Latest news: DoveHill investment in Savannah; $550M San Diego renovation; $230M Nashville loan

DoveHill investment for Savannah boutique. Fort Lauderdale, Florida-based DoveHill, a vertically integrated hospitality-focused real estate investment firm, is making a preferred equity investment to redevelop a historic hospitality asset in Savannah, Georgia. The development, which is owned by the Cranston, Rhode Island-based Procaccianti Companies, will become the 64-key The Sabal House, a key independent luxury boutique hotel. The investment supports the transformation of the former President’s Quarters Inn — currently a 16-key property — into a fully redeveloped and expanded 64-key hotel. A new 42-key wing will be constructed alongside 22 renovated rooms in the original structure. 

$550M renovation of Hotel del Coronado. Blackstone Real Estate’s $550 million restoration and renovation of the historic Hotel del Coronado in San Diego is complete. The Victorian building had a total renovation of its front porch, lobby and main entrance, as well as updates to guest rooms and the addition of two new restaurants. The hotel opened in 1888.

$230M loan in Nashville. A pair of New York City-based companies, Mavik Capital and Lionheart Strategic Management, are providing $230 million in funding to New York City-based Tidal Real Estate Partners for the development of a 312-key Marriott development in Nashville. The loan is for the construction of the 312-key The Hook, Apartments, a 16-story mixed-use project in Nashville’s North Gulch district, which will have a 144-key apartment-style hotel, parking and ground floor retail. The capital stack includes a $180 million senior loan from Lionheart and a $50 million preferred equity loan from Mavik. This is Tidal’s fourth project in Nashville.

Aleph adds 26 in Africa. Dubai-based Aleph Hospitality has signed a deal with African Hotel Development to manage 26 Onomo-branded hotels across 14 African countries, starting on October 1. The companies said this is the largest management portfolio deal in the region. African Hotel Development wants to double its Onomo footprint in the next five years, while Aleph said this deal hits its goal of reaching 50 hotels in its portfolio by the end of 2025.

RE Capital acquires in London. Geneva-based RE Capital has sold the 153-key Ruby Stella Hotel in London to Chicago-based LaSalle Investment Management for £48 million. The hotel opened last November with an “excellent” BBREAM rating with an EPC rating of A6, and ESG-aligned features such as air source heat pumps and reduced CO2 emissions by over 35%.

Connecticut hotel sells. Fairfield, Connecticut-based V2 Capital Management has acquired the Hampton Inn Shelton in Connecticut from Denver-based Alpental Capital for an undisclosed amount. Hunter Hotel Advisors facilitated the deal.

KC hotel sells. An affiliate of Newton, Massachusetts-based Service Properties Trust (SVC) has sold 149-key Sonesta Select – Kansas City Airport Tiffany Springs located in Kansas City, Missouri, to North Kansas City, Missouri-based KMG Hotels for an undisclosed amount. HREC Investment Advisors arranged the sale. The property was originally built in 1990 and underwent a conversion to a Sonesta hotel in 2021.

Greendale adds in Cincinnati suburb. Wisconsin-based Greendale Hospitality is developing an 88-key Home2Suites by Hilton hotel in the Cincinnati suburb of Greendale, Indiana, according to the Cincinnati Business Courier. The $16.8 million project is expected to open by the end of 2026.

Marriott and Hilton growth in Africa. Marriott International plans to expand its operations in Africa with the anticipated addition of over 50 properties and more than 9,000 rooms by the end of 2027. The company’s growth strategy includes the expected entry into five markets - Cape Verde, Cote d’Ivoire, The Democratic Republic of Congo, Madagascar and Mauritania. Marriott’s current operating portfolio on the continent encompasses nearly 150 properties and 26,000 rooms across 20 countries and 22 brands. At the same time, Hilton said it plans to triple its African portfolio to more than 160 hotels. The company plans to enter Angola, Ghana and Benin for the first time while returning to Madagascar and Tanzania.

New COO at Aparium. Paul Devitt has been named president and COO of Chicago-based Aparium Hotel Group. He joins Aparium following 32 years with Hyatt Hotels Corp., where he most recently served as senior vice president of operations for the Americas. His leadership spanned Hyatt’s full-service, luxury, and lifestyle portfolios and he also played a key role in the integration of Two Roads Hospitality, expanding Hyatt’s presence in the lifestyle category.

IHG growth in Osaka. IHG Hotels & Resorts is accelerating the growth of its brands in Osaka, Japan’s second-largest city. In the past year, IHG has expanded its Osaka portfolio to 10 open hotels (3,249 rooms) across seven brands – its biggest estate in the country, surpassing its seven properties (1,859 rooms) in Tokyo. In Japan, IHG has 54 hotels operating across 10 brands, with 17 properties in its pipeline.

Minor adds in Australia. Minor Hotels has acquired the 110-key Oaks Lake Crackenback Resort in Crackenback, Australia. Minor has added six hotels in Australasia area this year. The resort is 15 minutes from Thredbo Village and a five-minute drive from the Skitube Alpine Railway, providing direct access to Perisher and Blue Cow skiing areas.

Hilton adds in Tobago. Hilton is bringing its Tapestry Collection brand to Tobago with the signing of Elephant Tree Resort and Villas Tobago, a 21-acre beachfront development in the Roxborough. The resort is scheduled to open in 2028 and will mark the brand’s debut in the twin-island republic and join a global portfolio of nearly 160 Tapestry Collection hotels. Hotel Equities will manage the hotel. Hilton currently operates more than 285 hotels and resorts across the Caribbean and Latin America, with a pipeline of over 140 in development.