Latest news: NewcrestImage buys in Ohio; third Le Petit Pali; first Regent standalone residence

NewcrestImage acquires in Columbus. Grapevine, Texas-based NewcrestImage has acquired the 194-key DoubleTree Suites by Hilton Hotel Columbus Downtown in Columbus, Ohio, from an undisclosed buyer for an undisclosed amount. Hunter Hotel Advisors represented the institutional seller in the deal. NewcrestImage has bought or sold nearly 275 hotels and close to 30,000 rooms for over $3 billion in 130 cities in the U.S.

$57M in financing for Nashville hotel. New York City-based Smith Hill Capital, the commercial real estate debt investment management business of the Procaccianti Companies and Bain Capital’s Special Situations team, has originated $57 million in first mortgage financing to a joint venture of San Antonio-based Affinius Capital (formerly USAA Real Estate) and Houston-based Westmont Hospitality for the 305-key Embassy Suites by Hilton Nashville Airport. That JV recently sold the Houston City Place Marriott to CDC Houston.

Le Petit Pali opens 3^rd hotel. Le Petit Pali, part of Los Angeles-based Palisociety’s portfolio, is opening its third hotel with the 25-key Le Petit Pali Brentwood in California. Formerly the Brentwood Motor Hotel, which opened in 1947, the hotel is scheduled to reopen in November. Le Petit Pali opened its first two hotels in Carmel-by-the-Sea, California in July and will expand in 2025 with hotels in Laguna Beach and St. Helena, California.

ERES adding in Montana. Denver-based ERES Companies is developing a 125-key Hampton Inn & Suites at the Yellowstone Airport Plaza in Belgrade, Montana. ERES is partnering with Springfield, Missouri-based O’Reilly Hospitality Management to manage the hotel. The project is scheduled to break ground later this year, with an estimated completion date in the second quarter of 2026. ERES recently opened an EVEN Hotel by IHG in the same plaza, which O’Reilly also manages.

First Sankari branded residential. Dubai-based developer Sankari is partnering with IHG Hotels & Resorts to launch the world’s first Regent Residences in Dubai. The Regent Residences Dubai – Sankari Place will include 63 full-floor residences and 10 floating homes. Regent has 10 properties worldwide and Sankari Place will be the brand’s first standalone residential project. It is expected to be completed by the end of 2027.

New Vegas hotel approved. The Clark County Zoning Commission has approved a new development on the Las Vegas strip that will include two 44-story towers with a 425-room residential tower, and two hotels, one with a 750-key non-casino hotel. The development will also have a 482-foot tall amusement ride and a 3,300-seat theater.

SEVN closes $16M bridge loan. Newton, Massachusetts-based Seven Hills Realty Trust (SEVN) has closed a $16 million first mortgage floating-rate bridge loan for the 123-key Home2 Suites by Hilton Lake Mary Orlando in Lake Mary, Florida. The loan has a three-year initial term with two one-year extension options. SEVN is managed by Newton-based Tremont Realty Capital and was introduced to the transaction by Highgate.

TPG adds in Alabama. McKinney, Texas-based TPG Hotels & Resorts has added the 120-key AC Hotel Tuscaloosa Downtown in Tuscaloosa, Alabama, to its management portfolio.

Marriott, Fametro bringing Tribute to Brazil. Marriott International and the Manaus, Brazil-based Fametro Group have signed an agreement to convert a property in the capital city of the Amazonas to a Tribute Portfolio Hotel, a collection brand within the Marriott portfolio. The former Tropical Hotel Manaus opened in 1976 and will become Brazil’s first Tribute Portfolio Hotel. The phased reopening will start at the end of 2024. Marriott’s Tribute Portfolio has nearly 120 hotels across over 25 countries and territories.

JV acquires in Singapore. Atelier Capital Partners Singapore, a joint venture consortium between the Singapore-based Fortez Capital and Hong Kong-based Atelier Capital Partners, has partnered with New York City-based TPG Angelo Gordon, Singapore-based Heeton Holdings and Dorsett Hospitality International (DHI), a subsidiary of Hong Kong-based Far East Consortium International, to acquire the 313-key Capri by Fraser, Changi City in Singapore from Singapore-based Frasers Property, according to HVS. Reports have indicated a transaction price of SGD170 million. Upon acquisition, DHI will operate and rebrand the hotel to Dorsett Changi City Singapore.

TriO adds in Thailand. TriO Capital, the investment arm of Hong Kong-based Ovolo Group, has acquired 177-key Hilton Garden Inn Phuket Bang Tao for an undisclosed price, according to HVS. This marks TriO Capita’s first foray into Thailand. The hotel will remain under Hilton’s franchise agreement and is set to undergo extensive renovations.

REIT adds three in Japan. Japan-based REIT Takara Leben Real Estate Investment Corp. has acquired two hotels in Tokyo and one hotel in Hokkaido for a total of JPY15.25 billion, according to HVS. The two Tokyo hotels acquired are the 113-key Hotel Livemax Shinjuku Kabukicho Meijidori for JPY3.4 billion and the 220-key APA Hotel Kamataeki-Higashi for JPY6.5 billion. The Sapporo hotel acquired is the 167-key Quintessa Hotel Sapporo for JPY5.35 billion. These acquisitions will bring Takara Leben’s portfolio to six hotels and 982 rooms in Japan.