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Lotte
acquires land beneath NYC hotel. Seoul, South Korea-based Lotte Hotels & Resorts said it
has acquired the land beneath the Lotte New York Palace in Midtown Manhattan
for $490 million, completing full ownership of the hotel. The company purchased
the site from the Archdiocese of New York following years of negotiations.
Lotte has owned the hotel building since 2015, but had leased the land under a
long-term agreement that required rent resets every 25 years. The company said
the acquisition removes exposure to sharply rising ground rents in Manhattan, a
key source of long-term cost uncertainty.

Hyatt
keeps most Jamaican resorts closed. Hyatt has informed travel partners that seven of its eight
hotels in Jamaica will remain closed until November 1, 2026, extending a
suspension of operations that was initially put in place after Hurricane
Melissa struck the island in late October. Hyatt first paused operations at its
Jamaica properties through January 31 while teams assessed storm-related
damage, and has opted for a longer closure period at most resorts to allow for
repairs and broader enhancements. The properties include: Breathless Montego
Bay Resort & Spa; Dreams Rose Hall Resort & Spa; Hyatt Zilara Rose
Hall; Hyatt Ziva Rose Hall; Secrets St. James Montego Bay; Secrets Wild Orchid
Montego Bay and Jewel Grande Montego Bay Resort & Spa. Hyatt’s Zoëtry
Montego Bay, Jamaica, the only property not included in the closure list, is
expected to resume normal hotel operations on February 1.

Portman
refi in Salt Lake. Atlanta-based Portman Holdings is refinancing the 700-key Hyatt Regency Salt
Lake City with a $237.5 million CMBS loan, according to Michael Bellisario,
analyst for R.W. Baird. The cash-out refinancing will result in $42.5 million
in excess proceeds for Portman, and the five-year fully extended loan is
expected to price at SOFR +300 bps. The property opened in 2022 at an estimated
development cost of $366 million and is the only hotel physically connected to
the Salt Palace Convention Center.

BPR sells
2 in North Carolina. High Point, North Carolina-based BPR Properties has sold a two-property,
184-room hotel portfolio sale in Salisbury, North Carolina. The 94-key The
Courtyard by Marriott Salisbury and the 90-key Holiday Inn Express & Suites
Salisbury in separate transactions. The buyers and amounts were not disclosed.
JLL’s Hotels & Hospitality Group brokered both transactions. The Courtyard
opened in 2013 and the Holiday Inn opened in 2017.

Driftwood
tops off resort. Miami-based Driftwood Capital has topped off the 502-key Westin Cocoa Beach
Resort & Spa, an approximately $420 million development on Florida’s Space
Coast. The resort is now 45% completed and currently on track for completion in
the third quarter of 2027. Driftwood Hospitality Management will assume
operations upon the property’s opening.

Barceló acquires
2 in Spain. Palma,
Spain-based Barceló Hotel Group has acquired two urban hotels in Mexico in
Monterrey and Mexico City. The group now operates 22 properties in the country,
representing nearly 10,000 rooms, further consolidating Mexico as one of its
most strategic markets globally. The hotels will operate under the Barceló
Monterrey Valle and Barceló México Santa Fe brands, offering 254 and 300 rooms,
respectively.

Hiton
adds 5 in India. Hilton and Ahmedabad, India-based Nile Hospitality have announced the signing
of five Hampton by Hilton hotels across India under a strategic licensing
agreement. The first phase includes two hotels in Amritsar and one each in
Vrindavan, Raipur, and Lonavala, totaling more than 350 rooms. The hotels are
expected to open over the next two years.

New
Waldorf in Southern Spain. Hilton and Fuengirola-Málaga, Spain-based Higuerón Developments have
partnered to sign the 120-key Waldorf Astoria Marbella, which will bring the
Waldorf Astoria brand to Spain’s Malaga Province. The new resort is expected to
open in 2029 and will also include 120 branded residences.

TGE
acquires in Kuala Lumpur. AMTD Group Inc., AMTD IDEA Group, AMTD Digital Inc., and The Generation
Essentials Group, a subsidiary of AMTD Digital Inc., jointly announce that TGE
has agreed to purchase an 80% stake in the Upper View Regalia Hotel in Kuala
Lumpur, Malaysia. The amount is HK$300 million (approximately $38.6 million),
following specific terms and conditions of the SPA. The 129-key Upper View
Regalia Hotel is strategically situated in the heart of Kuala Lumpur’s vibrant
commercial and business district. This acquisition marks TGE’s fourth major
hotel project of the year. TGE’s portfolio includes six hotels worldwide with
over 800 rooms.

Accor
adds in KSA. Accor
has signed an agreement with Arbah Taiba to develop a 200-key Novotel Madinah
North, which is scheduled to open in 2028 near Al Masjid an-Nabawi. The hotel
will cater to pilgrims, business and leisure travelers, supporting Madinah’s
growing visitor demand and Saudi Arabia’s Vision 2030 tourism goals.

Minor
adds in Egypt. TBK
International, Cairo, Egypt-based Tabarak Holding’s development arm in the Gulf
and Minor Hotels have signed an agreement to launch the Oaks Riyadh project in
the Kingdom of Saudi Arabia, marking the first-ever entry of the Oaks brand
into the Saudi market. The agreement also includes the development of new
projects under the NH Collection brand in key locations across Egypt through
TBK Developments, Tabarak Holding’s development arm in Egypt. The 146-key Oaks
Riyadh Suites is scheduled to open in its first phase in early 2026. Minor and
Tabarak will introduce the NH Collection brand to Egypt through new projects
already in the planning phase, scheduled to open in 2029.

Accor
adds MGallery in France. Accor and CLR Hôtels, a subsidiary of the La Rochelle, France-based CGR
group, are partnering to open a new MGallery hotel on the island of Oléron in
France. The opening of the 102-key Bel Hôtel Oléron – MGallery Collection is
scheduled for April, following a major transformation of the Novotel Thalassa,
built in the 1970s