Latest news: IHG debuts Garner; Mandarin Oriental to Budapest; Playa closes sale

IHG opens first Garner. IHG Hotels & Resorts has opened its first Garner less than three months after the brand launch. The 95-key Garner Auburn – Seattle is a midscale conversion hotel located in the Seattle suburb of Auburn, Washington, and will be owned and managed by locally based S1 Hospitality Management. IHG hopes the Garner brand grows to 500 hotels in the U.S. in the next 10 years.

Mandarin adds in Budapest. Hong Kong-based Mandarin Oriental Hotel Group is converting the Gellért Hotel in Budapest into the Mandarin Oriental Gellert, Budapest, which is scheduled to open in 2027. The 143-key property, which Budapest-based BDPST Group owns, opened in 1918 and will be Mandarin’s first luxury spa hotel in Hungary.

Playa closes sale on DR resort. Fairfax, Virginia-based Playa Hotels & Resorts has closed on the sale of the 620-room Jewel Punta Cana resort in the Dominican Republic for $82 million. Net proceeds from the deal, completed on December 15, are $70 million. Playa entered into a long-term management agreement with the new owner, which was not disclosed.

New credit line for Accor. Accor has agreed with a consortium of 13 banks to set up a new €1 billion, five-year revolving credit line, with two one-year extension options exercisable in 2024 and 2025. The new line replaces the €1.2 billion undrawn credit line concluded in June 2018.

Refinance for Charlotte hotel. Orlando-based Liberty Investment Properties has refinanced its debt on the 122-key WoodSpring Suites Charlotte – University Research Park. Liberty received a five-year, fixed-rate CMBS loan for the property arranged through Berkadia Hotels & Hospitality. Liberty has developed more than 35 Woodspring Suites hotels since 2007.

LBA managing Knoxville property. Dothan, Alabama-based LBA Hospitality has taken over management of the 105-key Hampton Inn & Suites Knoxville-Turkey Creek/Farragut. The hotel was recently purchased by Chattanooga, Tennessee-based 3H Group. This will be 25th property LBA is managing in partnership with 3H.

Trio of industry vets form Trilogy Hotels. A trio of Australian hospitality executives have launched Sydney-based Trilogy Hotels, which will manage and operate hotels in Australia and New Zealand. Former Accor executive Scott Boyes, consultant Tony Ryan, and former CapitaLand executive Grant Alchin formed the company this year and said they are on the verge of finalizing a “groundbreaking deal.”

Glasgow Virgin Hotel closes. The 240-key Virgin Hotel in Glasgow, Scotland, has closed after its owner, Lloyds Development Ltd., was put in administration by its lenders on December 1. The hotel opened in August but is now expected to be listed for sale.

Crescent acquires in Florida. Fort Worth, Texas-based Crescent Real Estate has acquired the 95-key Homewood Suites by Hilton Destin in Florida. The price and seller were not disclosed. HEI Hotels & Resorts will manage the property.

New SVP for Peachtree. Atlanta-based Peachtree Group named Sameer Nair as senior vice president of equity asset management. Nair, who previously worked for Hospitality Ventures Management Group, Kolter Hospitality and Banyan Investment Group, will oversee and implement asset oversight for the company.

Whitbread purchase in Dublin. UK-based Whitbread has acquired a development site at Sandyford Business Park in Dublin, Ireland, and plans to build an approximately 150-key Premier Inn hotel. The purchase is the company’s first in Outer Dublin.

Crescent Hotels adds in Denver. Fairfax, Virginia-based Crescent Hotels & Resorts is assuming management of The Source Hotel & Market Hall in Denver. The 100-key boutique hotel, a wedding venue, will be added to its Latitudes: Lifestyles by Crescent portfolio.

New Singapore airport hotel. A new hotel with at least 220 rooms will be built at the Changi Airport Terminal 2 in Singapore by 2027. Airport operator Changi Airport Group had called a tender in August to develop the new hotel and is scheduled to award the contract by April 2024. This will be the third hotel at the airport that is located landside, which refers to the areas before immigration clearance that are accessible to the public.

Canadian hotel performance up YOY. Canada’s hotel performance fell month-over-over but continued a string of YOY growth, according to the latest data from CoStar. Through November, occupancy was up 0.5% compared to a year ago (62.1%), ADR was up 5.8% (CAD 179.18), and RevPAR was up 6.4% (CAD 111.19). Manitoba had the highest occupancy level (70.6%), down 7.5% YOY, while Toronto was tops among major markets for occupancy (74.1%), down 1% YOY.

Prodea acquires further stake in MHV. Greece-based Prodea has acquired an additional 55% stake in luxury hotel and resort owner Mediterranean Hospitality Venture PLC (MHV) from Cyprus-based Yoda PLC. This brings Prodea’s stake in MHV to 80%, with the other 20% being held by Invel Real Estate through its subsidiary, Cyprus-based Flowpulse Limited.

Eternam, QuinSpark acquire 2 in France. France-based portfolio manager Eternam and owner-operator QuinSpark have acquired two hotels in Chamonix, France. Neither the amount nor the owner was disclosed.

Barceló adds in Spain. Palma, Spain-based Barceló Group has acquired the 131-key Hotel Felipe IV in Valladolid, Spain. Neither the amount nor the owner was disclosed. Barceló is planning to refurbish and upgrade the property throughout 2024.  

MarSenses adds in Spain. Spain-based MarSenses Hotels and Homes has acquired the 72-key Ferrera Beach Hotel Apartments aparthotel in Mallorca, Spain, for an undisclosed amount. The acquisition is MarSenses’ fifth Balearic Islands property since the brand’s creation in 2020.

Radisson first Safari hotel in Africa. Radisson Hotel Group has opened its first Safari hotel in Africa and its 11th hotel in South Africa. The 138-key Radisson Safari Hotel Hoedspruit is located between two nature reserves, Kruger National Park and Blyde River Canyon, and is 2 kilometers outside Hoedspruit.

“The Shining” hotel sells. The famous Stanley Hotel in Estes Park, Colorado, is being sold to an Arizona nonprofit. The Community Finance Corporation plans to issue as much as $475 million in bonds to purchase the property, pay off existing debt and renovate the hotel. The hotel inspired the Stephen King novel “The Shining.” Renovation plans include adding 58 rooms, a new restaurant, and an 80,000-sq.-ft. film center.

Four Seasons returns to Shanghai. Four Seasons Hotels and Resorts and Hong Kong-based Fungseng Prosperity Holdings Ltd. are opening a hotel in Shanghai in 2027, marking Four Seasons’ return to the market. The 44-story, 160-key Four Seasons Hotel Shanghai closed in 2022 for extensive renovations.

Okura adds in China. Tokyo-based Hotel Okura Co. Ltd. has signed an agreement with Suzhou Ronghe Real Estate Co. Ltd. to operate and manage the Hotel Okura Suzhou in Suzhou, China, starting in 2027. The 249-key hotel will be the first Hotel Okura-brand hotel in the Jiangsu Province.

IHG debuts Staybridge Suites brand in France. IHG is adding its first Staybridge Suites in France with Staybridge Suites Cannes Centre. The 81-suite hotel will be the latest in France for IHG, which currently has 67 hotels open in the country and 15 in the pipeline.

EPH acquires in Switzerland. Cyprus-based EPH European Property Holdings PLC has acquired the Hotel Trois Couronnes in Switzerland from an undisclosed buyer. The 71-key hotel is located in a historic property in Vevey, originally developed in 1842. The transaction is expected to close in the coming weeks.

NH Hoteles buys 5 in Portugal. Madrid-based NH Hoteles has purchased a portfolio of five hotels in Portugal from the Thai Minor Group for €133.2. The transaction affects 100% of the company's share capital, Minor Continental Holding (MCHL), the sole shareholder of Minor Hotels Portugal, a company wholly owned by Bangkok-based Minor Hotels. This agreement also complies with the contract signed by NH and Minor on February 7, 2019, regarding the preferred geographic areas of each party. NH Hoteles has been operating these hotels since 2019. The hotels are the 260-key Anantara Vilamoura Algarve Resort; the 296-key Tivoli Lagos Algarve Resort; the 196-key NH Marina Portimão; the 77-key NH Sintra; and the 45-key The Residences at Victoria.

New CEO for Magnuson Hotels. Spokane Valley, Washington-based Magnuson Hotels has named Adnan Malik as its new CEO, effective immediately. Malik, who was chief revenue officer for the company, replaces Thomas Magnuson, who served as CEO for 21 years.