entertainment district, the project will feature 280 guest rooms under the Moxy brand and 112 rooms under the Element by Westin brand. Hotel Equities is providing ownership with development advisory services throughout pre-development and construction process. HE now operates seven hotels in British Columbia and 33 throughout Canada.

KSL refis. KSL Capital Partners will use proceeds from a new $325 million CMBS loan and three mezzanine loans totaling $155 million to refinance $325 million of existing debt and return $148 million of sponsor equity, according to R.W. Baird analyst Michael Bellisario. The collateral properties are the 658-room Outrigger Reef Waikiki Beach Resort and the 314-room Sheraton Kauai Coconut Beach Resort.

Innisfree loans. Innisfree Hotels has sealed $32.6 million of bridge financing for the recapitalization of a dual-branded hotel on Florida’s Amelia Island, Commercial Observer has learned. Peachtree Group originated the three-year, fixed-rate debt for the hotel development company’s 105-room Courtyard by Marriott Amelia Island and 134-key SpringHill Suites Amelia Island property in Fernandina Beach, Florida, according to the Commercial Observer.

AHLA supports franchise bill. The American Hotel & Lodging Association (AHLA) has shared its support and called for the quick adoption of the bipartisan American Franchise Act (AFA) introduced by Representatives Kevin Hern (R-OK) and Don Davis (D-NC). AHLA said the AFA will protect the hotel business model and ultimately provide certainty regarding the nature of the employment relationship. This mutually beneficial partnership enables aspiring small business owners to go into business for themselves, but not by themselves, the AHLA said.

Donavanik ascends at Dusit. The Board of Directors of Dusit Thani Public Co. Ltd. has appointed Chanin Donavanik, acting chairman of the board, as Group Chief Executive Officer, effective September 12, 2025. This follows Ms. Suthumpun's decision, which has been duly approved by the company, to take early retirement from her role as Group CEO after accepting an invitation from Prime Minister Anutin Charnvirakul to join the government's economic team as Minister of Commerce.

Hoxton to Krakow. Ennismore’s Hoxton brand will open in Krakow, Poland, in the second half of 2027. The former Imperial-Royal Tabacco Factory will feature 115 guestrooms with the brand’s usual emphasis on vibrant, homey open lobbies.

5 Premier Inns sell. LondonMetric Property has acquired five Premier Inn hotels in the U.K. and two convenience assets as part of triple net (NNN) acquisitions totaling £79 million. The group has acquired five Premier Inn hotels from Whitbread for £44.4 million. The hotels in Chatham, Exeter St David’s, Penzance, Southampton and Witney are let on new 30-year leases with five yearly rent reviews.

Dalata deal approval. Shareholders of Dalata Hotel Group have overwhelmingly approved the recommended cash offer by Pandox Ireland Tuck Ltd., a joint venture between Pandox AB and Eiendomsspar AS, according to a company statement. Completion of the transaction remains subject to court sanction at a hearing expected to be scheduled for October 2025.