Latest news: Whitestone buys in Minneapolis; Ashford extends; Florida sale

Whitestone acquires in Minneapolis. Columbus, Ohio-based Whitestone Companie has acquired the 144-key Homewood Suites by Hilton Minneapolis-Mall of America from an undisclosed seller for an undisclosed amount. The extended-stay hotel is Whitestone’s fourth Homewood Suites purchase in the past 18 months. Lewis Center, Ohio-based Regal Hospitality, will manage the property, which will undergo a renovation.

Ashford extends loan. Dallas-based Ashford Hospitality Trust has successfully extended its mortgage loan secured by the 226-key Le Pavillon Hotel in New Orleans. The loan had an initial maturity date in December of 2024 and has two additional one-year extension options, with a final maturity date in December 2027. The loan has been extended with no paydown and continues to have an outstanding balance of $37 million. Ashford, which has been working to pay off impending debt, announced earlier this week its “GRO AHT” plan to drive EBITDA and increase share value by cutting costs through layoffs and pay cuts, streamlining labor costs and adding new revenue streams.  

VSK Express sells in Florida. Ocala, Florida-based VSK Express has sold the 68-key Comfort Inn & Suites Deland – Orlando MSA to Coral Gables, Florida-based Shiva 400 for an undisclosed amount. Tampa, Florida-based DSH Hotel Advisors represented the buyer and seller in the deal.  

First LivAway in Texas. Salt Lake City, Utah-based LivAway Suites and Lehi, Utah-based West77 Partners are developing the first LivAway Suites in Texas with the San Marcos LivAway Suites. LivAway Suites plans to break ground on three more sites in Phoenix before the end of the year. The economy extended-stay brand expects to start construction on 17 more locations in 2025, with expectations of reaching 50 locations open or under construction by late 2026.

US hotels up for week. The U.S. hotel industry from December 8-14 had positive year-over-year comparisons, according to CoStar data. The growth was elevated due to the Hannukah calendar shift as well as the compressed business travel period between Thanksgiving and Christmas. Occupancy was 59.5% (up 8.5%), ADR was $155.21 (up 8.9%) and RevPAR was $92.32 (up 18.2%). Among the top 25 markets, Tampa reported the largest year-over-year occupancy increase (up 33.3% to 84.7%), New York City posted the highest ADR lift (up 30.1% to $510.13), Washington, D.C., registered the largest jump in RevPAR (up 67.6% to $151.18), while San Francisco saw the only decline in the metric (down 16.4% to $131.08). The American Geophysical Union annual meeting shifted from San Francisco in 2023 to Washington, D.C., in 2024, which impacted performance.

Interest rate activity. The U.S. Federal Reserve cut interest rates by an additional 25 basis points on Wednesday, as expected, and indicated that it is likely to be cutting rates only twice in 2025, which is a downward revision from past statements. On Thursday, the Bank of England kept its main interest rate unchanged at 4.75%.

Arlaes acquires in Rome. Madrid-based Arlaes Management has acquired the Aldrovandi Villa Borghese Hotel in Rome from Istanbul-based Doğuş Group for an undisclosed amount. Arlaes already manages the hotel, which opened in 1981 and recently had a comprehensive renovation. Arlaes also recently acquired the Hard Rock Hotel in Madrid.

First Howard Johnson in Thailand. Hong Kong-based JunCheng Group has opened the 193-key Howard Johnson by Wyndham Pattaya JC, which is Wyndham’s first Howard Johnson hotel in Thailand. Wyndham has more than 25 hotels in Thailand and over 180 across Southeast Asia.

First Motto in mainland China. Hilton is partnering with Qingdao, China-based Qingdao Urban Construction Group to open the first Motto by Hilton in mainland China. The 100-key Motto by Hilton Qingdao Zhanqiao is scheduled to open in June 2026 in Qingdao. Eight Motto properties are currently open worldwide, with more than 20 additional hotels in the pipeline.

Four Seasons adds in Greece. Four Seasons is partnering with Porto Heli, Greece-based Hinitsa Bay Holdings, to expand and redevelop a beachside property in Porto Heli. The property will include 80 guestrooms, 30 bungalows and Four Seasons-branded villas.

New ad campaign by Sandals. Montego Bay, Jamaica-based Sandals Resorts has debuted “Made of Caribbean,” a global, multi-media advertising campaign developed by Leo Burnett. Sandals and Beaches Resorts is also unveiling an evolved visual identity developed in collaboration with Wolff Olins that is designed to inspire travelers through authenticity, expertise and a genuine connection to the islands.