Latest news: REIT for Minor?; Prospect Ridge buys in NYC; new Dolly Parton hotel

Minor REIT. Bangkok-based Minor International is planning to launch a real estate investment trust in 2025 with the aim of reducing leverage, according to a Bloomberg report. Chairman Bill Heinecke said he wants to cut in half its $7 billion in liabilities by deploying some, but not all, of its 550-plus hotel properties into a “very strong REIT.” Minor has not yet made an official announcement about the proposed REIT.

Prospect Ridge acquires in NYC. New York City-based private equity firm Prospect Ridge has acquired the Holiday Inn Express New York City in Chelsea for $59.8 million, according to the Commercial Observer. Prospect, through the entity Cactus Street Propco, purchased the hotel from Brisam Management, which, according to the story, appears to be tied to Sam Chang’s McSam Hotel Group. Brisam also comprises KSL Capital Partners and Hersha Hospitality Trust, according to Crain’s New York Business report. KSL acquired Hersha last year and took the company private in December.

Dolly Parton hotel. Entertainer Dolly Parton has obtained a permit to convert a portion of her Nashville, Tennessee, offices into a hotel, according to the Nashville Business Journal. According to the story, Parton obtained a permit valued at $45 million to create the Songteller Hotel, including a museum of artifacts from Parton’s career. Parton owns two hotels in Pigeon Forge, Tennessee, which are part of her Dollywood entertainment district.

Highline acquires 2 in Charleston. New York City-based Highline Hospitality Partners has acquired a dual-branded Hyatt hotel in Charleston, South Carolina. Highline acquired the 113-key Hyatt House Charleston Historic District and the 191-key Hyatt Place Charleston Historic District from an undisclosed seller for an undisclosed amount. Plano, Texas-based third-party manager Avion Hospitality has assumed management of both properties. Highline has a planned investment to shift one of the hotels to a boutique Hyatt brand.

Concord adds in Tampa. Raleigh, North Carolina-based Concord Hospitality is partnering with Margaritaville Resorts & Hotels as it assumes management of the 123-key Compass Hotel Anna Maria Sound by Margaritaville in Tampa, Florida. Concord has a portfolio of over 140 properties across the U.S. and Canada.

Rafael Nadal hotel to DR. Palma, Spain-based Meliá Hotels International and tennis superstar Rafael Nadal are bringing their lifestyle hotel brand Zel to Punta Cana, Dominican Republic. The 190-key Zel Punta Cana is a rebranding of the Garden Suites By Meliá and is expected to open on December 12. This is Zel’s third property, following the brand’s 2022 launch in Mallorca, Spain, and the 2023 opening of the Zel Costa Brava in Spain. It’s also the flag’s first all-inclusive resort.

Hyatt adds Dreams resort in CALA. Hyatt Hotels Corp. has entered into a management agreement with Santo Domingo, Dominican Republic-based Cobbo Bay Developers SA for a new Dreams Resorts & Spas branded resort in the Dominican Republic by the end of the year. The 519-key Dreams Cap Cana Resort enhances Hyatt’s brand footprint in Cap Cana, joining nearby Hyatt Zilara Cap Cana, Hyatt Ziva Cap Cana, and Secrets Cap Cana Resort & Spa. Recent 2024 openings in the Dominican Republic include Hyatt Centric Santo Domingo and Secrets Tides Punta Cana, with Hyatt anticipating nearly 20 hotels and resorts in the country by the end of 2025.

Criterion acquires in London. London-based Criterion Capital has acquired One Princes Street in London from an undisclosed buyer for an undisclosed amount with the intention of turning it into a Zedwell hotel. The historic site will have an adaptive reuse into Criterion’s brand Zedwell, which plans to open 8,500 rooms by 2027 in places like York and Manchester in the U.K. and Edinburgh, Scotland.

Marriott grows EMEA branded residences. Marriott International has seen accelerated growth in its branded residential portfolio in Europe, Middle East & Africa (EMEA) with 70 projects in the portfolio, including 43 projects in its signed pipeline and 27 open properties. In the past two years, Marriott has signed 26 agreements for branded residences in the region, more than double that of the previous two years, with locations ranging from luxurious resort addresses such as The St. Regis Residences, Casares – Costa del Sol in Spain, to premier urban destinations like the W Residences at Dubai Harbour in the UAE.

Hyatt entry into Romania. Hyatt Hotels Corp. continues to grow in the Balkan Peninsula with its entry into the Romanian market. Following the brand’s market entries in Croatia and Albania, Hyatt is planning five new Hyatt Regency hotels and resorts in the country that are scheduled to open by 2027. Hyatt is partnering with Brasov, Romania-based Aro Palace S.A., to develop the 250-key Hyatt Regency Aro Palace Brașov. The hotel originally opened in 1939. Hyatt expects to add the Hyatt Regency Zadar in Croatia (2025), Hyatt Regency Tirana in Albania (2026), Hyatt Regency Palase Resort & Spa in Albania (2027) and Hyatt Regency Novi Sad in Serbia (2027).

IHG adds in India. IHG Hotels & Resorts has signed a management agreement with Visakhapatnam, India-based Aaraki Hotels & Resorts to develop 150-key Holiday Inn Resort Dharamshala, which is scheduled to open in the third quarter of 2027. IHG currently has 45 hotels operating across five brands in India, with a pipeline of 50 hotels due to open in the next three to five years.

Hyatt senior notes. Hyatt Hotels Corp. announced the pricing of its public offering of $150 million aggregate principal amount of senior notes due 2029, which will bear interest at a fixed annual rate of 5.250% and $450 million aggregate principal amount of senior notes due 2031, which will bear interest at a fixed annual rate of 5.375%. The 2029 notes will be a further issuance of the company’s 5.250% senior notes due 2029, of which $450 million aggregate principal amount was issued on June 17.