Latest news: Frasers tries to go private; South Carolina refi; ALH develops in Texas

Frasers tries to go private. Singapore-based Frasers Property made a second attempt to private its REIT, Frasers Hospitality Trust, in a deal valuing the REIT at S$1.37 billion ($1.1 billion). Frasers already owns over 60% of the hospitality REIT’s shares and has offered S$0.71 for each share they do not own. Frasers’ first buyout attempt, made in 2022 and worth S$0.70 per share, failed to get shareholder support. However, the company’s attempt could succeed this time due to a compelling offer price, softening outlook of the hospitality sector and the REIT’s small asset size.

Innisfree, RREAF refinance. Gulf Breeze, Florida-based Innisfree Hotels and Dallas-based RREAF Holdings have secured $23.6 million to refinance the recently converted Holiday Inn Resort in Surfside Beach, South Carolina. Chatham, New Jersey-based Cronheim Hotel Capital arranged the financing, which originated with a regional bank, and provided the sponsor with a return of capital for improvements completed since the acquisition. Innisfree and RREAG acquired the property as an independent hotel in late 2023 and invested capital to convert it to a Holiday Inn Resort.

ALH adds in Texas. Houston-based development and management company American Liberty Hospitality (ALH) is developing a dual-branded hotel, the Fairfield by Marriott and TownePlace Suites by Marriott in Bastrop, Texas. The hotels will be located inside a 75-acre master-planned mixed-use development. Construction is scheduled to begin later this year, with the property projected to open in early 2027.

Waterford adds 2. Waterford, Connecticut management company Waterford Hotel Group will take over the operation of two hotels: the 131-key Courtyard Atlanta Norcross Peachtree Corners in Georgia and the 216-key Embassy Suites Cleveland Beachwood in Ohio.

GLC develops in Texas. South Bend, Indiana-based Great Lakes Capital, in partnership with Nebraska Furniture Mart and the city of Cedar Park, Texas, broke ground on a new full-service Marriott hotel and convention center as part of a new development in Cedar Park. The hotel will have 297 keys and 30,000 sq. ft. event and meeting space. Construction of the hotel and convention center is scheduled to be completed in the first quarter of 2027. 

Gulph Creek adds in New York. Wayne, Pennsylvania-based management company Gulph Creek Hotels has assumed management of the 95-key Home2 Suites by Hilton in Middletown, New York. This is the second property for Gulph Creek in the market.

Tru by Hilton growth in Vietnam. Hilton has opened the first four of 14 Tru by Hilton properties in Vietnam, in partnership with Hanoi, Vietnam-based ROX Group (formerly TNG Holdings Vietnam). Slated to open before the end of 2025, the new Tru by Hilton properties will bring Hilton’s total pipeline of hotels under development in Vietnam to 29. Hilton currently operates six properties across three brands in the country.

Marriott adds in Jeddah. Marriott International is partnering with Miyar Alshati Real Estate Co., Telal Al Wadi Real Estate Co., and Saud Al Arifi Investment Group to bring the St Regis brand to Jeddah, Saudi Arabia. The 191-key St Regis hotel is scheduled to open in 2030. The project will also feature 92 branded residences.

RJJ Hotels signs first HMA. RJJ Hotels, the newly formed joint venture between Malaysian-owned hospitality and lifestyle group Riyaz International and Jin Jiang Hotels China Region, has signed its first hotel management agreement in Luang Prabang, Laos. The agreement was signed with Sanher Investment & Development and the property will operate under The Metropolo brand, a Jin Jiang Hotels’ portfolio. RJJ Hotels has been given the rights to manage and expand five prominent brands under Jin Jiang Hotels across Southeast Asia. Over the next five years, the JV has set a target to sign 181 hotel management agreements and operate 108 hotels across growth markets such as Malaysia, Indonesia, Vietnam, the Philippines, Cambodia and Laos.

New proptech platform for Vivenio. Madrid-based REIT Vivenio, one of Spain’s leading build-to-rent developer-operators, has adopted a proptech platform, Lavanda, to facilitate the development and delivery of its flexible rental strategy. The strategy will expand across Vivenio’s 6,400-plus-home portfolio in the coming year and will enable Vivenio to tap into growing demand for more short- and medium-term rental options alongside long-term rentals. The REIT manages more than 50 operational assets across Spain in Madrid, Catalonia, Málaga, the Valencian Community and the Balearic Islands.