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US
projects at an all-time high. The U.S. hotel construction pipeline is sitting at 6,211
projects at 722,821 rooms, up 9% by projects and 7% by rooms year-over-year,
according to the latest data from Lodging Econometrics (LE). The number of
projects marks a new all-time high. Through the third quarter, there are 1,185
projects and 148,716 rooms under construction, marking an 11% increase in
projects and a 6% increase in rooms YOY. Projects scheduled to start
construction in the next 12 months total 2,209 projects and 251,797 rooms, while
projects and rooms in early planning reached new all-time highs, at 2,817
projects and 322,308 rooms, up 17% by both projects and rooms YOY. LE analysts
said the upper midscale chain scale continues to have the largest project count
in the U.S. pipeline, reaching a new all-time high of 2,315 projects and
224,703 rooms. Construction started to grow to the highest level in 2024
to the end of the quarter, with 181 projects and 20,840 rooms, up 18% by
projects and 25% by rooms YOY. In Q3, brand conversion activity reached an
all-time-high project count with 1,247 projects and 120,912 rooms.
Orlando
hotel sells. Orlando-based Topsecret Resort of Orlando LLC sold the 205-key Dolce Vita
Resort & Spa in Orlando to Ecam Realty Partners VIII LLC for $18 million,
according to the Orlando Business Journal. Topsecret bought the property in
2020 for $10.5 million. The hotel was built in 1972.
Texas
hotel refi. Plano,
Texas-based Sam Moon Group has refinanced the 303-key Hyatt Regency
Frisco-Dallas for a $44 million loan from Dallas-based HALL Structured Finance,
according to analyst Michael Bellisario from R.W. Baird. The Frisco, Texas
hotel, which opened in June 2020 and is connected to Stonebriar Mall, was built
as a public-private partnership with the city, which provided $16.5 million in
incentives.
Pair of
Georgia hotels refinance. Williamsburg, Virginia-based Newport Hospitality Group refinanced the
175-room dual-branded Home2 Suites and Hilton Garden Inn Brunswick in
Brunswick, Georgia, with a $19.4 million loan from Live Oak Banking Company,
according to Bellisario and R.W. Baird. Newport acquired the property in early
2021 after the dual-branded hotel opened in November 2020.
Trio of
UK Hilton hotels refinance for £275M. London-based Henderson Park and Wiesbaden, Germany-based
Aareal Bank have signed a £275 million financing loan secured against three
Hilton hotels: the Curio Collection Caledonian Edinburgh, the Hilton Edinburgh
Carlton and the Hilton Garden Inn Dublin City Centre. The hotels are owned by
funds managed by Henderson Park and managed by its hotel operating platform,
Klarent Hospitality. Aareal Bank acted as the transaction's arranger, sole
lender, and facility and security agent. The two Edinburgh hotels will undergo
extensive renovations.
BoTree hotel to go on market. The luxury BoTree hotel in London is going up for sale following unsuccessful £275 million ($356.47 million) refinancing attempts, reported Bloomberg News. JLL has been tasked with marketing the hotel. The 199-key hotel is currently owned by Shiva Hotels Group, now known as Place III Hotels, with construction costs totaling £375 million. Shiva originally acquired it for nearly £100 million in 2016.
First
Hyatt Centric in the Caribbean. Hyatt Hotels Corp. is opening the 130-key Hyatt Centric
Santo Domingo, which is the first Hyatt Centric branded hotel in the Caribbean.
Located in the Ensanche Piantini neighborhood of Santo Domingo in the Dominican
Republic, the hotel is one of 60 Hyatt Centric hotels globally.
Marriott
opening 500th location in CALA. Marriott International is opening its 500th property in the
Caribbean and Latin America region with The Almare, a Luxury Collection Resort
in Isla Mujeres, Mexico. Marriott has grown from 300 to 500 properties in the
region in the last three years and is the 62nd luxury property in the
region.
Hyatt
plans to double India portfolio. Hyatt Hotels Corp. plans to nearly double its portfolio in
India, and aims for 100 properties within the next five to six years. Hyatt
Hotels India and Southwest Asia Managing Director Sunjae Sharma shared these
insights in an emailed interview with Press Times of India, as reported by the
Economic Times. Hyatt currently features a presence in Southwest Asia with 52
hotels, 50 located in India and two in Nepal, spanning nine brands.