Breaking
\nnews about deals, development, data and more. <\/p>\n
Financing
\nfor Texas portfolio. A pair of Austin-based companies, Four Yucca, LLC and Byways Hospitality, have
\nsecured $12 million in bridge financing and $6 million CPAC financing to
\nsupport the acquisition and renovation of the 78-key Byways Hotel Portfolio, a
\ncollection of three historic hospitality assets located in Alpine and Fort
\nDavis, Texas. Atlanta-based Peachtree Group provided the bridge financing
\nthrough its USDA B&I lending program and its CPACE program. Last week,
\nHotel Investment Today reported that the JV secured $30.6 million in
\nmulti-tranche capitalization for the acquisition and restoration of the
\nthree-hotel portfolio, which includes the 27-key Holland Hotel (to be expanded
\nto 28 keys), the 30-key Hotel Limpia, and the 21-key Maverick Inn.<\/p>\n
Buyer of
\nSt. Pete hotel named. An LLC affiliated with Delray Beach, Florida-based Kolter Group has been
\nidentified as the buyer of the Hilton St. Petersburg Bayfront that Dallas-based
\nREIT Ashford Hospitality Trust announced it sold earlier this year. The LLC
\nacquired the hotel for $67.2 million.<\/p>\n
Maine
\nhotel trades. Tim
\nHarrington is selling the Asticou Hotel to NAECO LLC, a subsidiary of Delray
\nBeach, Florida-based Ocean Properties, which owns several Bar Harbor hotels,
\nfor $60.75 million. The sale took place after numerous contractors filed liens
\nagainst the hotel, which forced the owner into bankruptcy. Harrington is facing
\nliens and legal complaints totaling around $14 million for materials and
\nservices during Asticou\u2019s $28 million renovation. Harrington bought the hotel
\nfor $7 million in 2023.<\/p>\n
Blue Flag
\ndoubling footprint. Boston-based Blue Flag Capital is doubling its footprint with the addition of
\nfour properties that will debut this summer. The new openings include Faraway
\nJackson Hole in Wyoming (with 90 rooms and 48 residences), the 67-key Faraway
\nSag Harbor in New York, the 29-key Hotel Corduroy in Montauk, New York and the
\n34-key Oyster Estate in Greenport, New York.<\/p>\n
Minor
\nadds soft brand. Minor Hotels is launching the Colbert Collection, a new global soft brand for
\nindependent hotels in the premium segment. The collection will debut in Italy
\nthis spring, with further expansion into the UK, Spain, Austria, and the UAE.<\/p>\n
Repositioning
\nin Texas. Dallas-based TPG Hotels & Resorts has completed the renovation and
\nrepositioning of the 166-key voco College Station Aggieland, an IHG Hotels
\n& Resorts property located in College Station, Texas. The property is
\nwithin walking distance of Texas A&M University and Kyle Field.<\/p>\n
Zedwell
\nconverts in London. Zedwell is converting a historic London property into a hotel. Located on the
\nBank Junction \u2014 one of the world\u2019s most iconic and photographed intersections
\nand the historic setting for the Lord Mayor\u2019s Show \u2014 the Grade II-listed
\nbuilding adjoins The Ned and sits adjacent to The Royal Exchange, the Bank of
\nEngland and Mansion House. It will be reimagined to combine architectural
\nheritage as a Zedwell hotel.<\/p>\n
Hilton
\nadds 2 in UK, Ireland. Hilton is adding two Tapestry Collection by Hilton hotels in Plymouth
\nand Cork, further expanding its lifestyle portfolio across the UK and Ireland.
\n\u00a0The 120-key New Continental Plymouth, Tapestry Collection by Hilton, was
\noriginally built in 1865 and recognized as one of Plymouth\u2019s oldest hotels. It
\nis scheduled to open in 2027. The 103-key Cork City Centre, Tapestry Collection
\nby Hilton, is being developed by JMK Group and is expected to open in fall
\n2027.<\/p>\n
New
\nPremier Inn in Limerick. Whitbread is developing a new Premier Inn in Limerick, Ireland. The
\n156-key hotel will be the first private investment in the wider Opera Square
\ndevelopment, which will be built, operated and owned by Whitbread.<\/p>\n
Wyndham
\nadding in India. Wyndham Hotels & Resorts is partnering with Lalit Singh Muktawat on the
\n200-key Ramada Resort by Wyndham Talera Kota in India. The resort is scheduled
\nto open in March 2029.<\/p>\n
Radisson adds in UAE. Radisson is partnering with Dubai-based BNW
\nDevelopment on a new 361-key Radisson Blu Hotel and Residences, scheduled to
\nopen in 2029 in Ras Al Khaimah, United Arab Emirates. The project will also
\ninclude 222 branded residential units. <\/p>\n","protected":false},"excerpt":{"rendered":"Breaking news about deals, development, data and more. Financing for Texas portfolio. A pair of Austin-based companies, Four…\n","protected":false},"author":2,"featured_media":205612,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[3447,3468,3451,2655,3465,3469,3455,2152,740,3448,3466,3456,3453,3458,3464,3442,3446,555,1508,3450,3449,3463,3445,3452,3443,202,204,203,199,201,200,3467,3462,3460,3461,3444],"class_list":["post-205611","post","type-post","status-publish","format-standard","has-post-thumbnail","category-st-petersburg","tag-asia-pacific","tag-asset-management","tag-brands","tag-caribbean","tag-condo-hotels","tag-deals","tag-debt-and-equity","tag-development","tag-economy","tag-emea","tag-extended-stay","tag-financing","tag-franchising","tag-global","tag-independents","tag-insights","tag-latin-america","tag-lifestyle","tag-luxury","tag-management","tag-mergers-and-acquistions","tag-midscale","tag-north-america","tag-owners","tag-regions","tag-st-pete","tag-st-pete-headlines","tag-st-pete-news","tag-st-petersburg","tag-st-petersburg-headlines","tag-st-petersburg-news","tag-timeshare","tag-upper-midscale","tag-upper-upscale","tag-upscale","tag-whats-hot-trending"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/205611","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=205611"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/205611\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/205612"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=205611"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=205611"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=205611"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}