Latest news: Gencom re-acquires Ritz in Florida; PM Hotel Group alliance; Noble adds in Nashville

Gencom buys Ritz-Carlton Key Biscayne. Miami-based Gencom has retaken majority ownership of the 291-key Ritz-Carlson Key Biscayne from Toronto-based Brookfield Asset Management for an undisclosed price. Gencom plans a $100 million renovation to the property and will reposition the asset in 2025. The transaction was financed by Citigroup and KSL Capital Partners. Gencom originally sold the property to a private REIT in 2000 as part of a three-property, $750 million deal.

PM Hotel Group strategic alliance. Chevy Chase, Maryland-based PM Hotel Group has announced a strategic alliance with Stamford, Connecticut-based TQP Capital Partners and Thomas Prins to accelerate its business development platform. The primary focus of the partnership is to capitalize on Prins’ experience and insights to identify new business opportunities for PM Hotel Group. PM operates approximately 70 hotels across the U.S.

Noble Investment adds in Nashville. Atlanta-based Noble Investment Group has acquired the 287-key Holiday Inn Express Nashville Downtown from an undisclosed buyer. The price of the hotel was also not disclosed. Noble recently closed its Noble Hospitality Fund V, with an oversubscribed $1 billion of equity commitments.

Hilton debuts flagship Signia. Hilton has opened its flagship Signia-branded hotel, the 976-key Signia by Hilton Atlanta, the city’s largest ground-up hotel development project in 40 years with more than 100,000 sq. ft. of meeting and event space. Hilton said it has a pipeline of more than 40 hotels in the Atlanta market.

Hyatt adds Centric brand to Nepal. Hyatt Hotels Corp. has announced an agreement between a Hyatt affiliate and City Hotel Limited to renovate the Hyatt Place Kathmandu into a 153-key Hyatt Centric Soalteemode Kathmandu in Nepal. This will be the first Hyatt Centric in the country.

Mandarin in Paris sold. Singapore-based Mandarin Oriental International Ltd. is selling the 135-key Mandarin Oriental, Paris, to SLH Hotels Srl for €205 million. SLH is the parent company of The Statuto Group, which also owns Mandarin Oriental, Milan. Mandarin Oriental will retain a 50-year agreement to manage and brand the hotel. The sale is scheduled to be completed by March 31.

Morguard sells 14. Toronto-based Morguard Corp. is selling a portfolio of 14 hotels in Ontario and Nova Scotia to an undisclosed buyer for $410 million. Morguard is expected to have net proceeds of $361.3 million. The portfolio of hotels includes 2,248 rooms and features Marriott, Hilton, IHG, and independent hotels in the greater Toronto area, Ottawa, Halifax, and Sudbury. Morguard will retain ownership of two hotels: the dual-brand Hilton Garden Inn and Homewood Suites in Ottawa and the Inn at the Quay in New Westminster, British Columbia.

Owner of big SF hotel default. The borrower of a $97 million loan guaranteed by the 544-key Hilton San Francisco Financial District has defaulted, according to multiple reports. The borrower, Justice Operating Company LLC, a subsidiary of Los Angeles-based Portsmouth Square, Inc., defaulted on two loans, including the $97 million loan tied to the hotel, according to an SEC filing on January 10. The mortgage originated in 2013 from Bank of America and other institutional lenders. The company said it has proposed a loan modification under review by special servicer LNR Partners.

Melia re-rebrands Falcon’s Resorts in DR. Spain-based Melia Hotels International is rebranding its Falcon’s Resort by Melia, Punta Cana in the Dominican Republic into a Paradisus Grand Cana. The project had operated under the Paradisus name, but it was redeveloped and reopened as the Falcon’s Resort in early 2023 as part of a joint venture with Falcon’s Beyond.

Island Hospitality launches IHM Outdoors. West Palm Beach, Florida-based Island Hospitality Management has launched IHM Outdoors, an outdoor and resort hospitality division. The vertical will include Recreational Vehicle (RV) resorts, vacation rentals, glamping and other outdoor hospitality options. Five RV Resorts in California, Indiana, Colorado and New York have already been transitioned to IHM Outdoors management.

Ohana refinances loan for Boston hotel. Austin-based Ohana Real Estate investors has refinanced its $84 million loan for the 245-key Hotel Commonwealth in Boston. Charlotte, North Carolina-based Barings has provided the loan for the property, which Ohana acquired in November 2020.

Alpental Capital buys DoubleTree in MA. Alpental Capital has acquired the 187-key DoubleTree by Hilton Leominster in Massachusetts from an undisclosed buyer. The price was also not disclosed. This is Alpental’s 10th hotel purchased since mid-2021 and its third DoubleTree property.

Panoram, Borealis form JV. Spain-based Panoram Hotel Management and Amsterdam-based Borealis Hotel Group have formed a joint venture which allows the companies to expand in Spain and explore new developments together. Borealis owns 27 leased hotels across Europe, while Panoram manages 11 hotels in Spain and Italy. The companies have collaborated on several projects, including the Hampton by Hilton Barcelona Fira Gran Via hotel. They are developing two other hotels in Málaga, Spain, which will open in mid-2025.

Minor adds first Avani in Germany. Minor Hotels has debuted its Avani brand in Germany with the 256-key Avani Frankfurt City Hotel. Minor launched three new Avani properties in 2023 and plans to open new locations in Europe, the Seychelles and South and Central America.

IHG elevates positioning on Adelaide property. IHG Hotels & Resorts, Australia-based Pelligra, and ONE7 are elevating the position of a hotel opening in Adelaide, Australia, later in 2024. What was originally announced as a 130-key Holiday Inn & Suites is now being moved to the upscale space as a 155-key Crowne Plaza Mawson Lakes, which will open in the second half of 2024. Pelligra Group owns two Holiday Day Inns in Australia and plans to open three more IHG hotels this year, including the Adelaide property.

New Hotel Indigo in Saudi Arabia. IHG Hotels & Resorts, in partnership with Firdous Abha Hotel Holding Company, will open a 110-key Hotel Indigo Abha in December 2025. Aleph Hospitality will manage the property.

$1.4B ski resort development in Japan. Ken Chan, the former head of Singapore’s GIC in Japan, plans a $1.4 billion (¥208 billion) investment to create a ski resort in Niigata’s Myoko Plateau. Chan’s real estate investment fund, Patience Capital Group, is acquiring land and plans to build multiple luxury hotels and employee housing for thousands by 2026.

Great Decembers in London, Sydney and Dubai. Hotel performance in London jumped during the holiday travel season, according to CoStar. Occupancy rose 5.7% to 80.5% and was the highest for any December since 2018, while ADR (GBP208.90, up 2%) and RevPAR (GBP168.07, up 7.8%) were the highest of any December on record. Sydney hotels recorded their highest ADR on record (AUD313.27, up +4.8%), with occupancy (77.1%, up +9.9%) and RevPAR (AUD241.66, up +15.3%) seeing similar positive trends. Hotels in Dubai also recorded their highest ADR on record (AED1,060.61, up +19.0%) with similar increases in occupancy (79.2%, up +3.5%) and RevPAR (AED839.98, up +23.2%).

DER Touristik acquires DR Hospitality. Cologne, Germany-based DER Touristik Hotel & Resorts GmbH, the hotel division of DER Touristik, has acquired a majority stake in Rostock, Germany-based DR Hospitality GmbH & Co. KG. DR Hospitality manages a portfolio of 22 hotels and resorts under various brands in Germany, Austria and Italy. Der Touristik Group has a portfolio of 10 brands and over 100 hotels in 14 countries.

Hilton opens 600th hotel in China. Hilton has opened its 600th hotel in Greater China with the 381-key Hilton Nanjing Niushoushan. The company has hotels in 200 destinations across the country across 10 brands. Its luxury brands, Waldorf Astoria and Conrad Hotels & Resorts, continue to grow significantly with new openings in cities like Shanghai, Hangzhou, Suzhou, and Haikou. It has also introduced the Motto by Hilton and Signia by Hilton brands to China.

Transwestern acquires Houston hotel. Houston-based Transwestern Hospitality Group has purchased the 122-key Hotel Granduca in Houston from an undisclosed buyer. The amount of the sale was also not disclosed. Transwestern said it plans to renovate the property in mid-2024 and reposition it in the market.

Meliá Hotels signs 28th in Spain. Palma, Spain-based Meliá Hotels International has signed its 28th hotel in the Andalusia region of Spain. The 40-key boutique hotel in Cadiz will be in its Meliá Collection portfolio and open in 2026. A pair of 18th-century buildings will be restored as part of the project.

Stotrak adds in India. India-based Stotrak Hotels is partnering with India-based Hotel SN Residency to operate its ninth hotel in India, the 32-key Hotel SN Residency Mussoorie. Stotrak Hotels has a footprint in the Indian states of Uttarakhand, Himachal Pradesh and Rajasthan.

Genting Malaysia's $100M in funding for US resorts. Malaysia-based Genting Malaysia is injecting an additional $100 million in funding into its U.S.-facing subsidiary Genting Empire Resorts. Empire Resorts owns the 332-key Resorts World Catskills casino and Resorts World Hudson Valley gaming facility in New York. Resorts World Las Vegas is owned by a separate arm of the Genting Group.

Aimbridge union agreement in California. Plano, Texas-based operator Aimbridge Hospitality announced that six union hotels operated by the company in Southern California have signed a new proposal with UNITE HERE Local 11, joining two hotels that signed in 2023. The agreement includes non-tipped wage increases of up to $10 per hour and continued contributions to health care and retirement, and goes through January 15, 2028. Properties signing this week include DoubleTree by Hilton Hotel Los Angeles Downtown, DoubleTree by Hilton Hotel San Pedro - Port of Los Angeles, Hilton Pasadena, Hyatt Regency LAX, Holiday Inn Los Angeles - LAX Airport and Sheraton Park Hotel at the Anaheim Resort. Aimbridge- previously signed proposals with The Westin Bonaventure Hotel & Suites Los Angeles and the Laguna Cliffs Marriott Resort & Spa.

Viceroy adds exec. Mark Keiser has been appointed as president, development for New York City-based Viceroy Hotel Group. Keiser will lead Viceroy’s growth strategy of luxury hotels and branded residential projects. He previously worked at EOS Hospitality and SH Group.

AHLA applauds vote on joint-employer rule. The American Hotel & Lodging Association released a statement in favor of the U.S. House of Representatives’ resolution to overturn the National Labor Relations Board’s joint-employer regulation. “Neither companies nor their employees want this job-killing regulation, which will destroy the franchise model that supports millions of small business jobs. The bipartisan nature of this vote underscores how destructive this misguided Biden Administration rule would be to our fragile economy… We urge the Senate to stand up for America’s workers and pass this resolution as soon as possible,” said AHLA President and CEO Chip Rogers.