Latest news: Dynamic pricing win; Peachtree's record CPACE loan; Braemar $180M refi

Dynamic pricing legal victory. The U.S. Court of Appeals for the Ninth Circuit affirmed the dismissal of a class action lawsuit against Wynn Resorts, Caesars Entertainment and Treasure Island in a notable legal victory for the hospitality players. The suit alleged that the hotel operators violated antitrust laws by coordinating to raise hotel room rates on the Las Vegas Strip through the use of shared revenue management software platforms, including specifically those provided by Cendyn Group and its subsidiary, Rainmaker. The appellate court ruled that the plaintiffs failed to establish a sufficient antitrust claim. The judges found that the use of standard pricing software did not, in itself, constitute evidence of an illegal agreement to fix prices.

GSA holds 2026 per diem. For the first time in five years, the U.S. General Services Administration has not increased the per diem rate. For fiscal year 2026, the GSA will hold its standard allowable per diem rates for federal travelers steady at 2025 levels. GSA’s standard lodging rate for the 2026 fiscal year, which begins October 1, is $110. GSA’s standard meals and incidentals allowance for the 2026 fiscal year is $68, also unchanged. In response to the news, the AH&LA put out a statement that included, "The GSA’s decision to keep per diem rates flat will place a strain on the hospitality industry as well as government travelers seeking lodging." 

Peachtree $176.5M CPACE loan. Atlanta-based Peachtree Group has originated the largest credit transaction in its history, closing a $176.5 million retroactive CPACE loan for Dreamscape Companies’ recently renovated 2,520-room Rio Hotel & Casino in Las Vegas. Peachtree said the deal, finalized in less than 60 days, ranks among the largest CPACE financings ever completed in the U.S. The Rio, now under the Destinations by Hyatt brand, completed renovations in 2024 that included a full transformation of the Ipanema Tower guest suites, a reimagined casino floor and significant upgrades to multiple F&B venues.

Braemar $180M refi. Dallas-based REIT Braemar Hotels & Resorts has successfully refinanced its Four Seasons Resort Scottsdale at Troon North property with a new $180 million non-recourse loan from New York City-based Aareal Capital Corp. The new financing replaces the previous $140 million loan and features improved terms, including a reduced interest rate of SOFR + 3% compared to the previous SOFR + 3.75%. The new loan includes a three-year initial term with two one-year extension options.

APF partners with Atrium. Atlanta-based Access Point Financial has purchased $98 million of the H and the JRR risk retention bond classes, which represents the most subordinate and first-loss 15% of the Goldman Sachs-originated $653 million loan refinancing a 15-hotel portfolio owned by certain affiliates of Alpharetta, Georgia-based Atrium Holding Co.  Located across 12 states, the 3,892-key portfolio includes eight Embassy Suites by Hilton, one Hilton, one Renaissance, one Sheraton, two Residence Inns by Marriott and two Courtyards by Marriott hotels. Atrium Holding Co. has announced plans to spend approximately $68 million to renovate the properties. This is APF’s second transaction with Atrium.

Arora acquires in London. London-based Landsec has sold a Westminster building to The Arora Group, a hotel chain with 13 hotels across London and the U.K., for £245 million, which was slightly below the expected book value of £256 million. The office is fully leased until December 2028, when Arora will be free to redevelop. Arora said the deal provides a boost to the group’s capital base as it pursues an expansion plan for Heathrow Airport.

IHCL adding 10 in Southern India. Indian Hotels Co. Ltd. (IHCL) has signed an agreement with Madison, the hospitality platform of Terminus Group and JV Ventures, for 10 new hotels across the southern states of India under the Ginger brand. The hotel sites will primarily be greenfield and brownfield projects, and the partnership has commenced with the signing of a 75-key Ginger hotel in Genome Valley in Telangana.  

Safestay adds in Austria. U.K.-based Safestay, one of Europe’s largest hostel groups, has signed its first franchise agreement with Kitzbühel, Austria-based hostel owner and operator Sycomore Entwicklungen GmbH to operate under Safestay’s brand name and systems on September 1, with an initial term of five years and an option to extend for a further five years. The agreement covers two hostels in the alpine resort of Kitzbühel, Austria, and will see the two properties - currently operated as the Roomie Alps Design Hostel Kitzbühel and the Guesthouse Johanna hotel - rebranded and operated as Safestay Kitzbühel Centre and Safestay Kitzbühel Alpine, respectively. The Properties combined offer 70 beds.

Marriott adds in Malaysia. Marriott International has signed an agreement with Kuala Lumpur, Malaysia-based TSM Global Bhd to convert the 393-key Eastin Hotel Kuala Lumpur into the Petaling Jaya Marriott Hotel. The hotel, located between Kuala Lumpur and Petaling Jaya, will join Marriott in December after renovations. The hotel, which opened in 1998, will undergo phased renovations beginning with a lobby overhaul and guest room redesign. The fully renovated hotel is scheduled to open by December 2026.