Latest news: Kapstones acquires in Miami; Noble adds in Jacksonville; dual-brand in Cleveland

Kapstones acquires in Miami. An affiliate of Sarasota, Florida-based Kapstones has acquired the 157-key Radisson Red Miami Airport from Miami River Point Hotel LLC for $22 million, according to the South Florida Business Journal. The property was sold to 3401 Miami LLC, which will assume the seller’s $15.35 million mortgage with Centennial Bank. Kabani Hotel Group brokered the transaction.

Noble adds in Jacksonville. Atlanta-based Noble Investment Group is developing a 124-key StudioRes by Marriott in Jacksonville, according to ConnectCRE. Noble said it expects the project to cost just under $10 million. The project has broken ground and is scheduled to open in spring 2025. Noble also acquired the Courtyard Jacksonville Beach Oceanfront in July 2024 for $26.1 million.

Kassouf converting dual-brand in Cleveland. Kassouf Development has closed on financing for the Erieview Tower & Galleria redevelopment in downtown Cleveland, which it plans to convert into a dual-branded W Residences and W Hotels by Marriott hotel. The $218 million project will have 227 residences and 210 hotel rooms and is scheduled to open in late 2026.

New CEO at Jumeirah Group. Dubai-based Jumeirah Group has named Thomas Meier as its new CEO. Meier was previously COO of the company and was appointed as interim CEO in 2024. Before joining the Jumeirah Group, Meier held senior-level roles at Minor Hotels and Raffles Hotels & Resorts.

Wylder refi for New York hotel. Wylder Hotels has secured a $19.5 million floating rate non-recourse loan from Formida Capital for the 110-key Wylder Windham Resort in Windham, New York. Wylder acquired the 140-year-old hotel in 2021 and reopened it in October 2022. CooperWynn Capital arranged the financing.

Negative week for US hotels. The U.S. hotel industry from December 22-28 reported negative year-over-year comparisons, according to CoStar data. Occupancy was 47.7% (down 4.9%); ADR was $160.96 (down 1.7%); and RevPAR was $76.83 (down 6.5%). Among the Top 25 markets, Tampa reported the only double-digit increases in occupancy (up 16.3% to 74.0%) and RevPAR (up 22.6% to $124.36), while Houston posted the highest ADR lift (up 5.6% to $97.82). The steepest RevPAR declines were reported in Nashville (down 35.6% to $51.68) and Atlanta (down 21.7% to $40.05).

Sonesta 2024 highlights. Sonesta International Hotels said it added 37 new franchised hotels (more than 3,300 rooms) to its global portfolio during the second half of 2024.  Sonesta’s organic openings in the second half of the year nearly doubled those in the first half of 2024. The team also converted 16 managed hotels to franchises under new ownership over the same period, adding an additional 2,000 rooms.

Värde refinances in Brussels. Värde Partners said an affiliate provided a €112 million loan to refinance The Wings, a newly developed office and hotel property in Brussels, Belgium. Owned and developed by Ghent, Belgium-based Ghelamco, The Wings has three wings dedicated to office space, a hotel wing, restaurants and fitness facilities.

Travelodge acquires in London. Thame, U.K.-based Travelodge acquired the former Ibis hotel at The Bromley Mall in London from an undisclosed buyer for an undisclosed amount. Travelodge has signed a 25-year lease and will renovate the 59-key hotel and reopen by April 2025. Travelodge operates 82 hotels in London.

Pandox completes deal in Norway. Stockholm-based Pandox has completed the acquisition of Radisson Blu Hotel Tromsø in Norway from DNB Eiendom for kr‎750 million (around £52.9 million). The 269-key hotel will undergo a renovation. Pandox financed the acquisition using available cash and a new bank loan.

IHCL 2024 highlights. Indian Hotels Co. Ltd. (IHCL) said it added 85 new hotel signings and opened 40 properties in 2024, expanding its portfolio to 360 hotels. The company also has 123 hotels in its development pipeline. The luxury Taj brand led the expansion with 19 new signings, bringing its total to 125 properties. IHCL also strengthened its market position through strategic moves, including acquiring a majority stake in the Tree of Life brand and securing a brand license agreement for The Claridges in New Delhi.