Latest news: Peachtree buys in Utah; IHG expands in Spain; CCRISP refi in NC

Peachtree acquires in Utah. Atlanta-based Peachtree Group has acquired the 100-key AC Hotel by Marriott in Park City, Utah, from an undisclosed seller for an undisclosed amount. This is the sixth acquisition of 2024 for Peachtree, including the 128-key Residence Inn by Marriott in Wesley Chapel, Florida; the 114-key Residence Inn by Marriott in Oakhurst, New Jersey; the 146-key Home2 Suites by Hilton in Falls Church, Virginia; the 130-key Home2 Suites by Hilton in Lawrenceville, Georgia and the 180-key Hilton Garden Inn in Denver.

IHG expanding in Spain. IHG Hotels & Resorts is growing its portfolio in Spain by signing four hotels: the 45-key Vignette Collection Mallorca – Finca Banyols, the 34-key Vignette Collection Jerez, the 40-key Hotel Indigo Gandia – Beach, and the 82-key Holiday Inn Express San Sebastian – Errenteria. IHG has 55 hotels operating under eight brands in Spain as well as 22 open Iberostar properties with 12 more in its pipeline.

Fortress buys resorts in Japan. New York City-based Fortress Investment Group has agreed to a $100 million deal to buy Japan’s oldest and most eccentric hot springs resort: the 431-key Spa Resort Hawaiians, according to the Financial Times. Fortress has launched an agreed tender offer for Tokyo-based Joban Kosan, which owns the property and was originally founded as the operator of Japan’s largest coal mine. The resort sits in the Fukushima prefecture, roughly 200 kilometers north of Tokyo. Following the 2011 earthquake and tsunami in Tohoku, which caused a meltdown at the Fukushima nuclear plant, the Hawaiians reopened to guests just 204 days after the disaster.

First Baccarat in UAE. Dubai-based Shamal Holding has unveiled plans for the UAE’s first Baccarat Hotel, which will open in Downtown Dubai. The 145-key property is being developed in collaboration with H&H Development and SH Hotels & Resorts, the operator of Baccarat Hotels & Resorts.

CCRISP refinances NC hotel. Southern Pines, North Carolina-based CCRISP Holdings has refinanced the 80-key Marriott Pinehurst Southern Pines in North Carolina for $10 million. Park City, Utah-based CooperWynn Capital arranged the financing. The hotel was refinanced with a five-year CMBS loan with interest-only payments for the full term and an interest rate below 7%.

US hotels down last week. The U.S. hotel industry for September 8-14 reported mostly negative year-over-year comparisons, according to CoStar data. Occupancy was 66.6% (-1.7% YOY), ADR was $162.05 (+0.2% YOY); and RevPAR was $107.86 (-1.4% YOY). Among the Top 25 markets, San Diego saw the highest year-over-year increase in occupancy (+10.5% to 79.9%), Chicago reported the largest lift in ADR (+15.5% to $216.57), while the steepest RevPAR decline was seen in San Francisco (-37.2% to $171.26) due to a comparison against the week of Dreamforce 2023.

Crescent adds 2 in Austin. Fairfax, Virginia-based Crescent Hotels & Resorts is adding two properties in Austin, Texas: the 149-key Hotel Indigo Austin Downtown – University and the Holiday Inn Express Austin Downtown University to its management portfolio.

Hardage sells Tampa hotel. An affiliate of San Diego-based Hardage Hospitality has sold the 160-key Chase Suites Hotel in Tampa, Florida, to an undisclosed buyer for an undisclosed price. Berkadia arranged the financing.

Online passport renewal is a go. After testing online passport renewal on a limited basis this summer, the State Department said Wednesday that it is now fully operational. The service enables Americans with a U.S. address to do everything they need to do to renew a passport online -- apply, pay the renewal fee and upload a photo. The option is available to Americans seeking to renew an adult 10-year passport that has expired within the last five years or will expire in the coming year. The processing time for a renewed passport will remain six to eight weeks, said Rena Bitter, assistant secretary of state for consular affairs. Online passport renewal is not available for citizens who want expedited processing.

BofE holds interest rates. The Bank of England is holding interest rates at 5% this month after lowering them for the first time in four years in August. The bank voted by a majority of 8-1 to keep the rate the same in a bid to help “sustain growth and employment.” The decision comes a day after the Federal Reserve cut interest rates by 50 basis points.

ProsperCap refinances UK portfolio. Singapore-based ProsperCap has secured a £310 million refinancing of its U.K. hotel portfolio. The group, backed by Thailand-based DTGO Corp., has a portfolio of 17 hotels in Birmingham, Manchester, Liverpool, Nottingham, Leeds and Bristol under the Hilton, IHG and Marriott brands. The financing was arranged by Deutsche Bank and Standard Chartered Bank, the new facilities comprise a term loan of up to £296.04 million and a CAPEX loan facility of up to £13.96 million. ProsperCap sprouted from Thai conglomerate DTGO Corp.’s £450 million acquisition of the U.K. assets from U.S. private equity fund Marathon Asset Management in late 2019.

Canada has highest occupancy since 2018. Canada’s hotel industry recorded its highest occupancy level for any month since August 2018, according to the latest data from CoStar. For August, occupancy was 79.7% (up 3.1%), ADR was CAD235.85 (up 3.6%) and RevPAR was CAD187.93 (up 6.8%). Among the provinces and territories, Nova Scotia recorded the highest occupancy level (89.6%), which was 4.2% above 2023, and among the major markets, Vancouver saw the highest occupancy (87.6%), up 1% over August 2023.

Archipelago adds 2 in the Philippines. Jakarta-based Archipelago International is partnering with Cebu City, Philippines-based Cebu CFI Community Cooperative, to open two new hotels and bring two new hotel properties to life in the Philippines in Manila and Cebu City. The Manila property will feature 207 rooms, and the Cebu City property will have 216 rooms.

Jaz Hotel Group adds 6 in Egypt. Giza, Egypt-based Jaz Hotel Group is spending $215 million to develop six new hotels in Egypt. Two of the hotels will be on the North Coast, two in Hurghada and two in Marsa Alam.