Latest news: Ashford sells in Boston; new Orlando luxe hotel; Conrad in Portugal sells

Ashford sells in Boston. Dallas-based REIT Ashford Hospitality Trust (AHT) has signed an agreement to sell the 315-key Courtyard Boston Downtown in Massachusetts for $123 million ($390,500 per key). The sale is expected to be completed in January. When adjusted for AHT’s anticipated capital expenditures, the sale price represents a 5.9% capitalization rate on net operating income for the trailing 12 months through the third quarter of 2024, or 14.3x Hotel EBITDA for the same period. AHT President and CEO Stephen Zsigray said “the sale will not only deleverage the company’s BAML Highland Pool loan, but will also result in significant capital expenditure savings.” He said the REIT continues to have several assets in the market at various stages of the sales process.

MB Signature adds in Orlando. Mérida, Mexico-based MB Signature Properties is developing the 199-key MB Resort Orlando in Florida, which is scheduled to open in winter 2028. There will be an investment of more than $250 million for the property, which the company says will be one of the top luxury properties in Orlando.

Conrad Algarve in Portugal sells. The owners of the Quinta do Lago resort in Faro, Portugal, have acquired the Conrad Algarve hotel from a fund managed by Portugal-based ECS, an asset management entity partly owned by New York City-based Davidson Kempner Capital Management. While the financial terms weren’t disclosed, Quinta do Lago owner Denis O’Brien reportedly is trying to buy the hotel for €100 million. The Conrad Algarve has 154 hotel rooms, 80 serviced apartments and two villas.

Meliá adds in D.R. Palma, Spain-based Meliá Hotels is partnering with Punta Cana, Dominican Republic-based Vivantia Homes to open two new properties in the Dominican Republic under its INNSiDE by Meliá brand. The upcoming hotels, INNSiDE Punta Cana Downtown and INNSiDE Punta Cana Bay, are scheduled to open in 2027 and will be located near Punta Cana International Airport.

Maybourne seeks to expand. London-based Maybourne, which owns Claridge hotels, wants to nearly triple the size of its portfolio of hotels in the next decade, according to a report from The Financial Times. Maybourne owns and operates six hotels, four in London and one each in Beverly Hills and the French Riviera, and wants to have a portfolio size of 15 to 17 by 2035 (though half of those would be by management contract only and not under Maybourne’s ownership). Maybourne is owned by Qatari royals Sheikh Hamad bin Jassim bin Jaber al-Thani and Sheikh Hamad bin Khalifa al-Thani.

IHG introduces voco to Malaysia, Jordan. IHG Hotels & Resorts is partnering with Malaysian real estate developer Elica Equity to introduce its voco brand in Malaysia. The 321-key voco Kuching in Sarawak, Malaysia, is scheduled to open in 2026 and will be part of a 12-story mixed-use development. IHG is also partnering with Amman, Jordan-based Abdali Boulevard Company to debut the voco brand in Jordan. The Abdali Boulevard Hotel is scheduled to be converted and rebranded as a 392-key voco property by December 2025. IHG has 77 voco properties worldwide and 80 more in the pipeline.

1 Hotel debuts in Japan. Miami-based SH Hotels & Resorts is partnering with Toyko-based Mori Trust to introduce its 1 Hotel brand to Japan with the 211-key 1 Hotel Tokyo, which is scheduled to open in 2025. The projects will anchor Mori Trust’s Tokyo World Gate Akasaka project in Tokyo.

IHG adds in India. IHG Hotels & Resorts has signed a management agreement with Sakthi Elegant Towers India Pvt. Ltd. to develop the Holiday Inn Chennai Vandalur in Chennai, India. The 200-key is scheduled to open in 2026. IHG has 46 hotels operating across six brands, with 58 more in its pipeline scheduled to open in the next three to five years.

Choice adds in Austria. Choice Hotels EMEA has signed a strategic agreement with Prague-based CPI Hotels to open the 201-key Clarion Hotel Vienna South in Vienna, Austria.