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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.