Latest news: Construction loans close; Red coming to London; luxe lodges outperform

Loan for AC in Denver. Voyage Capital Group, Dallas, has closed on an acquisition and construction completion loan for the 146-key AC Hotel by Marriott at Denver Gateway Park in Denver, Colorado. The hotel is slated to open in late 2026 and the financing was originated by Peachtree Group. It includes a strategic capital stack that combines senior debt with CPACE financing to support the development and completion of the hotel.

Loan for Truckee development. Dallas-based HALL Structured Finance has closed on a $53.5 million first lien construction loan for borrower Gray’s Crossing Hospitality to develop the MTN Scout Hotel, a Marriott Tribute Portfolio Hotel in Truckee, California. The hotel will be part of Gray’s Crossing, a luxury master-planned mountain community that includes high-end homes and a championship golf course. MTN Scout Hotel will be a three-story, 129-key hotel that will be the first upper-upscale, full-service property in Truckee.

Asher Adams ground lease closes. Safehold Inc. has closed on the acquisition of an existing ground lease beneath the Asher Adams hotel in Downtown Salt Lake City. Developed through a partnership between The Athens Group and Hatteras Sky, the 225-key hotel was completed in 2024 and operates as part of Marriott's Autograph Collection. Asher Adams neighbors The Gateway, a 40-acre mixed-use development consisting of retail, office and residential uses. The luxury-lifestyle hotel is also adjacent to the Delta Center, home of the NBA's Utah Jazz and NHL's Utah Mammoth.

PPHE-Radisson London deal. Radisson Hotel Group has signed its first Radisson Red in central London in partnership with PPHE Hotel Group, which is acquiring a mixed-use development site that will include the hotel with a minimum of 182 rooms and scheduled to open in 2029. The development site currently features two old office buildings which will be demolished. The intended development will focus on sustainability targeting a BREEAM ‘Excellent’ environmental accreditation.

Data on luxe lodges. Luxury lodges are a top performing segment of the hotel market, driven by strong demand from affluent domestic and international travelers, according to a new report from CBRE. A few highlights for investors, lenders and operators in the sector: Revenue per occupied room is up 59% since 2018 (pre-COVID); profit margins have increased by 54% over the same period. CBRE added that the sector is attracting growing foreign investment drawn by a vibrant tourism landscape, a stable and transparent market and attractive returns.

Crowne Plaza for Lagos. IHG Hotels & Resorts has signed the Crowne Plaza Lagos Ikeja, a 119-rooms hotel scheduled to open in early 2028 under a franchise agreement with Watercress Hotel International Ltd. and to be operated by Valor Hospitality Partners. The transaction was advised by Olayiwola Matthew of HeroPlus Hospitality Consulting, who served as development advisor and hospitality consultant to Watercress Hotel International Ltd. 

Novotel to Victoria Falls. Accor has signed a deal for the Novotel Victoria Falls, a project set within Victoria Falls in Zimbabwe – a UNESCO World Heritage Site and one of the Seven Natural Wonders of the World. Scheduled to open in 2028, the 111-key new-build property will be developed under a management agreement with Eagle Real Estate Investment Trust, a Development REIT focused on assets across tourism, hospitality, health, retail, and residential sectors. The hotel will be located in the Eagle Heights precinct, overlooking the Masuwe River.

Cygnett growth. Cygnett Hotels & Resorts, India, has announced its continued expansion in Uttar Pradesh with the signing of the 40-room Cozzet Kanpur and the 60-room Cygnett Inn Vrindavan. As a brownfield project, Cozzet Kanpur is on track to open its doors to guests by the end of this year. Cygnett Inn Vrindavan will welcome guests by early 2027.

Saya, Lemon Tree deal. India’s Saya Group has entered into a strategic agreement with Carnation Hotels Pvt Ltd. for Lemon Tree Hotels to operate the 336-room Biztop Business Class Suites at Saya SouthX, a flagship mixed-use development in Greater Noida West.