Latest news: Xenia sells in VA; refis in Harlem and RI; Four Seasons to Disney

Xenia sells property in Virginia. Orlando, Florida-based Xenia Hotels & Resorts has completed the disposition of the 107-key Lorien Hotel & Spa in Alexandria, Virginia, for $30 million to Wichita, Kansas-based LodgeWorks. According to Xenia, the sale price represents a 21.3x multiple and a 3.1% capitalization rate on hotel EBITDA and net operating income for the trailing 12 months ended May 31. According to Alexandria Living Magazine, the hotel could be converted to an Archer Hotel, a boutique hotel brand under the LodgeWorks umbrella.

$148M refinance for Harlem tower. Bethesda, Maryland-based Walker & Dunlop has arranged a $148 million loan for two New York City-based companies, Lam Group and Exact Capital, to refinance The Victoria, a multi-tower, 30-story project built around Harlem’s heralded Victoria Theater redevelopment. The project, which opened in the third quarter of 2023 and features Harlem’s tallest building, features a 211-key Renaissance Hotel, 191 luxury residences and 23,000 sq. ft. of retail space. The Walker & Dunlop New York Capital Markets team advised on the transaction with Wiesbaden, Germany-based Aareal Capital serving as the lender.

Hotel Viking refinance. Smith Hill Capital and Bain Capital Special Situations have executed a $72-million first mortgage loan to KSL Capital Partners to refinance the 208-key Hotel Viking in Newport, Rhode Island. In June, Smith Hill and Bain Capital Special Situations closed an approximately $111 million first mortgage for four Marriott and Hilton hotels in Arizona, California, Georgia and New Jersey. The joint venture of Smith Hill Capital, the commercial real estate debt investment management business of Cranston, Rhode Island-based Procaccianti Companies, and Boston-based Bain Capital was formed last year for hospitality assets in demand-driven markets.

New Four Seasons residence in Disney. Bethesda, Maryland-based Host Hotels & Resorts is developing a Four Seasons Private Residence development in Walt Disney World in Florida. The development will have 40 residences, 31 united and nine attached homes, and is scheduled to be completed by 2026. Host also owns the Four Seasons Resort Orlando at Walt Disney World Resort.

Marriott adding Ritz-Carlton Reserve in UAE. Marriott International and Eagle Hills have signed an agreement to open the first Ritz-Carlton Reserve in the United Arab Emirates (UAE). The 50-key property is anticipated to open on Ramhan Island in 2029. Marriott has seven Ritz-Carlton Reserve properties in destinations including Saudi Arabia, Thailand, Indonesia, Puerto Rico and Mexico.

New Tempo to Tucson. Tucson, Arizona-based Bourn Companies is collaborating with Houston-based Valencia Hotel Group to bring the Tempo by Hilton brand to Tucson. The five-story,  144-key Tempo by Hilton Tucson Uptown hotel is expected to open in late 2026.

Milestone for The Hotel Group. The Hotel Group (THG), an affiliate of Hotel Equities, is celebrating its 40th anniversary this week. Founded by Edmond Lee in 1984, THG first assumed management of three Executel hotels in Oklahoma and Texas. Today, the firm, led by Doug Dreher and Randy Meyer manages 21 hotels with a pipeline of new development projects underway emphasizing continued expansion in the Pacific Northwest and Midwest regions of the U.S. THG has managed and/or owned more than 140 properties in 25 states representing over 20 brands, directed the design and construction of over 50 new hotels, and completed the acquisition of nearly $200 million in private investment through the Hotel Group Opportunity Funds. Its operational successes include an average management contract length of 11 years and a low employee turnover rate of 10.65%.

Christian Louboutin invests in hotels. French fashion designer Christian Louboutin has invested personally in the French hospitality company Experimental Group. The amount of the investment was not disclosed and comes at a time when major luxury brands are strengthening their positions in hospitality. Experimental Group has opened around 20 hotels, bars, clubs and private beaches in London, Paris, Ibiza, Biarritz, Verbier, Menorca and Venice.

IHCL adds Taj in Mangalore. Indian Hotel Co. Ltd. (IHCL) is developing a new 96-key Taj resort in Mangalore, Karnataka, India. It will be IHCL’s 20th hotel in Karnataka, with an additional six under development.

Fortune adds in Uttar Pradesh. Gurgaon, India-based Fortune Hotel has signed the 123-key Fortune Select Airport Road in Ayodhya, Uttar Pradesh. The hotel is scheduled to open in FY 2027-28.