Latest news: Four Seasons NYC reopens; MCR's $300M refi; DiamondRock adds in Minneapolis

Four Seasons New York reopens. Four Seasons Hotel New York in Midtown Manhattan reopened on Friday after being closed since March 2020. The 52-story hotel is reopening with rooms across multiple categories, with all suites expected to be available in 2025. Later, the hotel will also debut one-, two-, and three-bedroom extended-stay rooms, some of which include terraces. In June, Four Seasons also agreed with owner Ty Warner Hotels and Resorts to reopen in 2025 another long-shuttered property, the 206-key Four Seasons Resort The Biltmore Santa Barbara in California, which has also been closed since March 2020.

MCR $300M refi. New York City-based MCR Hotels is refinancing a 22-hotel portfolio with a $300 million CMBS loan, wrote analyst Michael Bellisario of R.W. Baird. The portfolio has 22 select-service hotels and 2,855 rooms. The loan is SOFR+360 bps with an initial term of two years with three one-year extensions. According to Bellisario, the hotels have an average age of 20 years, and their trailing 12 months RevPAR was $93 (which is up 1.5% vs. 2019).\

DiamondRock acquires in Minneapolis. Bethesda, Maryland-based DiamondRock Hospitality Co. has acquired the 245-key AC Hotel Minneapolis Downtown from an undisclosed seller for $30 million ($122,000 per key). JLL Hotels & Hospitality represented the seller on the all-cash acquisition. The hotel was built in 2016 and is located in downtown Minneapolis. 

IHG adds InterContinental in India. IHG Hotels & Resorts has signed a management agreement with Chennai, India-based Adyar Gate Hotels to develop InterContinental Kodaikanal Resort in India. The 100-key hotel is scheduled to open in 2028 and will be the sixth InterContinental in India. IHG currently has 46 hotels operating across five brands in India and a pipeline of 58 hotels due to open in the next three to five years.

Mandarin Oriental adds in Abu Dhabi. Abu Dhabi-based Aldar is launching Abu Dhabi’s first-ever Mandarin Oriental Residences, which will open later in November. Mandarin Oriental Hotel Group will manage the 226-key property.

Events lift Dubai, Melbourne and Munich. CoStar reported that several events increased the hotel performance in Dubai, Melbourne, Australia and Munich, Germany. Diwali celebrations helped Dubai’s hotel industry post its highest October occupancy level since 2012. Occupancy was 82.2% (up 1.4%), ADR was AED819.76 (up 2.5%) and RevPAR was AED673.98 (up 3.9%). Several events, including multiple concerts by Olivia Rodrigo and Coldplay, lifted Melbourne hotel performance in October, with occupancy at 75.3% (up 4.5%), ADR was AUD221.36 (up 4.2%) and RevPAR was AUD166.61 (up 8.9%). Munich hotels also saw a spike in ADR and RevPAR during Expo Real in October. Occupancy was 78.5% (up 5.6%), ADR was €162.73 (up 9.6%), while RevPAR was €127.73 (up 5.7%).

Peter Island Resort reopens. Peter Island Resort, the largest private island resort in the British Virgin Islands, is reopening on December 1. Since its closure in 2017, the 52-key resort has undergone renovations to the entire property.

HPL acquires in Singapore. Singapore-based Hotel Properties Ltd. (HPL) has acquired the 407-key Concorde Hotel and three-story retail podium along Orchard Road in Singapore from an undisclosed seller for S$821 million, according to HVS.

Club Wyndham acquires in Japan. Club Wyndham, a subsidiary of Orlando-based Travel + Leisure Co., has acquired the 32-key Shirakabaso Resort in Nagano, Japan, for an undisclosed amount. The resort will be rebranded to Club Wyndham Shirakabaso Shiga Kogen, the first international resort located within the Joshin’etsu Kogen National Park. As part of the rebranding, Club Wyndham will renovate the guest suites and public spaces, rework the deck into an outdoor family-friendly space, and add a new restaurant.

IHCL adds in India. Indian Hotels Co. Ltd. (IHCL) is partnering with Ahmedabad, India-based Praveg Ltd. for a new Ginger hotel in Diu, marking its expansion in the Indian Union territory of Daman and Diu. The 45-key property will be spread across three acres on the Jallandhar beach coastline.