Latest news: US hotels up again; Standard coming to Austin; $298M for Lake Tahoe resort

US hotels way up last week. The U.S. hotel industry posted year-over-year gains, according to the latest data from CoStar. For the week of March 22-28, occupancy was 66.8% (+2.8%), ADR was $170.30 (+5.4%) and RevPAR was $113.81 (+8.3%). Among the top 25 markets, San Francisco reported the largest increases across the three key performance metrics: occupancy (+26.5% to 83.6%), ADR (+74.8% to $339.47) and RevPAR (+121.1% to $283.76). The market’s performance was helped by the 35th annual RSA Conference. Denver, which hosted the American Academy of Dermatology Annual Meeting, posted the second-largest performance gains: occupancy (+20.2% to 71.1%), ADR (+23.5% to $158.39), and RevPAR (+48.5% to $112.56). Overall, 18 of the top 25 markets saw RevPAR rise.

Standard coming to Austin. The Standard hotel will make its Texas debut when The Standard, Austin, opens in the spring of 2027. The hotel is a collaboration between Austin-based Timberline Real Estate Partners and Hyatt and is a reimagining of the South Congress Hotel, which will close this summer for renovations. This will be The Standard’s first U.S. opening in more than a decade.

$298M for Lake Tahoe resort. Santa Monica, California-based Proper Hospitality and Colorado-based Realberry have closed a $298 million financing package for the redevelopment of the Cal Neva into Lake Tahoe Proper Resort and Casino, which is scheduled to open in 2027. The capital stack includes $223 million in C-PACE financing from Nuveen Green Capital, the largest C-PACE transaction in Nevada history, alongside a $75 million senior-secured construction loan from Banc of California. The Cal Neva first opened in 1926 on the California-Nevada border.

Rebrand in LA. The Mondrian Los Angeles has rebranded as The Valorian Los Angeles, Curio Collection by Hilton. The luxury hotel originally opened in 1996 as The Mondrian and was later redesigned in 2018. As part of the rebrand and relaunch, the hotel will be operated by Pivot, the lifestyle operating group of Davidson Hospitality Group, and will join Curio Collection by Hilton.

$465M refi in DC. Simon Property Group and Institutional Mall Investors have arranged a $465 million loan for Fashion Center at Pentagon City, an adjacent office building and a hotel in the Washington, D.C., area, according to multiple reports. The hotel is the 366-key Ritz-Carlton Pentagon City, which the partnership owns the land and holds a ground lease. According to Biznow, the owners are putting in an additional $29.9 million of sponsor equity along with the loan. The funds are slated to go toward refinancing $455 million of debt and covering $26.6 million in outstanding tenant improvements and leasing commissions, $3.3 million of gap and free rent and closing costs.

Orlando hotel trades. Boston-based Rockpoint and Highgate have sold the Home2 Suites by Hilton Lake Mary in Orlando, Florida, to an undisclosed buyer for an undisclosed amount. Rockpoint and Highgate formed a joint venture in 2021 with plans to develop select-service and extended-stay hotels. Through the JV, the firms developed two hotels, including Home2 Suites by Hilton Lake Mary and Home2 Suites by Hilton Scottsdale North in Arizona, which was sold in June 2024.

Marriott adds 9 in Greece. Marriott International is fueling growth in Greece with nine deal signings comprising nearly 1,000 rooms, including the market entry of two brands, Residence Inn by Marriott and Le Méridien. The signings are expected to enhance the company’s footprint in the country, where it currently has a portfolio of 47 properties and over 6,000 rooms across 10 brands and 12 markets. New hotels will include the 57-key Residence Inn by Marriott Athens; the 229-key Le Méridien Sissi Crete, expected to open in 2027; and the 314-key Milatos Marriott Resort Crete, scheduled to open in 2028.

First Emblems Collection in France. The 90-key La Citadelle Vauban of Belle-Île-en-Mer will become the first Emblems Collection property in France, joining Accor's newly launched ultra-luxury boutique hotel collection. First announced in 2024, the transformation project launched last September 2025 and is scheduled to open in the second quarter of 2027. The future property will offer 90 keys, comprising 49 rooms, 22 suites and nine apartments.

Accor converts in Egypt. Accor is partnering with Cairo-based Orascom Development Egypt on a management agreement to reposition the Mövenpick El Gouna as Sofitel El Gouna Resort, a luxury resort. The property will undergo an extensive phased renovation program starting in 2027.

Wyndham adds in India. New Delhi, India-based Hotel Library Club Private Ltd. has signed the 120-key Wyndham Grand Goa Vagator in India. The hotel is scheduled to open in the fourth quarter of 2029. This will be Wyndham’s third hotel in Goa.