Latest news: Monarch finances 3; Coraltree adds vacation rentals; strong outlook for glamping

Monarch finances three properties. New York and London-based Monarch Alternative Capital LP has expanded its real estate debt investment platform through recent debt financings for the Hotel 48LEX in New York, Renaissance Las Vegas, and Westin Tampa. Monarch provided Hotel 48LEX with a mortgage loan for a borrower with a compressed timeline to refinance a pending maturity. For the Renaissance Las Vegas, Monarch financed the off-strip, non-casino hotel directly adjacent to the Las Vegas Convention Center. The company’s most recent investment was for the full-service Westin Tampa on Harbour Island. Monarch has approximately $14 billion of assets under management.

Coraltree launches vacation rental collection. Englewood, Colorado-based CoralTree Hospitality has launched the CoralTree Residence Collection, which includes a portfolio of vacation rentals and residential resorts under management in Colorado and Hawaii. The CoralTree Residence Collection includes properties in Vail and Snowmass in Colorado and resort destinations on three Hawaiian islands: Kauai, Hawaii Island and Maui. Coraltree’s parent company is Lowe, which launched its hospitality business in 1973.

Glamping market to grow to $1.3B by 2029. The glamping market in the U.S. is forecast to grow from $561.42 million in 2023 to reach $1.3 billion in 2029 with a compound annual growth rate of 15.14%, a CAGR of 15.14% from 2023-2029, according to a new report by Researchandmarkets.com. The study found that the U.S. glamping market is highly competitive, with diverse players vying for market share. It is also characterized by a growing number of boutique and niche glamping operators catering to specific demographics or interests, further intensifying competition.

Mixed results for extended-stay. In February, total extended-stay ADR posted its first monthly decline since rates began rising in April 2021, according to research from The Highland Group. Extended-stay RevPAR declined for the third consecutive month, extended-stay hotels recorded their strongest monthly gain in one year after occupancy had declined for 10 straight months. “Strong demand growth and an increase in occupancy are good signs in this year’s difficult start for extended-stay hotels,” said Mark Skinner, partner at The Highland Group.

Crystalbrook adds in Australia. Australia-based Crystalbrook Collection is adding a new hotel in Canberra. The 10-story, 238-key hotel is scheduled to open in 2027 and will be part of a mixed-use commercial development. Crystalbook is partnering with Canberra-based TP Dynamics on the development. Crystalbrook Collection is part of the Ghassan Aboud Group.

Rotana adding in KSA. Abu Dhabi-based Rotana plans to add eight new properties within the Kingdom of Saudi Arabia over the next four years, including the soft launch of the 133-key Dar Rayhaan by Rotana in Al Khobar. These new properties will expand Rotana’s portfolio in KSA to 16 properties and 4,400 keys.

Proposed London hotel site for sale. Morley House, a hotel development site in London with a gross development value of £250 million, is on the market. The proposal includes demolishing the existing building and developing an 11-story hotel with a rooftop that could be used as a bar or event space. H.I.G Capital has appointed Savills and Cushman & Wakefield to explore the sale.