Latest news: Sotherly refi, rebrand; Finvarb sells in Palm Beach; IHG's Spain growth

Sotherly refinances, rebrands in Jacksonville. Williamsburg, Virginia-based Sotherly Hotels has refinanced the DoubleTree by Hilton Jacksonville Riverfront hotel for $26.25 million with an additional $9.49 million available for a PIP. The loan, secured from Fifth Third Bank, carries a floating interest rate based on SOFR plus 3.0%. Southerly also signed a new 10-year franchise agreement with Hilton to relicense the hotel as a soft-branded DoubleTree by Hilton under the name Hotel Bellamy. There will be an approximately $14.6 million renovation of the property with an estimated completion date of January 2027. Sotherly has 10 properties and over 2,700 rooms in its portfolio.

Refinance in Miami. Miami-based Hospitality Operations has refinanced the 221-key Hampton Inn & Suites in Miami’s Brickell neighborhood for $45.9 million. New York City-based Berkadia secured the five-year, fixed-rate, interest-only loan from the lender, a life insurance company.

Palm Beach hotel sells. Miami-based Finvarb Group sold the 128-key Courtyard by Marriott Palm Beach Jupiter to Umbrella Point Holdings on July 2 for $20.9 million. According to The Real Deal, Umbrella Point Holdings is tied to JW Marriott Family Enterprises. Hunter Hotel Advisors facilitated the transaction.

IHG adds 4 in Spain. IHG Hotels & Resorts has signed four new properties in Spain, adding over 500 rooms across the market. The hotels include the 82-key Hotel Indigo in Jerez de la Frontera, signed in partnership with Senator Hotels & Resorts, which is scheduled to open in spring 2026; the 167-key voco Granada, also in partnership with Senator, which is scheduled to open in spring 2026; the 148-key Holiday Inn Express Seville – City, also part of the Senator partnership and scheduled to open in Spring 2026; and the 130-key Holiday Inn Express & Suites Sabadell, which is part of franchise agreement with Gestion T3 Hoteles and set to join the IHG portfolio in late 2025. IHG currently has 55 hotels operating under eight brands in the country, with an additional 12 in the pipeline.

B&B adds 5 in U.K. Paris-based budget hotel chain B&B Hotels has purchased five hotels in the U.K. to further its expansion. B&B has purchased the Pentahotel hotels in Inverness, Scotland and three more hotels in Birmingham, Warrington and Ipswich. B&B says the Pentahotel hotels will undergo a light renovation before operating as but will remain open. B&B plans to open 100 hotels in the U.K. by 2035. 

Aimbridge EMEA adds in Republic of Georgia. Aimbridge Hospitality EMEA has been named operator of the Wyndham Grand Residences in Batumi, Republic of Georgia, expanding its presence in the region. The agreement will see Aimbridge EMEA manage the hotel complex Wyndham Grand Residences Batumi Gonio, which comprises several hotels, including the Wyndham Grand Residences Aqua Batumi Gonio, the Wyndham Grand Residences Family Club Batumi Gonio, and the Wyndham Grand Residences Riviera Batumi Gonio. The properties are currently under construction and expected to open in spring 2025.

Robin Hutson, wife retiring from The Pig. British hotelier Robin Hutson said he and his wife Judy will step down at the end of 2024 from their leadership roles at The Pig, the boutique hotel collection they founded in 2011. The Pig brand was sold to KSL Capital Partners in 2022 with the Hutsons retaining a portion. Tom Ross, who was promoted to CEO of the group last May, will remain in leadership.

New exec at PM Hotel Group. Chevy Chase, Maryland-based PM Hotel Group has appointed Paul Sacco as chief growth and development officer. Sacco has over 30 years of experience in the hospitality industry, including roles at Mint House, Starwood Hotels & Resorts Worldwide and Driftwood Capital. He was most recently chief growth and development officer at Mint House.

Hilton’s Phil Cordell retiring. Phil Cordell, global category head lifestyle and new brands for Hilton is retiring and transitioning to an advisor role. As previously announced, Kevin Osterhaus recently joined Hilton as president, global lifestyle brands. Cordell has over 40 years of experience and leadership at Hilton which started when he became a bellman with Hilton while in high school. He will transition to the advisor role effective in July.

Holiday impacts U.S. performance. U.S. hotels performed lower because of the timing of the Fourth of July holiday, according to CoStar. For the week of June 30 through July 6, occupancy was 61.3% (down 0.9% from the previous year), ADR was $157.27 (up 0.5%) and RevPAR was $96.35 (down 0.4%). Among the Top 25 markets, New Orleans saw the highest year-over-year increases in all three metrics: occupancy (up 15.5% to 56.6%), ADR (up 35.1% to $197.23) and RevPAR (up 56.1% to $111.72). While the steepest RevPAR declines were in St. Louis (down 25.4% to $58.65) and Tampa (down 13.5% to $100.65).

Swing & Pillows acquires 5. Kuala Lumpur, Malaysia-based co-living space and hotel chain operator Swing & Pillows has acquired five hotels in Kuala Lumpur for an undisclosed amount to be part of its Kingston brand. The hotels include the Corona Inn, Hotel Sungei Wang and Metropol Hotel. Swing & Pillows currently runs a portfolio of over 120 hotels and three resorts in the region.

Vignette to Dubai island. Dubai-based Kleindienst Group is developing the Marbella Resort Hotel, Vignette Collection by IHG Hotels & Resorts, on the World Islands, Dubai. The AED 1 billion ($272.26 million), 150-key luxury hotel will be IHG’s first Vignette Collection on the World Islands.

Marriott launches business program. Marriott International has launched Business Access by Marriott Bonvoy, an online travel booking program designed as a direct channel for small to medium-sized businesses. The program is available to small to medium-sized businesses based in the U.S., Canada, Europe, the Middle East, Africa, the Caribbean and Latin America and is anticipated to expand to other regions.