Latest news: Whitestone buys in Atlanta; US performance mixed; Realty Capital adds in DFW

Whitestone acquires in Atlanta. Columbus, Ohio-based Whitestone Companies has partnered with State College, Pennsylvania-based Shaner Hotels to acquire the 275-key Le Méridien Atlanta Perimeter from Starwood Capital for an undisclosed amount. Shaner, which will manage the property, has over $1 billion invested in 60 hotels it owns and manages across the U.S., Italy, Greece and the Bahamas. This is Whitestone’s first hotel in the Atlanta metro area and its 10th hotel purchase in the past 12 months. It’s also the fifth project Whitestone and Shaner have partnered on. Hunter Hotel Advisors assisted with the all-cash transaction, which closed in less than 45 days. 

US performance mixed. The U.S. hotel industry reported lower performance because of the timing of Memorial Day but still had slightly positive comparisons year-over-year, according to CoStar. For the week of May 26 through June 1, occupancy was 62.0% (up 0.9%), ARD was $150.87 (up 0.1%) and RevPAR $93.50 (up 1%). Among the top 25 markets, New Orleans saw the highest year-over-year occupancy lift (up 17.8% to 66.8%), while Las Vegas reported the largest increase in ADR (up 7.4% to $177.13). Dallas reported the largest jump in RevPAR (up 22.5% to $86.07) and the second-highest increase in ADR (up 6.9% to $120.55) as severe storms drove performance after many residents were left without power. The steepest RevPAR declines were seen in Washington, D.C. (down 10.3% to $105.24) and Denver (down 7.6% to $93.92).

Realty Capital adds in DFW. Irving, Texas-based Realty Capital has agreed with Marriott International to develop an Autograph Collection Hotel and Residences on Lake Grapevine in the Lakeside Village mixed-use development in the Dallas-Fort Worth metropolitan area. The 181-key Marriott Autograph Collection Hotel at Lakeside Village is scheduled to open in 2026. Realty Capital is partnering with Irving-based Coury Hospitality to manage the property. 

Choice expands extended-stay properties. Choice Hotels International recently broke ground on three of its Everhome Suites extended-stay properties in the Northeast in partnership with Highside Companies. The new properties are in Portsmouth, New Hampshire; Rochester, New York; and Somerset, New Jersey. Through the first quarter, the company has nearly 480 extended-stay properties open, with more than 400 properties in the pipeline across its four brands. There are currently four Everhome Suites open, with 20 under construction, 10 expected to open this year and over 60 in development.

Four Seasons branded residence in Dubai. Toronto-based Four Seasons is partnering with Dubai-based Bright Start for the Four Seasons Private Residences Dubai at DIFC. H&H Development will oversee the development of the second standalone Four Seasons residential offering in Dubai. The property will feature 52 residences and will be Four Seasons’ third branded residence project in the UAE.

Iberostar adds first in Aruba. Iberostar Group has announced plans for its first hotel in Aruba with the JOIA Aruba by Iberostar. Set to open in late 2024, the hotel is located in Eagle Beach and also features a 10,000 sq. ft. convention center.

Radisson wants to double up in South Africa. Radisson Hotel Group wants to double its presence in South Africa to 25 hotels by 2030. The company said it wants to expand its upper upscale portfolio in the country and also enter the lifestyle luxury market in Cape Town. The existing properties in the country that received renovations include Radisson Blu Gautrain Hotel, Sandton Johannesburg, Radisson Blu Hotel Waterfront, Cape Town, and Park Inn Foreshore. Radisson Hotel Group has over 1,350 hotels in operation and under development across more than 95 countries.

Swiss-Belhotel adds in Cairo. Hong Kong-based Swiss-Belhotel International has signed an agreement for Swiss-Belresidences Rivan, an upscale new residential development in Cairo, Egypt. This deal was a partnership with the owner, Al Tameer Al Arabia for Real Estate Development and Investment Sae. The new property is scheduled to open in 2026.