Latest news: €10M per key deal?; $68.5M loan for S.C. resort; sale in Lake Tahoe

Arnault’s expensive buy on French Rivieria. LVMH leader Bernard Arnault’s family holding company, Financière Agache, reportedly acquired in mid-July the 5-star, 20-room Cap Estel in Èze, between Nice and Monaco on the French Riviera for a value expected to exceed an unprecedented €10 million per key. For comparison, the sale of the Grand-Hôtel du Cap-Ferrat (Four Seasons) in 2015 was negotiated at around €3.5 million per key, while the Eden Roc du Cap d'Antibes, would be valued at between €5 and €6 million per key.

MIG adding in South Carolina. South Carolina-based MIG Investments of MB has secured a first lien construction loan of $68.5 million to develop a 150-key Compass by Margaritaville Hotel in North Myrtle Beach, South Carolina. The funding was provided by Dallas-based Hall Structured Finance and Denver-based US Hotel Advisors brokered the deal. The 14-story will feature a full-service restaurant, poolside bar, two indoor pools, an outdoor pool, and a 13-foot outdoor waterslide.

Lake Tahoe hotel selling. A pair of New York City-based companies, BLDG Management and Metrovest Equities, are under contract to purchase the 261-key Beach Retreat and Lodge at Lake Tahoe in California from Plymouth, Massachusetts-based Linchris Hotel Corp. for an undisclosed amount, according to the San Francisco Chronicle. The hotel previously sold for $27.9 million in 2019. BLDG is run by Lloyd Goldman, a member of the Goldman real estate empire and a member of one of the wealthiest families in the country.

Kothe adds in Idaho. Madison, Wisconsin-based Kothe Real Estate Partners and Germantown, Tennessee-based McNeill Hotel Company (MHC) are developing a 124-key Home2 Suites extended-stay property in Twin Falls, Idaho. Kothe is the primary developer and MHC will manage the property. Additional development partners include Great Lakes Management Group, Roost Development and KP Property Development.

Florida hotel sells. A Florida investor has acquired the 88-key Hampton Inn Melbourne-Viera in Melbourne, Florida, from an institutional seller for an undisclosed price. Lincoln Hospitality Management will manage the asset. Hotel Hotel Advisors facilitated the sale. The hotel underwent a complete renovation in 2023.

Hilton adds in Virginia. Hilton is partnering with Vienna, Virginia-based Dittmar Co. to open the 331-key Hilton Arlington Rosslyn The Key in Arlington, Virginia. Located at the base of the Francis Scott Key Bridge, the hotel is the first property to debut the brand’s refreshed identity.

Hyatt adds in Kuala Lumpur. Hyatt Hotels Corp. is opening the 306-key Hyatt Regency Kuala Lumpur at KL Midtown, marking the return of the Hyatt Regency brand to Kuala Lumpur and representing the seventh Hyatt hotel in the city. The hotel also has 104 serviced residences.

MGallery to the French Alps. Accor is partnering with CLR Hotels, a subsidiary of the CGR Group, based in Sevran, France, to add an MGallery boutique hotel to the French Alps, located in the Valmorel ski resort. The 82-key Valmoral is scheduled to open in 2027. The MGallery Collection comprises more than 120 boutique hotels worldwide, with 37 hotels currently operating in France and six additional properties under various stages of development in the country.

Marriott partners with a duty-free seller. Marriott Bonvoy has launched a strategic partnership with Shinsegae Duty Free, Korea’s leading duty-free operator, designed to deliver greater points-earning opportunities and differentiated rewards to members of both loyalty programs. Marriott said the collaboration marks a milestone in expanding Marriott Bonvoy’s lifestyle and rewards ecosystem in South Korea.