Latest HITs: Blackstone ready; Reubens foreclose on Century Plaza hotel; Tivoli grows in Oman

Blackstone prepared to pounce. Real estate powerhouse Blackstone has closed a $30.4 billion global real estate fund, Blackstone Real Estate Partners X (BREP X), reportedly it’s the largest real estate or private equity drawdown fund raised and placing it in good stead to capitalize on expected increased global opportunities across a variety of sectors, including hospitality. The news gives Blackstone $50 billion of capital commitments. “We believe the current market is tailor-made for Blackstone Real Estate,” said Ken Caplan, global co-head of Blackstone Real Estate. “We have made some of our best investments in periods characterized by the market volatility and dislocation we see today. Furthermore, sector selection has never been more critical as we witness the bifurcation of performance within real estate, which is favoring our high-conviction themes.”

St. Regis to Xiamen. Marriott International has signed a management agreement with Shengyuan Cultural Tourism for the 260-room St. Regis Xiamen in China in 2027, the brand’s first hotel in Fujian Province. Marriott currently operates 12 St. Regis hotels and resorts across Greater China.

Minor grows Tivoli. Minor Hotels, Bangkok, is expanding its Tivoli Hotels & Resorts brand in the Middle East with the planned 2026 addition of the 180-key Tivoli Muscat Hotel & Residences in Oman being developed by Oman Real Estate Investment Services, the real estate arm of Oman International Development and Investment Company SAOG. The new-build property will be located in LA VIE, Muscat Hills, a mixed-use community close to Muscat International Airport. It will feature an 80-key hotel and 100 branded residences overlooking the re-opened 18-hole golf course managed by Troon Golf. Minor currently operates three Tivoli properties in Qatar, with a further new-build property under development in Bahrain to launch in 2024.

Reubens reportedly take Fairmont Century Plaza. After more than a year of litigation about the debt on the project, London’s Reuben brothers have reportedly foreclosed on Woodridge Capital Partners’ $2.5 billion Century Plaza development, which includes the 400-key Fairmont Century Plaza hotel and 63 condominiums. The Real Deal reported that David and Simon Reuben made a credit bid on the property at an auction held on Thursday morning, according to a source familiar with the matter. The credit bid came out to a portion of the senior debt held by the Reubens. By the end of 2021, the Reubens held a $890 million senior loan on the property, plus a further $271 million mezzanine loan, meaning the property was bought at a fraction of the $2.5 billion development price tag.

Loan for Dream in LA. Real estate investment firm The LCP Group, L.P., in a joint venture with Safanad, a global holding company investing in multiple platforms, have provided a $33.3 million senior mortgage loan to an affiliate of the Relevant Group for the refinancing of the 178-key Dream Hollywood and Tao Restaurant in Los Angeles.

Procaccianti buys in Rhode Island. Procaccianti Companies, Providence, Rhode Island, has acquired the Newport Beach Hotel & Suites in Rhode Island. The acquisition includes an additional parcel of land, allowing for further potential development opportunities. The property will be managed by the firm’s hospitality management affiliate, TPG Hotels & Resorts. The property will undergo a renovation to replace the soft goods in the guest rooms as well as various other facilities improvements.

Accor grows on Black Sea. Accor has signed a cooperation agreement with Georgian development company Archi to open the first Mövenpick in Georgia on the Black Sea coast in 2028. The 120-room Mövenpick Kobuleti will occupy several floors in one of the high-rise buildings on the eastern coast of the Black Sea.

Stambules promoted at Sage. Sage Hospitality Group has promoted Dean Stambules to executive vice president of investments and new business development. In this newly-created role, Stambules will lead all new business initiatives for the company, including the identification of investment opportunities for both acquisitions and development as well as the growth of Sage’s third-party management portfolio – for both hotels and restaurants. Stambules joined Sage in 2014 and has held numerous roles on the new business team, including director of feasibility and senior vice president of acquisitions and business development.

ESG adoption report. CBRE has published a report providing a status update on ESG adoption in the hotel industry in the U.S., Asia Pacific, EU and the UK. CBRE Econometric Advisors’ analyses of CO2 emissions highlight the urgency for hospitality and leisure establishments to lower their carbon footprint relative to other real estate asset classes. The combination of an above-average carbon footprint and investors’ and guests' increased preference for environmentally sound hotels should accelerate the pace of improvement over the next few years.

Tokyo deal. Japan-based Daiwa House REIT Investment Corp. has acquired the 36-key MIMARU Tokyo Akasaka from Japan-based Fuyo General Lease Co. Ltd. for JPY3.1 billion. The property is currently leased out with an annual rent of JPY139 million.

COMO to Singapore. Singapore-based COMO Group will open in the second half of 2023 its first hotel in Singapore, transform the former Thong Sia Building into COMO Orchard, a 19-storey mixed-use development that house the COMO Metropolitan Singapore hotel.

Marriott aligns vacation brands. Marriott Vacations Worldwide Corp. has introduced The Marriott Vacation Clubs with more than 90 Marriott, Sheraton, and Westin Vacation Club branded resorts to align the brands under one moniker and make it easier for Marriott Bonvoy members and general travelers to understand what properties and experiences are available as either an owner or a rental guest. Eligible owners of The Marriott Vacation Clubs vacation ownership plans can elect to participate in Abound by Marriott Vacations, a new owner benefit and exchange program that allows travel among the three brands, access to properties within the Marriott Bonvoy portfolio, and other travel experiences such as cruises, guided and culinary tours, premiere events, outdoor adventures, and more.