Latest news: Caliber developing 15 for Hyatt; San Antonio sale; Sunstone earnings

Caliber-Hyatt deal for 15 hotels. Scottsdale, Arizona-based Caliber has entered into a development rights agreement with an affiliate of Hyatt Hotels Corp. to develop 15 Hyatt Studios hotels in the U.S. over the next three to five years. Caliber Hospitality Development will receive exclusive development rights for future development of Hyatt Studios in target market areas within Arizona, Colorado, Nevada, Texas and Louisiana. Construction on the first hotel in Georgetown, Texas, a city within the Austin metropolitan area, is expected to break ground in the fourth quarter of 2025. The second hotel will be in Scottsdale, Arizona, and is expected to break ground in the second quarter of 2026. Caliber will seek to expand the agreement if market conditions allow and it expects the first 15 developments to deliver $400 million in additional assets under management.

San Antonio hotel sells. The 106-key Home2 Suites by Hilton San Antonio North Stone Oak in Texas has been sold to a San Diego-based investor from an institutional seller for an undisclosed amount. Hunter Hotel Advisors facilitated the transaction. The CMBS loan structure exhibits an 11.5% debt yield, secured at a fixed interest rate of 7.37% on an interest-only basis.

Sunstone earnings. Aliso Viejo, California-based Sunstone Hotel Investors increased its total portfolio RevPAR by 2.2% year-over-year as part of its first-quarter earnings. CEO Bryan Giglia said that, excluding its Andaz Miami Beach property, which had a major renovation and reopened last week, its portfolio RevPAR increased by 3.8% YOY. Sunstone lowered its full-year 2025 RevPAR guidance by 300 basis points from 7% to 10% to 4% to 7%. Analyst Patrick Scholes of Truist Securities said Sunstone’s Q1 results were ahead of expenses, but revenues were slightly down and RevPAR missed on both guidance and consensus.

Asheville hotel joins Tapestry Collection. The Radical Hotel, a boutique hotel in Asheville, North Carolina, has joined Tapestry Collection by Hilton. Housed in a once-abandoned 1920s warehouse that was formerly a cereal factory, The Radical debuted in October 2023.

Oyo delays IPO for third time. Oyo, the Gurugram, India-based travel technology firm and parent company of Oyo Hotels, which acquired G6 Hospitality, is delaying its third IPO attempt amid opposition from its largest shareholder, SoftBank, and market volatility, according to Bloomberg. The company now plans to list by March 2026 at a valuation of $7 billion. According to the story, SoftBank does not support Oyo’s plan to list in October and has urged the company to delay its offering until its earnings improve. The company first filed to go public in 2021, seeking a valuation of up to $12 billion. It revived the plan in March 2023 with a confidential filing to SEBI but delayed it again.

Singapore property sells. Singapore-based CapitaLand Integrated Commercial Trust (CICT) has sold the residential element of Singapore’s CapitaSpring building for S$280 million ($216.2 million) to BlackRock and Malaysia’s YTL Corp., according to Mingtiandi. The 299-key Citadines Raffles Place occupies floors nine to 16 of the 51-story building. CICT held a 45% stake in the Citadines Raffles Place under a joint venture with CapitaLand Development and Mitsubishi Estate. CIC’s estimated net proceeds from the transaction, which is expected to close in the second quarter, are S$37.8 million with an exit yield of 3.6%.

Accor adds in Australia and New Zealand. Accor has signed an agreement with Singapore-based Bayview International Hotels & Resorts for a significant expansion in Australia and New Zealand. The partnership includes the management of three properties set to transition this month: the 277-key Sydney Boulevard Hotel, the 137-key Bayview Geographe Resort in Australia, and the 187-key Wairakei Resort Taupo in New Zealand. These will undergo refurbishments before being rebranded under Accor’s portfolio. Accor has more than 400 hotels in the Pacific region.

Fairmont adds in Dubai. Fairmont Hotels & Resorts, part of Accor, is partnering with Ardee Developments to develop Fairmont Residences Al Marjan Island and Fairmont Al Marjan Island hotel in Dubai. Both projects will be set within the recently unveiled Ardee Al Marjan Island. Set to open by the end of 2028, the Fairmont Al Marjan hotel will feature 250 keys, while the Fairmont Residences Al Marjan Island will offer 519 residences.