Latest news: Starwood modifying debt; Hartford hotel sells; record month in Canada

Starwood modifying portfolio debt. Starwood Capital Group plans to sell part of a 6,366-room limited-service and extended-stay hotel portfolio tied to a $577 million CMBS loan backed by 65 hotels in 21 states that was sent to special servicing last month, according to Bisnow. Starwood reportedly wants to modify the mortgage terms, which originated in 2017. S&P Global estimated last August that the portfolio’s value, appraised at $956 million eight years ago, has dropped by more than half. The loan workout, which Bisnow said was divided and sold into more than a dozen CMBS trusts, is being handled by Starwood Property Trust subsidiary LNR Securities Holdings. Starwood, blaming a slowdown in the tech sector and escalating expenses, told Bisnow it wants to sell certain assets in the pool to improve the debt service coverage and allow better access to certain reserve accounts for value-add renovations.

Hartford hotel sells. A pair of Sioux Falls, South Dakota-based companies, East Hartford Lodging Partners and SITA Inc., have acquired a 121-key Hampton Inn & Suites East Hartford/Hartford hotel in East Hartford, Connecticut, for $15 million from Indianapolis, Indiana-based First Merchants Group, according to the Hartford Business Journal. The buyers are both associated with Sioux Falls-based SBM Hospitality, which operates 10 hotels under the Hilton and Marriott brands.

Record for Canadian hotels. ADR and RevPAR hit record highs for Canadian hotels in February, according to CoStar data. For February, occupancy was 57.7% (-0.5% year-over-year), while ADR was CAD189.27 (+4.2%) and RevPAR was CAD109.14 (+3.7%). Among the provinces and territories, British Columbia recorded the highest occupancy level (62.3%), which was 0.9% below 2024. Among the major markets, Vancouver saw the highest occupancy (71.5%), down 2.8%. The lowest occupancy among provinces was reported in Prince Edward Island (36.5%), down 5.5% against 2024. At the market level, the lowest occupancy was reported in Edmonton (-1.2% to 52.6%).

Hotel Maya going independent. The Hotel Maya in Long Beach, California, is transitioning to an independent hotel from its affiliation with Hilton, effective April 1. The hotel, which is owned by Long Beach-based Ensemble, is celebrating its 50th anniversary.

IHG adding in Sicily. IHG Hotels & Resorts is partnering with Menlo Park, California-based Blu Lava Resorts and Madrid-based Panoram Hotels for its second Vignette Collection property in Italy, with the signing of the 43-key Marina di Ragusa, Sicily. It is scheduled to open later this year and will join IHG’s luxury and lifestyle portfolio in Italy, with eight open hotels and eight in the pipeline. IHG’s other Vignette Collection property, the Hotel Alexandra, Vignette Collection is scheduled to open in 2026.

Oyo adding 100 Sunday Hotels. Oyo’s parent company, Ahmedabad, India-based Oravel Stays, is planning to grow its upscale Sunday Hotels brand by adding 100 properties around the world over the next year. Sunday Hotels was established in May 2023 through a collaborative venture between SoftBank Group and Oravel Stays. It currently operates in 10 countries, including Bahrain, Indonesia, Malaysia, Thailand, the United Arab Emirates and Vietnam. Oravel Stays currently manages a portfolio of 13 Sunday Hotels within India.

Centara adds in Thailand. Bangkok, Thailand-based Centara Hotels & Resorts is partnering with Patch Patana Land and Business Co., Ltd. to sign a management agreement for the 69-key Centara Life Wisma Hotel Ratchaburi in Thailand. The hotel opened in 2022.