Latest news: Omni adds in Texas; vacant STL hotel under contract; Ventive Hospitality IPO

Omni adds in Texas. Dallas-based Omni Hotels & Resorts has signed an agreement with Midland, Texas-based Midland Downtown Renaissance LP to develop and manage a 135-room luxury hotel in Midland. The Hotel Santa Rita will be Omni’s 12th hotel in Texas.

Vacant St. Louis hotel under contract. St. Louis-based nonprofit Gateway Arch Park Foundation is bidding to buy the vacant Millennium Hotel in downtown St. Louis, Missouri, according to the St. Louis Business Journal. The property’s current owner, Millennium & Copthorne Hotels, tied to Singapore-based Hong Leong Group, listed the hotel for sale earlier this year. The report said the nonprofit aims to “steward future development” at the site.

IHG adds Kimpton in China. IHG Hotels & Resorts is partnering with Hong Kong-based Hang Lung Group to open a new Kimpton in Shanghai. The 149-key Kimpton Xujiahui Shanghai is scheduled to open by the end of 2026 and will be located at the Grand Gateway 66 in the Xujiahui commercial hub. Kimpton has 75 open hotels, with 57 in its pipeline. 

Ventive Hospitality IPO. Ventive Hospitality, a recently formed joint venture by Blackstone Group and Pune, India-based Panchshil Realty, has filed a draft red herring prospectus for an IPO with the Securities & Exchange Board of India, according to The Economic Times. The JV is the largest multi-brand hotel owner in India by EBITDA. Ventive has 17 assets in India and the Maldives under the Marriott, Hilton and Minor brands. The IPO is expected to raise approximately 20 million Indian rupees ($238.2 million).

Refi for Washington hotel. Newport Beach, California-based Clearview Hotel Capital has secured a refinance for the 180-key Residence Inn Seattle East/Redmond in Redmond, Washington. JLL worked with Clearview to secure the five-year, fixed-rate loan through a life insurance-based lending group.

Taylor Swift drives London records. London saw a spike in hotel performance during Taylor Swift’s final stretch of her Eras Tour, according to CoStar data. Occupancy was 83.9 (up 2.7% YOY), ADR was £191.94 (up 5.1% YOY) and RevPAR was £160.98 (up 8% YOY). The night of Saturday, August 17, pushed occupancy to 94%, leading to highs in ADR and RevPAR. CoStar also noted record performances in Abu Dhabi in August driven by the International Chess Festival (occupancy at 75.9%, up 10.5%; ADR of AED434.40, up 8% and RevPAR of AED329.80, up 19.3% YOY). São Paulo, because of several events, saw occupancy at 67.8%, up 3.2% YOY; ADR at BRL717.98, up 20.6% YOY; and RevPAR at BRL486.92, up 24.5% YOY.