Latest news: $30M loan in Santa Barbara; extended-stay off; Singapore closing

$30M construction loan in Santa Barbara. Newport Beach, California-based Stratus Development Partners closed a $30 million first lien construction loan to develop a new Marriott Tribute Portfolio hotel in Santa Barbara, California. The project is a 4-story, 105-key lifestyle hotel featuring a rooftop bar, a coffee bar, 3,000 sq. ft. of meeting space, an outdoor courtyard and lounge and a fitness center. Dallas-based Hall Structured Finance provided the financing.

Extended-stay occupancy falls to a five-year low. A significant uptick in supply growth reduced extended-stay hotel occupancy to its lowest level for July since 2020, despite the sector having its highest 2025 monthly demand gain in July, according to The Highland Group. July’s RevPAR decline was much lower for economy extended-stay compared to all economy class properties. Mid-price and upscale segments reported RevPAR declines similar to all hotels of the same class. This is unusual for a summer month, according to The Highland Group, because seasonal leisure travel tends to have a more positive impact on the industry compared to extended-stay hotels, especially at lower price points.

BWH opens GLō in the Bronx. BWH Hotels is opening the 72-key GLō Best Western Bronx, a newly constructed hotel located in the Bronx in New York City.

Singapore hotel closing. The Hotel Miramar Singapore will cease operations at the end of October, a move that would see 108 employees laid off. The hotel opened in 1971. The Business Times reported in July that the 344-key hotel is being sold for S$160 million. The hotel is owned and operated by a company bearing its name, whose biggest shareholder is a company named Lim Tjhun Seng, according to the report.

California prison could convert to resort. A former luxury resort in California that became a state prison could again become a resort after the prison’s closure, according to Cal Matters. The California Correctional Facility in Norco, California, is scheduled to close in 2026. Before it became a prison, it was a luxury hotel, sanatorium and Navy hospital. When the prison closes, city leaders hope to restore it to an upscale resort again, but according to the story, that plan faces complications from renovating the Art Deco architecture and remediating asbestos. The resort originally opened in 1929 but then closed during the Great Depression.