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AJ
Capital $303.5 refinance. Nashville-based AJ Capital has secured $303.5M loan from Aareal Capital
and Barings to refinance seven Graduate hotels, according to Commercial
Observer. The five-year, floating rate loan for the 1,340-key portfolio in
university-anchored markets. The hotels are part of a more than 35-property
portfolio in the U.S. and the U.K. in the Graduate Hotels brand, which Hilton
acquired last year.
First
Kimpton in Napa Valley. Kimpton, part of IHG’s luxury and lifestyle portfolio, is adding its
first property in Napa Valley, California. Projected to open in 2028, the
123-key hotel is being developed by Newport Beach, California-based Stratus
Development Partners and will build upon the brand’s California origins, which
currently include 10 open Kimpton properties.
Hyatt 22
billion yen deal in Japan. Hyatt Hotels Corp. and Osaka, Japan-based Takenaka Corp. have announced
the final close of Atona Impact Fund, a real estate fund dedicated to actively
investing in development projects under the Atona brand, a modern luxury hot
spring ryokan (Japanese-style inn) joint venture between a Hyatt affiliate and
Kiraku. In addition to the initial investors announced at the fund’s first
close in May 2024, Takenaka, which joined as a general partner alongside a
Hyatt affiliate, and Kiraku, the fund has also raised capital commitments from
Aratama Corporation Co., Ltd., Cool Japan Fund Inc., Humble House Hotel Co.,
Ltd., MUFG Bank, Ltd., and others, bringing the total fund size to 22 billion
yen (approximately $149 million).
New CDO
for Kempinski. Geneva-based Kempinski Hotels has named Frank Veenstra as chief development
officer. Veenstra has overseen major development projects worldwide in senior
roles at Abu Dhabi Investment Authority, NH Hotels and Corinthia Hotels. He
will lead the evolution of Kempinski’s development strategy and will be
responsible for advancing and refining the organization’s growth strategy.
US hotels
down last week. The
U.S. hotel industry reported negative year-over-year comparisons, according to
the latest data from CoStar. For the week of August 31-September 6, occupancy
was 57.7% (-0.5%), ADR was $149.52 (-0.2%) and RevPAR was $86.20 (-0.7%). Among
the top 25 markets, Houston recorded the steepest declines in occupancy (-12.4%
to 49.8%) and RevPAR (-18.7% to $53.29). The decreases are largely due to the
elevated displacement demand period that followed Hurricane Beryl in 2024.
Houston (-7.1% to $106.91) and Detroit matched for the largest decrease in ADR
(-7.1% to $119.90). St. Louis saw the highest lift in occupancy (+15.7% to
62.1%), while San Francisco reported the largest jumps in ADR (+10.4% to
$188.17) and RevPAR (+24.7% to $128.70).
Waterford
adds in Baltimore. Waterford, Connecticut-based Waterford Hotel Group has assumed management of
the dual-branded Aloft Arundel Mills BWI Airport and Element Arundel Mills BWI
Airport properties, both located near Baltimore/Washington International
Thurgood Marshall Airport (BWI) in Maryland. This marks Waterford’s first entry
into the Baltimore market.
100th
Moxy in EMEA. Marriott International has opened its 100th Moxy hotel in Europe, the Middle
East and Africa (EMEA) with the launch of the 179-key Moxy Belfast City in
Northern Ireland. The brand will continue its growth momentum in 2025 with the
debut of five new hotels by the end of this year, including Moxy Alfragide
Lisboa (Portugal), Moxy Dublin Docklands (Ireland), Moxy Hamburg - Finkenwerder
(Germany), Moxy London Piccadilly Circus (U.K.) and Moxy Paris La Villette
(France).
CHE
acquires in France. French asset management and investment company Capital Hospitality Europe
(CHE), together with French investment company Hestia IM, has acquired the
103-key Les Cures Marines in Trouville-sur-Mer, Normandy, in northwestern
France, according to HVS. Following the acquisition, the property will be
rebranded under Accor’s MGallery Collection as the Cures Marines Hotel &
Spa Trouville - MGallery Collection.
Vivium
acquires in Athens. UAE-based family office Vivium Holding has acquired a future 65-key hotel in
Athens, Greece, from Greek real estate investment company Ble Kedros REIC for
€18.6 million, according to HVS. Ble Kedros originally acquired the site in
2018 and has since begun redevelopment work.
Essendi
acquires in the UK. French owner-operator Essendi has acquired the freehold interest in the 259-key
Ibis Edinburgh Centre South Bridge - Royal Mile in Edinburgh, U.K., for an
undisclosed amount, according to HVS. Essendi was already the operator of the
Ibis hotel under an operating lease.
Madrid
hits record in August. Helped by the ESC Congress, Madrid’s hotel industry posted its highest
August performance levels on record, according to preliminary data from CoStar.
For the month, occupancy was 65.3% (+4.8%), ADR EUR143.11 (+17.3%) and RevPAR
EUR93.52 (+23.0%). On the second night (August 30) of the annual ESC Congress,
the market’s daily levels spiked in each of the three key performance metrics:
occupancy (89.8%), ADR (EUR251.29) and RevPAR (EUR225.55).