Latest news: $1.9B refi for ESA portfolio; Numa expanding in Europe; Waterford, Valor add

ESA portfolio $1.935B refinance. A joint venture of Blackstone and Starwood has refinanced a 220-hotel Extended Stay America portfolio with a $1.935 billion CMBS loan, according to Michael  Bellisario, an analyst for RW Baird. According to Bellisario, the JV took ESA private in 2021 for $6.2 billion and financed the deal with a $4.65 billion CMBS loan. Since then, 340 hotels have been sold, and the loan balance has been paid down to less than $1.9 billion. The new $1.935 billion CMBS loan will have a five-year fully extended term and is expected to price at SOFR + 250 basis points.

Numa expanding in Europe. Berlin-based Numa Group has launched a multi-brand strategy to accelerate its pan-European expansion. The group will now operate with two distinct brands: its established Numa brand, and the newly introduced premium brand, Native by Numa. This move follows the successful acquisition and integration of Native Places in the U.K. Native by Numa will target real estate investors in high-demand markets, targeting properties with 80 to 300 rooms. The group has identified prime urban locations in Rome, Paris, Zurich, Nice, Naples, Dublin, Athens and Vienna as strategic targets for the brand’s next phase of growth.

Waterford adds 2 to portfolio. Waterford, Connecticut-based Waterford Hotel Group is expanding its hospitality portfolio with the addition of two new properties: the 200-key Sheraton Flowood The Refuge Hotel & Conference Center in Flowood, Mississippi, and the 200-key Maison Dupuy Hotel in New Orleans, Louisiana. This is Waterford’s first managed property in Mississippi, and the Maison Dupuy becomes the sixth boutique hotel in New Orleans to join Waterford’s portfolio this year.

Valor adds in Cincinnati. Atlanta-based Valor Hospitality is expanding its Americas portfolio with the addition of its first property in Ohio, The Summit Hotel, a 239-key independent hotel in Cincinnati.

Davidson promotes exec. Atlanta-based Davidson Hospitality Group has appointed Steve Contos to the newly created role of executive vice president and managing director – luxury & international. Most recently, Contos served as executive vice president, operations for Davidson Hotels and Davidson Resorts. Before joining Davidson, he served as a senior vice president at Marriott International. He has also held other positions within the hospitality industry, serving as GM at six different properties.

Service Properties Trust update. Newton, Massachusetts-based REIT Service Properties Trust announced that it continues to advance its previously disclosed plan to sell 113 Sonesta-branded hotels, which include 14,803 keys, for gross proceeds of approximately $913 million. During the third quarter of 2025, SVC completed the sales of 38 hotels totaling 5,331 keys and generating gross proceeds of roughly $279 million and remains on track to close the sales of the balance of the hotels in the fourth quarter of 2025, for gross proceeds of approximately $634 million. For the full year, Services Properties Trust is on track to sell 121 hotels, totaling 15,809 keys, for gross proceeds of roughly $959 million. In September, Services Properties Trust redeemed all $350 million of its 5.25% senior unsecured notes due February 2026 and issued $580 million of zero-coupon senior secured notes due September 2027, raising net proceeds of approximately $490 million, which it used to repay all amounts outstanding on its revolving credit facility. The REIT expects to complete the early redemption of all $450 million of its 4.75% senior unsecured notes due October 2026 on October 16, using a combination of cash on hand and borrowings under its revolving credit facility.

COMO adds in Australia. Singapore-based COMO Hotels and Resorts has been selected by Melbourne, Australia-based Orchard Piper and The Carter Group as the operator of an upcoming hotel and residential development in Melbourne. Scheduled to open in early 2028, the new hotel will be COMO’s second hotel in Australia, following the debut of Como The Treasury in Perth in 2015. Occupying the first nine levels of Orchard Piper’s The Carter Building, the hotel will have 102 rooms and 54 private residences within the building.