Latest news: Goldman scraps Greek plans; LA fights wage deal; $54M refi in Sag Harbor

Goldman scrapping Greek hotel plans. Goldman Sachs is abandoning its plans to develop a hotel brand in Greece, according to a report in The Wall Street Journal. Goldman bought three seaside resorts in northern Greece in 2022, but this spring, Goldman sold the three hotels, and barely broke even on the roughly €100 million (about $117 million) it had invested in the project, according to the story, and pulled the plug on plans for a hotel brand in the region. The WSJ story said the investment and divestment was a good example of Goldman’s search for big returns and steady fees to offset a lucrative but volatile Wall Street business.

LA fighting wage ordinance. The L.A. Alliance for Tourism, Jobs and Progress has delivered more than 140,000 signatures from Angelenos who have collectively voiced their opposition to the recent tourism wage ordinance. The effort will allow constituents to vote to repeal the measure on the June 2026 ballot. The Alliance, a coalition of local hospitality and tourism groups, is asking officials to pursue a fair, transparent, and expeditious count of all signatures.

Blue Flag, Bain secure $54M refi. Boston-based Blue Flag Capital and Bain Capital Real Estate have secured a $54 million refinancing for a 67-key luxury boutique hotel in Sag Harbor, New York. The financing, provided through New York City-based Blue Owl Capital-managed funds, will be used for a comprehensive renovation beginning in October. Hotel Investment Today recently interviewed Blue Flag CEO Jason Brown about the company’s portfolio and Collared Martin Hospitality, which will manage its hotels.

Sonesta, Aken finalize deal. Newton, Massachusetts-based Sonesta International Hotels Corp. has executed a strategic alliance with Miami-based Aken Hotels & Resorts LLC which marks Sonesta’s strategic growth in the CALA region.

Hilton adds in Punta Cana. Hilton is partnering with Zemi Hotels & Resorts, S.R.L., to debut its first all-inclusive Curio Collection in the Dominican Republic with the 500-key Zemi Miches Punta Cana All-Inclusive Resort, Curio Collection by Hilton. Hilton will manage the hotel and has more than 290 hotels in the Caribbean and Latin America, across multiple brands, with an additional 140 projects under development.

First Pullman in Pakistan. Atlanta-based Valor Hospitality Partners, Accor, and Karachi, Pakistan-based Al Feroz Group have signed a deal to build Pakistan’s first Pullman-branded hotel, Pullman Karachi Brentwood Tower, set to open in 2028. The property will feature 220 hotel rooms and 28 serviced apartments.

Hotel101 listing on NASDAQ. Singapore-based Hotel101 Global Holdings Corp. has received approval to list on the Nasdaq Stock Exchange, and its shares are set to begin trading on Tuesday. Trading will be under the ticker symbol HBNB following the expected completion of Hotel101’s business combination with JVSPAC Acquisition Corp.

Safestay adds in Italy. U.K.-based Safestay has signed a 12-year lease agreement with Italian property developer Ma Creo srl to operate a 300-bed hostel in Naples, Italy. The hostel, situated within a former monastery, is scheduled to open in August.

Dalata adding in Berlin. Dalata is opening a 274-key Clayton Hotel in Berlin in the second half of 2026. It will mark Dalata’s second hotel in Germany and fourth in continental Europe. The building, formerly the Novotel Berlin Am Tiergarten, is undergoing an 18-month refurbishment and will relaunch as a full-service hotel under a 25-year lease.

Scandic Go adds in Finland. Stockholm-based Scandic Go is expanding its brand in Finland with a new 138-key hotel in Turku. The new Scandic Go hotel in Turku is set to open in 2026, following the renovation of part of the former Scandic Atrium building, while the main Atrium structure remains under development.