Latest news: Former Trump DC heads to auction; Euro construction pipeline; IHG adding in Cairo

Former Trump in DC headed to auction. Chicago-based lender MSD Partners has reportedly filed a notice of foreclosure sale on the leasehold interest of the Waldorf Astoria Washington D.C., formerly the Trump International Hotel. Miami’s CGI Merchant Group, which purchased the lease rights to the hotel for $375 million in 2022, defaulted on its $285 million loan earlier this year. The balance on the loan is $252 million and the sale is scheduled for June 20 in D.C.

Marriott adds first Tribute in Middle East. Marriott is adding its first Tribute Portfolio hotel in the Middle East with The First Collection at Jumeirah Village Circle, a Tribute Portfolio Hotel in Dubai. The Tribute Portfolio has nearly 120 hotels in 25 countries and territories worldwide.

European construction pipeline. The European hotel construction pipeline stands at 1,705 projects and 253,777 rooms, according to Lodging Econometrics. As the first quarter closes, 45% of the hotel projects in Europe’s total pipeline are in the under construction stage, with 762 projects and 117,815 rooms. Another 411 projects and 60,356 rooms are scheduled to start construction in the next 12 months, while 532 projects and 75,606 rooms are in the early planning stage, slightly below the record high reported a year ago. Upper upscale and upscale projects increased over 2023 and are up 13% and 5% year-over-year by projects, respectively. The Upper Upscale segment reached a record-high of 271 projects and 45,122 rooms. The U.K. leads through the first quarter with 321 projects and 45,257 rooms, while London leads with 80 projects and 14,987 rooms, followed by Istanbul with 51 projects and 8,814 rooms and Lisbon with 37 projects and 4,349 rooms.

IHG adds in Cairo. Cairo-based Urbnlanes Developments, a subsidiary of Emeel Abdalla Investments Group, has formed a strategic partnership with IHG Hotels & Resorts to open two new hotels under the Crowne Plaza brand in Cairo. The investment exceeds four billion EGP, and the hotels are scheduled to open in 2028.

Hyatt Centric Buckhead Atlanta refinance. A joint venture of Alpharetta, Georgia-based Songy Highroads LLC and an affiliate of Hyatt Hotels have refinanced the 218-key Hyatt Centric Buckhead Atlanta for an undisclosed amount. The 18-story hotel opened in 2021. JLL represented the borrower in securing the loan.

Arizona Biltmore sale closes. London-based Henderson Park has officially closed on its acquisition of the Arizona Biltmore hotel in Phoenix from Blackstone for $705 million. The deal was first reported back in January and closed on May 8. BRE Hotels & Resorts, operated by Blackstone Real Estate Group purchased the Biltmore in 2018 for $403.4 million from Singapore-based GIC Private Ltd.

Red Roof Plus sells in Florida. RRPC LLC has acquired the 78-key Red Roof Plus Palm Coast in Florida for an undisclosed price from SVM Palm Coast, LLC.  Tampa, Florida-based DSH Hotel Advisors represented the buyer and the seller in the deal, which closed in 34 days.

U.S. construction revenue declines 7.1% in five years. Hotel construction industry revenue in the U.S. has declined 7.1% over the past five years and is expected to reach an estimated $20.1 billion in 2024, according to the latest research from researchandmarkets.com. Construction revenue is expected to increase 2.8% in 2024 as the economy recovers and construction projects renew.

ActivumSG sells in Spain. Berlin-based ActivumSG has sold the 118-key Palacio Solecio hotel in Malaga, Spain, for €51m to an undisclosed buyer. Originally an 18th-century Andalusian palace, it was acquired by an ActivumSG-advised fund, Iberia I, for €8m and has undergone an extensive restoration.

Solley Hotels sells in Scotland. Glasgow, Scotland-based Solley Hotels has sold the Kings Manor Hotel in Edinburgh in an off-market deal to an undisclosed buyer. The 100-key hotel has been owned by Solley since 1976.

Lavendish acquires in the UK. Sri Lanka-based Lavendish Leisure has expanded its presence in the U.K. by acquiring the Cathedral Quarter Hotel in St Mary’s Gate, Derby. The seller and financial terms of the deal were not disclosed. This is the second hotel purchased by Lavendish in the U.K.

HSBC Tower could become a hotel. According to a report from Reuters, the HSBC Tower in London could be redeveloped into a hotel once its current tenant, HSBC, leaves in 2027. No final decision has been made yet, but the building could be turned into a hotel, serviced apartments or a combination of both.

Radisson adding first Red in Ireland. Radisson is adding its first Radisson RED Hotel in Ireland with a 177-key hotel at Crown Square in Mervue.

Travelodge opens 600th hotel. Travelodge has opened its 600th hotel with the 95-key Oval Cricket Ground Travelodge in London. It is Travelodge’s 81st hotel in the city.

Occupancy up in Bangkok. Hotel occupancy rates in Bangkok rose in the first quarter of 2024 and have bounced back close to pre-pandemic levels, fueled by the rise in MICE travelers. According to Colliers, Bangkok’s hotel occupancy rose to 80.7% in the quarter, its highest since 82.2% in 2019.