Latest news: SVC sells in Minnesota; financing for Rome Baccarat; San Antonio financing

SVC sells in Minnesota. Newton, Massachusetts-based Service Properties Trust (SVC) sold the 149-key Sonesta Select Minneapolis Eden Prairie in Minnesota for $4 million to Eden Hotels LLC, an entity based in the city. The three-story hotel was built in 1988. Last year, SVC announced its plan to sell 114 focused-service hotels managed by Sonesta to help repay debt. SVC currently owns 187 Sonesta hotels under five brands and owns 34% of the Sonesta Hotels company.

Renovation of historic Rome hotel. Milano, Italy-based Invel Real Estate has provided €111.2 million ($116.7 million) in financing to Boscalt Hospitality to support the transformation of the former Hotel Majestic in Rome into the Baccarat Hotel Rome. The 87-key hotel will see rooms and common spaces renovated with construction already underway. The hotel is set to open by the end of 2026. Baccarat Hotels & Resorts is operated by SH Hotels & Resorts (soon to be Starwood Hotels).

JV recapitalizes loan in San Antonio. A joint venture between Raleigh, North Carolina-based Winston Hospitality and Concord Hospitality Enterprises has secured a $59 million bridge loan to recapitalize a dual-branded hotel development in San Antonio, according to the Commercial Observer. Atlanta-based Peachtree Group originated the three-year, floating rate loan for the dual-branded, 343-key AC Hotel San Antonio Riverwalk and Element San Antonio Riverwalk hotels, which opened in 2022. The JV acquired the property in 2019 when it was an office building before turning it into a hotel.

Ashford extends Atlanta loan. Dallas-based REIT Ashford Hospitality Trust has successfully extended its mortgage loan secured by the 141-key Hotel Indigo Atlanta Midtown in Atlanta. The loan had a final maturity date in December of 2024 and the extension provides for an initial maturity in February of 2026 and a one-year extension option, subject to the satisfaction of certain conditions, with a final maturity date in February 2027. The loan has a current balance of $12.3 million and continues to bear interest at a floating rate of SOFR + 2.85%.

Father-son fight for control of CDL. Singapore-based City Developments Ltd. (CDL) is experiencing a father-son fight for the control of the company that led to a halt in trading on the Singapore Exchange on Wednesday. Executive chairman Kwek Leng Beng publicly criticized his son Sherman, who is group CEO of CDL, and filed court papers to address the “attempted coup” by Sherman and other board members. Sherman responded that he expressed disappointment over the “extreme actions” taken by his father over a disagreement around the size and make-up of the board of the property group. One of CDL’s subsidiaries is Millennium & Copthorne Hotels, a global hotel management and real estate group, that CDL wholly owns. Millennium & Copthorne Hotels has a portfolio of 137 hotels in 22 countries.

Chatham Q4 earnings. West Palm Beach, Florida-based REIT Chatham Lodging Trust said its portfolio comparable RevPAR for its portfolio increased 4% to $129 year-over-year, occupancy jumped 5% to 74%, while ADR declined 1% to $176 as part of its fourth quarter and year-end 2024 earnings. CEO Jeffrey Fisher said labor expenses moderated for the first time in a decade, enabling GOP margins of 43%. The REIT also closed on the sale of two of the five hotels under contract to sell for combined proceeds of $29 million (the 144-key Homewood Suites Bloomington in Minnesota and the 143-key Homewood Suites Maitland in Florida). Chatham said it has also closed on another sale in 2025 for $15 million (the 121-key Homewood Suites Brentwood in Tennessee). The remaining two hotels are expected to close in March and generate approximately $39 million in net proceeds.

RLJ Lodging Trust Q4 earnings. Bethesda, Maryland-based REIT RLJ Lodging Trust reported portfolio comparable RevPAR in Q4 increased 2.2% year-over-year while its total revenues increased to $333 million, a 3.2% increase YOY, as part of its Q4 and full-year 2024 earnings. CEO Leslie Hale said the growth was driven by the top quartile of properties, which reflects positive momentum for its urban-centric portfolio. RLJ said in 2024, it acquired the 110-key Hotel Teatro in Denver for $35.5 million and the fee simple interest in the land underlying the 304-key Wyndham Boston Beacon Hill for $125 million, which was previously subject to a ground lease that was set to expire in 2028. It also sold two non-core assets in 2024, which generated $20.8 million in gross proceeds.

Summit Hotel Properties Q4 earnings. Austin-based Summit Hotel Properties said it sold two properties in the fourth quarter as part of its Q4 and full-year earnings. In December, Summit closed on the acquisitions of the 250-key Hampton Inn Boston-Logan Airport and the 149-key Hilton Garden Inn Tysons Corner for $96 million as part of its joint venture with Singapore-based GIC Real Estate. Summit now owns 41 hotels in its JV with GIC, according to CEO Jonathan Stanner.

Fusion adds in Vietnam. Fusion, a wellness-inspired luxury hotel brand with 23 properties in Vietnam and Thailand, is adding the 161-key Dong Duong Hotel in Huye, Vietnam, to its management portfolio. The hotel is scheduled to open in the third quarter of 2025 and will be Fusion’s second property in the city.

Ascott expands in Morocco. The Ascott Ltd. is accelerating its expansion across North Africa with new partnerships, openings and a robust pipeline of upcoming properties in Morocco’s key economic and tourism hubs. Recent properties include the opening of the 61-key Citadines Almaz Casablanca; the recently signed 130-key Citadines Bab Tangier, which will open in 2027 and the upcoming openings of the 60-key Citadines Connect Belvedere Casablanca (Q4, 2026); the 123-key Citadines Racine Casablanca (Q3, 2025); the 100-key Ascott Hivernage Marrakech (Q4, 2026); and the 90-key The Unlimited Collection Marrakech (Q4, 2026).

Aleph adds in Ghana. Dubai-based Aleph Hospitality is set to expand its footprint in Ghana with the addition of The Address, a landmark hotel in Accra. The Address is owned by DevtracoPlus Ltd., one of Ghana’s leading real estate companies under the Accra-based Devtraco Group. In 2022, Aleph Hospitality signed a management agreement with the same developer for The Pelican Hotel in Accra.