Latest HITs: Two big deals in D.R.; Wyndham grows on Black Sea; more Aman investment

Four Seasons, Cisneros partnership. Four Seasons Hotels and Resorts and Cisneros Real Estate, Miami, are developing the Four Seasons Resort and Residences Dominican Republic at Tropicalia, a sustainable luxury destination located on a 60-acre site along the beachfront of Playa Esmeralda in northeastern Dominican Republic, along the southern shores of Samaná Bay. Construction is underway at the project with 95 resort keys and 25 residences. It is slated to open in early 2026.

Sonesta grows in D.R. Sonesta International Hotels Corp. announced plans for Larimar City & Resort, a new multi-use development that marks the company’s entry in the Dominican Republic. Anchoring this development will be the new Royal Sonesta and James hotels, as well as residences. Sonesta is partnering with real estate development firm CLERHP on both properties and residences with completion of the first phase of Larimar City & Resort expected in late 2025 to early 2026. This development will include several entertainment venues.

Wyndham grows on Black Sea. Wyndham Hotels & Resorts has announced the signing of the co-located 300-room Wyndham Grand Batumi Gonio and Wyndham Grand Residences Batumi Gonio with 755 apartments, suites and townhouses on Georgia’s Black Sea coastline. Both properties – being developed by European Village LLC, a company specializing in the construction of real estate in Georgia – are expected to open in 2026 and will be managed by Aimbridge Hospitality.

Omni leadership changes continue. Omni Hotels & Resorts has appointed former Four Seasons Hotels and Resorts President of Hotel Operations in the Americas Vince Parrotta as its first chief operating officer, effective immediately. Omni has stated its intention to refresh the brand for the first time in more than a decade— and a move it said will “provide elevated guest experiences amidst significant growth to its diverse portfolio.” To achieve this, Omni has committed $1.5 billion over the next five years.

C-suite changes at Azul. San Diego-based management company Azul Hospitality Group has promoted Alvaro Fraile to CEO and Mark Crisci to president. Fraile joined the company in 2021 as COO after holding senior positions with AC Hotels and Marriott International. He will provide oversight for all of Azul's hospitality-related operations that currently has 54 hotels under contract. Crisci joined the company in 2014 as chief investment officer after holding senior positions with several hospitality management firms and brands. He will focus on the company's administrative, legal, and business matters. Rick Mansur, one of the company’s founders and current president and CEO, will continue with the organization as executive chairman, focusing on senior talent acquisition, along with client and partner relationships. Doug Leiber, also a founding partner at Azul, will continue his responsibilities for talent acquisition and team member retention for all levels of the organization.

Pebblebrook refi. Pebblebrook Hotel Trust has refinanced its mortgage loan on the 369-room Margaritaville Hollywood Beach Resort in Hollywood, Florida, with a $140 million secured loan with a three-year initial term and two one-year extension options. Pebblebrook executed interest rate swaps to establish a fixed interest rate of 7% throughout the loan’s duration. The payoff of the remaining $21.5 million of the previously existing $161.5 million CMBS loan secured by the resort was funded by the company’s cash on hand. Wells Fargo Securities served as the sole lead arranger in forming a syndicate of lenders for the financing, and Wells Fargo Bank, NA will serve as administrative agent. As a result of the Margaritaville Hollywood refinancing, the effective weighted average interest rate of the company’s total outstanding debt and convertible notes is approximately 4.3%, with 78% of the debt at fixed interest rates and 22% at floating interest rates.

Aman capital infusion. Ultra-luxury hotel developer Aman Group has secured $360 million in capital from UAE-based investors, including a unit of Abu Dhabi wealth fund Mubadala Investment Co. and Alpha Wave Ventures, a private equity fund co-managed by U.S. firm Alpha Wave Global and Chimera Capital, which is overseen by Sheikh Tahnoon Bin Zayed, a member of the UAE’s royal family. The investment values Aman, run by CEO Vlad Doronin, at $3 billion. “The validation of Aman’s strategy by prominent investors in regions where we have considerable expansion planned enables us to leverage the extraordinary potential of the Aman brand and accelerate the pipeline to deliver sustainable growth,” Doronin said in the statement. Aman currently has 34 hotels across 20 countries.

Gaming takes step forward in UAE. As the United Arab Emirates expands its commercial gaming business, it has announced the creation of a federal authority with former MGM Resorts International chairman and CEO Jim Murren named as Murren as chairman of the authority’s board of directors. It also named Kevin Mullally, who once served as the executive director of the Missouri Gaming Commission, as its CEO. The General Commercial Gaming Regulatory Authority will “coordinate regulatory activities, manage licensing... and facilitate unlocking the economic potential of commercial gaming,” an official statement read. In 2022, Wynn Resorts announced plans to establish an integrated resort, including gaming facilities, in the emirate of Ras al-Khaimah. Construction is now underway.

Marrakech update. Numerous high-profile hotels in Marrakech, where a destructive earthquake took place late Friday, are reporting little sustained damage. The Mandarin Oriental Marrakech reported on its Facebook page that the resort continues to operate as usual, and staff is providing assistance where it can. The Fairmont Royal Palm Marrakech reported similar circumstances, as did La Mamounia Marrakech and Oberoi Marrakech, among others. Hilton and Accor also reported that their properties in Marrakech were not damaged.

Rosewood adds in New Zealand. Luxury hotel operator Rosewood Hotels & Resorts will take over on December 1 the management of the late hedge fund billionaire Julian Robertson’s three resorts in New Zealand, including Kauri Cliffs near the Bay of Islands at the top of the North Island, Cape Kidnappers in Hawke’s Bay and Matakauri Lodge in the South Island ski resort of Queenstown. Rosewood manages 30 hotels, resorts and residences in 18 countries.

CMBS delinquencies improve. While CMBS delinquency rates continued to rise in August, distress rates with lodging assets improved slightly, according to CRED iO. For all asset classes, the CMBS delinquency rate rose to 5.07%, marking a 40-basis point increase from the previous month and a 177 basis point jump since January. Notably, 62% of the newly delinquent loans, based on their outstanding balances, were a result of maturity defaults or refinancing challenges. The lodging distressed rate dropped by 6 basis points to 7.69%.

Hop Inn growth. Budget brand Hop Inn has announced a plan to invest $283.4 million with their Thailand-based operator, Erawan Hop Inn Co., to add 100 hotels (14,000 keys) in Thailand, 15 hotels in the Philippines, and 35 hotels in other Asia Pacific countries via mergers and acquisitions, newly built, lease and operate, and franchise models. By 2030, it is anticipated that the expansion will boost Hop Inn’s expected revenue by four times. Expansion plans have taken place, with the recent acquisition of three hotels and one long-term lease hotel in Tokyo and Kyoto.

West Maui to reopen. Officials in Hawaii are stating that beginning October 8, all travel restrictions will end and West Maui (including Nāpili, Kāʻanapali, Honokōwai and Kapalua) will be open to visitors again with the exception of Lahaina where county, state, and federal emergency responders continue with efforts to identify victims and the missing and conduct clean-up efforts of debris and hazardous materials resulting from the wildfires.

Homewood trades in Columbus. Crawford Hoying, in partnership with Shaner Hotel Group, has acquired from Peachtree|Stonehill the 109-room Homewood Suites by Hilton Columbus OSU in Ohio. Shaner will manage the property, which represents the 14th (more than 1,800 keys) within Crawford Hoying’s portfolio. Crawford Hoying plans to fully renovate the property, which is located adjacent to its twin mixed-use development, The Lane and Westmont at The Lane.

Rotana to Senegal. Rotana will enter Senegal in 2026 with the Arjaan Hotel Apartments by Rotana brand in Dakar with fully furnished studios, one and two-bedroom apartments. The project will be part of Les Zeniths, a high-end and environmentally friendly project set in the heart of the urban hub of Diamniadio.

Hyatt expands in Panama. Hyatt Hotels Corp. in collaboration with Hotel Properties of Panama Inc. plan to open the 382-room Hyatt Regency Panama City in summer 2024 after an extensive renovation It will be the first Hyatt Regency hotel in Panama City and the third Hyatt hotel in Panama.