Latest news: La Quinta $300M CMBS; Sonesta adds 6; sale in Fort Worth

$300M CMBS in California. Henderson Park Capital Partners and Pyramid Global Hospitality have secured a $300 million CMBS loan for the 783-key La Quinta Resort & Club, Curio Collection by Hilton in La Quinta, California. The floating rate loan, expected to be originated by Morgan Stanley Bank, N.A., should have a two-year initial term with three 12-month extension options and require monthly interest-only payments. Initially constructed in 1926, the hotel also features 67 villas owned by third parties who participate in a hotel-managed rental program. The property underwent a $62.4 million renovation between May 2024 and December 2024.

Sonesta adds 6 to MOD Collection. Newton, Massachusetts-based Sonesta International Hotels Corp. has announced six executed agreements that will see these hotels join the MOD Collection by Sonesta soft brand. These properties will expand Sonesta’s upscale presence in Boston; Daytona, New Smyrna Beach, and Orlando, Florida; Chicago; Healdsburg, California; and the Poconos in Pennsylvania. There are currently three MOD hotels open and operating and these six will begin transitioning to MOD Collection by Sonesta in the coming months.

TMGOC-Ad Astra acquire in Fort Worth. Boca Raton, Florida-based TMGOC Ventures and Austin-based Ad Astra Capital have acquired their first joint acquisition, the 162-key Home2 Suites by Hilton in Fort Worth from an undisclosed seller for an undisclosed amount. The property marks the second purpose-built Home2 Suites in the TMGOC portfolio and its first in Texas. The hotel will be managed by Wichita, Kansas-based Lexima Lodging. 

Atari Hotels launching. Atari Hotels has launched its Regulation A (Reg A) Tier Two equity offering. The company recently acquired more than one acre of land in Phoenix’s Arts and Entertainment District, Roosevelt Row, and is seeking between $35 million and $40 million to fund the development of its flagship location. Phoenix-based Intersection Development is developing the hotel under an exclusive license from the Atari brand. Atari Hotels said it will reimagine hospitality for the modern gaming, pop culture and sports fan.

TRT Holdings buys in Dallas. An affiliate of Dallas-based TRT Holdings, which owns Omni Hotels & Resorts, purchased St. Paul Place in downtown Dallas from Pacific Elm Properties for an undisclosed amount, according to multiple reports. The 22-story property, built in 1983, has been valued at $47 million for tax purposes. 

Memphis sale. ARA USH Chicago, an indirect wholly owned subsidiary of Acrophyte Hospitality Management Trust (AHT), is selling the 126-key Hyatt Place Primacy Parkway in Memphis, Tennessee, to Shivam Patel for $7.8 million. The sale is expected to be completed in the first quarter of 2026.

Hilton's growth in Turkey. Hilton will introduce its Canopy by Hilton brand to Turkey with openings this month in Istanbul and Izmir. The brand entry follows the Turkish debut of the Tapestry Collection by Hilton earlier this year and continued expansion under the Curio Collection by Hilton. The new properties join Hilton’s wider European portfolio of nearly 90 lifestyle hotels.

Marriott adds in Panama. Panama-based Trinity Hills Valley, S.A., an affiliate of Trinity Hills Capital, has signed a franchise agreement with Marriott International to develop and operate a Tribute Portfolio hotel and residences as part of a surf lagoon-anchored resort. The deal covers a 111-key hotel and 130 private residences. Dallas-based Remington Hospitality will manage the hotel and residences.

Ashes Tour pushes performance. The Ashes Tour boosted hotel performance in Perth and Brisbane, Australia, while forward bookings are peaking above 95% in Adelaide, according to CoStar data. Perth hosted the Ashes on the first Test of their tour between November 21-25, with hotel performance peaking on the second night across each of the three key performance metrics: occupancy (96%), ADR (AUD409.36) and RevPAR (AUD393.03). The ADR and RevPAR levels were the market’s highest on record, with year-over-year growth of 46.9% and 50.3%, respectively. The second Test took place in Brisbane from December 4-8, with the highest occupancy level recorded on the first night at 90.3%. The highest ADR (AUD406.16) and RevPAR (AUD363.85) were posted on the third night, up 55.7% and 74.4%, respectively.