Latest news: Another Ace deal in place?; new Peachtree fund; new Club Med chair

Possible Ace sale? Bloomberg is citing sources that say Tokyo-based Seibu Holdings, operators of the Seibu Prince hotel brand, is closing in on a deal to acquire the eight-property Ace hotel brand from Ace Group International for as much as $85 million, including earn-outs. Ace reportedly has been working with Jones Lang LaSalle to explore strategic options. In 2023, Sortis Holdings struck a $85 million deal to acquire Ace Hotels, but the deal collapsed amid rising interest rates, management attrition, and shifting market conditions.

Peachtree new "illiquidity" fund. Peachtree Group has launched Peachtree Special Situations Fund, a $250 million fund designed to unlock value in mispriced, high-quality hotel and other commercial real estate assets due to today’s capital market illiquidity rather than underlying fundamentals. Core strategies include off-market acquisitions; preferred and hybrid equity solutions; and distressed purchases from lenders. Peachtree expects to hold its first close within the next 60 to 90 days and complete the final close within its targeted 18 months following the initial close. “We believe the next 12 to 18 months offer some of the most compelling risk-adjusted opportunities we’ve seen since the global financial crisis,” said Greg Friedman, managing principal and CEO of Peachtree.

New Club Med chair. Following the departure of Henri Giscard d'Estaing, Club Med has appointed Stéphane Maquaire to replace him as chairman. He joins Club Med after being head of Carrefour in Brazil. The move, said Club Med, symbolizes brand owner Fosun's intention to strengthen operational control while streamlining strategy in a constantly evolving hotel sector.

Westin residences in India. Delhi-based Whiteland Corp., in collaboration with Marriott International, has launched the Westin Residences Gurugram—India’s first Westin-branded residential development and the largest standalone branded residences in the country. With a projected topline of 15,000 Cr, the development signifies a major milestone for India’s residential real estate segment. The Residences will span across 7.78 hectares (approximately 20 acres) with 1,700 three-bedroom and four-bedroom residences ranging from 248 to 402 square meters (approximately 2,673 to 4,328 sq ft). No completion or opening date has been announced.