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$125M
refi for St. Regis Chicago. A joint venture led by Miami-based Gencom, in partnership with
Denver-based GD Holdings, has secured a $125 million refinancing for the
192-key The St. Regis Chicago, a luxury hospitality asset located in Chicago’s
Lakeshore East Loop neighborhood. The financing was arranged with Mexico
City-based Banco Inbursa and replaces $76 million in original acquisition
financing provided by Varde Partners. The JV acquired the property in 2023,
before it opened, and, according to the owners, has established itself as one
of the city’s premier luxury offerings, supported by limited new high-end
supply in downtown Chicago and sustained demand across the group, corporate and
leisure segments.
Whitbread
selling swath of hotels. U.K.-based Whitbread is selling a portfolio of Premier Inn hotels to
unlock £1.5 billion for its investors, according to a story in The Times.
According to the story, the publicly traded company is expected to announce
later this month plans to sell and lease back 20% of the hotels it currently
owns outright, following a strategic review of its business model. About 50% of
Premier Inn hotel freeholds are owned by Whitbread, and the company plans to
reduce its stake to 40% as part of a five-year plan. The plan would turn
Whitbread into a majority leasehold business for the first time since Premier
Inn was founded in 1987.
$94M refi
in Tampa. A joint
venture between Newbond Holdings and Apollo has secured a $94.36 million loan
to refinance the 281-key Hotel Cala in Tampa, Florida, according to the
Commercial Observer. Bain Capital and Smith Hill Capital provided the loan for
the hotel, which Newbond, in partnership with investment funds managed by an
Apollo affiliate, acquired in late 2022. The hotel, previously known as the
Hotel Tampa Riverwalk, is undergoing renovations to be rebranded under Hilton’s
Curio Collection.
$113.7M
loan in Miami. Fortune International Group and Château Group have secured $113.75 million in
construction financing to build the second tower of The St. Regis Residences
Sunny Isles Beach, a new 320-unit luxury condominium just outside of Miami,
according to a story in the Commercial Observer. City National Bank of Florida
provided the financing.
JNR
acquires in Connecticut. Waltham, Massachusetts-based JNR Management has acquired the 100-key The
Residence Inn Hartford Avon in Connecticut from Florida-based AD1 Global for
$11 million. AD1 paid $12 million for the hotel in 2019. JNR operates several
hotels across Maine, New Hampshire, Massachusetts and Connecticut.
IHG adds in Tokyo. IHG Hotels & Resorts (IHG) is partnering
with Mitsubishi Corporation Urban Development Co., Ltd. (MCUD), Tokyo Tatemono
Co., Ltd. (Totate) and The Sankei Building Co., Ltd. (Sankei) to sign the
223-key Holiday Inn Express Sapporo Susukino, marking the brand’s second Holiday
Inn Express in Japan. Scheduled to open in July 2026, the hotel is currently
undergoing extensive renovation and will be the first Holiday Inn Express hotel
in Japan to feature the brand’s Generation 5 design.