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MCR refinances 16
hotels. New York-based MCR has refinanced a 16-hotel
portfolio for $333 million, the proceeds of which will net $51 million. MCR
acquired the hotels primarily in 2020 and 2021, and the portfolio has 2,274 rooms spread across 11 states. It features 11 Hilton and Marriott
extended-stay and select-service brands. The loan was securitized in a
floating-rate single asset, single-borrower CMBS transaction and replaced the
original debt of $268 million at the time of payoff. Deutsche Bank Securities
and BMO Capital Markets served as co-leads on the transaction.
Trilogy's first deal in Australia. Sydney-based
Trilogy Hotels will manage four hotels for the Schwartz Family Co. in
Australia in the first deal announced for Trilogy since it launched in
December. The hotels include the Mercure Sydney, Ibis Sydney World Square,
Mercure Canberra and Fairmont Resort Blue Mountains. Trilogy was launched by
Australian hospitality executives Scott Boyes, Grant Alchin and Tony Ryan.
Braemar refinances, extends 2024 debt. Dallas-based
Braemar Hotels & Resorts said it has refinanced or extended almost all
(approximately $300 million out of $330 million) of its 2024 debt maturities.
The hotels include the 550-key Capital Hilton in Washington, D.C.; The Hilton La
Jolla Torrey Pines; the 142-key Pier House Resort & Spa in Key West, Florida;
and the 180-key Ritz-Carlton St. Thomas in the Virgin Islands.
U.S. hotel performance decreased slightly. Hotel performance
in the U.S. decreased slightly from the previous week, according to CoStar. For the week ending on February 3, occupancy was 55.2%, down
0.1% from the previous year; ADR was $147.99, up 1.9% YOY and RevPAR was
$81.69, up 1.7% YOY. For the top 25 markets, Seattle saw the largest occupancy
(+19.3% to 60.1%) and RevPAR (+27.5% to $89.11) increases, while Atlanta had
the highest ADR increase (+7.6% to $132.07). St. Louis (-14.5% to $48.16) and
Las Vegas (-9.3% to $166.43) saw the biggest RevPAR declines.
$58M Residence Inn in San Antonio. Austin-based
Merritt Development Group and Atlanta-based Peachtree Group are developing a
171-key Residence Inn by Marriott in San Antonio. Construction is expected to
cost $58 million, with Peachtree serving as the owner and operator.
Courtyard by Marriott in Ohio acquired. Ohio-based
Crawford Hoying has acquired a 120-key Courtyard by Marriott Hamilton in
Hamilton, Ohio, from an undisclosed buyer at an undisclosed price. The
acquisition is in partnership with State College, Pennsylvania-based Shaner
Hotel Group, which will operate the hotel.
PPHE names co-CEO. Netherlands-based PPHE Hotel Group has named Greg Hegarty as co-CEO of the company, effective immediately. Hegarty has been in various leadership roles with PPHE for 18 years and has been COO since 2019. He previously worked at Clermont Hotel Group and RBH.
IHCL adds in India. Mumbai-based The
Indian Hotels Co. has signed its first hotel in Dibrugarh, Assam, India,
under its Ginger brand. It will be the sixth hotel in Assam for IHCL, which is
partnering with Vela Hotel & Resort LLP on the project.