Latest news: Loan for Cali hotel; Ashford converts in Florida; Lore converts Mondrian

Loan for Cali hotel. Dallas-based Creative Media & Community Trust Corp. (CMCT) has secured a non-recourse loan of up to $92.2 million for the 505-key Sheraton Grand Sacramento Hotel in California. The floating-rate, interest-only loan matures in December 2026 with three one-year extension options. The loan consists of an $84.3 million closing day advance that was used to pay down existing debt on its corporate-level credit facility (which was reduced to approximately $97.3 million from its original $169.3 million) and will also be used to fund renovations for the hotel which began earlier this year and are expected to be completed by the end of 2024.

Ashford converts in Key West. Dallas-based REIT Ashford Hospitality Trust has completed the conversion of the Crowne Plaza La Concha Hotel in Key West, Florida, to the 160-key Autograph La Concha. The hotel recently completed $35 million in renovations.

Peachtree $1B in CPACE. Atlanta-based Peachtree Group has surpassed the $1 billion threshold with its Commercial Property Assessed Clean Energy (CPACE) financing In 2024 alone, completing 22 CPACE transactions across the U.S. The firm’s $1 billion in CPACE financing is rooted in hospitality, which remains its largest segment, comprising approximately 45% of its total, but other sectors are expanding, with residential (including multifamily, student housing and senior living) now representing 22% of the portfolio or $220 million.

Lore rebrands former Mondrian. Lore Group has announced the rebranding of the former Mondrian Park Avenue in New York City to the Hotel Park Ave., marking Lore’s seventh property. Hotel Park Ave will join Lore Discovery in early 2025 – the loyalty program of the Global Hotel Alliance. In Spring 2025, Hotel Park Ave. will unveil a new lobby and nine suites, including the ‘Nomad Penthouse.’ In addition, a new dining concepts across the hotel’s rooftop terrace bar and ground-level restaurant will be announced in Spring 2025.

Hilton debuts in Congo. Hilton is debuting in The Republic of the Congo with the opening of the 221-key Hilton Brazzaville Les Tours Jumelles Hotel & Residences in Brazzaville. With a height of almost 140 meters, the hotel is the tallest building in the country and is connected to another office tower.

Hawaii has busiest October since 2019. The Hawaii Department of Business, Economic Development and Tourism released preliminary statistics for October, which counted 774,617 visitor arrivals in the Islands, the second highest on record, after October 2019 with 796,191 arrivals. By island, Oahu had 455,291 visitors in October, a 1.7% year-over-year increase; Kauai had 106,196 visitors, down 3.8% compared to last year. The Big Island of Hawaii had 132,392 visitors in October, a decrease of 1.7% year-over-year. Maui had 180,609 visitors in October, which is better than last October’s 134,498 (two months after the Lahaina fire). But it’s still well below October 2019 (down 24.1%), when the island welcomed 238,043 visitors.

Marriott adds first Moxy in Dubai. Marriott International has signed an agreement with Dubai-based Al Ali Property Investments (API) to bring a new Moxy Hotel to Dubai. The Moxy Al Barsha Dubai is converting from an existing hotel and will undergo a brand positioning process and refurbishment before opening as Moxy Hotel in the summer of 2025. This will mark the debut of the Moxy brand in the UAE. This is the third collaboration between Marriott International and API, following the signings of a Marriott Executive Apartments and Marriott Hotel Residences on Sheikh Zayed Road.

Malaysian REIT adding 2. Malaysia’s Pavilion REIT has proposed the acquisition of two hotels in Kuala Lumpur operated by Banyan Tree Hotels & Resorts, valued at MYR480 million. The Banyan Tree Kuala Lumpur and Pavilion Hotel Kuala Lumpur will be acquired from Lumayan Indah Sdn Bhd and Harmoni Perkasa Sdn Bhd for MYR140 million and MYR340 million, respectively. This move is anticipated to bolster Pavilion REIT’s earnings per unit and distribution per unit, with projected accretions of 0.7% and 4.6% in the fiscal years 2025 and 2026, respectively. The acquisition is expected to be funded through the placement of new units, aiming to raise between MYR264 million to MYR552 million in gross proceeds.

IHG adds voco in Indonesia. IHG Hotels & Resorts is partnering with Bandung, Indonesia-based PT Sun Land Investama and new partner Nova Chandra to open a new voco hotel in Bandung. The new-build 162-key voco Bandung Setiabudi is scheduled to open in 2025. There are currently 150 open voco hotels worldwide with an additional 80 in the pipeline.

Accor adds Pullman in India. Accor is partnering with Chennai, India-based Ceebros Group to bring its upscale brand Pullman to the south Indian city of Chennai. The 233-key hotel will be converted from The Raintree Annan Salai, which Ceebros owns, and is scheduled to open in January.  Accor currently has 66 hotels across India, with 30 more in its pipeline.

IHG adds Holiday Inn in India. IHG has signed a management agreement with Abhishek Jain to develop a Holiday Inn Express hotel in Ayodhya, India. The 125-key Holiday Inn Express Ayodhya is scheduled to open by mid-2028. IHG currently has 46 hotels operating across five brands in India, with a pipeline of 58 hotels due to open in the next three to five years.