Latest news: McWhinney’s $115M in financing; Hilton, AmEx support LA; Glasgow Virgin sells

McWhinney $115M in financing. Greeley, Colorado-based McWhinney has secured $114.6 million of bridge financing for 246-key Hyatt Centric Congress Avenue Austin and the 226-key Hyatt Place Peña Station in Denver, according to the Commercial Observer. McWhinney acquired the Austin property in 2019 before opening it as a hotel in 2023. According to the story, the loan for the Denver property will provide McWhinney additional time to stabilize the hotel’s operating performance after its 2019 opening was disrupted by COVID.

Hilton, AmEx partner in LA. Hilton and American Express are partnering to make 20,000 hotel room nights available at no charge to impacted people across the greater Los Angeles area. Hilton is working with local nonprofit organization 211 LA to coordinate the distribution of rooms to people impacted by the wildfires. Individuals who have not yet applied with the nonprofit for accommodations can complete an application online. Hilton and The Hilton Global Foundation are supporting first responders in the Los Angeles area with contributions to the Los Angeles Fire Department Foundation and the International Fire Fighters Association Foundation.

Glasgow Virgin Hotel sells. The Glasgow Virgin Hotel in Scotland has been sold more than a year after its sudden closure. Interpath, the joint administrators of Lloyds Developments Ltd., have sold the 17-story 240-key hotel to an entity of Martin Property Group for an undisclosed amount. The hotel opened in August 2023 and closed on December 19, 2023.

Miramar buys Hong Kong property for $400M. Hong Kong-based Miramar Hotel and Investment is buying a property in Hong Kong from Henderson Land Development for HK$3.12 billion ($400.75 million) to build a new hotel and commercial development, according to a report in Reuters. Miramar acquired Solution Right, which is located in Hong Kong's Tsim Sha Tsui district and will demolish the existing building and build a new multi-story hotel and commercial property next to The Mira Hong Kong hotel. 

US hotels negative YOY comparisons. The U.S. hotel industry from January 5-11 reported negative year-over-year comparisons, according to CoStar data. Performance was impacted by shifts in the MLK Day and group/conference calendars, as well as various weather events, including the Los Angeles fires and winter storm Cora. Occupancy was 49.2% (down 7.7%), ADR was $144.03 (down 5.9%) and RevPAR was $70.92 (down 13.2%). Among the Top 25 markets, Tampa reported the largest gains in each of the three key performance metrics: occupancy (up 18.2% to 79.1%), ADR (up 7.6% to $178.42), and RevPAR (up 27.2% to $141.20). Los Angeles saw the second-highest increases in occupancy (up 5.7% to 65.0%) and RevPAR (up 8.6% to $122.63) due to displacement demand from the fires. The steepest RevPAR decline was reported in San Francisco (down 78.1% to $85.89) due to the J.P. Morgan Healthcare Conference calendar shift.

Avion adds in Kansas City. Dallas-based Avion Hospitality has been awarded management of the newly rebranded Hotel Savoy Kansas City, Tapestry Collection Hotel by Hilton in Missouri. The former 21c Kansas City underwent a renovation to become part of Hilton’s Tapestry Collection.

Kinseth adds in Branson. Coralville, Iowa-based Kinseth Hospitality Companies has added the 84-key Residence Inn Branson in Missouri to its management portfolio.

Ruby adds in Hungary. Munich, Germany-based Ruby Hotels has continued its expansion across Europe by introducing its first Hungarian property. This mixed-use conversion in Budapest will feature a Ruby Hotel with 181 rooms spread across four floors. Construction is set to begin in late 2025 and the hotel is scheduled to open by the end of 2026.

New ad campaign for Langham. Hong Kong-based Langham Hospitality Group unveiled a new advertising campaign for its flagship hotel brand, The Langham Hotels and Resorts. The “Your Story. Our Legacy” campaign celebrates the lives of the leading artists, architects, athletes, writers, chefs, designers and other cultural icons who have stayed and gathered at The Langham’s properties across the world.