Latest news: Swire buys rest of Miami Mandarin; deal in Tennessee; IHG adds Nepal

Swire buys out Miami Mandarin property. Hong Kong-based developer Swire Properties has bought out an investment stake in the property where The Residences at Mandarin Oriental, Miami is planned. Swire paid $37 million for a 25% stake in the joint venture company that owns the Mandarin Oriental hotel property, according to reports, and now owns 100% of the company. The 326-key Mandarin Oriental hotel closed in May and is scheduled for demolition in early 2026, with two towers for residential and hospitality units planned on the site and an adjacent property owned by Swire.

The 9 Group acquires in Tennessee. Knoxville, Tennessee-based The 9 Group has acquired the 195-key Crowne Plaza Knoxville Downtown University from a private seller for an undisclosed amount. The Crowne Plaza is one of the few downtown hotels offering over 15,000 sq. ft. of meeting space. Hunter Hotel Advisors facilitated the transaction.

IHG adds in Nepal. IHG Hotels & Resorts has signed a management agreement with Hotel Eastern Nepal Pvt. Ltd. for the development of the 99-key Holiday Inn Express & Suites Dhulabari in southeastern Nepal. The hotel is scheduled to open in 2026 and marks the second partnership between IHG and Hotel Eastern Nepal Pvt. Ltd., following the successful launch of Holiday Inn Resort Kathmandu Budhanilkantha. IHG currently has 51 hotels operating across six brands in India and a pipeline of 72 hotels due to open in the next three to five years.

Limestone adds stake in Nokken. Zug, Switzerland-based Limestone Capital has acquired a stakeholding of just over 30% in U.K.-based Nokken, a provider of design-led modular cabins. The partnership aims to accelerate Nokken’s international expansion, supporting growth across Europe, the U.K., the U.S., and new market entries in Asia and Australasia. Nokken said it is pioneering a new category in “retreat” hospitality, which offers faster deployment, lower costs and greater guest appeal.

New Zealand hotel to reopen. The former Noah’s Hotel in Christchurch, New Zealand, which was previously operated as the Rydges, is currently undergoing a $150 million renovation and will reopen as a 240-key Sheraton hotel in mid-2027. It will be the first Marriott hotel in the South Island. Emmons New Zealand Ltd., a joint venture between Mainland Capital, Russell Property Group and Lockwood Property Group, owns the property.