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.
