Latest news: Blackstone explores Motel 6 sale; US construction up; historic casino deal in Virginia

Blackstone exploring sale of G6 Hospitality. Blackstone is exploring a sale of the Motel 6 brand, according to a Bloomberg report. The firm is in the early stages of courting suitors for Plano, Texas-based G6 Hospitality, which owns both the Motel 6 and Studio 6 brands. Blackstone declined to comment on the story. It acquired G6 Hospitality from Accor in 2012 as part of a $1.9 billion deal and tested the waters for a potential sale in 2021, according to the story. In 2021, it was reported that Blackstone may have valued the company at more than $1 billion.

US construction rose in March. Hotel construction in the U.S. rose in March and was the first increase in nine months, according to CoStar data. Through March 2024, the U.S. hotel pipeline had 156,525 rooms in construction (up 1.5%), 263,316 rooms in final planning (up 9.8%) and 324,522 rooms in the planning stages (up 39.5%). Upper midscale and upscale projects continue to dominate the pipeline and account for more than half of the in-construction room count.

Historic casino, hotel project in Virginia. Bruce Smith Enterprise and The Cordish Companies are codeveloping a $1.4 billion Live! Gaming & Entertainment District, which will be anchored by a Live! Casino & Hotel Virginia in Petersburg, Virginia. The joint venture would be the first in the gaming and entertainment industry to have a minority-owned business as a codeveloper. Virginia Beach, Virginia-based Bruce Smith Enterprise was founded by NFL Hall of Famer Bruce Smith, which has several real estate and hospitality developments. Baltimore, Maryland-based The Cordish Companies has several sports, entertainment and gaming developments across the U.S.

Hyatt is using 52 tiny home-sized modular units as hotel rooms for its new resort in Curaçao.

Hyatt opening “tiny” resort concept in Curaçao. Hyatt is reportedly using the “tiny home” concept to expand its Dreams resort on the Caribbean island of Curaçao. The company is using 52 tiny home-sized modular units as hotel rooms for the resort, which is scheduled to open in June. The Curaçao property’s units are set to be located in a new adult-only section of the resort called Il Mare. The beachfront fiberglass dwellings will be either 377 or 436 sq. ft, depending on the room category. Both rooms have a king bed, a dual vanity bathroom and a furnished terrace.

CPACE loan for Houston project. Sugar Land, Texas-based Neway Hospitality is developing a dual-branded 17-story, 275-key Holiday Inn Express/Staybridge Suites over a parking lot in downtown Houston. Lone Star PACE facilitated an $11.3 million C-PACE loan for the project, which will fund several sustainable upgrades.

Paris bookings above 60% for Olympics. Paris hotel bookings for the 2024 Summer Olympics are pacing above 60%, according to the latest data from CoStar. The 60% range for the event period (July 26 to August 11) is up from 50% from three months ago. The current highest booking level (63.8%) in the host city is on Saturday, July 27; the second highest (63.1%) is on Saturday, August 3. At the same time last year, booking levels on those dates were 19.3% and 19.8%, respectively. Paris’ lowest occupancy during the Olympics (45.2%) is on the night of the closing ceremony.

IHG adds in Australasia. IHG Hotels & Resorts has signed the second Holiday Inn & Suites in Australasia, partnering for the first time with Felix Capital to open Holiday Inn & Suites Caloundra Sunshine Coast in early 2028. The 160-key hotel will be part of a mixed-use development in the coastal town of Caloundra.

Nobu to open 40th hotel. Nobu Hospitality is collaborating with Viet Capital Real Estate (VCRE) for its 40th hotel and second opening in Vietnam with the 135-key Nobu Ho Chi Minh Hotel and Restaurant. The 40-story mixed-used development is scheduled to open in 2026.

IHCL adds Taj in Rajasthan. Indian Hotel Co. Ltd. (IHCL) has signed a Taj-branded resort in Pushkar, Rajasthan, India. The 110-key resort is the first in Pushkar for IHCL and the 28th in Rajasthan, including eight under development. IHCL is partnering with Master Resorts and Spa Private Ltd. on the project.