Latest news: AJ Capital’s $303.5M refi; Kimpton to Napa Valley; Hyatt deal in Japan

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).