Latest news: Choice loan platform; big hire at Horwath; LATAM pipeline surging

Choice, Bridge partner on loan platform. Choice Hotels International is partnering with Charlotte-based Bridge to help provide new and existing Choice hotel owners access to affordable financing solutions. Choice franchisees will be able to submit a request for a commercial loan on the Bridge platform. Qualified borrowers will then have the opportunity to compare rates and terms from multiple lenders in Bridge’s network of more than 100 lenders. The lender base encompasses a wide range of financing solutions, including SBA, conventional, bridge, CPACE, and CMBS options sourced from banks, private debt lenders and direct lending from family offices. Choice will promote the availability of the Bridge solution to prospective owners, with a special emphasis on hoteliers in the company’s SOAR (Supporting Ownership Access and Representation) program, which is designed to create hotel ownership opportunities for historically underrepresented entrepreneurs.

Horwath makes key hire for Americas. Independent advisory Horwath HTL announced that Bryan Younge has joined the firm as managing partner, practice leader – Valuation Advisory Americas. He will oversee the firm's advisory services across the Americas and work alongside Global Chairman John Fareed. Horwath HTL also plans to expand its team with the addition of several professionals across a variety of positions within the Americas region. Under Younge's leadership, the firm has launched the Horwath HTL MarketCompass Lodging Reports, covering 110 markets across the United States, offering insights into occupancy, ADR, and RevPAR trends across all six class scales, detailed economic contexts, and a proprietary Market Performance Ranking for each market based on factors that include current, past, and expected performance to assess each market’s characteristics and its standing relative to all other U.S. markets.

LATAM pipeline surging. The hotel pipeline in Latin America experienced robust growth through the end of 2024 and climbed to 685 projects and 110,033 rooms, marking significant increases of 15% in projects and 13% in rooms year-over-year, according to the latest data from Lodging Econometrics. Through Q4, projects under construction stand at 270 projects and 48,138 rooms, up 13% by both projects and rooms YOY. Projects scheduled to start construction in the next 12 months reached 179 projects and 28,942 rooms, showing increases of 4% by projects and 5% by rooms YOY. Projects in early planning demonstrated substantial growth with 236 projects and 32,953 rooms, up 28% by projects and 20% by rooms YOY. New project announcements into the pipeline during Q4 saw a notable increase of 44% by projects and 32% by rooms YOY, with 82 projects and 12,295 rooms. The luxury segment achieved record-high numbers in Q4, with 129 projects and 26,077 rooms and upper upscale projects also reached a record high with 115 projects and 22,509 rooms. Mexico is the top country in Latin America’s hotel construction pipeline with a record-high 248 projects and 38,104 rooms, up 10% by projects and 7% by rooms YOY.  Mexico City is the leading city with 24 projects and 2,927 rooms. In Q4, 25 new hotels and 4,470 rooms opened in Latin America, bringing the year-to-date total to 73 new hotels and 13,754 rooms. LE analysts forecast 106 new hotels and 17,615 rooms to open in 2025, followed by 133 new hotels and 20,422 rooms in 2026. 

Bridge loan for Texas asset. Nova Portland Hotels, a joint venture between Ashburn, Virginia-based Loudoun Hospitality Management and Atlanta-based Octave Acquisitions, has secured a $4.35 million bridge loan for a 95-key Avid Hotel in Portland, Texas, a suburb of Corpus Christi. The loan proceeds were used for the sponsor’s purchase of another hotel in its portfolio. Seattle-based Avatar Financial Group provided the loan. The JV plans to refinance with a conventional loan upon stabilization of the asset. Despite being one of the newest assets in its market, the limited-service hotel has underperformed relative to competitors, with occupancy and revenue metrics trailing the market average.  

Hong Kong hotel trades. Hong Kong-based Tang Shing Bor’s family has sold the 598-key Hotel Cozi Harbour View in the city to Hong Kong-based Nanyang Commercial Bank, Ltd. for HKD1.87 billion, according to HVS. The 32-story property was originally purchased for HKD2.25 billion in 2017.