Latest news: $600M refi for The Diplomat; Miami Mandarin demolished; rebrand in Jacksonville

Trinity, UBS $600M refi. Trinity Investments and UBS are refinancing the 1,000-key The Diplomat Beach Resort in Hollywood, Florida, with a $600 million CMBS loan, according to analyst Michael Bellisario of R.W. Baird. The loan is expected to bear interest at SOFR +266 basis points (about 6.3% initially), and the five-year floating-rate loan is replacing a 2024-vintage CMBS loan package with a $452 million first mortgage, a $123 million mezzanine loan, and approximately $15 million of equity being returned to the sponsors. The hotel is part of Hilton's Curio Collection but will be rebranded as a Signia in May after a nearly $80 million renovation.

Miami Mandarin being demolished. The 326-key Mandarin Oriental Miami will be demolished on Sunday to make way for a new Mandarin project, according to a story in the Tampa Bay Times. Hong Kong-based Swire Properties owns the hotel and will begin development of a new 121-key hotel and 228-key branded residential project later this year.

Rebrand in Jacksonville. Jacksonville, Florida-based developer Gateway Jax Inc. has rebranded the historic Ambassador Hotel in Downtown Jacksonville as the Hotel Merrydelle, named for the early 20th-century modern art pioneer Merrydelle Hoyt. Gateway Jax bought the 102-year-old hotel and surrounding property in February 2025 for $17 million. A $50 million renovation will begin this spring and Charleston, South Carolina-based Indigo Road Hospitality Group will manage the hotel. Gateway Jax is a partnership between CEO Bryan Moll, JWB Real Estate Capital and DLP Capital.

New boutique in New Orleans. New Orleans-based Bates Development will open the 34-key The Monarch  this month. The property will be operated by sbe Entertainment Group as part of its HQ Hotels & Residences Collection. The property has been converted from a mid-19th-century Italianate building.

WorldHotels adds 25 in Norway. BWH Hotel’s WorldHotels has entered into a partnership with De Historiske, a network of more than 102 hotels, restaurants and historic ships in Norway. In the initial phase, 25 hotels will join the portfolio and become part of the WorldHotels Crafted collection. The collaboration strengthens WorldHotels’ presence in Norway, bringing its Scandinavian portfolio to 37 hotels.

Columbia adds in Portland. Seattle-based Columbia Hospitality has added the 57-key Hotel Grand Stark in Portland, Oregon, to its management portfolio, expanding its footprint in the Pacific Northwest.

$9.1M refi in Florida. Ocala, Florida-based HDG Legacy has secured a $9.1 million refinance for the Best Western Ocala Park Centre I-75 in Florida. Arriba Capital facilitated the transaction and said the new loan significantly increased the sponsor's cash flow by lowering the interest rate and extending amortization, while also providing funds for solar improvements.

2 Euro hotels trade. Paris-based L Catterton Real Estate, in a joint venture with London-based Cedar Capital Partners, has acquired two hotels in Europe. The properties are the 204-key Penha Longa Resort in Lisbon, Portugal, acquired from The Carlyle Group, and the 177-key Garden Beach Hotel in Antibes, France, acquired from The Chetrit Group. Penha Longa Resort.