Latest news: Ashford forbearance on CMBS; PM adds in DC; NewcrestImage sells

AHT renegotiates CMBS loan. Dallas-based REIT Ashford Hospitality Trust (AHT) has negotiated a 90-day forbearance for a $409.8 million CMBS loan for 17 hotels that matured last week. AHT announced on Tuesday that it was working with the Morgan Stanley pool loan holder and expects to reach a multi-year extension agreement within the forbearance window. The loan originated from Morgan Stanley in 2017 for $427 million and has been paid down to $409.8 million. This year, AHT has been selling and refinancing assets as part of a plan to eliminate $2.7 billion in debt that is set to mature in 2026.

PM adds in DC area. Chevy Chase, Maryland-based PM Hotel Group, is adding three properties in the Washington D.C. metro area to its portfolio. The 324-key Crowne Plaza Dulles Airport, 126-key Hotel Arboretum, and 126-key Fairfield Inn & Suites Washington, DC/New York Avenue will expand PM’s portfolio to 86 hotels in 22 states. Adding these three properties is part of a strategic initiative to expand the company’s footprint in the mid-Atlantic region of the United States. PM recently merged with lifestyle management company Sightline Hospitality.

NewcrestImage sells in Colorado. Grapevine, Texas-based NewcrestImage has sold the 94-key Residence Inn by Marriott Denver North Westminster in Colorado to Denver-based Archer Capital Group for an undisclosed price. Marcus & Millichap marketed the property and procured the buyer.

CEO of Neom project out. The CEO of Saudi Arabia’s massive Neom megaproject, a multi-trillion dollar plan to develop a swathe of land the size of Massachusetts, has left abruptly as The Kingdom of Saudi Arabia faces questions over the economic viability of its ambitions there. Neom’s board of directors announced Tuesday the appointment of Aiman Al-Mudaifer as acting CEO of the company following the unexpected departure of Nadhmi Al-Nasr, who was put in charge of the project in 2018. The leadership reshuffle comes at a period of changing financial pressures on the kingdom, as oil prices and demand forecasts remain subdued and Saudi Arabia’s budget deficit widens.

Valor strategic partnership. Atlanta-based management company Valor Hospitality Partners is launching a strategic partnership with London-based Campbell Gray Hotels & Resorts. Few details of the deal are available, but Valor said its expertise in hotel management, asset management and hospitality solutions will allow Campbell Gray to grow and maintain its position as a market leader in luxury hospitality while expanding Valor’s presence in the Middle East. Projects on the horizon include the reopening of Le Gray, Beirut, and new locations such as The Gray, Kings Polo in Cairo, and The Gray Beach Hotel & Residences in Ras El Hekma, Egypt. Valor currently has a portfolio of 95 properties worldwide. 

Accor growth in Asia. Accor is growing in Asia and has secured 27 hotel signings and 8,117 keys year-to-date in the region. The expansion encompasses 12 brands throughout eight countries. Leading the way for Accor are midscale and economy brands like Novotel and ibis and premium brands like Pullman and Mövenpick. A major area of expansion has been Accor’s conversion-friendly brands, such as Mercure, Handwritten Collection, and ibis Styles. Accor now operates 495 hotels and 110,647 keys across 19 brands in 13 countries, with a development pipeline of over 236 hotels in Asia.

Xenia $365M senior notes. Orlando-based Xenia Hotels & Resorts has proposed offering of senior notes through its operating partnership, XHR LP, which aims to raise $365 million in senior notes due 2030 to strengthen its financial position and support strategic debt restructuring. Xenia intends to use the proceeds from this offering and borrowings under its recently updated credit agreement to redeem its 6.375% senior notes due in 2025.

Minor reports strong Q3 growth. Bangkok, Thailand-based Minor Hotels reported strong growth in England and Thailand as part of its third-quarter earnings. Minor announced a core net profit of THB 3.1 billion, a 13% year-on-year increase. Year-to-date core revenues reached THB 100.2 billion, 11% stronger than last year and exceeding budget projections. Systemwide RevPAR grew 6% year-over-year in Q3, while hotels in the company’s Europe & Americas division grew 9% YOY, including a 7% ADR gain. RevPAR in Thailand grew 12% in Q3.

Brick adds in California. San Diego-based Brick Hospitality has added the 90-key Hampton Inn San Marcos in San Marcos, California, to its portfolio.

Radisson expands in India. Radisson Hotel Group is expanding its footprint in India and plans to add 200 properties to its portfolio by 2027. This growth strategy includes establishing a presence in emerging tourist centers and business hubs, particularly in tier three and four cities. Radisson Hotel Group South Asia Managing Director and Area Senior Vice President Nikhil Sharma said the company will have over 150 operating hotels in the region. It currently operates nine brands within India and is exploring soft branding options.

25hours debuts in Asia. Ennismore’s 25hours is opening its first hotel in Asia, with the 25hours Hotel The Oddbird in Jakarta, Indonesia, scheduled to open on November 22. The hotel has 210 rooms and 135 residences.

New Wyndham program. Wyndham Hotels & Resorts is launching Wyndham Travel Packages, which allows members to book hotels, flights, car rentals, airport transfers and even activities via its Wyndham Rewards program.