Starwood Capital to Transfer 10 Hotels to a SPAC

The DJIA ended Friday down 69 points while Nasdaq was down 188, the S&P 500 fell 34 points and the 10-year treasury yield was flat at 4.09%. Lodging stocks were mixed. ABNB traded up to another new 52 week high while VCSAwas the only big mover, down -9% on the day.

Starwood Capital Group signed a deal with SPAC Jaws Mustang Acquisition to merge. The non-binding letter of intent, if completed, will become the direct or indirect owner of Starwood entities’ interests in an initial portfolio of 10 properties, including the 1 Hotel Brooklyn Bridge, 1 Hotel Central Park and the De Vere portfolio of UK properties. Jaws Mustang is up against a deadline to complete a deal. In early February the NYSE notified them they were beginning delisting proceedings.

A pair of Hilton-flagged hotels in Rogers, Arkansas, with a combined 248 rooms, sold recently for $33.5 million. UPX1725 Hospitality LLC, purchased the 4-story Hampton Inn and the 4-story Homewood Suites. Apple Hospitality REIT Inc.was the seller. Southern Bank backed the deal with a five-year loan worth $25.1 million.

Chartwell Hospitality, Rockbridge and Hilton Hotels & Resorts announced the opening of Hilton BNA Nashville Airport Terminal, the first onsite hotel situated at the heart of Nashville’s growing international airport. The 14-story, 298-key hotel boasts expansive meeting and event areas totaling 23,000 square feet, an all-day restaurant, music lounge, expansive rooftop, fitness center and Coffee Café. The hotel is owned by a partnership between Chartwell and Rockbridgesubject to a lease with the Metropolitan Nashville Airport Authority. Chartwellis the hotel operator and FirstBank provided construction financing.

A blend of hotel and upscale apartment complex debuted in downtown Hartford, Connecticut. Rebranded as a DoubleTree by Hilton, a downsized version of the former Hartford Hilton now shares a building with The Revel, a 147-apartment complex developed by RMS Companies. The DoubleTree by Hilton occupies 170 rooms on the bottom 11 floors and The Revel occupies the top 11 floors, with its own gym, laundry room and lounge space on the third floor.

The La Quinta Inn & Suites St. Paul-Woodbury, in Woodbury, Minnesota, has sold to a local buyer for $7.3 million. Gopinath Hotels LLC purchased the property from Woodbury TP LLC. Marcus & Millichap’s Minneapolis office represented the seller and found the buyer.

The Wingate by Wyndham Owensboro is officially open in Owensboro, Kentucky. The hotel offers an indoor heated pool and spa, a fitness room and meeting and event space.

NHL All-Star Filip Forsberg has partnered with Dreamscape Companies on the Holston House Nashville and Holiday Inn & Suites Nashville Downtown. Filip will also be an investor in the Food & Beverage outlets at the two hotels including Almost Friday Sporting Club. The Holston House Nashville features 191 guestrooms, 6,500 square feet of meeting space, a rooftop bar, pool, street-level restaurant, lobby bar, and onsite parking. In addition to re-imagining the hotel’s dining concept, Dreamscape is also planning to upgrade the property in the next two years. The Holiday Inn & Suites Nashville Downtown features 230 guestrooms, and 8,700 square feet of meeting space. The property recently opened Almost Friday Sporting Club and Bodega which have been an instant success.

The Cecil Hotel, in downtown, Los Angeles, California, is up for sale. The infamous 15-story hotel has become synonymous with macabre tales and spine-chilling mysteries. According to the Real Deal, the asking price is not available. Simon Baron Development is seeking to sell the ground lease for the property. The property was converted to homeless housing in 2019 with a $45 million financing from the LA City Council. Renamed as the Hotel Cecil Apartmentsupon reopening in 2021, the property currently boasts 601 units. The site is owned by 248 Haynes Hotel Associates.

HCW announced the opening of Caesars Republic Scottsdale in Scottsdale, Arizona. The modern 11-story, 265-room, luxury hotel is a collaboration with Caesars Entertainment Corporation and Macerich. The hotel boasts five opulent top-floor penthouse entertainment suites; 29 luxury suites, including wellness suites and the La Lupa bridal suite; three restaurants; two pools; and over 20,000 square feet of meeting space. Caesars Republic Scottsdale is owned and managed by HCW. Financing for the project was arranged by Walker and Dunlap.

Construction at the OKANA Resort and Indoor Water Park in Oklahoma City is ahead of schedule. The $400 million tourist destination will also include a more than 400-room hotel, a conference center and a four and a half acre adventure lagoon. The plan is for the entire resort to be open by spring 2025.

Cushman & Wakefield arranged the sale of Holiday Inn Rock Hill, a 114-room property in Rock Hill, South Carolina. The company represented the seller, Kismet Rock Hill, LLC in the transaction. The hotel was acquired by CN Hotels. The five-story Holiday Inn Rock Hill includes a banquet room, restaurant, bar and indoor pool.

David Marx has upgraded and rebranded his Hudson Yards hotel project, in Manhattan, after securing new financing. The on-again, off-again project, which was originally slated to be an Aloft hotel, will now be part of Marriott’s Tributeportfolio. Marx landed financing from Madison Realty Capital and Cerberus Capital Management to complete construction. Madison provided the $89 million senior loan and a $44 million mezzanine loan. The $185 million refi replaced a loan from Claros Mortgage Trust. The 51-story, 379-key hotel will open next year. It will have a multi-level restaurant, spa, fitness center, business center, lounge, bar, ballroom, and banquet and conference spaces.

Personnel Moves

International Hotel Investments plc, trading as the Corinthia Group, announced two key appointments with the promotion of Simon Naudi to Group CEO and Managing Director and Simon P. Casson succeeding him as CEO of the group’s operating arm Corinthia Hotels Ltd. In his new role, Naudi, who has also been nominated as a board member of Corinthia’s partner company, IHI, will focus on corporate, investment, ownership, financial and development matters while continuing to oversee all Corinthia’s companies. Naudi most recently served for 12 years as CEO of CHL. Casson heads Corinthia’s hotel operating company as it enters an exciting year which will see the opening of several luxury landmark hotels. In his previous role, Casson was responsible for 42 hotels in 26 countries.

Europe Highlights

Accor announced the signing of the 168-room TRIBE Krakow Stare Miasto in Poland. Expected to open in 2025, the new construction hotel will be located in the centre of Krakow, and will be the first hotel under the lifestyle TRIBE brand in the country. The property is owned and will be operated by AccorInvest under a management agreement with Accor. TRIBE Krakow Stare Miasto will offer a restaurant and a bar, as well as a fitness and wellness area.

The Tumas Group, in partnership with Hilton, is poised to launch the DoubleTree by Hilton Malta in St. Paul’s Bay this April. The transformation of the former Dolmen Hotel into the DoubleTree by Hilton Malta is the result of €18 million+ investment by The Tumas Group. The renovation encompasses a complete overhaul of the hotel’s rooms, entrance, conference facilities, and additional amenities.

Sun Venture has acquired the Hyatt Place London City East, according to JLL, marking Sun’s debut into the hotel industry. The seller is Resolution Propertyand the price was not disclosed. The 280-room hotel is an office conversion and opened in June 2021 under the management of Cycas Hospitality, which is remaining in place.

Puente Romano Beach Resort announced the opening of GAIA Marbella, the first Greek-Mediterranean restaurant in Spain, as well as NYX Marbella, an exclusive speakeasy hidden within the restaurant. The partnership with Puente Romano Beach Resort marks the fifth opening of GAIA by Fundamental Hospitality. Puente Romano Beach Resort is a member of The Leading Hotels of the World.

Sono Hospitality purchased the Hotel Dame Des Arts in Paris from Angelo Gordon & Co. Located in Paris’ Latin Quarter, the 109-bed upscale hotel is set over nine floors and also comprises a rooftop bar, a fitness center, and a restaurant. The purchase, which is said to be priced at around $118.8 million, marks Sono’s entry into the European hotel market.

OakNorth and HSBC have partnered up to provide a £232 million club loan to Splendid Hospitality Group. The club loan will support future capex works, including the 76-bedroom extension of Hilton London Bankside, which currently has 292 rooms. Splendid Hospitality’s portfolio currently comprises 24 hotels across the UK in the economy, midscale, upper midscale, boutique and luxury segments.