Latest news: Sale in Fort Worth; new Kimpton; Prism IPO approved

Fort Worth sale. Southeastern Real Estate Group has been disclosed as the seller of the 162-key Home2 Suites Fort Worth Cultural District in Fort Worth, Texas, that was first reported last week. A joint venture of Ad Astra Capital and TMGOC Ventures acquired the hotel for an undisclosed amount. The hotel was built in 2020. Hunter Hotel Advisors facilitated the transaction.

New Kimpton in California. San Francisco-based Maverick Development has completed construction on the 100-key Kimpton Mirador, a luxury hotel in Pacific Grove, California, a coastal resort community of the Monterey Peninsula. The Kimpton Mirador is owned and developed by Cypress 16 in conjunction with Interport Capital and L&B Realty Advisors and is scheduled to open in January.

Prism IPO OK'd. Oyo and Motel 6 parent company Prism has received shareholder approval on Tuesday to raise INR 66.5 billion ($744 million) through a fresh issue of equity shares as part of its proposed initial public offering. A bonus issue of equity shares in a 1:19 ratio was also approved, pending regulatory approval. In the first quarter of fiscal 2026, Oyo estimated a profit after tax of over INR 2 billion ($22 million), more than double the same period last year. Revenue in the quarter rose to INR 20 billion ($220 million), a 47% increase. CEO and Co-Founder Ritesh Agarwal told shareholders, “The global hospitality industry continues to present strong growth prospects, driven by rising travel demand, evolving consumer preferences, and increasing digital adoption... As we look ahead, our focus extends beyond just growing top-line and bottom-line metrics—we are committed to delivering exceptional customer experiences, leveraging data-driven insights to innovate, and expanding our footprint across new geographies and market segments. This holistic approach positions us to capitalize on long-term opportunities and build a sustainable, agile and resilient business that adapts to changing industry dynamics.”

IHCL-Millennium partnership. Singapore-based Millennium Hotels & Resorts has signed a new strategic loyalty partnership with Indian Hotels Co. Ltd. (IHCL). The collaboration brings together MHR's MyMillennium and IHCL's Taj InnerCircle of NeuPass program. Under this collaboration, Taj members gain access to Millennium Hotels & Resorts' global portfolio and receive a 10% discount on rates, while Millennium receives similar benefits for IHCL.

IHG adds in Nepal. IHG Hotels & Resorts has signed a management agreement with Club Chaulani Ltd. to develop the 115-key Holiday Inn Dhangadhi in Nepal. Scheduled to open in Q1 2028, the signing marks IHG’s entry into the Sudurpashchim Province and reflects the company’s strategy to expand its presence in high-potential, underserved markets across South Asia. IHG currently operates 51 hotels across six brands in India and has a pipeline of 80 hotels due to open over the next three to five years.

Wyndham adds in India. Wyndham Hotels & Resorts is partnering with Hyson Hospitalities Private Ltd. to develop the 57-key Ramada Encore by Wyndham Kochi Kalamassery. The hotel is scheduled to open in 2026.

New marketing agreement for MGM China. MGM Resorts International has entered into a long-term branding agreement with MGM China Holdings Ltd., effective January 1. The branding agreement provides for a term through the end of the current concession in 2032. If a further concession is granted or awarded, the term shall be automatically extended until the earlier of the expiration of a new concession or December 31, 2045. MGM China's market share has nearly doubled from a pre-pandemic level of approximately 9% to a year-to-date share of roughly 16% as of September 30. The new monthly license fee has increased from 1.75% to 3.5% of MGM China's adjusted consolidated net monthly revenues.