Latest news: Meliá founder dies; $9B loan for Marina Bay Sands; Florida construction loan

Meliá founder dies. Honorary Chairman and Founder of the Meliá Hotels International Gabriel Escarrer Juliá has died at age 89. Escarrer founded the company in Majorca, Spain, at the age of 21 and presided over the company for more than six decades, until handing over the baton to his son Gabriel Escarrer Jaume, current chairman and CEO. Escarrer created a large family with six children and was loved and respected by the large group of employees — more than 40,000 today. Meliá Hotels International has more than 400 hotels open or in the process of opening in more than 40 countries, and a portfolio of nine brands.

$9B Marina Bay Sands loan. A $9 billion (S$12 billion) loan to fund the Marina Bay Sands’ expansion in Singapore will be split into three tranches, according to a Bloomberg report. The loan is set to include up to S$7.5 billion for delayed-draw term financing, S$3.75 billion in term loans and S$750 million for a revolving credit facility. The loan would become the largest financing of its kind in Singapore. The expansion of Marina Bay Sands would include a fourth hotel tower with its own casino. Construction is scheduled to begin in June 2025 with completion in 2031.

Rosewood Residences construction loan. Miami-based Related Group and Sunny Isles Beach, Florida-based Dezer Development have closed on $307 million in construction financing from affiliates of Apollo for Rosewood Residences Hillsboro Beach in Florida. The development will feature 70 beachfront residences and 22 coastal homes.

US hotel performance up. U.S. hotel performance was higher year-over-year due to the shift in the Thanksgiving holiday, according to the latest data from CoStar. For the week of November 17-23, occupancy was 59.7% (up 20.7%), ADR was $150.49 (up 8.6%) and RevPAR was $89.80 (up 31.1%). Among the top 25 markets, Seattle reported the largest year-over-year occupancy increase (up 62.9% to 76.7%), while Chicago posted the highest lifts in ADR (up 43.8% to $181.36) and RevPAR (up 113.7% to $127.91). Oahu was the only market to register a RevPAR decline (down 22.7% to $176.10).

Sonder again receives NASDAQ notice. San Francisco-based apartment and boutique hotel developer Sonder Holdings received a delinquency notice from Nasdaq for failing to file a third-quarter earnings report with the U.S. Securities and Exchange Commission. Throughout 2024, Sonder has delayed filing financial reports after discovering “accounting errors related to the valuation and impairment of operating lease right of use assets and related items.” However, earlier this month, the company filed reports for the first and second quarters, but in an SEC filing, the time required to do so necessitated a delay in compiling a third-quarter report. Sonder said the company has 60 days from the Nasdaq’s Nov. 20 delinquency notice to submit a plan to regain compliance.

Abu Dhabi F1 race to drive ADR. Hotel rates are expected to rise 170% during the week of the Formula 1 Grand Prix in Abu Dhabi at Yas Island on December 6-8, according to data from the Data Appeal Company - Almawave Group. Visitors from the U.K., Italy and Germany, representing 15% of total attendees, are expected to play a significant role in this surge. Projected attendance is estimated at 170,000 people. According to Data Appeal and its data partner PredictHQ, the total predicted spending for the Abu Dhabi Grand Prix exceeds $179 million and accommodation prices in Abu Dhabi are expected to be 85% higher during the race week compared to 2023. The average rate during the event is forecasted at AED1,798 (€ 450).

Nemacolin HIT Lab opens. Nemacolin, the luxury resort in  Farmington, Pennsylvania, has announced the opening of the Nemacolin Hospitality Innovation and Technology Lab (HIT Lab) at West Virginia University. This facility was made possible by Nemacolin and the Hardy family’s $7 million donation in 2023, aiming to redefine hospitality education and practice. The Nemacolin HIT Lab will partner with industry leaders to develop, test, and evaluate new technologies, offering practical tools and software to enhance operations. Students and professionals will use the lab to engage in real-world projects, gaining hands-on experience with data analysis and industry trends. This facility is designed to support the hospitality workforce with targeted training and solutions that address current challenges.

Rainbow acquires in Zimbabwe. Harare, Zimbabwe-based Rainbow Tourism Group has acquired the Montclair Hotel and Casino in Nyanga, Zimbabwe, for $5 million. Currently, the group has properties in Kadoma, Bulawayo, Victoria Falls and Harare. The 85-key hotel was built in 1949.

Pandox acquires in Norway. Stockholm-based Pandox has acquired for approximately NOK 750 million (approximately €64.5 million) the 269-key Radisson Blu Hotel, Tromso in northern Norway, from DNB Eiendom, the real estate arm of the Norwegian financial group DNB Group. The transaction is scheduled to close in the first quarter of 2025.

Neville acquires in Ireland. Dublin-based Neville Park Hotel Group has acquired the 160-key Clayton Whites Hotel in Wexford, Ireland, from Dalata Hotel Group for €21 million. The transaction is expected to close in January 2025.

German hotel acquired. Hamburg, Germany-based HWS Immobilien und Vermögensverwaltung GmbH and München, Germany-based MHP Hotel AG have acquired the 293-key Le Méridien Stuttgart in Germany from Frankfurt, Germany-based real estate investment manager Union Investment for an undisclosed amount. MHP, which has been managing the property since 2017, will continue operating the property under the Le Méridien brand, with plans to reposition the hotel in the future.

Forma adds in the UK. Israel-based Forma Real Estate Funds has acquired the 157-key Travelodge Manchester Piccadilly in the U.K. from financial services provider Legal & General for an undisclosed amount. The hotel is leased to Travelodge and was listed for £23 million earlier this year.

Vision acquires in Japan. Victoria, Australia-based Vision Hotels has acquired the 50-key Beachcomber Island Resort in Fiji from an undisclosed seller for an undisclosed amount. Vision Hotels plans a FJD10 million renovation scheduled to be completed by March 2026.

Ichigo Hotel adds 2 in Japan. Tokyo-based Ichigo Hotel REIT Investment Corp. has acquired two properties in Fukuoka, Japan. The acquisitions include the 103-key The OneFive Marine Fukuoka for JPY2.6 billion and the 160-key Nest Hotel Hakata Ekimae for JPY6.5 billion. The REIT has also sold the 302-key Nest Hotel Osaka Shinsaibashi in Osaka to an unnamed buyer for JPY7.75 billion.