Latest news: Georgia resort sells; KSL invests in Maldives; new F&B-centered brand in CA

South Street, TPG acquire in Georgia. Charleston, South Carolina-based South Street Partners and San Francisco-based TPG Real Estate have formed a joint venture to acquire The King and Prince Beach & Golf Resort in Georgia from Ridgeland, Mississippi-based MMI Hospitality Group for an undisclosed amount. MMI, which initially invested in the property 45 years ago, will continue to operate the resort through its MMI Hotel Group division. The property includes a 142 keys, direct beach access and a golf course. It also includes developable land and beachfront condos for purchase. This capitalization is the latest investment by South Street’s inaugural SSP GP Fund I.

KSL invests $21M in W Maldives. Denver-based KSL Capital Partners said its affiliates will invest $21 million in the 77-key W Maldives to fully renovate the resort. It also plans to recommence capital spending at the 176-key Sheraton Maldives Full Moon Resort & Spa. The W renovation started earlier this year and moving forward the property will temporarily close to guests. It is expected to reopen in late 2024. KSL acquired the W Maldives and Sheraton Maldives in June 2022 and has significant investments in six hotels in the country, including the Soneva Fushi, Soneva Jani, the recently developed and opened Soneva Secrets and Outrigger Maafushivaru Resorts.

U.S. hotels up last week. The U.S. hotel industry reported positive comparisons year over year, according to the latest data from CoStar. During the week of August 4-10, occupancy was up 0.5% to 68.7%; ADR was up 1.4% to $159.49, and RevPAR was up 1.9% to $109.51. Among the Top 25 markets, Houston saw the highest year-over-year increases in occupancy (up 31.1% to 76.3%) and RevPAR (up 47.2% to $93.89), while Chicago posted the largest lift in ADR (up 13.8% to $188.95). The steepest RevPAR declines were in Los Angeles (down 12.2% to $161.66) and Dallas (down 11.3% to $66.30).

Lang & Schwander acquires in Switzerland. Miami-based Lang & Schwander, a hotel interior design firm specializing in FF&E, has acquired the 85-key Hotel Engadinerhof in Pontresina, Switzerland, from an undisclosed buyer for an undisclosed amount. The hotel originally opened in 1905 and will now be managed by Lang & Schwander. The Hotel Engadinerhof will remain open throughout its phased renovation, with completion expected in 2026.

Pandox AB evaluating London hotel portfolio. Stockholm-based Pandox AB said it is evaluating the possibilities of acquiring a hotel portfolio in London. Pandox made the statement following questions from the media. The company said the hotel portfolio has a corresponding value of approximately MSEK 3,000.

Cisneros partners with Sotheby’s to sell private residences in DR. Miami-based Cisneros Real Estate has partnered with Sotheby’s International Realty in the Dominican Republic to offer the 95-key Four Seasons Private Residences Dominican Republic at Tropicalia exclusively through its network. Dominican Republic Sotheby’s International Realty will lead local sales efforts for Four Seasons Private Residences Dominican Republic at Tropicalia.

Wyndham first Trademark Collection in South Korea. Wyndham Hotels & Resorts is opening its first Trademark Collection brand in South Korea with the 190-key La Vie D’or Hotel and Resort, Trademark Collection by Wyndham. The new hotel elevates the company’s presence in South Korea with over 30 hotels and joins nearly 20 Trademark hotels across Asia Pacific.

Swiss-Belresidences in Egypt. Cairo-based Altameer Arabian is partnering with Swiss-Belhotel International to bring branded apartments to Egypt's New Administrative Capital. The Swiss-Belresidences Rivan project spans 16 acres in the R7 district and includes 15 residential buildings. The project has about 500 hotel residential units planned for its third phase.