Rendering of the Hyatt Regency in downtown Miami Latest HITs: Gencom-Hyatt deal approved; Paris airport hotel trades; global deal dataBy Jeffrey Weinstein | July 14, 2023Share The latest global news on deals, developments and industry data. Miami approves Gencom-Hyatt plan. The Miami City Commission on Thursday by a vote of 5-0 approved the lease agreement between the city and the joint venture led by Hyatt Hotels Corp. and local developer Gencom for Miami Riverbridge, a mixed-use project in Downtown Miami at the current Hyatt Regency and James L. Knight Center. The partnership stated that this privately funded project will bring $1.5 billion in benefits over its lease term for the City of Miami, among many other benefits including thousands of jobs, 1,500 market rate apartments, 615 hotel rooms, 190,000 SF of Class A meeting space, expansive green public green space, $25 million for affordable housing and more. The development will amend and restate the ground lease that ushered in development of the existing Hyatt hotel in the early 1980s to include, without limitation, an extension of the lease renewal term from 45 to 99 years. Now that the lease has been approved, the partners look forward to finalizing construction plans with the city over the coming year. Construction on the Hyatt Regency Miami site is expected to begin in 2025.Paris airport Marriott trades. AEW has acquired from Commerz Real for an undisclosed price the 300-room Paris Marriott Charles de Gaulle Airport Hotel. The property was last valued at €40.1 million. The subsidiary of Commerzbank had acquired the property on a sale and leaseback arrangement upon its completion in 2002 for its open-ended real estate fund Hausinvest. An ongoing renovation program has seen 60% of the rooms and all the conference rooms refurbished.Brookfield refi. Canadian developer Brookfield is obtaining a $220 million CMBS loan and a $30 million mezzanine loan to refinance the 595-room Hilton Fort Lauderdale Marina and the 403-room Westin Savannah. The CMBS loan will bear interest at 410 bps over SOFR, which will be capped at 4.5% during the initial two-year term to put the all-in borrowing cost at 8.6%; the loan will have three one-year extension options.Epelboim refi. Epelboim Development Group has refinanced the 259-room Tru by Hilton Orlando with a $34.25 million, five-year, fixed-rate CMBS loan that bears interest at 8.45%, according to an R.W. Baird report. Proceeds from the loan were used to repay $24.6 million of prior debt as well as $2.5 million of EB-5 debt and preferred equity; $10.5 million of EB-5 debt at a 4.5% interest rate and $4 million of EB-5 preferred equity remain outstanding. The hotel's TTM NOI was $4.5 million, which equates to a 13.2% debt yield for the first mortgage CMBS loan.Deal volume down 38.8% in 1H23. A total of 365 deals were announced in the travel and tourism sector globally during the first half of 2023, which was a decline of 38.8% compared to 596 deals announced during the same period in the previous year, according to GlobalData. All the deal types witnessed a decline with the numbers of mergers and acquisitions, private equity and venture financing deals declining by 41.6%, 33.3% and 30.4%, respectively, year-on-year. While Europe witnessed 46% YoY decline in deal volume, Asia Pacific, North America, Middle East and Africa and South and Central America regions witnessed decline in deals volume by 19%, 47.6%, 20% and 23.1%, respectively, during H1 2023 compared to H1 2022. The U.S., the U.K., India, Australia, France, South Korea, Japan, and Spain witnessed decline in deals volume by 47.7%, 44.8%, 21.4%, 21.1%, 33.3%, 20%, 62.1% and 69.2%, respectively. Meanwhile, China emerged as a notable exception to the declining trend and saw 18.2% growth in the announcement of deals.