Latest news: Swan & Dolphin refi; VICI loan for Great Wolf; Ashford refi in Nashville

Tishman, MetLife refinance Disney resorts. Tishman Hotel & Realty and MetLife Investment Management have secured refinancing for several adjacent properties in Walt Disney World. The new $735 million, five-year, floating rate SASB CMBS term loan will refinance The Walt Disney World Swan, Walt Disney World Dolphin and Walt Disney World Swan Reserve, which are collectively known as Swan & Dolphin Resort, a 2,619-key resort situated directly adjacent to the theme parks within Walt Disney World in Lake Buena Vista, Florida. Wells Fargo, Bank of America and Goldman Sachs were the lenders and JLL’s Hotels & Hospitality group arranged the financing. 

Star Asia Group acquires Minacia. Singapore-based Star Asia Group has acquired Japanese hotel operator Minacia for an undisclosed amount. Minacia operates 39 limited-service properties and 5,180 rooms across major Japanese cities. It operates hotels under the Wing International and Tenza Hotel brands and has ventured into the restaurant business. Star Asia Group became the main sponsor of Polaris in 2018, and it currently operates 50 hotels and 8,958 rooms in Japan and worldwide.  

VICI mezz loan for Great Wolf. New York-based REIT, VICI Properties, has originated a $250 million mezzanine loan as part of $1.55 billion in financing that also includes a single borrower group CMBS securitization for Great Wolf Resorts through its VICI Experiential Credit Solutions strategy. The Great Wolf Loan will be collateralized by a portfolio of nine Great Wolf Lodge resorts with more than 4,000 rooms. The mezzanine loan will have an annual fixed rate and an initial term of two years with three, 12-month extension options. In connection with the loan, Great Wolf repaid VICI’s $79.5 million mezzanine loan for Great Wolf Lodge Maryland. The remaining $170.5 million capital commitment was funded with cash. VICI Properties owns 93 assets across the U.S. and Canada, including 54 gaming properties.

Ashford Hospitality Trust refinance. Ashford Hospitality Trust, a Dallas-based REIT, has closed on the refinancing of the 673-key Renaissance Hotel in Nashville, Tennessee, which had a final maturity date in March 2026. The new, non-recourse loan totals $267.2 million and has a two-year initial term with three one-year extension options, subject to the satisfaction of certain conditions. The loan is interest only and provides a floating interest rate of SOFR + 3.98%. The previous loan totaled $240 million, including the 296-key Westin Hotel in Princeton, New Jersey. As part of this refinancing, the Westin Princeton is now unencumbered and Ashford Trust has listed this property for sale. The REIT said it will use the proceeds to pay down its financing.

Largest hotel in Texas refinances. Chartres Lodging Group Elliott Investment Management, secured $270 million in refinance loan in April for the 1,841-key Sheraton Dallas, which is the largest hotel in Texas. The $270 million senior loan was originated by Goldman Sachs and JP Morgan Securities and has a two-year, floating-rate loan that includes three one-year extension options. Miami-based Driftwood Capital, through its lending fund Driftwood Lending Partners, provided $30 million in mezzanine financing to accompany the refinance. 

Hyatt growth in Latin America, Caribbean. Hyatt Hotels Corp. will open more than 30 hotels in Latin America and the Caribbean over the next three years. Over the next year, the new properties will include the debut in the region of two resorts in The Destination by Hyatt brand in Peru and St. Lucia and eight resorts in Hyatt’s Inclusive Collection in Curacao, Bahia Mita, Punta Cana, Aruba, St. Lucia and Puerto Vallarta. Hyatt will also add four hotels in its Boundless Collection and four in its Timeless Collection. The company said it would open additional hotels in Turks & Caicos, Los Cabos, St. Lucia, Cancun, Mexico City, Monterrey, San Miguel de Allende and Puerto Vallarta.

First Tribute in Mumbai. Marriott International has signed an agreement with the Balwa Group to launch the first Tribute Portfolio Hotel in Mumbai, India. The 49-key The Ballard, a Tribute Portfolio Hotel, is scheduled to open in March 2026. Marriott’s Tribute Portfolio has over 100 independent hotels in nearly 30 countries and territories.

Co-CEO of RIU will retire. Carmen Riu, currently co-CEO of Palma, Spain-based RIU Hotels & Resorts, a position she shares with her brother Luis Rio, will retire this summer. Luis Rio will continue as the company’s sole CEO. She and her brother were appointed CEOs in 1998 following the death of their father.

IHCL partners with CG Hospitality. Indian Hotels Co. Ltd. has announced a strategic partnership with CG Hospitality, extending its current association with TAL Hotels & Resorts Ltd. and Taj Safaris Ltd. to achieve a portfolio of 25 hotels by 2025. The current operating footprint in the Indian sub-continent and Middle East includes Taj Exotica Resort & Spa, Taj Coral Reef Resort & Spa in Maldives, Taj Samudra, Colombo, Sri Lanka, Taj Jumeirah Lakes Towers, Dubai and Taj Safaris, the wildlife luxury lodges in India and Nepal. The current portfolio has 11 operating hotels, with 14 more in the pipeline because of this agreement.