Latest news: Diplomat rebranding; Accor adds in Tokyo; new WTTC data

Diplomat changing Hilton flags. The Diplomat Beach Resort in Hollywood, Florida, will rebrand to   join the Signia by Hilton portfolio by 2026. The 1,000-room convention hotel currently operates as a member of Hilton's Curio Collection. It will be renamed the Signia by Hilton Diplomat Beach Resort. As part of the transition, the Diplomat will receive a fresh wave of updates, including a reimagined lobby, updated interiors and furnishings, upgraded pool features and a new oceanfront event terrace. The Diplomat's culinary programming is also getting an overhaul. The property plans to make "significant investments" across all six of its dining venues, including a revamp of the Playa oceanfront bar and grill.

Accor adding in Tokyo. Accor has signed a deal for its Pullman brand in Tokyo’s upscale Ginza district. The Pullman Tokyo Ginza is set to open in late 2027. The newly built hotel will feature 145 guestrooms, an all-day dining restaurant, a destination bar, a gym, a Club Lounge, and a Lobby Lounge. Currently, Accor operates 45 hotels in Japan with 11,635 keys across nine brands. The group also has a pipeline of four hotels scheduled to open by 2029.

Sinner Paris sells. Experimental Group has acquired for a reported €53 million the 43-room Sinner Paris from Zaka Investment, the family office of French investor Pierre Bastid, and its hotel arm, Evok Collection. HVS reported that the sale aligns with Evok Collection’s strategy to focus on its luxury Nolinski and Brach hotel brands, which aims to expand globally. Founded in 2007, Experimental Group started off as a Paris cocktail club and developed into a portfolio of 11 hotels.

Art-Invest buys in Vienna. German real estate investment manager Art-Invest Real Estate has acquired the 251-room Courtyard Vienna Prater/Messe in Austria from German REIT Deka Immobilien. The hotel opened in 2008 and is part of the Viertel Zwei development. HVS noted that Art-Invest acquired the hotel for its core budget hotel fund, marking the fund's first investment in the Austrian market. The property is leased on a long-term basis to a subsidiary of the Borealis Hotel Group. This transaction follows Art-Invest's acquisition of four B&B Hotels in Germany from Covivio.

Dalata refi. Dalata Hotel Group plc, the largest hotel operator in Ireland, with a growing presence in the United Kingdom and Continental Europe, has refinanced its existing debt facilities with a green term loan facility of €100 million and a multi-currency revolving credit facility of €375 million with opening margin of 1.70% and 1.30% respectively. The two bank facilities have a five-year term expiring in October 2029 with the option of two one-year extensions. The group has also completed its inaugural private placement with the €125 million issue of senior secured notes, comprising €62 million and £52.5 million. They have an average coupon of 4.6% and 6.2% respectively and a maturity profile of between five and seven years. The Notes are designated as Green. The new facilities replace the existing multi-currency loan facility consisting of a £176.5 million term loan facility and a €304.9 million revolving credit facility due to mature in October 2025.

Nobu to Grand Wailea. Grand Wailea, a Waldorf Astoria Resort, will partner with the Nobu restaurant brand with plans to open the Japanese concept in summer 2025. Nobu at Grand Wailea will be designed by Rockwell Group as part of a $350 million rejuvenation effort by owner, Blackstone Real Estate. The restaurant will offer over 13,000 sq.ft of indoor and alfresco dining spaces with a dedicated sushi bar.

$1B in loans for Peachtree. Peachtree Group announced that its credit team has surpassed $1 billion in loan originations year-to-date. The firm anticipates that its credit team will surpass $1.75 billion in loan originations in 2024. Hotels surpassed $639 million in credit transactions year-to-date, marking a 176% increase compared to the same period last year. Notable credit transactions closed this year include the $41.9 million first mortgage loan for a Kimpton Sylvan hotel in Atlanta, Georgia, and a $40.0 million CPACE financing for an AC hotel in San Diego, California.

Zedwell expansion. Criterion Capital, London, has secured a £25 million investment facility from Cynergy Bank, setting the stage for expansion of its Zedwell hotel brand. Already in three central London locations, this investment will fuel the brand’s growth, including upcoming Zedwell properties in York, Manchester and Edinburgh. With 13 new sites in development, Zedwell is set to expand its portfolio to 8,000 rooms by 2027.

Global business travel data. The World Travel & Tourism Council (WTTC) is projecting that total global business travel spending will reach $1.5 trillion this year, surpassing pre-pandemic levels by 6.2%, according to the organization’s 2024 Economic Impact Trends Report. In 2023, global business travel spending was still 5.4% below the 2019 peak, while global leisure travel had recovered to 2.9% below its 2019 peak, said the WTTC in its report. U.S. business travel spending is forecast to reach $472 billion in 2024, which would be 13.4% above the previous record in 2019, while spending in China will increase to $211 billion - 13.1% above the record level set in 2019. In Europe, Germany is projected to surpass its 2019 record by 1% to reach a total of $87.5 billion in 2024, with business travel in the U.K. and France also reaching record levels, with $84.1 billion and $42.1 billion respectively.