Latest news: Gencom’s $100M+ renovation; Starhotels’ new fund; IHG adds 3 in KSA

Gencom $100M+ reno in Key Biscayne. Miami-based Gencom is launching a $100-million-plus renovation of The Ritz-Carlton Key Biscayne, Miami. The property is scheduled to reopen in December after the renovations are completed. The hotel debuted in 2001 and was originally developed by Gencom. The company sold the hotel to a REIT before Gencom took over majority ownership of the property in January 2024.

Starhotels €350 in financing. Florence, Italy-based Starhotels S.p.A. has signed a €350 million, 10-year loan financing agreement with a pool of banks made up of BNL BNP (acting as agent bank), BPER, BPM, Crédit Agricole, MPS, and Unicredit. The financing has been used to repay the €460 million loan signed in 2022 and originally maturing in 2027. This transaction provides the company with financial resources to support the maintenance and enhancement of its current portfolio, the acquisition of new properties, and the signing of hotel management deals.

IHG adds 3 in Saudi Arabia. IHG Hotels & Resorts is partnering with Riyadh, Saudi Arabia-based Ashaad to develop three hotels in the Kingdom of Saudi Arabia. The 700-plus-key Hotel Indigo Jeddah Gate, the 326-key InterContinental Al Khobar Al Hamra, and the 717-key voco Al Khobar Al Andalus are scheduled to open between 2028 and 2040 and will add more than 1,700 rooms to IHG’s portfolio in Saudi Arabia. IHG currently operates 45 hotels across six brands in the country, with 49 hotels in the pipeline set to open within the next three to five years.

Germaine Hotels C$160M fund. Québec City, Québec-based Germain Hotels has completed a C$160 million investment round, led by CDPQ with participation from the Fonds de solidarité FTQ and Investissement Québec. The fund will enable the company to accelerate its development across Canada and consolidate its network of properties. Germain Hotels also announced the merger of Groupe Germain Inc. and Alt Canada Investment Corp. SEC into a single entity, now operating as Germain Hotels. The company has 19 hotels across Canada and is opening the Alt Hotel Ottawa Airport this fall, followed by the Le Germain Hotel Casino de Montréal and the Le Germain Hotel Vancouver in the coming years.

Nashville hotel tops out. Chattanooga, Tennessee-based Vision Hospitality Group has topped out construction on the 161-key Tempo by Hilton Nashville/Midtown. The 12-story hotel is scheduled to open at the end of 2025.  

UHS adds in Dallas. Scottsdale, Arizona-based Universal Hospitality Solutions (UHS) is now managing the 291-key Crowne Plaza Dallas Downtown by IHG.

Palette adds in Pennsylvania. Shreveport, Louisiana-based Sunrise Gold Hospitality has selected New York City-based Palette Hotels to manage its 140-key DoubleTree by Hilton Washington Meadow Lands Casino Area in Washington, Pennsylvania. The hotel will undergo renovations.

Union sells in Barcelona. Frankfurt, Germany-based Union Investment has sold the 186-key Barceló Raval in Barcelona to Munich, Germany-based Real I.S. for an undisclosed amount. The hotel was completed in 2008.

Hagag adds in Romania. Bucharest, Romania-based investor-developer Hagag Development Europe said it is entering the hospitality market in Romania with its first hotel project in Bucharest, developed in partnership with Radisson Hotel Group. The 104-key Radisson RED Bucharest Old Town will be the first Radisson RED in the country.

Hyatt adds in India. Hyatt has signed a management agreement with Indore, India-based Krivish Hospitality Private Ltd. for the 250-key Grand Hyatt Indore in India. The hotel will be developed on an 11.5-acre site and is scheduled to open in 2029.