Latest news: Lotte’s NYC acquisition; Hyatt Jamaica resorts remain closed; Salt Lake refi

Lotte acquires land beneath NYC hotel. Seoul, South Korea-based Lotte Hotels & Resorts said it has acquired the land beneath the Lotte New York Palace in Midtown Manhattan for $490 million, completing full ownership of the hotel. The company purchased the site from the Archdiocese of New York following years of negotiations. Lotte has owned the hotel building since 2015, but had leased the land under a long-term agreement that required rent resets every 25 years. The company said the acquisition removes exposure to sharply rising ground rents in Manhattan, a key source of long-term cost uncertainty.

Hyatt keeps most Jamaican resorts closed. Hyatt has informed travel partners that seven of its eight hotels in Jamaica will remain closed until November 1, 2026, extending a suspension of operations that was initially put in place after Hurricane Melissa struck the island in late October. Hyatt first paused operations at its Jamaica properties through January 31 while teams assessed storm-related damage, and has opted for a longer closure period at most resorts to allow for repairs and broader enhancements. The properties include: Breathless Montego Bay Resort & Spa; Dreams Rose Hall Resort & Spa; Hyatt Zilara Rose Hall; Hyatt Ziva Rose Hall; Secrets St. James Montego Bay; Secrets Wild Orchid Montego Bay and Jewel Grande Montego Bay Resort & Spa. Hyatt’s Zoëtry Montego Bay, Jamaica, the only property not included in the closure list, is expected to resume normal hotel operations on February 1.

Portman refi in Salt Lake. Atlanta-based Portman Holdings is refinancing the 700-key Hyatt Regency Salt Lake City with a $237.5 million CMBS loan, according to Michael Bellisario, analyst for R.W. Baird. The cash-out refinancing will result in $42.5 million in excess proceeds for Portman, and the five-year fully extended loan is expected to price at SOFR +286.1 bps. Notably, the construction loan was refinanced with a SASB CMBS loan while keeping the existing C-PACE loan in place from the original financing. This is the first hotel financing of a CMBS loan with an existing C-PACE facility. The property opened in 2022 at an estimated development cost of $366 million and is the only hotel physically connected to the Salt Palace Convention Center.

BPR sells 2 in North Carolina. High Point, North Carolina-based BPR Properties has sold a two-property, 184-room hotel portfolio sale in Salisbury, North Carolina. The 94-key The Courtyard by Marriott Salisbury and the 90-key Holiday Inn Express & Suites Salisbury in separate transactions. The buyers and amounts were not disclosed. JLL’s Hotels & Hospitality Group brokered both transactions. The Courtyard opened in 2013 and the Holiday Inn opened in 2017.

Driftwood tops off resort. Miami-based Driftwood Capital has topped off the 502-key Westin Cocoa Beach Resort & Spa, an approximately $420 million development on Florida’s Space Coast. The resort is now 45% completed and currently on track for completion in the third quarter of 2027. Driftwood Hospitality Management will assume operations upon the property's opening.

Barceló acquires 2 in Spain. Palma, Spain-based Barceló Hotel Group has acquired two urban hotels in Mexico in Monterrey and Mexico City. The group now operates 22 properties in the country, representing nearly 10,000 rooms, further consolidating Mexico as one of its most strategic markets globally. The hotels will operate under the Barceló Monterrey Valle and Barceló México Santa Fe brands, offering 254 and 300 rooms, respectively.

Hiton adds 5 in India. Hilton and Ahmedabad, India-based Nile Hospitality have announced the signing of five Hampton by Hilton hotels across India under a strategic licensing agreement. The first phase includes two hotels in Amritsar and one each in Vrindavan, Raipur, and Lonavala, totaling more than 350 rooms. The hotels are expected to open over the next two years.

New Waldorf in Southern Spain. Hilton and Fuengirola-Málaga, Spain-based Higuerón Developments have partnered to sign the 120-key Waldorf Astoria Marbella, which will bring the Waldorf Astoria brand to Spain’s Malaga Province. The new resort is expected to open in 2029 and will also include 120 branded residences.

TGE acquires in Kuala Lumpur. AMTD Group Inc., AMTD IDEA Group, AMTD Digital Inc., and The Generation Essentials Group, a subsidiary of AMTD Digital Inc., jointly announce that TGE has agreed to purchase an 80% stake in the Upper View Regalia Hotel in Kuala Lumpur, Malaysia. The amount is HK$300 million (approximately $38.6 million), following specific terms and conditions of the SPA. The 129-key Upper View Regalia Hotel is strategically situated in the heart of Kuala Lumpur's vibrant commercial and business district. This acquisition marks TGE's fourth major hotel project of the year. TGE’s portfolio includes six hotels worldwide with over 800 rooms.

Accor adds in KSA. Accor has signed an agreement with Arbah Taiba to develop a 200-key Novotel Madinah North, which is scheduled to open in 2028 near Al Masjid an-Nabawi. The hotel will cater to pilgrims, business and leisure travelers, supporting Madinah’s growing visitor demand and Saudi Arabia’s Vision 2030 tourism goals.

Minor adds in Egypt. TBK International, Cairo, Egypt-based Tabarak Holding’s development arm in the Gulf and Minor Hotels have signed an agreement to launch the Oaks Riyadh project in the Kingdom of Saudi Arabia, marking the first-ever entry of the Oaks brand into the Saudi market. The agreement also includes the development of new projects under the NH Collection brand in key locations across Egypt through TBK Developments, Tabarak Holding’s development arm in Egypt. The 146-key Oaks Riyadh Suites is scheduled to open in its first phase in early 2026. Minor and Tabarak will introduce the NH Collection brand to Egypt through new projects already in the planning phase, scheduled to open in 2029.

Accor adds MGallery in France. Accor and CLR Hôtels, a subsidiary of the La Rochelle, France-based CGR group, are partnering to open a new MGallery hotel on the island of Oléron in France. The opening of the 102-key Bel Hôtel Oléron – MGallery Collection is scheduled for April, following a major transformation of the Novotel Thalassa, built in the 1970s