Latest news: Pebblebrook completes sale; US hotels down; Series by Marriott global debut

Pebblebrook completes sale. Bethesda, Maryland-based REIT Pebblebrook Hotel Trust has completed the sale of the 133-key Montrose at Beverly Hills in West Hollywood, California, for $44.25 million to an undisclosed buyer. Based on the hotel’s trailing 12-month financial performance through September 30, the $44.25 million sales price equates to an EBITDA multiple of 16.1x and a NOI capitalization rate of 5.2%, assuming a 4% capital reserve. In addition to the sale of Montrose at Beverly Hills, the REIT has one other hotel under contract at a sales price of $72 million, which is expected to close during the fourth quarter.

Saratoga hotel sells. A joint venture partnership between Rochester, New York-based DelMonte Hotel Group and Hookset, New Hampshire-based XSS Hotels has sold the 113-key Homewood Suites Saratoga Springs in New York to Freeport, Maine-based Maine Course Hospitality Group for an undisclosed amount. Berkadia Hotels & Hospitality facilitated on behalf of the seller. The hotel was built in 2017 and is the newest hotel in the market.

US hotels down last week. The U.S. hotel industry reported negative year-over-year comparisons for the week of November 9-15, according CoStar data. Occupancy was 60.9% (-4.1% YOY); ADR was $154.41 (-0.5% YOY) and RevPAR was $93.97 (-4.6% YOY). The Veteran’s Day calendar shift drove a double-digit decline in group demand. Among the top 25 markets, New Orleans reported the steepest declines across all three key performance metrics: occupancy (-23.9% to 59.4%), ADR (-9.6% to $174.13) and RevPAR (-31.2% to $103.42). Tampa registered the second-largest declines in occupancy (-19.7% to 70%) and RevPAR (-25.0% to $115.66), due to the elevated displacement demand period that followed Hurricane Milton in 2024.

Canada record ADR, RevPAR in October. Canada’s hotel industry reported its highest 2025 monthly growth rates in ADR and RevPAR, according to October 2025 data from CoStar. For the month, occupancy was 69.8% (+2.1%); ADR was CAD214.09 (+7%) and RevPAR CAD149.49 was (+9.2%). Among the provinces and territories, Newfoundland and Labrador reported the largest gains in occupancy (+11.9% to 70.0%) and RevPAR (+19% to CAD121.03). Nova Scotia registered the highest increase in ADR (+10.7% to CAD207.78). Among the major markets, Toronto saw the largest jumps in ADR (+14.8% to CAD294.90) and RevPAR (+17.3% to CAD239.81), due to the impact of the 2025 World Series.

PPHE refinance in London. Amsterdam-based PPHR Hotel Group is refinancing the Park Plaza London Riverbank for £95.8 million ($125.4 million). PPHE refinanced the loan, which was originally signed with Wiesbaden, Germany-based Aareal Bank AG in 2016, and extended the terms to 2030. PPHE said the loan’s new terms will continue with a fixed interest rate of 3.248% until the original maturity date of June 2026. After that, 85% of the loan will bear a fully fixed interest rate of 5.72% until maturity.  

Affinity adds in Alaska. Newport Beach, California-based Affinity Hospitality is developing a 107-key Home2 Suites by Hilton in Wasilla, Alaska, which is scheduled to open next fall. The $30 million in funding was provided by Anchorage, Alaska-based Northrim Bank and Darien, Connecticut-based Nuveen Green Capital. This also marks the first new construction project financed through C-PACER in the Matanuska-Susitna Borough.

Series by Marriott global debut. Marriott International is globally debuting its Series by Marriott brand with the launch of The Fern Hotels & Resorts, Series by Marriott in India. This new collection brand is designed to celebrate regional character. The first phase of openings includes 26 hotels across destinations in India, bringing over 1,900 rooms to Marriott’s portfolio.

Design for New Orleans Omni approved. New Orleans’ Ernest N. Morial Convention Center board unanimously approved a new design for a $600 million Omni hotel, marking a milestone for a project that has been in planning for decades but repeatedly reshaped in scope, location, height and cost. The roughly 350-foot tower is scheduled to open in 2030, subject to securing the required city approvals.

Prism CEO joins Texas board. The Texas Hotel & Lodging Association (THLA), the largest state lodging association in the U.S., has named Ritesh Agarwal, founder and CEO of PRISM (parent of OYO & G6 Hospitality in the US), as an anchor board member. G6 Hospitality recently joined the THLA, a statewide coalition focused on advocacy, public safety, workforce development and market growth for its Texas franchisees.

Marriott hits 100 in KSA. Marriott has reached a milestone of 100 combined open and pipeline hotels in Saudi Arabia following the signing of an agreement with a fund managed by SEDCO Capital for a 1,100-key Courtyard by Marriott in Makkah. The property will be situated within the Holy City’s landmark Masar destination, which is owned, developed and operated by Umm Al Qura for Development and Construction. The hotel is scheduled to open in 2030. Marriott hotels have been operating in Saudi Arabia for over four decades, and today the company has 44 properties and over 11,000 rooms across 13 brands.

IHG adds in Jakarta. IHG Hotels & Resorts has signed the 220-key Crowne Plaza Jakarta PIK2 within the PIK2 development, a 6,000-hectare integrated waterfront township in Tangerang in the northern part of Jakarta, Indonesia. The property is scheduled to open in 2027, will be the first hotel to open in PIK2. It will join a rapidly growing Crowne Plaza portfolio of over 550 open and pipeline properties globally.

Minor adds in Malta. Bangkok, Thailand-based Minor Hotels has signed an agreement to open its first NH Collection brand hotel in Sliema, Malta. The new-build, 268-key NH Collection Sliema is scheduled to open by the end of 2026. The NH Collection brand has more than 100 hotels across 25 countries.