Latest news: Sale in Seattle; $51M Nashville refi; new Montage in Mexico

Seattle hotel sells for $51M. The 234-key SpringHill Suites by Marriott Seattle Downtown/South Lake Union in the Denny Triangle neighborhood of Seattle, Washington, was acquired by Albuquerque, New Mexico-based Legacy Development & Management from an undisclosed seller for $51 million, according to the Puget Sound Business Journal. The hotel last sold for $74.1 million in 2016.

$51M refi in Nashville. The Virgin Group has secured a $51 million loan to refinance the 262-key Virgin Hotels Nashville. Newmark arranged the financing. The hotel opened in July 2020 and benefits from its proximity to The Gulch, Downtown Nashville and Vanderbilt University.

Montage adds resort in Mexico. Montage International is partnering with Thor Urbana and Life Properties International on the development of a new luxury resort, Montage Valle de Guadalupe, located within the iconic Bruma Wine Estate in Valle de Guadalupe, Mexico. Anticipated to open in 2028, the resort will be Montage International's fifth property in Mexico, following its flagship Mexican resort, Montage Los Cabos, which opened in 2018. Montage and Pendry Punta Mita and Pendry Mexico City are currently in development. The property will also include a portion of Montage Residences.

US hotels mixed last week. The U.S. hotel industry reported mixed year-over-year comparisons last week, according to the latest data from CoStar. For the week of December 7-13, occupancy was 58.6% (-1.6%), ADR was $156.46 (+0.4%) and RevPAR was $91.76 (-1.1%). Among the top 25 markets, New Orleans reported the steepest decreases in ADR (-18.3% to $146.70) and RevPAR (-29.9% to $ 83.92). The market’s performance was affected by comparisons with the 2024 Society of Health-System Pharmacists Midyear Clinical Meeting & Exhibition. Tampa saw the largest drop in occupancy (-14.3% to 72.6%). Washington, D.C., registered the second-steepest declines in ADR (-12.9% to $172.40) and RevPAR (-24.2% to $115.92).

First Hyatt Centric in PR. Hyatt Hotels Corp., Interlink and Vivo Beach Club today announced the opening of Hyatt Centric San Juan Isla Verde, marking the first Hyatt Centric branded hotel in Puerto Rico.  Following the completion of a $30-million transformation of the former Verdanza Hotel, the newly renovated Hyatt Centric San Juan Isla Verde will feature 223 guestrooms and suites with city and partial ocean views.

Edition debuts in Africa. Marriott International is partnering with V&A Waterfront Holdings for an agreement to open the 142-key The Cape Town Edition within the V&A Waterfront in 2026 in South Africa.  This will mark the debut of Edition Hotels in Africa. The project is also anticipated to include The Residences at The Cape Town Edition with six private residences.

IHG’s first triple-branded in Japan. IHG Hotels & Resorts has announced its biggest new-build hotel agreement in Japan near Universal Studios Japan (USJ), in partnership with Sakurajima Kaihatsu LLC, a consortium of four companies: Kajima Corporation, Japan Post Real Estate Co., Ltd., SMFL MIRAI Partners Co., Ltd., and Keihanshin Building Co., Ltd. The project had a recent groundbreaking in Konohana-ku, Osaka, and marks IHG’s first triple-branded hotel development in Japan. The collaboration will bring InterContinental, Kimpton and Holiday Inn Resort to the riverside location near Asia’s most visited theme park. Totaling 817 keys, the project will be the only internationally branded properties in the area when they open in 2029.

Meliá adds in Italy. Palma, Spain-based Meliá Hotels International is partnering with Cortina d’Ampezzo, Italy-based hotel management company Gruppo Stay to sign its first project in the Dolomites in Italy. The 53-key hotel is scheduled to open in May under the Affiliated by Meliá brand, marking the company’s 16th hotel in Italy.

Radisson adds in Bali. Radisson Hotel Group has signed the 116-key Anta Hotel Bali Canggu, a member of Radisson Individuals, a lifestyle serviced apartment project in one of Bali’s coastal districts. The property is scheduled to open in 2027 and expand the group’s footprint in Indonesia.

IHG adds in Mumbai. IHG Hotels & Resorts has signed a franchise agreement with the Yb Group for the development of the 100-key Holiday Inn Express Mumbai BKC. The hotel is scheduled to open in the first quarter of 2028 and is the third Holiday Inn Express under development in Mumbai. IHG currently operates 51 hotels across six brands in India and has a pipeline of 80 hotels due to open over the next three to five years.

Prism IPO this weekend. Prism, the parent company of Oyo, is making its third attempt at an IPO with shareholders set to vote Saturday on a plan to raise INR 66.5 billion ($744 million). The company began as Oravel Stays in 2012 and changed its name to Oyo in 2013. Earlier this year, it rebranded as Prism. The company operates the brands, Oyo Hotel, Townhouse, Townhouse Oak, Spot On, Capital O, Collection O, Hotel O, Sunday Hotels, Palette and Clubhouse internationally, as well as Oyo, Motel 6 and Studio 6 in the U.S.