Latest news: Great Wolf refinances; Hilton takes a Marriott; O'Stean UHM's CEO

Great Wolf $1B CMBS refinance. Chicago-based Great Wolf Resorts, which is owned by Blackstone, refinanced six of its eight properties earlier in February with a roughly $1 billion CMBS loan. According to analyst R.W. Baird, the new loan will refinance its current CMBS debt and repay construction debt on two newer properties. Baird said the refinancing is nearly cash-neutral after transaction costs to the sponsors (Blackstone and Centerbridge), and the floating-rate loan has an initial two-year term with three one-year extension options and with interest at secured overnight financing rate of +326 basis points.

UHM names O'Stean CEO. Dubai-based United Hospitality Management (UHM) has named Greg O’Stean as CEO. O’Stean has over 30 years of hospitality experience and previously served as global chief development officer for Aimbridge Hospitality, where he played a pivotal role in the successful merger with Interstate Hotels & Resorts, resulting in the world’s largest third-party management company. He has also worked at GE Capital Real Estate, Starwood Hotels, IHG, Loews Hotels, Carlson Rezidor and Ernst & Young.

Hilton rebrand in Hilton Head. The former Marriott Hilton Head Resort & Spa in Hilton Head, South Carolina, has rebranded as the 513-key Hilton Beachfront Resort & Spa Hilton Head Island, which is the only Hilton-branded full-service resort within 200 miles of Hilton Head Island. The hotel is owned and managed by Columbia Sussex.

Tough start for extended-stay. Most extended-stay hotel performance metrics in January 2024 were well below the overall hotel industry, according to research from The Highland Group. The decline in extended-stay demand was relatively large and the increases in ADR, RevPAR and revenue were comparatively small. Extended-stay hotels’ economy segment posted its 10th consecutive monthly decline in RevPAR. The midscale segment recorded its second straight monthly revenue fall for the first time in three years.

Rio joins Hyatt’s loyalty program. Hyatt Hotels Corp. announced that the 2,500-key Rio Hotel & Casino property in Las Vegas has joined its loyalty program and is participating in a multi-phased $340 million renovation. The Rio is owned and operated by New York City-based Dreamscape.

Chalet Hotels adds in India. New Delhi based-Chalet Hotels, part of Mumbai-based K Raheja Corp., has acquired 158-key Courtyard by Marriott Aravali Resort in Gothda Mohbtabad, Haryana, India for ₹315 crore. The eight-acre property, which opened in July 2022, had been on the market for about a year now and was owned by the family of RC Juneja, co-founder and chairman of Mankind Pharma, via Ayushi and Poonam Estates LLP.

Sincere Hospitality launches. Austin, Texas-based Sincere Hospitality has launched. No development plans were announced for the company founded as a strategic partnership between Door Capital and Athos Property Group. The company is led by industry leaders Danielle Schneider, Brian Monte and Jerry Carreno.

Wyndham dividend. Wyndham Hotels & Resorts announced its quarterly cash dividend of $0.38 per share on its common stock, payable to shareholders on March 29. The dividend is a 9% increase from the quarterly dividends paid in 2023.

Dalata wants to expand. Ireland’s largest hotel operator, Dalata, would like to add additional properties in Amsterdam and is eying London, Berlin, Vienna, Cologne and Brussels for potential expansion, according to its CEO Dermot Crowley. Dalata reported record revenue of €607.7 million in 2023, an 18% increase. Over time, the company wants to add 5,000 rooms to its regional UK to bring its total portfolio to 9,500.

Meliá Hotels revenue rises. Mallorca-based Meliá Hotels International posted a second-quarter net profit of €46.2 million ($50.9 million) and said its total revenue rose 9.3% year-over-year from 2022 to €513.7 million ($556.5 million). The company said bookings at the end of 2023 were 20% higher YOY, and its ADR was 25.5% higher than in Q2 2019.

Jumeirah adds first in KSA. Dubai-based Jumeirah Group is opening its first hotel in the Kingdom of Saudi Arabia with the 507-key Jumeirah Jabal Omar Makkah. The hotel, located in Jabal Omar, also has 88 residences, and expansion plans will add 526 rooms to the development.