Latest news: T2 buys in DC; loan for Florida Indigo; OTO goes to Texas

T2 buys in DC. T2 Hospitality has acquired the 454-key Washington Marriott At Metro Center from Host Hotels & Resorts for a reported $127.99 million ($281,916/key). Additionally, the property includes 13,000 square feet of event space. Host Holdings Business Trust provided financing for the acquisition, amounting to $113.75 million. This hotel was part of Host’s Marriott Transformational Capital Program, and the renovation was completed in May 2023.

Loan for new Indigo. Genesis US Properties, Miami, has closed on a $40.89 million first lien construction loan to develop a new Hotel Indigo in Fort Lauderdale, Florida. The loan was originated by Hall Structured Finance. Hotel Indigo Fort Lauderdale will be an 8-story, 144-key, full-service hotel featuring a 109-space parking garage on the first four floors. The hotel is positioned near key demand drivers such as Fort Lauderdale-Hollywood International Airport, Port Everglades cruise terminals, the Broward County Convention Center and the Fort Lauderdale Brightline Station.

Mixed results in US. The U.S. hotel industry for August 24-30 reported mostly positive year-over-year comparisons, according to CoStar data. Occupancy was 63.4% (-0.8% YOY); ADR was $155.87 (+1% YOY); and RevPAR was $98.88 (+0.2% YOY). Among the top 25 markets, Houston recorded the steepest declines in occupancy (-12.0% to 56.3%) and RevPAR (-16.7% to $63.48) largely due to the elevated displacement demand period that followed Hurricane Beryl in 2024. Las Vegas reported the largest drop in ADR (-6.8% to $184.28). St. Louis saw the highest lift in occupancy (+6.9% to 60.7%).

OTO buys in Texas. South Carolina-based OTO Development, part of The Johnson Group, has acquired Hyatt House Dallas/Uptown, its first property in Texas. The hotel is a 4-story, 141-key extended-stay property in the Harwood District, which comprises premier office space, condominiums, restaurants, and lodging. OTO plans a refresh of guest rooms, shared spaces, and outdoor leisure areas.

Ashford REIT refi. Ashford Hospitality Trust is refinancing the 674-room Renaissance Nashville with a new $218 million CMBS loan and an additional $53 million of preferred equity from Macquarie Capital (Macquarie's original investment was $35 million in May 2025; the total preferred equity outstanding is now $88 million), according to a report from R.W. Baird. The refinancing is cash-neutral and will repay a $267 million CMBS loan that was originated in May 2024 at SOFR+398 bps. The new five-year fully-extended loan is priced at SOFR+245 bps, and the upsized preferred equity investment has a reduced interest rate of 11.14% (with 1.0% payment-in-kind).

Loan for Santa Barbara development. Concord Summit Capital has arranged $16.5 million in C-PACE construction financing for Newport Beach, California-based Stratus Development Partners to build a Marriott Tribute Hotel in Santa Barbara, California. The hotel will offer 105 guest rooms and a rooftop amenity space overlooking the Pacific Ocean. Construction is slated to start this month with completion scheduled for 2027.

Rosewood Exuma breaks ground. Miami-based developer Yntegra Group has broken ground on Rosewood Exuma on East Sampson Cay. The property will be accessible via air and water with 69 slips for private yachts, including two marinas that can support yachts up to 120 feet. The property features 33 bungalows, several directly on the beach and each offering views of the ocean. Construction on the first phase is now underway, with completion expected by mid-2028 and the full resort slated to open in late 2028. The multi-million-dollar, ultra-luxury resort is the first project in Yntegra Group’s 365-acre, multi-island development, marking a significant private investment in the Bahamian economy. Over the long term, the project is projected to generate $1.6 billion in economic impact and create 533 full-time jobs annually.

PPHE buys site for Radisson RED in London. London’s PPHE Hotel Group Ltd., via a subsidiary of its European Hospitality Fund, has completed the acquisition of a development site near the city of London for £17.5 million to develop a Radisson RED lifestyle hotel, with a minimum of 182 bedrooms, a restaurant, bar and gym and 41,000 sq ft of office space due to open in 2029. The 13,000 sqm mixed-use development site is located near the City of London and Tower Bridge and has planning permission. The group’s expected all-in investment is circa £90 million with an expected running unlevered annual yield of high single digit at stabilization. This acquisition marks the second property to be acquired by the fund following the acquisition and development of the recently opened art'otel Rome Piazza Sallustio.

Boutique demand grows. Through mid-year 2025, demand for boutique hotels increased at 1.6% compared to U.S. same class hotels of 0.6%, according to The Highland Group. During this period, newly added hotels continue to be heavily distributed in urban locations; however, a pique in the appeal of this hotel type in suburban town centers has become a recent trend, the report said.