Latest news: Blackstone's $1B refi; Procaccianti plan approved; rough week in Vegas

Blackstone refis Grand Wailea. PE giant Blackstone is refinancing the 794-room Grand Wailea, A Waldorf Astoria Resort, with a $1 billion CMBS loan (based on a $1.6 billion appraised value). The proceeds will be used to repay $800 million of existing CMBS debt and return $181.6 million of equity. The loan will have an initial two-year term with three one-year extension options and future mezzanine financing is permittable up to $100 million. The loan is also assumable, which allows Blackstone to continue explore a potential sale of the property.

Procaccianti adding in Rhode Island. Providence, Rhode Island-based Procaccianti Companies has obtained all required approvals to develop and construct The Bellevue Hotel, a 91-key luxury boutique property in Newport, Rhode Island. The project was unanimously approved by the City of Newport’s Technical Review Committee on June 11, advancing the project into pre-construction with a groundbreaking anticipated in Q4 2025. The hotel will be developed and owned by Procaccianti Companies and operated by TPG Hotels & Resorts within the Intera Collection, which specializes in independent and lifestyle assets in high-performing destination markets. The property is expected to be completed in 2027.

Vegas clobbered in mid-June.The U.S. hotel industry reported mostly negative year-over-year comparisons from June 8-14, according to CoStar data. Occupancy was 68.6% (-2.4% YOY); ADR was $163.43 (+0.6% YOY); and RevPAR was $112.11 (-1.8%). Among the Top 25 Markets, St. Louis saw the highest occupancy lift (+7.1% to 73.2%). San Diego reported the largest increases in ADR (+10.4% to $244.60) and RevPAR (+13.1% to $205.12). Las Vegas saw the steepest declines across the three KPIs: occupancy (-20.6% to 66.2%), ADR (-9.1% to $180.40) and RevPAR (-27.8% to $119.51). Double-digit RevPAR decreases were also recorded in Houston (-14.3% to $74.86), Phoenix (-11.1% to $69.30) and Philadelphia (-10.2% to $117.00). 

Mount Vernon acquires in Massachusetts. Boston-based Mount Vernon Co. has acquired the 80-key John Carver Inn & Spa in Plymouth, Massachusetts, from an undisclosed seller for an undisclosed amount. Portland, Maine-based Olympia Hospitality will manage the hotel. The hotel opened in 1969 and most recently renovated in 2021. The property is close to Plymouth Rock and the Mayflower II.

Quorum adds 3 in Palm Springs. Quorum Hospitality, Newport Beach, California, has taken over management of three boutique hotels in Palm Springs: the 18-villa La Serena Villas, the 17-room Del Marcos Hotel and the 10-room Three Fiſty Hotel. Effective May 1, Quorum assumed management responsibility for the portfolio with plans to enhance the identity of each hotel. Key initiatives include comprehensive revenue strategy, guest experience improvements and culinary innovation that aligns with each property’s narrative.

PM adds in Utah. Chevy Chase, Maryland-based PM Hotel Group and Memphis, Tennessee-based KWC Management are opening Wolfe’s Hotel in Moab, Utah, following a multi-million-dollar renovation and reimagination. Wolfe’s Hotel is inspired by John Wesley Wolfe, whose 19th-century homestead still stands in Arches National Park.

TUI growth in Africa. TUI Group is expanding across several brands in Africa. A few weeks ago, TUI Blue and TUI Suneo expanded their portfolio in Africa with the 143-key TUI Blue Samaya in Marsa Alam, Egypt and the 294-key TUI Suneo Palm Beach Skanes in Tunisia. TUI Blue is also planning its first hotel, a 140-key resort in The Gambia, which will open at the end of this year. The brand is also building a new TUI Blue hotel in Côte d’Ivoire, which is scheduled to open in 2027. Last year, TUI launched a new brand targeting the upscale market and selected Tanzania as its inaugural destination as The Mora Zanzibar just celebrated its first anniversary. TUI Hotels & Resorts’ current portfolio in Africa comprises of 97 hotels with over 30,000 rooms across eight countries.

Wyndham adds in Africa. G Wellness Company Ltd., a subsidiary of MP Trading Group, is partnering with Wyndham Hotels & Resorts to debut the first internationally branded resort in Banjul, The Gambia, under the Ramada by Wyndham brand. The new Ramada Resort by Wyndham Banjul will be situated in the coastal town of Kotu and is scheduled to open by mid-2026.

Valor adds 2 in Africa. Atlanta-based Valor Hospitality Partners has signed two new hotel management contracts in Nigeria and Senegal, representing an investment over approximately R540 million in West Africa. Both deals are franchise agreements with IHG Hotels & Resorts: the new Holiday Inn SD City in Dakar, Senegal, and a new Crowne Plaza hotel in Lagos, Nigeria.