Latest news: Wyndham growth in China; Reubens acquire W SoBe; new 21c

Wyndham growth in China. Wyndham Hotels & Resorts has surpassed a major milestone in China by signing nearly 600 direct franchise agreements in five years. The momentum began in 2019 when the company reacquired direct franchising rights for its Days Inn brand there. Today, Wyndham said it is the largest U.S.-based hotel company in China by number of properties, with a footprint of more than 1,600 hotels and 180,000 rooms across 13 of its 25 brands. In the first half of 2024, Wyndham signed direct franchise agreements for more than 70 hotels in key markets, including Beijing, Jiangsu and Guangdong. The company has opened nearly 300 direct franchised hotels in China over the last five years and broadened its portfolio of brands in the country by introducing both Hawthorn by Wyndham and La Quinta by Wyndham during that same time.

Reuben brothers acquire W South Beach. David and Simon Reuben have acquired the W South Beach hotel for more than $400 million, according to a Bloomberg report. The pair, which has been reportedly in advance talks for the 348-key property, acquired the Miami-area hotel from New York City-based RFR Holdings and Tricap. The sellers had sued each other over a scuttled buyout deal as a $157 million loan was about to mature. New York City-based Newmark facilitated the transaction. This marks one of the Reubens’ largest deals in South Florida as the British billionaires own a 25% stake in the JW Marriott Miami Turnberry Resort & Spa and the Chesterfield in Palm Beach.

Ennismore, TWG add in Indianapolis. London-based Ennismore and Indianapolis-based TWG have partnered to sign the 21c Museum Hotel Indianapolis in Indiana. Ennismore will manage the property where art will be integrated into every aspect of the guest experience as it is housed adjacent to a contemporary art museum. 21c currently operates eight hotels across the U.S.

New Nikki Beach resort. St. John's, Antigua and Barbuda-based Ayre Group and Miami Beach, Florida-based Nikki Beach Hospitality Group are partnering to create the 82-key Nikki Beach Resort & Spa Antigua, which is scheduled to open in 2028. The development will also feature a beach club (Nikki Beach Antigua) and 181-key branded private Nikki Beach Residences.

Whitbread completes sale, leaseback. Whitbread PLC has completed the sale-and-leaseback of two trading Premier Inn hotels. The two hotels achieved a net initial yield of 4.25% across the two properties and returned £56 million for the business. A 30-year term with five yearly CPI reviews (0-4%) was offered for both hotel properties which are in Westminster, Central London, and Oxford City Centre. In its U.K. portfolio, 56% of operational Premier Inn hotels are owned by Whitbread, a portfolio valued at between £4.9-£5.8 billion in 2018. The company said there is the potential for a 45% growth in its network from a little under 86,000 U.K. bedrooms currently to a long-term room potential of 125,000 U.K. and Ireland rooms.

IHG adds in Thailand. IHG Hotels & Resorts is partnering for the first time with Thailand-based Plaipol Co. Ltd. to open the InterContinental Phang-Nga Bay Resort, which will be located in Samet Nangshe, Thailand. The 150-key hotel is scheduled to open in 2027. This will be the eighth InterContinental in Thailand, where IHG has 39 hotels, including 15 resorts.

New EB-5 project in Cali. San Francisco-based Golden Gate Global has announced its newest EB-5 project, the 108-key Appellation Healdsburg in Northern California. The hotel is the 17th EB-5 fund offered by Golden Gate Global. Healdsburg-based Appellation Hotels will manage the hotel. The senior EB-5 loan has a 3-year term, with two 1-year extensions. Construction is 60% complete on the property, with the structural work on all buildings finished, resulting in 95% of the necessary jobs for all EB-5 investors. The hotel also received C-PACE financing from Austin, Texas-based Petros.

APF closes $133.1M portion of Atrium refinance. Atlanta-based Access Point Financial (APF) has closed its $133.1 million investment that was part of Phoenix-based Atrium Holding Company’s recent $985M hotel portfolio refinance. Goldman Sachs arranged the financing for the 24-hotel portfolio refinance. APF acquired three bond tranches of the capital stack.

Mandarin growth in China. Hong Kong-based Mandarin Oriental Hotel Group says it will increase its portfolio in China over the next 10 years as part of an accelerated growth strategy. Mandarin Oriental already operates 10 hotels across greater China, which is the home of the company’s original flagship, The Mandarin, which opened in Hong Kong in 1963. Mandarin’s 10th property, the Mandarin Oriental Qianmen, Beijing, opened on October 12 and is the first in a longer pipeline of further developments, including Tianfu in Chengdu, Hangzhou, and Nanjing, with more in the pipeline. In the first half of 2024, Mandarin posted a 13% increase in combined total revenues of hotels under management in Asia and RevPAR in Asia grew at more than double the rate of other regions.