Latest HITs: Driftwood buys near Dallas; Zeal, IHG tie-up; Madrid property trades

Driftwood buys near Dallas. Driftwood Capital has acquired from Granite Properties the 299-key Hilton Dallas/Plano Granite Park. The hotel is located within the 90-acre master-planned, mixed-use community of Granite Park in the north Dallas suburb of Plano. This marks the company’s third hotel acquisition in the Dallas-Fort Worth market; it also owns the 231-key Hilton Dallas/Rockwall Lakefront and the 248-key Hilton Dallas Southlake Town Square. Driftwood Capital plans to renovate the hotel’s guestrooms and meeting space, and Driftwood Hospitality Management, an affiliate of Driftwood Capital, has assumed management responsibilities. Accredited investors may have the opportunity to invest in the hotel through Driftwood Capital’s DealDirect investment platform beginning in July.

Red Roof prexy leaves. George Limbert, president of Red Roof, has submitted his resignation effective July 12, 2023. He has accepted an executive position to pursue other interests outside the hospitality industry. Red Roof Board Member Mohamed Thowfeek will oversee the day-to-day operations of Red Roof on behalf of the Board as the company commences an executive search.

Sustainable Zeal acquires UK site. Zeal Hotels has acquired the site for its 142-room net zero carbon hotel, with construction due to begin in July at Exeter Science Park in Exeter, U.K. It has signed an exclusive franchise agreement with IHG Hotels & Resorts for the property, which will be managed by Valor Hospitality. The upscale lifestyle property, which is due to open in Q4 next year, is aiming for a minimum BREEAM rating of Excellent, with a target of Outstanding. Solar panels will ensure that the hotel will generate all the energy it requires.

Madrid property trades. The 50-room Palacio del Retiro hotel in Madrid has reportedly been acquired by Jon and Francisco Riberas, owners of Gestamp Automoción, for close to €60 million. The hotel was previously owned by the Oriol family and after a 2004 renovation was operated by AC Hotels. The property is currently managed by Belagua, Antonio Catalán's company, under the Marriott Autograph Collection brand.

Holiday Inn to Pattaya. IHG Hotels & Resorts has signed the Holiday Inn Resort Pattaya in partnership with Thai hospitality company, Destination Group. The agreement is the third collaboration for a conversion property in the country between the two partners. The 318-room hotel will open in late 2024 following its transformation from the former Mountain Beach Resort. The signing gives IHG 34 open hotels and a 37-strong pipeline in Thailand and announced aims to double the size of its estate there within the next five years.

Accor sells HQ. In line with the announcement made on September 28, 2022, Accor has completed the disposal of its Sequana Tower headquarters building outside Paris for €460 million to London-based real estate fund manager The Valesco Group. This transaction is the largest office deal of the year in Continental Europe and largest office deal in France since 2022. The transaction structure includes a 12-year sale and leaseback agreement with an initial annual rent of €22 million and existing shareholder loan of €100 million. Accor bought the building in 2018 for €363 million.