Latest news: $68.2M refi in Seattle; Wanda sells management arm; Valor adds two voco

Nexera $68.2M refinance. Atlanta-based Nexera Capital has secured a $68.15 million loan to refinance the newly opened the 200-key AC Hotel Seattle Downtown Seattle, according to the Commercial Observer. Peachtree Group originated the three-year, floating-rate, first-mortgage loan with two 12-month extension options for hotel that opened last October. According to the story, Nexera plans to ramp up the performance of the hotel, which is located near the Seattle Convention Center and Amazon’s corporate headquarters, and then sell it.

Wanda selling hotel business. Beijing-based Dalian Wanda Group is selling its hotel management arm, Wanda Hotels Development, to Suzhou, China-based Tongcheng Travel Holdings for RMB 2.5 billion ($347 million) as the company sheds assets. Wanda does not have an ownership interest but manages seven brands, 204 hotels and over 40,200 rooms, with the transaction reflecting a 9.5 times multiple of the target company’s 2023 adjusted EBITDA. It also has 376 more properties under contract that haven’t opened yet. The deal is the latest disposition for Wanda Group as it attempts to lessen its debt load.

Valor rebrands 2 in the UK. Atlanta-based Valor Hospitality has rebranded two hotels in the U.K. with the 130-key voco Fareham-Solent and the 133-key voco Southampton. Valor is also scheduled to oversee a further voco rebrand later this year and recently opened voco Zeal Exeter Science Park, IHG’s first branded net-zero carbon hotel launched in partnership with Zeal Hotels. Valor manages 40 hotels in the UK and manages almost 100 hospitality projects internationally across 65 cities and 16 countries.

Stepstone adds in Pennsylvania. Providence, Rhode Island-based StepStone Hospitality has assumed management of the 110-key Hampton Inn & Suites Cranberry Pittsburgh in Cranberry Township, Pennsylvania. Phoenix-based Metro Hospitality LLC recently acquired the hotel.

Mandarin Oriental renovating two. Hong Kong-based Mandarin Oriental Hotel Group is renovating its two founding properties: Mandarin Oriental, Hong Kong and Mandarin Oriental, Bangkok. The Mandarin Oriental, Hong Kong’s renovation will total over $100 million and is scheduled to be completed in the fourth quarter of 2026. The hotel will continue to operate during the renovations. The Mandarin Oriental, Bangkok renovations are already underway and scheduled to be completed in 2026, which is the property’s 150th anniversary.

Starhotels acquires in Italy. Florence, Italy-based Starhotels has acquired the 59-key Hermitage Hotel & Resort in Forte dei Marmi, Italy, from an undisclosed seller for an undisclosed amount. The hotel is scheduled to open later this summer. Starhotels will also manage the property.

Macau hotel up for sale again. Macau’s The 13 Hotel and Casino has been put up for sale again by creditors, according to the South China Morning Post. The 22-story, 199-key hotel was formerly owned by Hong Kong business Stephen Hung and was estimated to be worth HK$2.4 billion ($309 million) last year when it was first put up for sale.

IHG adds in Australia. IHG Hotels & Resorts is partnering with JH Group to sign its first voco hotel in the Northern Territory in Australia with the 87-key voco Darwin Suites, which will open late this year. The hotel will be converted from a repurposed commercial office building. IHG has 69 hotels in Australasia operating under nine brands, with another 26 properties in its development pipeline.