Breaking
\nnews about deals, development, data and more. <\/p>\n
Price of PMG proposes another Miami tower. Miami-based Property Markets Group is proposing a second skyscraper development down the block from its Waldorf Astoria-branded condo tower (which would be the city\u2019s tallest building) in Miami that would include a Delano US hotels Park Financing for Sotherly acquisition. Memphis, Tennessee-based Kemmons Wilson Hospitality Partners (KWHP) and Los Angeles-based Ascendant Capital Partners completed a highly structured $353 million loan in connection with the acquisition and privatization of Sotherly Extreme adds in Philadelphia. Scranton, Pennsylvania-based Extreme Hospitality has added the 20-key The Franklin on Rittenhouse, a boutique lifestyle hotel in Philadelphia, to its portfolio of managed properties.<\/p>\n SanRaj ISHC
\nGencom NYC deal. Gencom paid about $320 million for its acquisition a few weeks ago of the 253-key Ritz-Carlton Central Park South in New York City, according to The Real Deal. The report said property records show a sale price of $270 million, but
\n that figure typically does not include fixtures or non-real estate assets. Banco Inbursa provided a $235 million loan for the acquisition, according to records. Gencom Chief Investment Officer Alessandro Colantonio spoke with Hotel
\nInvestment Today<\/a> last week about how the deal came together, the company\u2019s current pipeline, and its investment philosophy.<\/p>\n
\n hotel-branded residence, an observation desk, swimming pool and \u201csky restaurant.\u201d\n<\/p>\n
\nup last week. The U.S. hotel industry posted year-over-year gains, according to the latest data from CoStar. For the week of February 8-14, occupancy was 61.5% (+2.6%); ADR was $167.98 (+1.9%), and RevPAR was $103.35 (+4.6%). Among the top 25 Markets,
\n Los Angeles reported the largest increases in ADR (+18.2% to $225.66) and RevPAR (+26.5% to $173.40), driven by the NBA All-Star Game. San Diego saw the highest lift in occupancy (+12.5% to 79.7%) and the second-largest gain in RevPAR (+20.2% to $178.12).
\n Last year\u2019s Super Bowl host, New Orleans, posted the most pronounced decreases in ADR (-20.9% to $249.68) and RevPAR (-23.3% to $170.93). Orlando registered the only double-digit decline in occupancy (-10% to 76.4%).<\/p>\n
\nnames COO, reports Q4 earnings. Tysons, Virginia-based REIT Park Hotels & Resorts has named Sean Dell\u2019Orto as COO, effective February 12. Dell\u2019Orto will also continue to serve as executive vice president, CFO and treasurer, roles he has held since
\n the company\u2019s spin from Hilton in 2017. The REIT also reported a Q4 RevPAR increase of 0.8% year-over-year and a Q4 core RevPAR increase of $210.15, an increase of 3.2% YOY. When excluding the Royal Palm South Beach Miami, a Tribute Portfolio Resort,
\n which suspended operations in mid-May 2025 for a comprehensive renovation, those numbers increase to 2.8% and 5.7% YOY, respectively. \u00a0The REIT continues to divest of what it calls non-core
\nassets<\/a>, including sales of the 316-key Hyatt Centric Fisherman\u2019s Wharf in San Francisco in May and the 559-room Capital Hilton in Washington, D.C. in November. The REIT also announced a new sale of the 193-key Hilton Checkers Los Angeles in California
\n in January for over $132 million. It also terminated ground leases for the DoubleTree Hotel Sonoma Wine Country and the DoubleTree Hotel Seattle Airport at the end of 2025. Park forecasts a RevPAR increase of 0-2% in 2026.<\/p>\n
\nHotels Inc.<\/a>, a REIT that owns a portfolio of 10 assets across the Southeastern U.S. The capitalization includes a $308 million senior mortgage loan and a $45 million structured mezzanine facility, which was arranged by Berkadia.<\/p>\n
\nacquires 3 in UK. Mumbai, India-based SanRaj Group has acquired a three-hotel portfolio in the U.K. from Ares Real Estate funds and EQ Group for an undisclosed amount. The portfolio, acquired through SanRaj\u2019s hospitality platform, Clearsense Ventures,
\n comprises three Accor-branded hotels in Scotland and northern England: the 196-key Novotel Leeds Centre, the 141-key Novotel Glasgow Centre, and the 141-key Ibis Glasgow. All three hotels are operated by EQ Group and will continue to operate under
\n the Accor brand. The hotels were acquired by Ares and EQ as part of a \u00a3400 million 21-asset deal in May 2024.<\/p>\n
\nRising Star CALA award. The International Society of Hospitality Consultants (ISHC) and the Hotel Investment Group by Northstar have opened nominations for the 2026 Rising Star Award CALA to be presented at the Americas Lodging Investment Summit Caribbean
\n and Latin America (ALIS CALA). Candidates must be 35 years or younger, currently working in a hospitality-related field, recognized by leaders in the hospitality industry as a rising star, and currently living and working in the Caribbean or Latin
\n America, with a minimum of 2 years\u2019 experience in the market. Click here<\/a> for more information.<\/p>\n","protected":false},"excerpt":{"rendered":"Breaking news about deals, development, data and more. Price of Gencom NYC deal. Gencom paid about $320 million…\n","protected":false},"author":2,"featured_media":140210,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[11420,25689,25685,59235,8570,36439,5991,2184,3365,36431,36440,36089,36432,36434,356,25680,34201,232,2364,25684,4927,25683,36438,9,1492,56,63,65,64,25686,25681,36433,36441,36437,36435,36436,3417,25682],"class_list":{"0":"post-140209","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-york-city","8":"tag-asia-pacific","9":"tag-asset-management","10":"tag-brands","11":"tag-c-corps","12":"tag-caribbean","13":"tag-condo-hotels","14":"tag-deals","15":"tag-development","16":"tag-economy","17":"tag-emea","18":"tag-extended-stay","19":"tag-forecasts","20":"tag-franchising","21":"tag-global","22":"tag-independents","23":"tag-insights","24":"tag-latin-america","25":"tag-lifestyle","26":"tag-luxury","27":"tag-management","28":"tag-mergers-and-acquisitions","29":"tag-mergers-and-acquistions","30":"tag-midscale","31":"tag-new-york","32":"tag-north-america","33":"tag-ny","34":"tag-nyc","35":"tag-nyc-headlines","36":"tag-nyc-news","37":"tag-owners","38":"tag-regions","39":"tag-reits","40":"tag-timeshare","41":"tag-upper-midscale","42":"tag-upper-upscale","43":"tag-upscale","44":"tag-wall-street","45":"tag-whats-hot-trending"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/140209","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=140209"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/140209\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/140210"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=140209"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=140209"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=140209"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}