Latest news: Portman buys in Cincy; Big Dallas development; extended-stay RevPAR down

Portman makes first acquisition. Prolific developer and architectural firm Portman Holdings has acquired its first hotel, the 456-key Westin Cincinnati. The deal also the official launch of Portman’s value-add strategy, a strategic evolution of the firm’s national real estate investment capabilities. Is also the master developer for the new Cincinnati Convention Center Headquarters Hotel that will anchor the $828 million Convention District redevelopment. Portman recently announced Marriott as the official partner for the new 700-key, full-service hotel. With this acquisition, Portman’s hospitality portfolio now includes seven hotels across five markets, totaling more than 3,000 rooms and over $1 billion in assets under management. As part of its new strategy, Portman is actively seeking additional acquisition opportunities in major U.S. markets.

Miami hotel sold. The 217-room Stadium Hotel Miami by Hard Rock Stadium in Miami Gardens, Florida, has been sold for $24 million ($110,644 per room) by Stadium Hotels LLC to AIDS Healthcare Foundations Inc. a Los Angeles-based non-profit public benefit corporation. Kabani Hotel Group brokered the sale.

Hotel for big Texas development. In a high-impact public-private partnership (PPP), Dallas-based developer House of Tangram has secured approximately 30 acres inside Mansfield, Texas’s 100-acre, $2.5 billion Staybolt Street District — a new sports-anchored, technology-integrated hospitality developments hub — to develop a 288-room hotel that will launch as a sports-centric hotel engineered for athletes and competitive teams. House of Tangram will launch a dual-branded hotel concept, Cache Legitimate & KUBO, with robotic bartenders, drone delivery and immersive media walls as the norm. The project will break ground in summer 2026 with a targeted completion of mid-2028. At completion, the Staybolt development will encompass convention space, 750 hotel rooms, more than 700 multifamily units, 33,000 square feet of convention space, 50,000 square feet of medical office space and over 100,000 square feet of retail and restaurant space.

Extended-stay performance. Total extended-stay hotel RevPAR declined 2% in June 2025 compared to June 2024, according to The Highland Group. This was the third consecutive monthly fall and it was larger than the 1.2% decrease STR/CoStar reported for the overall hotel industry. However, when economy, mid-price and upscale extended-stay hotels are compared directly to corresponding classes of all hotels, the decline in extended-stay hotel RevPAR was markedly lower. “Early indications are that extended-stay hotels should weather an industry downturn better than corresponding classes of all hotels, especially at lower price points.” Said The Highland Group Partner Mark Skinner.

Ashford extends loan. Ashford Hospitality Trust has extended its Highland mortgage loan secured by 18 hotels. The loan, which had an original final maturity date of April 9, 2025, now has a maturity date of January 9, 2026, subject to a six-month extension option to July 9, 2026, upon satisfaction of certain conditions. As part of the extension, the loan was paid down to a current balance of $733.6 million, or approximately 68% of appraised value. The loan now bears interest at a floating rate of SOFR + 4.13%.

Travelodge adds in Spain. U.K.-based Travelodge has expanded its presence in Spain by acquiring a freehold property in Bilbao. This acquisition increases Travelodge’s portfolio in Spain to 14 hotels, with plans for conversion into a 105-room hotel, set to open in 2026. The brand aims to expand further, having identified around 20 additional locations for potential hotel openings across the country.