Latest news: $1.7B London refi; Cali boutiques sell; Oasis powers UK hotels

$1.7B refi in London. A joint venture of a pair of London-based companies, Deutsche Finance International and Yoo Capital, has secured a $1.7 billion loan to refinance the redevelopment of the Olympia exhibition center. The loan will refinance and recapitalize the $2.8 billion overhaul of the historic events venue, which is scheduled to be completed this fall and will include 1.5 million sq. ft. of arts, entertainment and exhibition space plus two hotels, bars and restaurants. Deutsche Bank provided the financing.

$13.9M loan for two Cali hotels. Lake Forest, Illinois-based Horizon Hotel Group has successfully closed a $13.9 million bridge loan, which will be taken out by a USDA Business & Industry loan valued at $14.3 million, enabling the acquisition of two boutique hotels in California: the 38-key National Exchange Hotel in Nevada City and the 28-key Holbrooke Hotel in Grass Valley. The hotels were originally built in the 1850s and renovated in 2020. Atlanta-based Thomas Financial Group and Phoenix Lender Services partnered with CB&T to finance the deal. Acme Hospitality and Horizon will oversee the operation of the hotels.

REIT puts Chicago hotel up for sale. Tysons, Virginia-based REIT Park Hotels & Resorts has put the former W Chicago City Center hotel in Chicago up for sale. The hotel was rebranded into the 403-key Midland Hotel Chicago and joined Marriott’s Tribute Portfolio. Park also recently put the 520-key former W Hotel (now rebranded The Wade) in Chicago up for sale. JLL is brokering both properties.

Olympia adds in Louisville. Portland, Maine-based Olympia Hospitality is adding the 122-key Hotel Genevieve in Louisville, Kentucky to its management portfolio. Mountain Shore Properties owns the hotel, which it financed as an Opportunity Zone investment. The hotel will now also be part of the JdV by Hyatt collection.

Oasis tour powering UK hotels. The Oasis Live ’25 tour on July 4-5 led to significant gains in ADR and RevPAR in Cardiff and Manchester, according to CoStar data. On the first night, Cardiff’s ADR and RevPAR peaked at GBP340.74 and GBP314.09, respectively. Each level was the highest on record. Manchester hosted five Oasis concerts over recent weeks. The night of the first concert (July 11) pushed occupancy to a high of 83.5%. The highest ADR and RevPAR levels were posted on the fourth night (Saturday, July 19) at GBP181.70 and GBP170.54, respectively. These were Manchester’s highest ADR and RevPAR levels since the 2023 UEFA Champions League final in June 2023.

JLL exits Roosevelt Hotel deal. JLL has quit its role as a financial advisor for the partial sale of the Roosevelt Hotel in New York City, which is owned by Karachi, Pakistan-based Pakistan International Airlines, to avoid a conflict of interest, according to a story in Reuters. The airline is selling a minority stake in the hotel and is looking for a redevelopment partner as it disposes of assets under a privatization program. Reuters reported earlier in July that the owner is eying at least a $1 billion valuation for the property. The hotel closed in 2020 and was later leased as a migrant shelter. It now sits empty.

Brandt adds in North Dakota. Fargo, North Dakota-based Brandt Hospitality Group has added Holiday Inn Fargo and Holiday Inn Express Fargo – West Acres in North Dakota to its management portfolio. Brandt oversaw the management of these properties from 2018 through 2023.

CapitaLand’s profit increases. Singapore-based CapitaLand Ascott Trust (CLAS) achieved a 6% increase in gross profit year-over-year, reaching S$182.5 million for the first half of 2025. Revenue was also up 3% YOY to S$398.5 million. The higher gross profit and revenue were mainly attributed to stronger operating performance, CLAS’ portfolio reconstitution strategy and asset enhancement initiatives. On a same-store basis, both gross profit and revenue grew 4% YOY in 1H 2025.

Scandic adds in Norway. Stockholm-based Scandic Hotels is opening in December a new hotel in Florø, Norway. The property, currently known as the Comfort Hotel Victoria, will be rebranded as a 97-key Scandic Victoria Florø. This development is part of a franchise agreement with the Helle family, who will continue to operate the hotel under the Scandic brand. This will be Scandic’s 19th hotel in Sweden and Norway.

Hyatt adds in India. Hyatt Hotels Corp. is partnering with New Delhi, India-based Deventure Hotel and Resorts Private Ltd. on the 150-key Hyatt Centric Anjuna Goa in Anjuna, India. The hotel is currently under construction, is scheduled to open in 2027 and will be managed by Nile Hospitality. This will be the eighth Hyatt Centric in India.