Latest news: Texas portfolio financing; Vegas all-inclusive; Minor adds soft brand

Financing for Texas portfolio. A pair of Austin-based companies, Four Yucca, LLC and Byways Hospitality, have secured $12 million in bridge financing and $6 million CPAC financing to support the acquisition and renovation of the 78-key Byways Hotel Portfolio, a collection of three historic hospitality assets located in Alpine and Fort Davis, Texas. Atlanta-based Peachtree Group provided the bridge financing through its USDA B&I lending program and its CPACE program. Last week, Hotel Investment Today reported that the JV secured $30.6 million in multi-tranche capitalization for the acquisition and restoration of the three-hotel portfolio, which includes the 27-key Holland Hotel (to be expanded to 28 keys), the 30-key Hotel Limpia, and the 21-key Maverick Inn.

Buyer of St. Pete hotel named. An LLC affiliated with Delray Beach, Florida-based Kolter Group has been identified as the buyer of the Hilton St. Petersburg Bayfront that Dallas-based REIT Ashford Hospitality Trust announced it sold earlier this year. The LLC acquired the hotel for $67.2 million.

Ultimate Vegas buffet. MGM Resorts International is launching an all-inclusive experience in Las Vegas, bundling hotel accommodations, daily resort fee, three-meal dining, entertainment and parking into a single upfront price – starting at $330 plus tax for a two-night stay for two guests – at Luxor Hotel & Casino and Excalibur Hotel & Casino.

Minor adds soft brand. Minor Hotels is launching the Colbert Collection, a new global soft brand for independent hotels in the premium segment. The collection will debut in Italy this spring, with further expansion into the UK, Spain, Austria, and the UAE. The Colbert Collection will be a mix of franchise and management contracts, according to Minor. A spokesperson said Colbert Collection is expected to be one of the faster-growing brands in the Minor portfolio in the coming years, offering a strong franchise opportunity.

Maine hotel trades. Tim Harrington is selling the Asticou Hotel to NAECO LLC, a subsidiary of Delray Beach, Florida-based Ocean Properties, which owns several Bar Harbor hotels, for $60.75 million. The sale took place after numerous contractors filed liens against the hotel, which forced the owner into bankruptcy. Harrington is facing liens and legal complaints totaling around $14 million for materials and services during Asticou’s $28 million renovation. Harrington bought the hotel for $7 million in 2023.

Blue Flag doubling footprint. Boston-based Blue Flag Capital is doubling its footprint with the addition of four properties that will debut this summer. The new openings include Faraway Jackson Hole in Wyoming (with 90 rooms and 48 residences), the 67-key Faraway Sag Harbor in New York, the 29-key Hotel Corduroy in Montauk, New York and the 34-key Oyster Estate in Greenport, New York.

Repositioning in Texas. Dallas-based TPG Hotels & Resorts has completed the renovation and repositioning of the 166-key voco College Station Aggieland, an IHG Hotels & Resorts property located in College Station, Texas. The property is within walking distance of Texas A&M University and Kyle Field.

Zedwell converts in London. Zedwell is converting a historic London property into a hotel. Located on the Bank Junction — one of the world’s most iconic and photographed intersections and the historic setting for the Lord Mayor’s Show — the Grade II-listed building adjoins The Ned and sits adjacent to The Royal Exchange, the Bank of England and Mansion House. It will be reimagined to combine architectural heritage as a Zedwell hotel.

Hilton adds 2 in UK, Ireland. Hilton is adding two Tapestry Collection by Hilton hotels in Plymouth and Cork, further expanding its lifestyle portfolio across the UK and Ireland.  The 120-key New Continental Plymouth, Tapestry Collection by Hilton, was originally built in 1865 and recognized as one of Plymouth’s oldest hotels. It is scheduled to open in 2027. The 103-key Cork City Centre, Tapestry Collection by Hilton, is being developed by JMK Group and is expected to open in fall 2027.

New Premier Inn in Limerick. Whitbread is developing a new Premier Inn in Limerick, Ireland. The 156-key hotel will be the first private investment in the wider Opera Square development, which will be built, operated and owned by Whitbread.

Wyndham adding in India. Wyndham Hotels & Resorts is partnering with Lalit Singh Muktawat on the 200-key Ramada Resort by Wyndham Talera Kota in India. The resort is scheduled to open in March 2029.

Radisson adds in UAE. Radisson is partnering with Dubai-based BNW Development on a new 361-key Radisson Blu Hotel and Residences, scheduled to open in 2029 in Ras Al Khaimah, United Arab Emirates. The project will also include 222 branded residential units.