Latest news: REIT CEO resigns; big construction loan in Vegas; Miiro brand refi

AHIP CEO resigns. Vancouver-based American Hotel Income Properties REIT said its board of directors has accepted the resignation of CEO Jonathan Korol, who will pursue other opportunities, and effective immediately appointed Co-founder John O’Neill as CEO. “John O’Neill’s industry insight and history with AHIP as co-founder and CEO uniquely position him to seamlessly step into this role,” said AHICAP Board Dhair Charles van der Lee.

$781M construction loan in Vegas. Azure Resorts & Hotels, Luxus Development and Two Roads Development have secured $781 million of construction financing for The Four Seasons Private Residences Las Vegas, making it one of the largest construction loans of the year. Concord Summit Capital arranged financing for the capital stack, which includes JP Morgan’s $526 million senior loan, and Sculptor Real Estate and Morning Calm Management combined to provide $255 million in mezzanine and preferred equity. Earlier reports referenced a $686 million figure before the official close, but with the whole structure finalized, the total increased by $95 million.

InterGlobe refis Miiro brand. Germany’s Aareal Bank has arranged a €250 million refinancing for InterGlobe’s pan-European lifestyle hotel brand, Miiro. The portfolio comprises nine properties across seven European countries. The financing supports India-based InterGlobe’s strategy to reposition and upgrade acquired assets, including former K+K properties, into a higher-value, lifestyle-oriented portfolio. The brand launched its first hotels in Paris and Barcelona in summer 2024, followed by the Templeton Garden in London in 2025. Two additional properties in Vienna also benefited from a full renovation, one of which opened in November 2025 and the other, which is set to open in early 2026.

3H sells in Nashville. Chattanooga, Tennessee-based 3H Group Inc. sold the 194-key Marriott TownePlace Suites in midtown Nashville to Chicago-based Bradford Allen for approximately $60 million. The hotel opened in 2021 and sits on a site that formerly held a restaurant.

Valencia adds in Texas. Houston-based Valencia Hotel Group is developing the $48-million, 144-key Blackstone Hotel in Tyler, Texas. The hotel is scheduled to open by January 1, 2028. The new hotel pays homage to the old Blackstone Hotel, which was located just north of the future hotel and demolished in 1985. In August, the Tyler City Council approved up to $12 million in incentives for Valencia.

$5.6M refi in Northern California. Auburn, California-based American Hospitality Services secured a $5.6 million refinance for a Holiday Inn Express in Northern California. Arriba Capital provided the financing.

First Hyatt Place in Bozeman. The 130-key Hyatt Place Bozeman Yellowstone is opening. The hotel was developed by owners Ned Browning and Todd Ellis of West Post Hotel Partners and marks the debut of the Hyatt brand in the greater Bozeman area. Raleigh, North Carolina-based Concord Hospitality will manage the property and currently operates over 180 hotels and restaurants across North America.

Garner debuts in Southeast Asia. IHG Hotels & Resorts has launched its conversion Garner brand in Southeast Asia with the opening of the 153-key Garner Hotel Pattaya Central in Pattaya, Thailand. Since launching the brand in 2023, it has grown to over 72 open hotels and another 80 in its pipeline with destinations across Europe, the U.S. and Asia.