Latest news: Trio of notable CMBS refinances; South Beach hotel sells; Aimbridge touts changes

Strategic refinances portfolio for $1.58B. Chicago-based Strategic Hotels & Resorts has refinanced a nine-hotel portfolio with a $1.58 billion CMBS loan, according to analyst Michael Bellisario of R.W. Baird. The portfolio includes the Ritz-Carlton Laguna Niguel, Ritz-Carlton Half Moon Bay and the Westin St. Francis in California, the Fairmont Scottsdale Princess in Arizona and the Four Seasons Washington, D.C.

Starwood refinances select-service portfolio. Starwood Capital Group is refinancing its portfolio of select-service portfolio with a $424 million CMBS loan, according to Bellisario and R.W. Baird. The portfolio of 61 hotel select-service portfolio has a total of 5,016 rooms.

Atrium refinances portfolio for $985M. Phoenix-based Atrium Holding Company is refinancing a 24-hotel portfolio with 6,106 rooms with a $985 million five-year fixed-rate CMBS loan that is expected to bear interest at 7.16%, according to Bellisario and R.W. Baird. Atrium is repaying 2018-vintage CMBS debt, other mortgage debt, preferred equity and funding a $40 million PIP reserve.

South Beach hotel sale. An affiliate of Philadelphia-based Hersha Hospitality Trust has sold the 71-key Eurostars Winter Haven hotel in Miami Beach, Florida, to WH Miami Properties, an affiliate of Barcelona-based Hotusa Group and the owner of the Eurostar brand, for $19.7 million, according to the South Florida Business Journal. The hotel last sold in 2013 for $15.65 million. Eurostars owns or manages more than 200 hotels in Europe and the Americas.

Aimbridge reviews year of change. Plano, Texas-based Aimbridge Hospitality, the world’s largest third-party hotel management company, is noting a year of change in 2024 after CEO Craig Smith took over earlier this year. The company has transformed its C-suite and top executives with new executives at CFO. CIO, chief global growth officer, chief legal officer and president-full service. Aimbridge also said its investment in its GM Connect leadership program has contributed to a decrease in general manager turnover at its hotels by 48% in the past year.

New Hyatt Studios in Texas. Texarkana, Texas-based DPN Properties has broken ground on the Hyatt Studios Texarkana, which is the fourth Hyatt Studios under development in the U.S. for the brand and is scheduled to open in early 2026. It will be the only Hyatt hotel within 150 miles.

Dreamscape adds in Houston. New York City-based Dreamscape Hospitality has added the Houston Marriott West Loop by The Galleria to its management portfolio. The 301-key hotel will soon undergo a multi-million-dollar renovation for all guest rooms, public spaces and meeting areas.

Brittain partners with Provident to add 8. Brittain Resorts & Hotels is partnering with Clearwater Beach, Florida-based Provident Hotels & Resorts to operate its portfolio of eight hotels and resorts in Florida. The hotels include the Ocean Pointe Suites at Key Largo in Key Largo, the Provident Oceana Beachfront Suites in Treasure Island, the Sunset Vistas Beachfront Suites in Treasure Island, the Crystal Palms Suites in Treasure Island, the Sailport Waterfront Suites in Tampa, the Provident Grand Luxury Short-Term Residences in Downtown Doral, the Provident Doral at the Blue in Doral and the Mutiny Hotel, Coconut Grove in Miami, Fla. Brittain currently operates 30 hotels and resorts throughout the U.S.

Remington adds in Baja. Dallas-based Remington Hospitality will manage the 93-key Kimpton Mas Olas Resort and Spa on Baja’s Pacific coastline in Mexico. Remington has been expanding in the CALA region with its recent moves into Mexico, Belize, Grand Cayman, Costa Rica, the Dominican Republic and Peru. Remington manages 135 hotels in 27 states and Washington, D.C., in the U.S.

Maverick adds in Chicago. Chicago-based Maverick Hotels and Restaurants is expanding its presence in the Chicago market by adding the 362-key Renaissance Chicago O’Hare Suites to its portfolio. Maverick founder and CEO Robert Habeeb made the announcement. Maverick is also the opening of the Hampton Inn & Suites Illinois Medical District in Chicago, which will open on October 16th.

Marriott debuting Edition in India. Marriott International is partnering with Bangalore, India-based Prestige Falcon Realty Ventures Pvt. Ltd. to debut its luxury Edition brand in India with The Mumbai Edition. The 182-key hotel is scheduled to open in 2028. Marriott has over 150 operational hotels and 29,000 rooms across 17 brands in India.

Wyndham, Kamah partner to open 4. Jaipur, India-based Kamah Hotels & Resorts is partnering with Wyndham Hotels & Resorts on a $70 million deal to develop four new properties in Dubai and India. The four new hotels, one in Dubai and three in India will open under the Trademark Collection by Wyndham banner. The deal marks an expansion for Kamah’s portfolio, which is developed by Fine Acers Group in India and Global Branded Residences (GBR) internationally. The new hotels include the Kamah Resort in Coorg, Kamah Resort in Jawai; the Kamah Resort in Udaipur, India; as well as the luxurious Kamah Hotel at Al Jaddaf Waterfront in Dubai. They will follow a branded residences model, offering investors the chance to own units in internationally branded hotels and resorts in sought-after leisure destinations.

Boston hotel strike. About 600 workers at two Boston Hilton hotels announced an open-ended strike on Sunday, escalating contract disputes following a series of temporary strikes at Boston hotels over the last month. Workers at the Hilton Boston Logan Airport and Hilton Boston Park Plaza, the largest Hilton hotels in the city, said they will return to work once contract negotiations are settled. Both hotel staffs went on strike for three days starting Labor Day weekend in September.

Scottish hotel sells. The 53-key Pitbauchlie House Hotel in Dunfermline, Scotland, has been sold by Edinburgh-based Solley Hotels to London-based Smar Hotels Ltd. for an undisclosed amount. The hotel has been operating under the Best Western brand.

Invictus acquires in Japan. Singapore-based Invictus Developments has made its first acquisition in Japan with the purchase of 140-key lyf Ginza Tokyo from Ascott Serviced Residence Global Fund for an undisclosed amount. The hotel, which opened last October, will continue to be managed by The Ascott Limited. JLL brokered the sale.

Accor adding first Handwritten to Saudi Arabia. Accor and Al Hilali Trading & Contracting Company are partnering to sign the 148-key Handwritten Collection Al Baha, which will be the Handwritten Collection’s debut in Saudi Arabia and is scheduled to open in 2027.

Holiday Inn adds first in Nepal. IHG Hotels & Resorts is adding its first Holiday Inn in Nepal with the newly opened 104-key Holiday Inn Resort Kathmandu Budhanilkantha.