Breaking
\nnews about deals, development, data and more. <\/p>\n
Lotte
\nacquires land beneath NYC hotel. Seoul, South Korea-based Lotte Hotels & Resorts said it
\nhas acquired the land beneath the Lotte New York Palace in Midtown Manhattan
\nfor $490 million, completing full ownership of the hotel. The company purchased
\nthe site from the Archdiocese of New York following years of negotiations.
\nLotte has owned the hotel building since 2015, but had leased the land under a
\nlong-term agreement that required rent resets every 25 years. The company said
\nthe acquisition removes exposure to sharply rising ground rents in Manhattan, a
\nkey source of long-term cost uncertainty.<\/p>\n
Hyatt
\nkeeps most Jamaican resorts closed. Hyatt has informed travel partners that seven of its eight
\nhotels in Jamaica will remain closed until November 1, 2026, extending a
\nsuspension of operations that was initially put in place after Hurricane
\nMelissa struck the island in late October. Hyatt first paused operations at its
\nJamaica properties through January 31 while teams assessed storm-related
\ndamage, and has opted for a longer closure period at most resorts to allow for
\nrepairs and broader enhancements. The properties include: Breathless Montego
\nBay Resort & Spa; Dreams Rose Hall Resort & Spa; Hyatt Zilara Rose
\nHall; Hyatt Ziva Rose Hall; Secrets St. James Montego Bay; Secrets Wild Orchid
\nMontego Bay and Jewel Grande Montego Bay Resort & Spa. Hyatt\u2019s Zo\u00ebtry
\nMontego Bay, Jamaica, the only property not included in the closure list, is
\nexpected to resume normal hotel operations on February 1.<\/p>\n
Portman
\nrefi in Salt Lake. Atlanta-based Portman Holdings is refinancing the 700-key Hyatt Regency Salt
\nLake City with a $237.5 million CMBS loan, according to Michael Bellisario,
\nanalyst for R.W. Baird. The cash-out refinancing will result in $42.5 million
\nin excess proceeds for Portman, and the five-year fully extended loan is
\nexpected to price at SOFR +300 bps. The property opened in 2022 at an estimated
\ndevelopment cost of $366 million and is the only hotel physically connected to
\nthe Salt Palace Convention Center.<\/p>\n
BPR sells
\n2 in North Carolina. High Point, North Carolina-based BPR Properties has sold a two-property,
\n184-room hotel portfolio sale in Salisbury, North Carolina. The 94-key The
\nCourtyard by Marriott Salisbury and the 90-key Holiday Inn Express & Suites
\nSalisbury in separate transactions. The buyers and amounts were not disclosed.
\nJLL\u2019s Hotels & Hospitality Group brokered both transactions. The Courtyard
\nopened in 2013 and the Holiday Inn opened in 2017.<\/p>\n
Driftwood
\ntops off resort. Miami-based Driftwood Capital has topped off the 502-key Westin Cocoa Beach
\nResort & Spa, an approximately $420 million development on Florida\u2019s Space
\nCoast. The resort is now 45% completed and currently on track for completion in
\nthe third quarter of 2027. Driftwood Hospitality Management will assume
\noperations upon the property’s opening.<\/p>\n
Barcel\u00f3 acquires
\n2 in Spain. Palma,
\nSpain-based Barcel\u00f3 Hotel Group has acquired two urban hotels in Mexico in
\nMonterrey and Mexico City. The group now operates 22 properties in the country,
\nrepresenting nearly 10,000 rooms, further consolidating Mexico as one of its
\nmost strategic markets globally. The hotels will operate under the Barcel\u00f3
\nMonterrey Valle and Barcel\u00f3 M\u00e9xico Santa Fe brands, offering 254 and 300 rooms,
\nrespectively.<\/p>\n
Hiton
\nadds 5 in India. Hilton and Ahmedabad, India-based Nile Hospitality have announced the signing
\nof five Hampton by Hilton hotels across India under a strategic licensing
\nagreement. The first phase includes two hotels in Amritsar and one each in
\nVrindavan, Raipur, and Lonavala, totaling more than 350 rooms. The hotels are
\nexpected to open over the next two years.<\/p>\n
New
\nWaldorf in Southern Spain. Hilton and Fuengirola-M\u00e1laga, Spain-based Higuer\u00f3n Developments have
\npartnered to sign the 120-key Waldorf Astoria Marbella, which will bring the
\nWaldorf Astoria brand to Spain\u2019s Malaga Province. The new resort is expected to
\nopen in 2029 and will also include 120 branded residences.<\/p>\n
TGE
\nacquires in Kuala Lumpur. AMTD Group Inc., AMTD IDEA Group, AMTD Digital Inc., and The Generation
\nEssentials Group, a subsidiary of AMTD Digital Inc., jointly announce that TGE
\nhas agreed to purchase an 80% stake in the Upper View Regalia Hotel in Kuala
\nLumpur, Malaysia. The amount is HK$300 million (approximately $38.6 million),
\nfollowing specific terms and conditions of the SPA. The 129-key Upper View
\nRegalia Hotel is strategically situated in the heart of Kuala Lumpur’s vibrant
\ncommercial and business district. This acquisition marks TGE’s fourth major
\nhotel project of the year. TGE\u2019s portfolio includes six hotels worldwide with
\nover 800 rooms.<\/p>\n
Accor
\nadds in KSA. Accor
\nhas signed an agreement with Arbah Taiba to develop a 200-key Novotel Madinah
\nNorth, which is scheduled to open in 2028 near Al Masjid an-Nabawi. The hotel
\nwill cater to pilgrims, business and leisure travelers, supporting Madinah\u2019s
\ngrowing visitor demand and Saudi Arabia\u2019s Vision 2030 tourism goals.<\/p>\n
Minor
\nadds in Egypt. TBK
\nInternational, Cairo, Egypt-based Tabarak Holding\u2019s development arm in the Gulf
\nand Minor Hotels have signed an agreement to launch the Oaks Riyadh project in
\nthe Kingdom of Saudi Arabia, marking the first-ever entry of the Oaks brand
\ninto the Saudi market. The agreement also includes the development of new
\nprojects under the NH Collection brand in key locations across Egypt through
\nTBK Developments, Tabarak Holding\u2019s development arm in Egypt. The 146-key Oaks
\nRiyadh Suites is scheduled to open in its first phase in early 2026. Minor and
\nTabarak will introduce the NH Collection brand to Egypt through new projects
\nalready in the planning phase, scheduled to open in 2029.<\/p>\n
Accor
\nadds MGallery in France. Accor and CLR H\u00f4tels, a subsidiary of the La Rochelle, France-based CGR
\ngroup, are partnering to open a new MGallery hotel on the island of Ol\u00e9ron in
\nFrance. The opening of the 102-key Bel H\u00f4tel Ol\u00e9ron \u2013 MGallery Collection is
\nscheduled for April, following a major transformation of the Novotel Thalassa,
\nbuilt in the 1970s<\/p>\n","protected":false},"excerpt":{"rendered":"Breaking news about deals, development, data and more. Lotte acquires land beneath NYC hotel. Seoul, South Korea-based Lotte…\n","protected":false},"author":2,"featured_media":71350,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[11420,25689,25685,8570,36439,5991,25687,2184,3365,36431,36440,25688,36432,36434,356,25680,34201,232,2364,25684,4927,25683,36438,9,1492,56,63,65,64,25686,25681,36433,36441,36437,36435,36436,3417,25682],"class_list":["post-71349","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-york-city","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-acquisitions","tag-mergers-and-acquistions","tag-midscale","tag-new-york","tag-north-america","tag-ny","tag-nyc","tag-nyc-headlines","tag-nyc-news","tag-owners","tag-regions","tag-reits","tag-timeshare","tag-upper-midscale","tag-upper-upscale","tag-upscale","tag-wall-street","tag-whats-hot-trending"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/71349","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=71349"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/71349\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/71350"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=71349"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=71349"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=71349"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}