Latest news: Cain financing for Beverly Hills; Hyatt grows in India; Peachtree loan

Cain gets Beverly Hills financing. London-based developer Cain International has secured $2 billion in financing, led by a $500 million senior loan from JP Morgan, for a 17.5-acre luxury One Beverly Hills megaproject now under construction and includes a 42-room Aman hotel and 37 Aman-branded residences that links to the Waldorf Astoria and Beverly Hilton hotel. The site will also include up to 200 condominiums across two towers, surrounded by eight acres of botanical gardens and water features. It will also contain a retail pavilion and conference center. Other partners in the project include Alagem Capital Group, Eldridge Industries and Aman Vlad Doronin’s OKO Group.

Hyatt growth in India, SW Asia. Hyatt Hotels Corp. in 2024 is growing its brand footprint in India and Southwest Asia to more than 55 hotels in the region, including the introduction of JdV by Hyatt as its ninth brand in India with the recent opening of the 135-room Ronil Goa. Eight hotels are expected to open across various leisure and city destinations in 2024. This growth is timed to coincide with the expected rebound of leisure and business travel in the country and the sub-continent. The Hyatt Regency brand is a key growth driver for Hyatt in the region with openings coming to Kasauli and Ghaziabad. The Hyatt Place brand will enter three new locations in the region with Aurangabad, Haridwar and in a new country with Hyatt Place Dhaka Uttara (Bangladesh). The Hyatt Centric brand will expand its portfolio with the expected openings of Hebbal Bengaluru and Ballygunge Kolkata.

Peachtree’s biggest bridge loan. T2 Hospitality, Newport Beach, California, reportedly has closed $102.9 million of bridge financing to recapitalize dual-branded Marriott hotels in Silicon Valley, California. Peachtree Group provided the loan, which will retire previous construction debt on the combined 350‐room AC Hotel Sunnyvale Moffett Park and the Tetra Hotel, Autograph Collection (Sunnyvale) that opened in spring 2022. The deal marked the biggest bridge loan to date for Peachtree Group.

Midas buys into Brooklyn. St. Louis-based Midas Hospitality has reportedly acquired a nearly completed, 100-key Downtown Brooklyn hotel out of bankruptcy for $34.8 million from local developers Hello Living and Abraham Leifer’s Aview Equities. Lender Acres Capital foreclosed on the hotel in 2022.

Travelodge closes on 66-hotel deal. A newly formed property holding group, Travelodge OpCo Group, has announced the completed acquisition of 66 Travelodge-branded hotels on a freehold and long leasehold basis from Travelodge’s largest landlord, LXi REIT plc, for £210 million.

Taj expands. Indian Hotels Co. Ltd. (IHCL), in collaboration with Manikaran Commercials Pvt. Ltd., has signed a deal for a Taj hotel in Indore, Madhya Pradesh, a Greenfield project which it said will be one of the largest convention facilities in Central India. The 350-key hotel is situated along the new Super Corridor and will offer approximately 50,000 square feet of banqueting and event spaces. With the addition of this hotel, IHCL will have 12 hotels across Taj, SeleQtions, Vivanta and Ginger brands in Madhya Pradesh, including four under development.

Abu Dhabi investor adds to hotelier’s portfolio. Investor Alpha Dhabi Holding PJSC and National Corporation for Tourism and Hotels (NCTH), the owner and manager of Abu Dhabi hotels, have completed a strategic transaction which unites three of Alpha Dhabi’s hotel businesses within the NCTH portfolio. Alpha Dhabi has a 36.4% shareholding in NCTH, which has acquired 100% stakes in ADH Hospitality, Murban (BVI) Holding Inc., and Hill View Resorts – Seychelles. The transaction adds the St Regis Saadiyat, Al Wathba Luxury Collection, both luxury resorts in Abu Dhabi, as well as the ultra-luxury Cheval Blanc in the Maldives and the soon to open Cheval Blanc Seychelles to NCTH’s hotel portfolio. The transaction increases the total managed and owned hotels in the NCTH portfolio to eight hotels with almost 1,500 total keys. Alpha Dhabi acquired a 36.4% shareholding in NCTH in May 2023. This acquisition in consideration for shares will increase Alpha Dhabi total shareholding in NCTH. Both Alpha Dhabi and NCTH seek to capture the increasingly strong demand for luxury tourism offerings in the UAE and beyond.