Latest news: Raleigh sold; Dorchester grows in London; first IHG standalone residence

Shvo sells Raleigh. Embattled New York City-based developer Michael Shvo and his Shvo development firm have reportedly sold the famed Raleigh Hotel on Collins Avenue in Miami Beach to Nahla Capital for $270 million. Nahla was backed by $250 million in financing from JVP Management in the Raleigh deal. Shvo and his partners bought the property for $219 million in 2019 with a $2 billion plan to refurbish the hotel and add luxury condos under the Rosewood brand. However, condo sales reportedly lagged and a $190 million mortgage payment was coming due. New York City-based Nahla owns the Rosewood residences in Beverly Hills, California as well as other luxury projects. The Raliegh site includes three adjacent addresses spanning more than 3 acres.

Dorchester gets 1 Mayfair. Developer Caudwell has appointed Dorchester Collection to manage the luxury services for 1 Mayfair, a new £2 billion residential development in London. Dorchester will provide full property management, concierge and hotel-style services. The property is scheduled for completion in Q1 2027 and in 2026 the main sales phase will start with prices estimated to start at £35 million. As a result of the appointment, 1 Mayfair will now be positioned as offering “Luxury Services By The Dorchester.” 1 Mayfair has 24 principal residences, including lateral apartments, penthouses and townhouses, five further staff suites and stately home. It will be complete with luxury amenities including a health spa featuring a 65 ft swimming pool, gym and treatment rooms, basement parking and 24-hour security, concierge and valet parking managed by Dorchester Collection.

First InterCon standalone resi. IHG Hotels & Resorts has signed its first standalone branded residences property in Bangkok its InterContinental brand. Working with private investment fund CG Capital, a subsidiary of Thai real estate giant Central Group, the InterContinental Residences Bangkok Asoke is scheduled for completion in 2029 with 88 luxury residential units. The property will feature two, three and four-bedroom units ranging from approximately 139 to 547 square meters, as well as facilities including a 25-meter swimming pool, hot and cold plunge pool, fully equipped fitness center, pilates and yoga studio, private function room with full pantry, co-working space, meeting rooms, game room, art room and residents’ lounge. The InterContinental brand has 22 properties in its regional pipeline including three in Thailand. Globally, there are 105 pipeline properties.

McCormick Place hotel refi. McHugh Enterprises and First Investors have received from Access Point Financial a $92 million floating rate, interest only loan to refinance the Hiltons at McCormick Place in Chicago, a 23-story, 466-key tri-branded hotel connected to the McCormick Place Convention Center. The loan was arranged by Walker & Dunlop New York Capital Markets.

Brands merge in Japan. Polaris Holdings Co and Minacia Co., which merged in December 2024, have integrated its three original brands, Koko Hotels, Hotel Wing International and Tenza Hotel. As of September 2025, all will be operated under the unified Koko Hotels brand, now with 63 hotels and 9,489 rooms across Japan. Koko Hotels also rolled out new brand visuals and guest services that embody its new brand concept: “Here Discovery Begins.” In addition, Koko Hotels will expand its portfolio with the launch a new brand, Koko Stay, and 12 new hotel openings in its pipeline across brands by spring 2028.

Hyatt adds Lusaka. Hyatt Hotels Corp. has entered into a management agreement with an affiliate of ASB Hotel Properties and Albwardy Investments (Pamodzi Hotels PLC) to bring the 170-room Hyatt Regency brand to Lusaka in Zambia, with Hyatt Regency Lusaka The Pamodzi. Currently The Pamodzi Hotel, the property will undergo extensive renovations while remaining open, with plans to reopen under the Hyatt Regency brand in 2026.

Accor adds Abuja. Accor has announced strategic agreement with developer John Williams Hotels & Resorts and manager Boulevard Hotel Group to launch Mövenpick and Mövenpick Living in Abuja, Nigeria. Set to open in Q1 2026, the development will rise in Abuja’s Central Business District. Mövenpick & Mövenpick Living Abuja will feature 138 hotel rooms and 36 serviced apartments. Accor operates more than 167 properties (32,000-ples keys) across Africa. Mövenpick has more than 130 hotels in its portfolio and an additional 90-plus in the pipeline.

GHA reports. The Global Hotel Alliance reported solid 3Q25 performance with total hotel revenues growth of 18% year-over-year to US$813 million, while room revenue increased 19% to $657 million. Total room nights were up 19% with 66% represented by international stays. The U.S. and U.K. remain top feeder markets growing 16% and 32% in total revenues, respectively. GHA Discovery enrollments were up 38% and Discovery redemptions surged 39%.