Latest news: $136M refi in Hawaii; strong US demand last week; LXR debuts in Paris

$136M refi in Hawaii. Seoul, South Korea-based Mirae Asset Global Investments Co. Ltd. has secured a $136 million refinancing for the 540-key Fairmont Orchid, a luxury resort on Hawaii’s Big Island. JLL worked on behalf of the borrower on a five-year, fixed-rate loan through New York Life Real Estate Investors. Mirae is undertaking a multi-year, $110-million renovation project, with Phase 1 scheduled for completion this year.

US mixed last week. The U.S. hotel industry from May 18-24 reported mixed year-over-year comparisons, according CoStar data. Occupancy was 67.5% (-0.4% YOY), ADR was $164.57 (+1.5% YOY) and RevPAR was $111.02 (+1.1% YOY). Demand for the Friday and Saturday of Memorial Day weekend was the third highest on record behind 2022 and 2019. Among the Top 25 markets, St. Louis saw the highest gain in occupancy (+19.3% to 76.7%), while the largest increases in ADR and RevPAR were recorded in New York City (+12.6% to $358.57) and San Francisco/San Mateo (+24.3% to $169.87). The steepest decline in occupancy was seen in Houston (-16.2% to 62.1%). New Orleans reported the largest decreases in ADR (-7.3% to $155.45) and RevPAR (-17.8% to $94.78).

Hilton debuts LXR brand in Paris. Hilton has partnered with Paris-based Compagnie de Phalsbourg to open the 118-key Sax Paris, LXR Hotels & Resorts in Paris, which is the debut of its LXR brand in France. Sax Paris transformed a landmark 1899 building, formerly home to the Ségur telephone exchange and near the Eiffel Tower. LXR Hotels & Resorts has 16 luxury properties worldwide.

Waterford adds 2. Waterford, Connecticut-based Waterford Hotel Group is adding two hotels to its management portfolio: the 131-key Courtyard Atlanta Norcross Peachtree Corners in Georgia and the 216-key Embassy Suites Cleveland Beachwood in Ohio.

Oyo still exploring IPO. Oyo has approached five investment banks for a meeting with key shareholder SoftBank in London that could determine the company’s path to public listing, according to The Economic Times. Sources said the banks include Goldman Sachs, Citi and Jefferies and ICICI Securities and Axis Capital representing Indian financial institutions.

Rosewood names new COO. Hong Kong-based Rosewood Hotel Group has appointed two new corporate executives. Anthony Ingham is Rosewood’s new COO, effective September 1. Ingham brings decades of experience to his new role and previously worked at InterContinental, Starwood and Marriott International. He will join Rosewood Hotel Group from The Hong Kong Jockey Club, where he led the membership club business. Rosewood also named Luca Finardi vice president of operations, Europe, the Middle East, Africa, and Caribbean Atlantic (EMEAC), effective June 1. With over 20 years of experience in luxury hospitality, Finardi spent the past decade establishing Mandarin Oriental’s Italian portfolio and was most recently general manager of Mandarin Oriental Paris and area vice president of operations for France, Italy and Czech Republic.

Travelodge adds in the UK. U.K.-based Travelodge is partnering with Kier Property to develop a 131-key hotel in Watford, U.K. This will be Travelodge’s second hotel in the city is part of a £500 million development plan set up in 2013 through a joint venture between Kier Property and Watford Borough Council. Travelodge has entered a 30-year lease with Kier Property to operate the hotel once it is developed.

Hawai’i Hospitality Group forms. Hospitality veterans Elliot Mills and Jerry Gibson have launched Hawai’i Hospitality Group (HHG), an asset management firm headquartered in the state that focuses on hotel, resort, and tourism-aligned real estate across the islands. Mills brings over 30 years of executive experience, including leadership roles with Marriott International and will serve as CEO and managing partner of the company. Gibson previously held senior leadership roles with Hyatt, Hilton, Marriott and Blackstone and was area VP for Hilton Hotels and Resorts.

Hotel101 expanding into KSA. Singapore-based Hotel101 Global Pte. Ltd., a subsidiary of DoubleDragon Corp., is partnering with with the Horizon Group to develop up to 10,000 rooms in the Kingdom of Saudi Arabia, expected to translate to a $2.5 billion project value. Under the partnership, the two parties have identified five initial locations, with the first being in Medina, followed by Riyadh, Jeddah, Abha and Alula, with an average of 500 rooms per site. Hotel101 has formed a SPAC and plans a Nasdaq listing in the future.

Radisson expands into Romania. Radisson Hotel Group is expanding in Romania with four new projects scheduled to open by 2028. Leading the expansion is the 104-key Radisson RED Bucharest Old Town, the brand’s first in Romania. Other developments include the Radisson Blu Grand Mountain Resort in Brasov, which is scheduled to open in 2027; the 234-key Radisson Blu Resort & Residences, Mamaia, which also includes 102 branded residences and is scheduled to open in 2028; and the 323-key Radisson Lagoon Hotel Bucharest.