Latest news: $135M Oahu construction loan; 700 for Red Roof; Drury adds near Charleston

Alaka’i gets $135M construction financing. Honolulu-based Alaka’i Development has received $135 million in construction financing for a dual-branded Hyatt Place and Hyatt House Hotel at Ewa Beach in Oahu. CBRE’s Capital Market’s Debt and Structured Finance team secured the developer’s financing and joint venture equity. The 240-key property will feature 108 Hyatt Place guest rooms and 132 Hyatt House extended-stay rooms.

Red Roof opening 700th. New Athens, Ohio-based Red Roof is opening its 700th property with a new build in Jamaica, New York, along with a new build and prototype in Tampa, Florida. The 86-key Red Roof Plus+ Jamaica has an investment of more than $20 million from its owner, New York City-based RiverBrook Hospitality. The 124-key HomeTowne Studios by Red Roof Tampa - Airport is owned by New Port Richey, Florida-based Dhruv Development. Red Roof has over 60,000 rooms in 700 properties in the U.S. and Japan.

Drury adds in South Carolina. St. Louis, Missouri-based Drury Hotels is building a new hotel in North Charleston, South Carolina. The 252-key Drury Plaza Hotel North Charleston will be the second Drury Hotel in South Carolina and is scheduled to open in July 2025. Drury has more than 150 hotels in 26 U.S. states.

Radisson rebranding Prizeotel. Radisson Hotel Group is rebranding Prizeotel, which is billed as a midscale lifestyle brand, under the new name of Prize by Radisson. The company has also announced two new signings in central Europe for Prize by Radisson, with properties in Gdansk, Poland, and the German capital, Berlin, set to open in the next few years. The brand’s new hotels will be Prize by Radisson, Gdansk City, a 126-key new-build hotel due to open in 2026, and Prize by Radisson, Berlin City, which will have 315 rooms when it opens in 2027 in the city’s Prenzlauer Berg district. Prizeotel was launched in Germany in 2009 and currently has 21 hotels in operation or under development in Europe. The brand opened hotels in Bonn, Vienna, and Münster in 2022, with Prize by Radisson, Osnabrück City in northwest Germany, scheduled to open next year.

IHG adds in India. IHG Hotels & Resorts has signed a management agreement with Satyadeo Hotels Pvt Ltd to develop Holiday Inn Resort Pushkar, Rajasthan, in India, which is scheduled to open in January 2029. IHG currently has 46 hotels operating across six brands in India, including Six Senses, InterContinental Hotels and Resorts, Crowne Plaza, voco, Holiday Inn Resort® and Holiday Inn Express, and a pipeline of 55 hotels due to open in the next three to five years.

Marriott opening 50th in Malaysia. Marriott International is partnering with Penang, Malaysia-based Oriental Holdings Bhdtop, to open its 50th property in Malaysia with the Penang Marriott Complex. The development comprises of three properties – a 223-key Penang Marriott Hotel, a 90-key Marriott Executive Apartments Penang and a 302-key Marriott Residences Penang.