Breaking
news about deals, development, data and more.
Ashford Trust sale in Austin. Dallas-based REIT Ashford Hospitality Trust has finalized a previously
announced sale of the Embassy Suites by Hilton Austin Arboretum in Austin, Texas, for $13.5 million. The sale was between New Houston Hotel LP and Ashford Austin LP, as sellers and Galleria Lodging, LP and Arboretum Lodging, as purchasers. Hunter
Hotel Advisors brokered the sale of the Austin property, as well as another previously announced Ashford Trust sale of the Embassy Suites by Hilton Houston Near the Galleria in Houston.
More details on PMG tower. Miami-based Property Markets Group (PMG) is partnering with Ennismore’s Delano hotel brand for its second condo tower in downtown Miami. The 985-foot tower (which would be the city’s tallest building) would include The Delano
Residences, break ground next year, and feature amenities such as an observation deck, a swimming pool, and a “sky restaurant.” Units are expected to start at $800,000 and a penthouse will go to market at $50 million. The developer is also building
a 1,049-foot-tall Waldorf Astoria-branded condo tower in Miami, with 90% of the units reportedly sold.
Marriott
adding in Sydney. Marriott International will debut a new brand in Sydney in 2027, with the 104-key AC Hotel Sydney Hyde Metropolitan in the city’s CBD. The project is part of a 55-story mixed-use development comprising the hotel, luxury residential
apartments and retail. The project is expected to open in late 2027.
Rotana
adds in Egypt. Egypt-based Astra Rise Developments has signed a management and operation agreement with UAE-based Rotana Hotels for a 4 billion Egyptian pound ($80 million) hotel project in Egypt’s New Administrative Capital. The development will
introduce the Rayhaan by Rotana brand to Egypt and will include retail and F&B components. Astra Rise said the project will adopt a managed leaseback model, under which investors can purchase individual hotel units and lease them back to the operator.