Breaking news about deals, development, data featuring DM Hotels,
Valencia, Radisson, Aimbridge, Hilton and more.
Accor adding across
Asia Pacific. Accor said it is opening 22 hotels and 6,000 rooms
in Japan, doubling its footprint there. The hotels comprise of 12 Grand Mercure
and 10 Mercure hotels and will open in locations across the country. Accor also
announced six more signings across Asia: the 200-key Pullman Living Bangkok
Sukhumvit 16 and 225-key Pullman Residences Bangkok Sukhumvit 16 in Thailand,
which are scheduled to open in 2027; the 80-key Novotel Living Bangkok Don
Muang (with 112 serviced apartments) in Bangkok, which is scheduled to open in
2026; the 285-key Novotel Tangerang BSD City; the ibis Styles Ambassador Jeonju
City Center in South Korea which is undergoing a refurbishment and is scheduled
to open later this year; the 200-key Pullman Mactan Cebu Hotel & Residences
in the Philippines will also have 900 branded residences will be the world’s
largest Pullman property and is scheduled to open in 2028; and the 433-key
Mövenpick Vung Tau in Vietnam which is scheduled to open in 2027.
Hyatt launches adults-only brand in Cancun. Hyatt Hotels Corp.
launched its adults-only Hyatt Vivid brand by opening the 400-key Hyatt Vivid Grand
Island in Cancun, Mexico, developed by London-based Murano Global
Investments. The resort will be part of Hyatt’s Inclusive
Connection. The property is adjacent to the Dreams Grand Island, which will open later this year. The 350-room Dreams Estrella Del Mar Mazatlan also opens later this year in Mexico.
McSam sells Queens hotel. Great Neck, New
York-based McSam Hotel Group sold a newly built 142-key hotel in Queens for $40
million to an LLC connected to Letap Group principal Jasmin Patel, according to
a report in the Commercial Observer. The sale continues McSam's Sam Chang's trend of divesting his hotel properties, including over $200 million in Midtown Manhattan and a $160 million deal with Magna Hospitality Group.
Virk acquires in Seattle. Wilsonville,
Oregon-based Virk Hospitality has acquired the 150-key Hilton Garden Inn
Seattle Renton for $18 million from a subsidiary of Blackstone, according to
the Puget Sound Business Journal. Blackstone acquired the property in 2013 as
part of a $1.2 billion purchase of a portfolio from Apple Hospitality REIT.
Apple originally purchased the property in 2005 for $8 million.
Arkansas hotel sells. Continental
Capital and DM Hotels have sold the Avid Hotel in Bentonville,
Arkansas, to investor Manuj Jain, the president of SC Petroleum, for $11.5
million. The 87-key hotel was built in 2021.
Valencia refinances Texas hotel. Houston-based Valencia Hotel Group has
arranged $19.5 million of first mortgage debt to refinance the Texican Court
hotel in Irving, Texas. Los Angeles-based Sonnenblick-Eichner Co. arranged
the financing, a non-recourse five-year, fixed-rate loan that is interest-only
for the entire term at an interest rate of 7.74%, including a buydown of the
rate required by the lender. The 152-key upscale boutique hotel was built in
2019.
New hotel near Tottenham stadium. The Tottenham
Hotspur English Premier League club has received planning approval for a new
hotel to be built south of the Tottenham Hotspur Stadium. The 30-story, 180-key
hotel will also have 49 residential apartments. It is expected to be built in
time for the European Championship in 2028.
Radisson adds in Laos. The Radisson Hotel
Group has signed its first hotel in Vientiane, the capital of Laos. The 145-key
Radisson Red Vientiane is in partnership with La Vie Hotels & Resorts and
is scheduled to open in the fourth quarter of 2024.
Aimbridge EMEA adds in the UK. Aimbridge EMEA
will now manage the Twickenham Stadium Hotel in the U.K. Aimbridge EMEA will
oversee a major refurbishment of the property, which will remain operational as
it rebrands to a Radisson Red hotel.