Breaking
\nnews about deals, development, data, people and more. <\/p>\n
Virk
\ncloses loan in Washington. Portland, Oregon-based Virk Hospitality Group has closed a $9.8 million
\nacquisition loan for the extended-stay Sonesta ES Suites in Vancouver,
\nWashington. Arriba Capital facilitated the loan.<\/p>\n
Seven
\nHills closes in Massachusetts, Newton, Massachusetts-based Seven Hills Realty Trust has closed a $37 million first mortgage loan secured by the 168-key SpringHill
\nSuites in Revere, Massachusetts. The property
\noffers ocean views, is close to Boston Logan Airport, and has strong year-round
\ndemand drivers. The loan has an initial term extending through July 2026 and
\nthree 12-month extension options.<\/p>\n
Zachry
\nadds in San Antonio. San Antonio, Texas-based Zachry Hospitality is opening in March the luxury $185
\nmillion, 200-key The Monarch San Antonio. The 17-story property is
\nsituated in the northwestern portion of the Hemisfair area of downtown San
\nAntonio and will have more than 15,000 sq. ft. of flexible event space.<\/p>\n
ARC,
\nProsper adding Tampa. Hoover, Alabama-based ARC Realty Group and Prosper Group have closed on the
\nsecond parcel for $13.5 million within the three-parcel, one-acre assemblage
\nfor Hotel ORA + Private Residences, a $675 million, mixed-use development
\ncoming to downtown Tampa. The newly acquired site at 205 N. Brush St. will join
\nthe parcel at 1101 E. Jackson St., which the joint venture closed on in summer
\n2024. The third and final parcel is scheduled to close soon. All
\npre-development costs, including land acquisitions to date, have been funded by
\nthe developers with no debt. The milestone comes on the heels of strong sales
\nmomentum, with the developers recently surpassing $200 million in pre-sale
\ncontracts nine months after launching sales.<\/p>\n
Kerten
\nadds in KSA. Dublin-based Kerten Hospitality is expanding its presence in the Kingdom of
\nSaudi Arabia with Cloud 7 Al Murjan Island Resort \u2013 Dammam, a new addition to
\nSaudi Arabia\u2019s Eastern Province waterfront. The Cloud 7 Al Murjan Island Resort
\n– Dammam will feature 74 overwater chalets and will also be home to Nyssa
\nBeach, a ladies-only beach club offering a spa, wellness and fitness
\nfacilities, elegant salon services, and curated social and workspaces.<\/p>\n
UAE is
\ninjecting $6B into African tourism. As Africa records fast global tourism growth, UAE leadership has announced it is set to inject $6 billion into the continent\u2019s travel and hospitality sector,
\na move expected to create 70,000 new jobs.<\/p>\n
JD
\nProperties acquires in Australia. Singapore-based JD Properties, through its investment and
\nasset management arm High Street Holdings, has acquired the 102-key George
\nWilliams Hotel in Brisbane, Australia, from Australia-based YMCA Queensland for
\nan undisclosed amount. The property will be rebranded as George Hotel Brisbane
\nand adds to High Street Holdings\u2019 Australian portfolio, which includes the
\n120-key Rydges Perth Kings Square, 167-key The Miller Hotel, and 108-key
\nKennigo Hotel Brisbane. YMCA Queensland acquired the property for AUD2.6
\nmillion in 1996 from Australia-based Commonwealth Bank of Australia.<\/p>\n","protected":false},"excerpt":{"rendered":"Breaking news about deals, development, data, people and more. Virk closes loan in Washington. Portland, Oregon-based Virk Hospitality…\n","protected":false},"author":2,"featured_media":59514,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[6890,6905,6893,32003,6889,6902,6906,32004,110,918,6891,6903,3414,6895,6896,6901,6886,2277,242,3514,3869,1196,6892,6900,463,6894,6887,82,84,83,6899,6897,6898,6888],"class_list":["post-59513","post","type-post","status-publish","format-standard","has-post-thumbnail","category-san-antonio","tag-asia-pacific","tag-asset-management","tag-brands","tag-c-corps","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-north-america","tag-owners","tag-regions","tag-san-antonio","tag-san-antonio-headlines","tag-san-antonio-news","tag-upper-midscale","tag-upper-upscale","tag-upscale","tag-whats-hot-trending"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts\/59513","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/comments?post=59513"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts\/59513\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/media\/59514"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/media?parent=59513"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/categories?post=59513"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/tags?post=59513"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}