Latest news: Spain's biggest deal; Davidson adds in Miami; developments in Mexico

Biggest deal in Spain this year. Las Palmas, Spain-based Lopesan Hotel Group is partnering with Geneva-based investment firm Stoneweg Hospitality to acquire 241-key Hotel Miguel Angel in Madrid from General Mediterranean Holding S.A. SPF for a reported €210 million ($223 million), which would be the largest hotel transaction in Spain this year. The hotel has been closed for four years and is currently undergoing a renovation that is scheduled to be completed in May 2025. This will be Lopesan Hotel Group’s first hotel in Madrid and its second urban hotel in the country. It will join a portfolio of 22 owned and managed hotels (including 13 in the Canary Islands) in five countries. Lopesan Hotel Management will manage the property.

Davidson adds in Miami. Pivot, the lifestyle operating vertical of Atlanta-based Davidson Hospitality Group, has added the 393-key Royal Palm South Beach Miami, A Tribute Portfolio Resort in Miami, Florida, to its management portfolio. The hotel will undergo a comprehensive renovation in 2025. Davidson, which KSL Capital Partners recently sold to private equity firm Nautic Partners, operates 22 hotels and resorts in Florida.

Big Picture developing Mexico hotel. Santa Monica, California-based BPC Studio Holdings, the real estate investment arm of Big Picture World Entertainment, is developing two hotels in La Paz, Mexico, as part of a larger development. The Sagrado Corazón, a boutique hotel with 12 rooms, four residences and eight villas, will sit on 114 acres and is part of a bigger $68.25 million investment (land $21.5 million), (hotel $31 million) and (casino $15.75 million) for an entertainment complex. The adjacent 175-acre Pichilingue Peninsula development in La Paz will include a 60-key luxury wellness hotel and 28 seaside residences and villas.

Historic New Mexico hotel acquired. Red River, New Mexico-based M Vacation Properties & Resorts has acquired the historic St. James Hotel in Cimarron, New Mexico, from an undisclosed buyer for an undisclosed price. M Vacation said it will keep the property mostly the same as when it closed in September, and the hotel is scheduled to open on December 20. The hotel was built in the late 1800’s.

New CCO for L+R Hotels. London-based L+R Hotels has named Joe Pettigrew as group chief commercial officer, effective November 18. Pettigrew has over 20 years of hotel experience and was most recently chief commercial officer for EOS Hospitality. He also worked for Starwood Capital Group, Expedia, Shorerock Group and the Palms Casino in Las Vegas.

US hotels down for election week. As projected for election week, the U.S. hotel industry for November 3-9 reported negative year-over-year performance comparisons , according to CoStar data. Occupancy was 62.6% (down 3.5% YOY), ADR was $156.11 (down 0.1% YOY), and RevPAR was $97.73 (down 3.5% YOY). Among the top 25 markets, Las Vegas saw the largest increases across each of the three key performance metrics: occupancy (up 6.8% to 85.4%), ADR (up 28.2% to $256.38) and RevPAR (up 36.9% to $219.07). The steepest RevPAR declines were seen in San Francisco (down 35.2% to $111.40) and Washington, D.C. (down 27.9% to $95.89).

Hilton $3.5B stock repurchase. Hilton’s board of directors has authorized the repurchase of an additional $3.5 billion of common stock under the company’s existing stock repurchase program, bringing the total amount currently authorized for future repurchases to approximately $4.8 billion.

Hyatt adds in Panama. Hyatt Hotels Corp. is partnering with Panama City, Panama-based Shebandowan Holdings S.A. to open the 70-key Hotel La Compañía del Valle in Valle de Anton, Panama, scheduled to open in early 2025. El Valle de Anton is a mountain town nestled in the crater of an extinct volcano. The hotel will join The Unbound Collection by Hyatt, a complementary property to Hotel La Compañía in Casco Antiguo.

Accor adds in Egypt. Accor is partnering with Abu Dhabi Tourism Investment Company to sign 303-key Sofitel Legend Pyramids Giza, which will be located near the Giza Pyramids and the Grand Egyptian Museum. The hotel is scheduled to open in late 2027 and will be the second Sofitel Legend in Egypt.

Meliá Q3 results. Palma, Spain-based Meliá Hotels International reported its total consolidated revenues for the third quarter reached €584.1 million ($619.4 million), a 2.7% increase year-over-year. The company said its management business contributed €135.1 million in Q3 2024, up from €101 million a year ago, reflecting higher demand and better hotel occupancy rates worldwide. The hotel business, which includes owned and leased properties, accounted for €505.3 million of the total Q3 revenue, marking a slight increase year-over-year. Systemwide RevPAR in Q3 grew by 10.7% due to increased rates.