Latest news: Conrad sells in Seoul; Blackstone pursues Village Hotels; Reverb for Scottsdale

Conrad hotel in Seoul sells. ARA Korea, the Korean arm of Singapore-based real estate fund manager ARA Asset Management, has agreed to acquire the 434-key Conrad hotel in Seoul from Brookfield Asset Management for reportedly KRW 400 billion ($289 million). ARA Korea, through its private equity arm ARA Korea REF Ltd., finalized the agreement on June 3. The sales price is significantly lower than the KRW 500 billion Brookfield sought when it first marketed the property last September.

Blackstone in exclusive talks for Village Hotels. Blackstone is in exclusive talks to acquire Village Hotels, one of Britain’s biggest mid-market hotel chains, according to Sky News. The hotels are being auctioned by bankers at Morgan Stanley. The chain was put up for sale earlier this year with a valuation of about £850 million. Village, which operates more than 30 sites across the U.K., is owned by KSL Capital Partners.

Reverb coming to Scottsdale. Hard Rock International is developing the 195-key Reverb by Hard Rock Scottsdale, a music-themed hotel featuring entertainment and more. Hard Rock is developing the $60 million project in partnership with ERES Capital, and it’s scheduled to open in late spring/early summer 2026 in Arizona. The project will anchor The Sydney, a mixed-use entertainment-focused development.

New Jacksonville airport hotel. Charleston, South Carolina and Boca Raton, Florida-based TMGOC Ventures and Miami-based Willow Street Capital have closed on the land site and construction financing for a new Extended Stay America Premier Suites in Jacksonville, Florida near the airport. The 124-key property will cost just under $20 million and is scheduled to be ready by mid-2025. 

Virga Capital adds in Idaho. Bozeman, Montana-based Virga Capital has partnered with Boise, Idaho-based Resolute Road Hospitality to acquire the 104-key Residence Inn by Marriott Boise West. This marks Virga Capital’s first hospitality investment. The seller and price were not disclosed.

Ritz-Carlton to Riviera Maya. Desarrolladora Arca is partnering with IMI Worldwide Properties for the The Ritz-Carlton Residences, Riviera Maya, and The Ritz-Carlton, Riviera Maya, which will be the first Ritz-Carlton branded hotel and residences in the destination. There will be 127 residences and 300 hotel rooms at the property. Construction will begin this year, and the first phase of the community is expected to debut in 2026 with the hotel and 29 residences.

Archipelago partners for deal in DR. Jakarta, Indonesia-based Archipelago International and Murcia, Spain-based CLERHP Estructuras S.A. have signed a management agreement for the Grand Aston Golf Hotel & Residences at Larimar City & Resort in Punta Cana, Dominican Republic. The Grand Aston will have 150 rooms and 94 branded residences and villas. The project will also have Aston Towers Larimar City with 432 branded residences across three towers and Paradise Tower by Harper, which will have 144 branded residences.

Dakota adds in the UK. Manchester, England-based Dakota Hotels is opening a new luxury hotel near the Manchester Airport. The 154-key property is scheduled to open in 2026. 

Four Seasons project in KSA. Riyadh, Saudi Arabia-based Midad Real Estate Investment Co. is launching the Four Seasons Private Residences Jeddah. This new development features state-of-the-art design elements, including suspended bridges connecting the towers. The Four Seasons Private Residences Jeddah includes 247 rooms, 21 serviced apartments and 64 private residences.

Hyatt rebranding Indian Wells resort. Hyatt Hotels Corp. is partnering with Honolulu-based Trinity Investments to rebrand the Hyatt Regency Indian Wells Resort & Spa to Grand Hyatt Indian Wells Resort & Villas in California, which is scheduled to open in September. The rebrand comes after a $64 million renovation. 

IHG adds in Kyoto. IHG Hotels & Resorts has signed a management agreement with AXA IM Alts to open the 183-key Holiday Inn Kyoto Gojo by early 2025. This will be IHG’s 11th Holiday Inn in Japan and its third hotel in the city. IHG currently has 59 hotels open or in the pipeline in Japan.