Latest news: Hotel Elysée NYC redo; latest on Miami Beach Aman; sale in Minnesota

Hotel Elysée NYC redo. With demand in the city remaining robust, Colliers has reportedly arranged $25 million in financing for Hera Hospitality Group to reposition the historic Hotel Elysée in Midtown Manhattan into a luxury lifestyle boutique hotel. The renovation of the nearly century-old landmark will include increasing the size and number of suites.

Progress for Aman in Miami Beach. Thanks to new $85 million in mezzanine debt for the Aman Residences Miami Beach, developers OKO Group and Access Industries have announced the start of vertical construction at the delayed oceanfront site. The developers reportedly secured the debt in early August from Aman Miami Beach Mezz LLC, which is an affiliate of New York-based GoldenTree Asset Management. The development will include 22 Aman-branded residences in the tower, which will now top off in early 2026 and open in 2027. In addition, the restored Versailles Hotel will feature 56 hotel rooms designed by Jean-Michel Gathy of Denniston, known for his long-term collaborations with Aman.

Minnesota hotel sells. Albany, New York-based Mahaveer LLC has acquired the 46-key AmericInn by Wyndham Detroit Lakes in Detroit Lakes, Minnesota, from Thief River Fallas, Minnesota-based Cwikla Hospitality LLC for an undisclosed amount. Marcus & Millichap marketed the property on behalf of the buyer.

Wyndham Q2 dividend. Wyndham Hotels & Resorts declared a quarterly cash dividend of $0.41 per share on its common stock, payable September 30 to shareholders of record as of September 15.

New brand for Grupo Posadas. Mexico City-based Grupo Posadas has launched the Devossion by Live Aqua, an adults-only lifestyle brand for all-inclusive resorts. The brand made its debut with a conversion of the former Grand Hyatt Playa del Carmen. The resort soft-opened as the 314-key Devossion by Live Aqua on August 1 with the resort's grand opening is planned for October.

IHG adds voco in Thailand. IHG Hotels & Resorts is planning to expand its voco brand into Thailand with a new 175-key hotel in Phuket. The property is scheduled to open by 2029.

Thai debut for Hyatt’s Unbound. Hyatt Hotels Corp. has entered into management agreements with Chai Talay Hotel Co. Ltd and Narai Hotel Co. Ltd. for the 90-key The Barai Hua Hin (scheduled to open in late 2026) and the 250-key Narai Hotel (scheduled top reopen in 2028), which will mark the debut of The Unbound Collection by Hyatt brand in Thailand. They will join Hyatt’s portfolio in Thailand of 15 properties across seven brands.

Mandarin adds in Northwestern China. Hong Kong-based Mandarin Oriental is opening the 166-key Mandarin Oriental, Xi'an in 2029, marking the Group's first urban resort in Northwestern China. Xi'an Wolong Real Estate, which was jointly founded by Rongwei Group and Vanzhong Group, is developing the property.

SJM acquires in China. Hong Kong-based SJM Holdings Ltd. has acquired a commercial property in Hengpin for approximately RMB724 million through its subsidiary, SJM – Investment Ltd., via an agreement with Zhuhai Hengqin Shun Tak Property Development Co. Ltd., a wholly owned unit of Hong Kong-based Shun Tak Holdings Ltd. According to HVS, the property will be converted into a hotel targeting the underserved mass-market segment, with conversion and renovation works expected to be completed within 24 months.