Latest news: Bozeman restoration; $50M redo in Atlantic City; NZ conversion

Bozeman hotel being restored. The owners of The Baxter Hotel in Bozeman, Montana, are partnering with Kirkland, Washington-based Noble House Hotels & Resorts and Breakwater, a privately owned hospitality investment and advisory firm, to restore it as a boutique hotel. The Baxter Hotel opened in 1929 and served as the town’s premier boutique hotel for nearly 50 years before being converted into residential condominium apartments by a former developer in the 1980s. The hotel has been majority owned since 2004 by the Loseff and Orizotti families from Bozeman and Butte, respectively, and they will continue to retain major ownership in The Baxter going forward. The restoration is slated to be completed by fall of 2027 and will include 32 guest rooms.

$50M improvement to Hard Rock Atlantic City. Hard Rock Hotel & Casino Atlantic City is making $50 million in capital improvements that are already underway. The resort will renovate more than 700 guest rooms, over 60 suites, and eight penthouses in the hotel’s North Tower. The majority of the capital improvement projects are expected to be completed by the end of 2026.

IHG converting in NZ. IHG Hotels & Resorts is converting the 227-key Holiday Inn Express & Suites Queenstown to voco Queenstown, partnering with asset owner, developer and manager, Sydney-based Pro-invest Group, to reposition the hotel within IHG’s premium portfolio. The property is operated by Sydney-based EVT Connect Hospitality and will reopen as voco Queenstown later in 2026 following a refurbishment that includes upgrades to its meeting spaces and the addition of new F&B locations.

China pipeline update. China’s hotel construction pipeline stands at 3,608 projects and 644,938 rooms at the close of the fourth quarter of 2025, according to Lodging Econometrics. Hotel projects currently under construction in China stand at 2,592 projects and 458,734 rooms, while projects scheduled to start construction within the next 12 months stand at 366 projects and 62,119 rooms, up 3% year-over-year. The upper midscale chain scale remains the preferred chain scale for development at Q425, with 1,226 projects/182,937 rooms, up 2% YOY in projects and accounting for 34% of the projects in China’s pipeline. Renovations and brand conversions combined also achieved a record-high, totaling 265 projects and 48,983 rooms, representing a 36% increase in projects and a 25% increase in rooms YOY. At the close of 2025’s fourth quarter, Chengdu continues to lead China’s construction pipeline with 136 projects and 24,216 rooms.

TFE adding 2 in the UK. Sydney-based TFE Hotels will open its first U.K. properties this fall. Two new Adina-branded apartment-hotels — The Hobson Cambridge by Adina and The Wellington Glasgow by Adina — are set to open later this year. Adina apartment-hotels already exist across Germany, Austria, Denmark, Switzerland, Hungary, Australia, New Zealand and Singapore.

Hyatt settlement with Texas AG. A $1.25 million settlement has been agreed between Hyatt Hotels Corp. and the Texas Attorney General’s office over online hotel pricing practices that were alleged to mislead consumers. The civil agreement, announced on December 30, resolves claims that Hyatt violated consumer protection rules by marketing hotel rooms at headline rates that did not include all mandatory charges. The Texas Attorney General Ken Paxton filed a lawsuit against Hyatt in 2023. At issue were mandatory charges added to the cost of a stay — including resort, destination, or amenity fees — that were disclosed only later in the booking process. The agreed settlement requires Hyatt to disclose all mandatory fees clearly in its pricing.

Australian investment up. Australia’s hotel investment market rebounded strongly in 2025, with transaction volumes climbing to $2.7 billion, an 80% increase on 2024 and 58% above the long-term average, signaling renewed confidence and a return to baseline momentum. According to Colliers’ latest Capital Markets Investment Review, 67 assets changed hands during the year, with the average deal size rising to $40 million, underscoring the depth and resilience of the sector. Premium assets dominated activity, with 13 transactions above $50 million accounting for 67% of deal flow, more than double the 2024 level. Offshore capital re-engaged strongly, accounting for 49% of deal flow, led by Thai, U.S., and Singaporean investors seeking stability amid global uncertainty.