Latest news: Ashford sells in Salt Lake; Raffles to NEOM; Tempo for Knoxville?

Ashford sells Salt Lake Residence Inn. Dallas-based Ashford Hospitality Trust announced an agreement to sell the 144-key Residence Inn by Marriott Salt Lake City Cottonwood in Salt Lake City, Utah, to an undisclosed buyer for $19.2 million. The sale is expected to be completed in early March. Ashford said it provided “no assurances that the sale will be completed on these terms or at all.” The hotel is one of 12 that Ashford said in late January it was planning to sell to help pay off debt. Ashford said when adjusted for its anticipated capital expenditures, the sale price would represent a 4.6% capitalization rate on 2023 net operating income or 18.2x of 2023 hotel EBITDA.

Raffles to NEOM. Raffles Hotels & Resorts is partnering with NEOM Hotel Division to develop by 2027 a resort in Trojena, the year-round mountain destination located in northwestern Saudi Arabia. The resort will include 105 guestrooms, which will be arranged around the perimeter of the ring-shaped designed building located in the Discover cluster, one of six distinct clusters that make up the mountain destination. NEOM is a region being shaped by several giga-projects set to serve as a new model for sustainable living.

Le Méridien to Zanzibar. Marriott International signed an agreement with Morogoro Mishama Co. to introduce Le Méridien Hotels & Resorts to Zanzibar in 2025 with the 75-room and villa Le Méridien Zanzibar Resort in Tanzania. The resort will be managed by Aleph Hospitality and situated in Bwejuu, which is on the Eastern coast of Zanzibar Island. Morogoro Mishama Co., a part of Delaware Investment Ltd., specializes in the development of luxury hotels across the African continent.

Hyatt adds in St. Lucia. Hyatt Hotels Corp. and Wellington Estates are planning the debut of Cas en Bas Beach Resort, marking the introduction of the Destination by Hyatt brand in the Caribbean. Expected to open in late 2024, the property in St. Lucia is on the northern tip of the island and situated between two golf courses. Cas en Bas Beach Resort will feature 90 residential-style studio, 1- and 2- bedroom suites.

New hotel proposed in Knoxville. Developers in Knoxville, Tennessee, are seeking approval for a new nine-story downtown hotel with street-level retail. If approved, the 176-key Tempo by Hyatt hotel would replace a surface parking lot.

Salter Brothers closes on Kingsford Barossa. Australia’s Salter Brothers has finalized its acquisition of the historic Kingsford Barossa in South Australia, which will be the first destination for their new global brand Ardour Hotels & Estates starting in the third quarter of this year. This acquisition and the development of the Ardour Hotel and Estates brand strategically aligns with Salter Brothers regional hospitality growth strategy and the formation in 2023 of its hospitality management company, Salter Brothers Hospitality (SBH), which has 17 hotels and more than 20 restaurants and bars under management and licensing services.

Kabani Hotel Group goes independent. Kabani Hotel Group has concluded its partnership with Marcus & Millichap’s National Hospitality Group and launched an independent Miami-based hotel development brokerage firm, according to its post on LinkedIn. Members of the firm include Ahmed Kabani, Luis Garino, Suraj Dalal, Kian McLean and Lucas Mondino.

Transwestern financing on Houston hotel. Houston-based Transwestern Hospitality Group has arranged for $30.6 million in financing for the 122-key Hotel Granduca in Houston. JLL represented the buyer and secured the five-year, floating-rate loan from New York City-based Prime Finance. The boutique hotel will undergo renovations in the second half of 2024. 

Dimension adds in Ohio. Fort Lauderdale, Florida-based Dimension Hospitality will manage the 83-key Fairfield Inn and Suites by Marriott Columbus East in Ohio.