Latest news: Spark adds in New Jersey; $42M refi in Virginia; Marriott issues $1.5B in notes

Spark adds in New Jersey. Cleveland-based Spark GHC acquired on July 29 the 120-key Home2 Suites by Hilton Wayne in Wayne, New Jersey, from affiliates of Atlanta-based DC Hospitality Group LLC for an undisclosed amount. Hunter Hotel Advisors facilitated the deal. The hotel was built in 2020. Wayne is 20 miles outside of Manhattan.

$42M refi in Virginia. Fort Lauderdale, Florida-based DoveHill Investment & Development has secured a $42 million refinance for the 302-key Sheraton Reston in Virginia, according to analyst Michael Bellisario of R.W. Baird. Bridge Investment Group provided the financing, which refinances $39.4 million, and the transaction is essentially cash-neutral after reserves and closing costs. The loan has an initial three-year term with two one-year extension options, and pricing is SOFR + 475 basis points. DoveHill acquired the hotel in 2018 and completed a $34 million renovation and PIP in 2021.

Marriott issues $1.5B in notes. Marriott issued $1.5 billion of unsecured notes at a 4.85% weighted-average interest rate. Marriott priced a three-tranche bond offering, $400 million of 2-year notes, $500 million of 6-year notes, and $600 million of 10-year notes; the weighted-average YTM is 4.85%, and the longer-dated notes have a blended 5.08% YTM (T+96 bps), according to analyst Michael Bellisario of R.W. Baird. Bellisario said, “given the more favorable interest rate backdrop versus our prior modeling assumptions, our adjusted EPS estimates are increasingly slightly” for R.W. Baird’s estimates.

Stonebridge adds in Dallas. Denver-based Stonebridge has added The Statler Dallas, Curio Collection by Hilton, to its managed portfolio. The Downtown Dallas hotel originally opened in 1956 and relaunched in 2017.

Choice adding 4 Cambrias. Cambria Hotels, an upscale brand of Choice Hotels International, is opening four new properties. The 132-key Cambria Hotel Templeton: California Wine Country is the fourth Cambria in California; the 104-key Cambria Hotel Tampa is the fifth in Florida; the 107-key Cambria Hotel Plymouth is the third in Massachusetts; and the 178-key Cambria Hotel Portland is the first in Oregon. Choice has nearly 60 Cambrias in its pipeline.

Hilton debuts in Pakistan. Hilton is opening the 110-key DoubleTree by Hilton Nathiagali, marking the company’s first hotel in Pakistan. The hotel is owned and managed by Islamabad, Pakistan-based The Baron Pakistan (Pvt) Ltd.

AmEx Travel adding 400 properties. American Express Travel is adding over 400 properties to its expanding signature hotel programs, Fine Hotels + Resorts and The Hotel Collection, across 49 new destinations around the world bringing the total to over 3,100 hotels in 114 countries. Some of the new properties include the Collegio alla Querce, Auberge Resorts Collection in Florence, Italy; the Omni Bedford Springs Resort and Spa in Bedford, Pennsylvania (The Hotel Collection); the Regent Santa Monica Beach in Los Angeles (Fine Hotels + Resorts); the Viceroy at Ombria Algarve in Algarve, Portugal (Fine Hotels + Resorts) and the Waldorf Astoria Osaka in Osaka, Japan (Fine Hotels + Resorts). 

SMHCC adds in the Philippines. SM Hotels and Conventions Corp. (SMHCC), the hospitality arm of property developer Pasay City, Philippines-based SM Prime Holdings Inc., is set to expand its regional footprint with the opening of a 201-key Park Inn by Radisson Sta. Rosa in the Philippines. The P1.5-billion development is scheduled to open in the first quarter of 2029. SMHCC operates 10 hotels with more than 2,600 rooms. Over the next five years, the company plans to spend P15 billion to build eight new hotels and two convention centers across the country.