Latest news: Schrager refi; Singerman recap; Canada misses Taylor

Schrager scores big refi. Developers Ian Schrager and Steve Witkoff have reportedly secured a $310 million refinance loan from J.P Morgan Chase for the 367-room Public Hotel on Manhattan's Lower East Side. Brokerage firm Newmark facilitated the transaction.

Singerman recap. Chicago-based Singerman Real Estate has secured $85 million of bridge debt for the recapitalization of two hotels in Myrtle Beach, South Carolina, according to the Commercial Observer.  Peachtree Group originated the three-year, floating-rate loan with two 12-month extension options for the dual-branded 238-key The Ellie Beach Resort Myrtle Beach, Tapestry by Hilton, and 214-key DoubleTree Resort by Hilton Myrtle Beach Oceanfront. The Commercial Observer added that the deal closed on the heels of Peachtree’s $54 million bridge loan for a Hilton-branded hotel last month in the Florida Keys.

Canada misses Taylor. For the first time since April, Canada’s hotel industry in November reported its first year-over-year declines in occupancy and RevPAR, according to CoStar data. November occupancy was 61.6% (-1.0% YOY); ADR was CAD195.94 (0.0%); and RevPAR was CAD120.70 (-1.0%). Ontario reported the steepest declines with occupancy (-4.3% to 64.5%), ADR (-4.0% to CAD214.35) and RevPAR (-8.1% to CAD138.32). Toronto registered the largest drops in ADR (-10.0% to CAD274.79) and RevPAR (-11.6% to CAD206.37). The market’s performance was due to a comparison against Taylor Swift’s Eras Tour in 2024. Edmonton saw the sharpest occupancy decrease (-5.5% to 56.2%).

Nashville Edition funded. Flank GP Fund I secured the full capitalization for The Nashville Edition Hotel & Residences in The Gulch neighborhood of Nashville. The debt and equity financing was provided by affiliates of KSL Capital Partners and Madison Realty Capital in partnership with Newbond Holdings. The Fund closed on approximately $ 400 million in debt and equity financing to build the hotel being developed by Tidal Real Estate Partners in collaboration with Left Lane Development and Marriott International. The property will comprise 261 hotel rooms and condominium residences, 84 private condos fully serviced by the hotel.

Cowabunga, McKinney. Surfs up in Texas. Cannon Beach, a $200 million surf and adventure resort, broke ground on December 15 in McKinney, Texas. The 35-acre project will introduce a three-acre surf lagoon, lazy river, mineral hot springs circuit, full-service resort hotel, and a mix of dining, entertainment, and business spaces. At the center of the development will be a resort-style hotel, event and wedding venues, and a sandy beach. The first phase could open as soon as mid-2027. The announcement follows Cannon Beach’s recent opening of its first surf-focused development in Mesa, Arizona.

Summerlin resort rebrands. JW Marriott Las Vegas and Rampart Casino has rebranded return to its original name, The Resort at Summerlin. Effective January 1, 2026, the rebrand marks a milestone in the property’s ongoing $75 million, multi-year renovation.

Sonesta-NPA transition. Sonesta International Hotels Corp. announced the opening of 45 franchised hotels, expanding the portfolio of franchisee NPA, a private equity firm, the largest purchaser in the planned encumbered sale of 113 managed properties. The transition of these Sonesta ES Suites, Sonesta Simply Suites, and Sonesta Select Hotels highlight Sonesta’s asset-right strategy as they prepare to enter their fifth year of franchising in 2026. The transition of these properties was completed in November.

Orlando Red Roof trades. Winchester Hospitality has sold the 74-room Red Roof Inn Orlando South – Florida Mall for $5.65 million to JANM Hospitality. DSH Hotel Advisors represented the buyer and seller.

Sri Lanka deal. Sri Lanka’s Browns Investments’ subsidiary Browns Ari Resort (Pvt.) Ltd. has sold the Barcelo Whale Lagoon Maldives resort for $57.5 million to ASB Hotel Properties Maldives Pvt. Ltd. The resort will undergo a repositioning and be managed by Meila Hotels International. The resort was built in 2023 and is located in the South Ari Marine Protected Area.

First for Rosewood. Rosewood Hotel Group announced the on-schedule opening of Rosewood Courchevel Le Jardin Alpin, the group’s first ski resort. This debut follows seven on-track openings in 2025, including Rosewood’s first standalone residential property available for sale, Rosewood Residences Beverly Hills. The news comes after parent company New World Development Co. reportedly in early December was potentially looking to sell select Rosewood assets after net debt reached 98% of shareholder equity at the end of June.