Latest news: Leyad, Capstone buy in NYC; REIT refis in Austin; Line DC to auction

Leyad acquires in NYC. Montreal-based Leyad and New York City-based Capstone Equities have acquired the 226-key Ink48 Hotel in the Hell’s Kitchen neighborhood of New York City in a 50-50 joint venture from an undisclosed seller for approximately $62.5 million. This is Leyad’s second hotel acquisition and first in the New York City market. 

Refinance in Austin. West Palm Beach, Florida-based REIT Southern Realty Trust (SRT) has originated a $57 million to refinance 108-key The Loren at Lady Bird Lake, a luxury hotel in Austin, Texas. The sponsor of the loan is New York City-based The Loren Group. SRT holds $25 million of the loan, with the remaining $32 million coming from West Palm Beach-based Sunrise Realty Trust. JLL represented the borrower in the transaction.

The Line DC hotel up for auction. The lender behind the The Line DC hotel is bringing the property up for auction, according to Bisnow. Larkspur, California-based Acore Capital has retained JLL to market the property in Washington, D.C., and a public auction has been scheduled for January 23. The hotel was developed by Sydell Group, Foxhall Partners and Friedman Capital, and Square Mile Capital, which later became part of Affinius Capital, was an investor. The 220-key hotel opened in 2017 as an adaptive reuse of the former First Christ of Scientist Church. The project received an $80 million loan in 2016 from Deutsche Bank, and in 2019 it was refinanced with an $86 million loan from Acore Capital. 

Manhattan Suite at The Park Hyatt NYC. The Park Hyatt New York has unveiled its Manhattan Suite, located on the hotel’s 25th floor. The suite represents a $10 million investment and has a 3,500-sq.-ft. suite with three bedrooms, three bathrooms, two powder rooms, and two balconies, which can accommodate up to 10 guests.

La Bahia in Santa Cruz opening. The 155-key La Bahia Hotel & Spa in Santa Cruz, California, will open in the late Summer of 2025. The property was originally opened in 1926 when architect and UC Berkeley professor William C. Hays first envisioned the site as a beachfront destination and was originally designed as a series of apartments next to a small hotel.

Hilton wants to triple in Egypt. Hilton is on track to triple its presence in Egypt with plans to open 25 hotels across the country, including the signing of more than 10 new properties. Hilton is seeking to operate more than 40 hotels in Egypt over the coming years. The new signings include the debut of Hilton’s lifestyle brand, Tapestry Collection by Hilton, on the African continent, Egypt’s first Curio Collection by Hilton and an all-inclusive resort under the Hilton Hotels & Resorts brand. Hilton is also set to open the highly anticipated Hilton Cairo Nile Maadi in early 2025.

AAHOA supports FTC lawsuit. The Asian American Hotel Owners Association (AAHOA) said it supports the Federal Trade Commission’s (FTC) decision to file a lawsuit under the Robinson-Patman Act to address pricing practices that disproportionately affect small and minority-owned businesses. The Robinson-Patman Act was designed to prevent price discrimination and promote fair competition, safeguarding the interests of small businesses that often find themselves at a disadvantage when dealing with large corporations.