Latest news: Waramaug partners in Austin; Sonesta adds Mexico; extended-stay bounces back

Austin Marriott trades. Waramaug Hospitality, in a joint venture with Franklin Real Asset Advisors, acquired from LaFrontera Lodging Partners for an undisclosed price the Austin Marriott North, a 295-key full-service hotel in Round Rock, Texas, near downtown Austin. Waramaug CEO Ferit Ferhangil comments, "The Austin Marriott North perfectly aligns with our vision of investing in premium-branded hotels in high-growth markets. This acquisition further solidifies our commitment to delivering exceptional hospitality experiences while maximizing returns for our partners."

Sonesta adds first property in Mexico. Sonesta International Hotels Corp. has executed a deal for what will be the Costa Sur Resort - Classico, A Sonesta Collection. Sonesta’s first property in Mexico, the 206-room oceanfront upscale resort is located on a private beach, overlooking the ocean at Banderas Bay, south of Puerto Vallarta, Jalisco, Mexico. The resort will undergo a renovation and be rebranded with the Classico brand, joining the Sonesta portfolio later this year. “Sonesta’s continued focus on global expansion, particularly in the LATAM region, demonstrates the company’s commitment to addressing demand from guests and loyalty members for more hotel options in leading vacation destinations,” said Sonesta CDO Brian Quinn.

Driftwood finances for Cerberus, Highgate. Driftwood Capital has provided $34.8 million in mezzanine financing for the refinancing of Miami Airport Marriott Connection, a Marriott-branded complex with three hotels near Miami International Airport. Through its lending fund, Driftwood Lending Partners, the firm provided financing to an affiliate of Cerberus Capital Management and Highgate. Driftwood originated a two-year loan with three, one-year extension options at a competitive interest rate. The loan collateral is comprised of a 371-key full-service Marriott, a 301-key Courtyard by Marriott, and a 164-key Residence Inn by Marriott.

TPG grows management. TPG Hotels & Resorts has been selected to manage two upscale independent properties in Washington, D.C. The 154-room Glover Park Hotel and the 57-room Graham Hotel, both located in the Georgetown neighborhood, will be managed within the INTERA Collection by TPG Hotel and Resorts.

Extended-stay rebounds. U.S. extended-stay hotel performance metrics in April were very good after a generally difficult first quarter. Monthly room revenue growth was the highest in almost a year, the gain in demand was the strongest in 16 months, and monthly changes in ADR and RevPAR turned positive after declining for two and four months respectively, according to The Highland Group. Extended-stay hotel performance in April beat the overall hotel industry across all metrics.