Latest news: New Boston development; Ashford Trust loan default; San Antonio foreclosure

New Boston convention center. DGH Hotel Partners JV LLC, a joint venture between Hong Kong-based Global Hospitality Investment Group and a global investment management firm, is planning a new urban lifestyle hotel in Boston. The new 15-story hotel will be across the street from the Thomas M. Menino Convention and Exhibition Center and will include 438 rooms, an indoor/outdoor lobby bar and rooftop space.

Ashford Trust loan default. Dallas-based REIT Ashford Hospitality Trust disclosed on February 11 that several of its hotel-owning subsidiaries received a notice from Wilmington Trust after they defaulted on a large mortgage loan tied to eight hotels. The default stems from the borrowers’ failure on February 9 to make required principal and extension payments and to provide a replacement interest rate cap agreement under a long-amended $395 million loan, prompting the trustee to accelerate the debt and demand immediate repayment of $325 million plus accrued charges. The action does not trigger cross-defaults on other subsidiary loans and leaves Ashford Trust’s balance sheet unaffected by direct indebtedness. The loan is secured by eight properties, including Embassy Suites hotels in Portland; Crystal City, Virginia; Orlando; and Santa Clara, California, as well as La Concha Key West in Florida, Hilton Costa Mesa in California, Sheraton Minneapolis, and Historic Inns of Annapolis, Maryland. The REIT noted that the default and acceleration are limited to this specific financing structure, limiting immediate spillover effects to its capital stack and other financings across its broader hotel portfolio.

San Antonio hotel foreclosure. The 162-key Thompson San Antonio-Riverwalk in Texas is scheduled to be sold at a foreclosure auction next month, according to the San Antonio Express-News. The hotel’s owner, Houston-based DC Partners, said it has been hit hard by high interest rates and too much new hotel supply in the city. Lex Avenue Hotel LLC, an affiliate of DC Partners, borrowed $44 million from Southern Realty Trust and an affiliate to refinance the hotel in 2024. The company fell behind on its payments and failed to meet its obligations, prompting Southern Realty Trust to seek foreclosure. DC Partners built the $130 million project in 2018, and the hotel opened in 2021 as the first new luxury hotel in San Antonio in five years.

RLJ Lodging refinances debt. Bethesda, Maryland-based REIT RLJ Lodging Trust said it has successfully refinanced all its debt maturities through 2028. The refinancing consists of four tranches: the extension of its revolver, the upsize and recast of one of its existing term loans, the addition of a new seven-year term loan, and the refinancing of its secured debt maturing in 2026. The REIT intends to use the incremental proceeds raised to pay off its $500 million senior notes at maturity in July 2026. Following this refinancing, the company’s next debt maturity is not until 2029. RLJ’s refinancing transactions consisted of the following: extending the maturity of its $600 million revolver to 2031, including extensions; upsizing an existing term loan to approximately $570 million with $225 million funded at close and the balance as a delayed-draw commitment, maturing in 2031; entering into a new seven-year, $150 million delayed-draw term loan that matures in 2033; and refinancing two mortgage loans, maturing in 2026, for approximately $155 million, extending the maturity to April 2031, inclusive of extensions. RLJ’s revolver and term loans bear interest at a SOFR rate plus a margin dependent on a ratio of its adjusted total indebtedness to consolidated EBITDA. The REIT said  the incremental proceeds from the delayed draw term loans will allow the Company to address the entire amount of its $500 million senior notes at maturity in July 2026.

Pittsburgh hotel sells. Birmingham, Alabama-based Highline Hospitality Partners has acquired the 298-key Pittsburgh Marriott North hotel from an undisclosed seller for an undisclosed amount. This is Highline’s 17th hotel acquisition and its first in Pennsylvania. Avion Hospitality will manage the property. The hotel was built in 2003 and Highline said it will do targeted renovations to the property.

Pakistan-US to redevelopment Manhattan hotel. Pakistan has agreed with the U.S. government to jointly redevelop the Roosevelt Hotel in New York, according to a Reuters report. Pakistan announced the deal on Thursday, and restructuring and privatization of state-owned assets are central to Pakistan's $7 billion program agreed with the International Monetary Fund and the century-old hotel in Midtown Manhattan owned by Pakistan's national airline plays a key role in those plans. The hotel, which could be worth more than $1 billion, has been closed since 2020.

Hilton CALA growth. Hilton ended 2025 with record growth across the Caribbean and Latin America, topping 300 operating hotels in 35 countries and territories and advancing a pipeline of more than 150 properties representing over 21,000 rooms. Hilton opened more than 30 hotels in CALA and signed a record number of deals in 2025, adding more than 70 new hotels and 7,800 rooms to its pipeline, representing a 55% increase in hotels and a more than 25% increase in rooms year-over-year.

IHG adds in Cairo. IHG Hotels & Resorts has signed a management agreement with Cairo-based Jadeer Group for the 140-key Hotel Indigo Cairo New Administrative Capital, further expanding the company’s luxury & lifestyle portfolio in Egypt. The hotel will be located within the New Capital mixed-use development east of Cairo and is scheduled to open in 2033. IHG currently operates nine  hotels in Egypt across four brands, InterContinental, Crowne Plaza, Holiday Inn, and Staybridge Suites, with a pipeline of 23 hotels scheduled to open in the coming years.

New CEO at Sotherly. Sotherly Hotels Inc. has named Zachary Schmidt as CEO after the resignation of David Folsom. Last week, the Kemmons Wilson Companies (KWC) completed the acquisition of the REIT. Schmidt joined KWC in 2017 and has served various roles, most recently as head of portfolio management. Prior to joining KWC, Schmidt worked at Bank of America Merrill Lynch.

IHG adds in Australia. IHG is partnering with Burswood, Australia-based SKS Group to sign the 170-key Holiday Inn Express Cockburn. The hotel is scheduled to open later this year and will be part of a new mixed-use development currently under construction. Holiday Inn Express has more than 3,275 hotels open and 664 in the pipeline globally, including 11 open across Australasia & Pacific.