Latest news: Blackstone could lose 4 hotels; Mundi acquires in Vancouver; new CEO for Rosen

Blackstone could lose $275M hotel portfolio. Blackstone could lose a $275 million securitized portfolio of four hotels under the Club Quarters brand, according to The Real Deal. The loan landed in special servicing in 2020 and Blackstone didn’t pay off the balance when the loan matured this month. According to the story, Blackstone and Washington, D.C.-based special servicer CW Capital Management attempted to come to an agreement but were unable to do so. Blackstone took out the $275 million senior debt in 2017 for the portfolio and a $61 million mezzanine loan. At the time, the portfolio was appraised at $423 million (in October 2022, it was appraised at $360 million). The hotels are located in Boston, Chicago, Philadelphia and San Francisco. The portfolio’s former owner, New York City-based MasterWorks Development, could end up with the hotels because it bought the mezzanine debt that was backed by the hotels.

Mundi acquires in Vancouver. Kamloops, British Columbia-based Mundi Hotel Enterprises has acquired the Hyatt Place Metrotown in metropolitan Vancouver from Burnaby, Canada-based Thind Properties for C$47.2 million ($33.55 million). The hotel is part of a 48-story mixed-use tower completed in late 2023, but an adjacent 10-story podium has remained vacant. It was originally designed as office space, but Thind received approval earlier this year to convert the space into a hotel. The 159-key hotel is scheduled to open in 2025. Colliers assisted with the transaction.

New CEO at Rosen Hotels & Resorts. Orlando-based Rosen Hotels & Resorts has named Frank Santos as its next CEO. The move comes one week after founder and president Harris Rosen’s death at the age of 85. Santos was CFO for Rosen Hotels for almost 39 years and later added vice president to his title. Santos also worked with Harris Rosen on a number of the company’s philanthropic efforts.

Marriott adds 3 in KSA. Marriott International has signed an agreement with Knowledge Economic City (KEC) to open three hotels in Madinah, Saudi Arabia. The anticipated openings will be part of the KEC master development, featuring over 1,200 rooms across three brands. The properties include the 456-key Courtyard by Marriott Knowledge Economic City, the 558-key Four Points by Sheraton Knowledge Economic City and the 250-key Residence Inn by Marriott Knowledge Economic City. The projects will be located within KEC’s Islamic World District. Marriott’s current portfolio in Saudi Arabia includes 40 properties across 13 of its brands.

Dutco acquires in Scotland. The Bruntsfield Hotel in Edinburgh, Scotland has been acquired by Dubai-based Dutco Group from London-based Castleforge for an undisclosed amount. This is the second acquisition for Dutco in the past year after the company bought the Mar Hall Golf & Spa Resort near Glasgow. JLL assisted with the transaction. The new owner plans a significant investment to renovate the 74-key Bruntsfield and reposition the property as a luxury hotel next year. Castleforge bought the property in 2021 after the previous owners retired. Dutco’s hospitality portfolio includes luxury properties in Dubai, the Maldives and the Seychelles under its JA brand, as well as hotels in the U.S. and Scotland. 

Island adds in New York. West Palm Beach, Florida-based Island Hospitality Management will manage the 209-key Embassy Suites Syracuse Destiny USA in Syracuse, New York. Island operates more than 80 properties under 20 different brands in 27 states and the District of Columbia.

IHG hits 50 Vignette hotels. Three years after its launch, IHG Hotels & Resorts has 50 hotels that are open or part of its pipeline that are part of its Vignette Collection. IHG has a goal to have 100 open and pipeline hotels in the brand’s first 10 years. Launched in 2021, Vignette Collection is IHG’s first collection brand. There are 19 Vignette Collection hotels open worldwide with 34 in its pipeline that will mark brand debuts in markets such as Japan, Vietnam and The Maldives. IHG’s luxury and lifestyle portfolio has grown significantly in recent years. It currently includes six brands, over 500 hotels, and a pipeline of over 350 hotels.

Hilton expanding in Morocco. Hilton is accelerating its plans to double its portfolio in Morocco with the signing of nine hotels across seven of its brands, including the debut of its Waldorf Astoria Hotels & Resorts brand in the capital city of Rabat, as well as the introduction of its luxury LXR Hotels & Resorts, lifestyle Curio Collection by Hilton and Hampton by Hilton brands to the country. Hilton currently has 10 open hotels in Morocco.

Marriott adds Ritz-Carlton in Serbia. Marriott has signed an agreement with Belgrade, Serbia-based Danube Riverside d.o.o. Beograd will introduce the Ritz-Carlton brand to Serbia. The 193-key The Ritz-Carlton, Belgrade, is scheduled to open in 2027. Marriott currently has four properties in Serbia.

AIC adding in the Caribbean. Miami-based AIC Hotel Group is expanding its Unico Hotel Collection by opening new properties in Puerto Vallarta, Mexico and Montego Bay, Jamaica. The first property in the expansion, Unico 20°105° Puerto Vallarta, is set to open in fall 2025.

Marriott debuts W in Prague. Marriott has debuted its W Hotels brand in the Czech Republic with the opening of the W Prague. The 161-key hotel was first announced in 2017 and was originally scheduled to open in 2020. It is partially housed within an Art Nouveau-style property on Wenceslas Square.

Minor debuts NH Collection in Thailand. Minor Hotels is debuting its NH Collection brand in Thailand with the opening of the 122-key NH Collection Samui Peace Resort. The opening is part of Minor’s strategy to expand the NH brand in Asia, following the earlier launch of NH Bangkok Sukhumvit Boulevard in October and NH Boat Lagoon Phuket Resort in November. The company plans further regional openings, including properties in China, Sri Lanka, and the Maldives.

Archipelago adds in KSA. Jakarta, Indonesia-based Archipelago is opening a new hotel in the upcoming Islamic World District area of the Knowledge Economic City in Madinah, Saudi Arabia. The Aston Hotel & Residences will have 519 hotel rooms and 130 serviced apartments and is scheduled to open in 2027.

Dusit debuts in Malaysia. Bangkok-based Dusit Hotels and Resorts is opening its first hotel in Malaysia with the 296-key Dusit Princess Melaka.