Latest news: Blackstone mulls Grand Wailea sale; $118M refi in Boston; junk fee ban

Blackstone mulls Grand Wailea sale. Blackstone is considering selling the Grand Wailea Resort in Maui, according to a Bloomberg report. The story said Blackstone is collaborating with a broker to identify potential buyers, but no definitive decisions have been reached. The luxury hotel, which opened in 1991, was acquired by Blackstone in January 2018 for approximately $1.1 billion from Singapore-based GIC. It includes 737 guestrooms, 57 suites and 50 villas. Its most recent renovations were completed last year. Earlier this year, Blackstone sold the Turtle Bay Resort in Hawaii for $680 million.

$118M refi in Boston. A joint venture between affiliates of Boston-based Rockpoint, Dallas-based Highgate and Providence, Rhode Island-based hotelAVE has secured a $115 million loan to refinance the 471-key Renaissance Boston Seaport Hotel in Boston. Eastdil Secured advised the sponsorship on the financing from Charlotte-based Barings. The JV has owned the hotel since 2015, with hotelAVE serving as the asset manager.

JV refinances in New Orleans. A joint venture between Birmingham, Alabama-based Kupperman Companies and Austin, Texas-based MML Hospitality has secured a $26.5 million loan to refinance the historic 75-key Hotel Saint Vincent in New Orleans. The JV acquired the hotel in 2017. Peachtree Group originated the 60-month, fixed-rate loan for the hotel, which MML Hospitality manages.

Loan for Tampa resort. A joint venture of Wesley Chapel, Florida-based Mast Capital and Boca Raton, Florida-based Amzak Capital Management has secured a $72.5 million loan from Santa Monica, California-based Beach Point Capital Management to finance the renovation of the Saddlebrook Resort in Tampa’s Wesley Chapel neighborhood. Mast and Amzak acquired Saddleback in 2022. Future development includes 465 apartments, 25 townhomes and 75,000 sq. ft. of retail and office space. JLL’s Capital Markets team represented the JV in securing the financing.   

Crescent adds in San Antonio. Fairfax, Virginia-based Crescent Hotels & Resort has added The St. Anthony, a Luxury Collection Hotel in San Antonio to its management portfolio. The St. Anthony was the first luxury hotel in San Antonio and opened in 1909. 

HEI adds in New Jersey. Norwalk, Connecticut-based HEI Hotels & Resorts has added the 167-key Renaissance Meadowlands Hotel in New Jersey to its management portfolio. A joint venture between HEI and Darien, Connecticut-based Westport Capital Partners acquired the hotel.

FTC bans hidden junk fees. The U.S. Federal Trade Commission passed a rule on Tuesday requiring ticket sellers, hotels and vacation rental sites to disclose total prices, including fees upfront. The rule is one of the final pieces of President Joe Biden’s wide-ranging crackdown on junk fees that drive up consumer costs without providing visible benefits.

Hilton adds in the Caribbean. Hilton is entering the market of Bonaire, a Caribbean Island in the Leeward Antilles and territory of the Netherlands, with the debut of 148-key Delfins Beach Resort Bonaire, Tapestry Collection by Hilton. Hilton has more than 45 open hotels and approximately 35 hotels in its pipeline in the Caribbean.

Surfing development in DFW. Garland, Texas-based Cannon Development Group is partnering with the Dallas suburb of McKinney, Texas and the McKinney EDC to create a $200 million surfing-centered, mixed-use development that will include a resort hotel. The initial phase of the development is scheduled to open by the end of 2026.

Two Bally's properties sold. Wyomissing, Pennsylvania-based Gaming and Leisure Properties has completed the previously announced $395 million acquisition of the land and real estate assets of Bally’s Kansas City Casino in Kansas City, Missouri, and Bally’s Shreveport Casino & Hotel in Shreveport, Louisiana, from Bally’s Corp. The Shreveport casino also includes a 400-key hotel.

Borealis Hotel Group acquires 2. Madrid-based AQ Acentor has sold two hotels in the north tower of AQ Urban Sky in Málaga, Spain, to Amstelveen, Netherlands-based Borealis Hotel Group for an undisclosed amount. The 105-key Staybridge Suites Málaga is the first in the Iberian Peninsula, and the 209-key Hampton by Hilton Málaga is the first Hampton by Hilton in the Andalusia region of Spain. Both hotels have opened and are operated by Madrid-based Panoram Hotel Management.

Meliá adds in Argentina. Palma, Spain-based Meliá Hotels International is partnering with Argentina-based Almarena Group to open a new hotel in Costa del Este, Argentina. The INNSiDE La Reserva Costa del Este will feature 88 guestrooms and 60 residences under the INNSiDE by Meliá brand. With this new project, Meliá expands its portfolio in Argentina to five hotels, including three located in Buenos Aires and one in Iguazú.

Aleph opening four in Ethiopia. Dubai-based Aleph Hospitality is opening four new hotels in Ethiopia. In the last year, Aleph has added 13 new hotels to its portfolio and has an active pipeline of over 30 hotels in the Middle East and Africa. The hotels are the 154-key Elilly International Hotel in Addis Ababa and the 172-key Elilly Bishoftu, which is currently under construction and located on the shores of Bishoftu Guda Lake and is scheduled to open in 2029. Aleph will also be managing two new internationally branded upper-midscale hotels that are currently under development and are scheduled to open in 2026.