MCR Secures $300 Million Refinancing for 22-Hotel Portfolio

The DJIA was down 154 points, Nasdaq was down 49, the S&P 500 fell 18 points and the 10-year treasury yield was up .02 to 4.22%. Lodging stocks were mixed. SHO and XHR traded up to new highs.

Goldman Sachs made the changes to their lodging coverage's target prices because "tis the season." Buy-rated Wyndham goes to $115 from $100, Marriott goes to $314 from $280 and Hilton was upped to $271 from $247. Neutral-rated Hyatt had their price target upped to $167 from $151, while TNL went to $59 from $49. As for those Goldman Sachs rates a Sell, Choice Hotels was upped to $138 from $118, Hilton Grand Vacations went to $37 from $33 and Marriott Vacations new price target is $85 from $76.

The AC Hotel and Residence Inn by Marriott Reston are set to open next month in Reston Town Center in Reston, Virginia. According to Hotel Management Magazine, The Residence Inn has 120 guestrooms, while the AC Hotel has 147 guestrooms. Shared amenities include 11,300 square feet of meeting and event space, an indoor pool, a fitness facility, and two food and beverage venues.

A-1 Hospitality Group announced a strategic partnership with Delta Inn Hotel Group. This collaboration will bring Delta Inn's leadership team and three Portland, Oregon airport hotels into A-1 Hospitality Group's portfolio. The three new properties are: the 150-key Courtyard by Marriott Portland Airport; the 121-key Hilton Garden Inn Portland Airport; and the 104-key Fairfield Inn & Suites by Marriott Portland Airport.

Hilton's luxury brands experienced a record-breaking year of growth, with more than 500 properties now open across Waldorf Astoria Hotels & Resorts, Conrad Hotels & Resorts, LXR Hotels & Resorts, NoMad Hotels, and Signia by Hilton, a new partnership with Small Luxury Hotels of the World and a growing portfolio of standalone Waldorf Astoria Residences. Additionally, Hilton introduced Hilton for Luxury, a global luxury travel advisor program designed for Hilton's top-producing luxury travel advisors in every region to support customers in booking world-class accommodations around the globe. Waldorf Astoria Hotels & Resorts continues to expand in the most sought-after destinations around the world, adding to its current portfolio of 34 properties in 18 countries with a pipeline of 16 properties set to open in the coming years. The largest of the Hilton Luxury Brand portfolio with nearly 50 properties, Conrad Hotels & Resorts continues its global expansion with two new hotels in 2025. LXR Hotels & Resorts continues its steady growth in new West Coast markets. In addition to openings and signings, LXR Hotels & Resorts will launch a new signature brand program, Spirit of Adventure, to bring destination excursions and guided experiences to life at properties worldwide. Set to make its international debut in January 2025, Signia by Hilton Amman will mark the brand's first property outside of the U.S.

The Hampton Inn by Hilton Winnipeg Downtown celebrated its grand opening on Monday. Formerly the Best Western Plus Downtown Winnipeg, Alamo Management added two floors to the building, allowing for an increase in the number of rooms and suites to 134 from 87. The property offers two meeting rooms that can be converted into one large meeting space, a six-person board room, a gym, a lobby bar and a multi-sport simulator.

The Collierville Planning Commission voted to approve a preliminary site plan for a 112-room Home2 Suites by Hilton hotel at the Shops at Carriage Crossing in Collierville, Tennessee. The proposed five-story hotel development will include an outdoor pool and deck area, a covered drop-off area, and 128 parking spaces. G2 Venture Group is the developer of the proposed Home2 Suites. Carriage Crossing is part of the Price Farms mixed-use development. The proposed Home2 Suites would be the second hotel within Area 2 of the Price Farms Planned Development.

According to WKBW, Harry Stinson, the owner of the Buffalo Grand Hotel in downtown Buffalo, NY, has been working with officials from Erie County and the City of Buffalo to lay out a "phased reopening" of the sprawling complex. After reaching an insurance settlement earlier this year, construction will begin in late January with the hope of having the hotel's more than 400 guestrooms back online as early as March or April. Stinson said future phases of work would include the main floor event spaces, followed by the third-floor event space. Stinson also said he is working with Radisson Hotels on a potential affiliation deal which he believes will be a big step forward for the property.

IHG Hotels & Resorts celebrated the opening of a newly converted Holiday Inn Express hotel in Spokane, Washington. Formerly a Holiday Inn, the Holiday Inn Express Spokane Airport offers 121 rooms, 1,070 square feet of meeting space, a fitness center, a heated indoor pool and a hot tub. The hotel is owned by BHGAG Spokane, LLC and managed by InnVentures.

Ensemble announced La Bahia Hotels & Spa is accepting reservations for stays beginning in late Summer 2025. The hotel, located in Santa Cruz, California, will offer 155 guestrooms, including 16 suites, two restaurants, The Spa at La Bahia, and more than 13,000 square feet of indoor and outdoor event space.

Opening in early 2025 in Savannah, Georgia, is Municipal Grand, the inaugural hotel for cocktail-forward lifestyle hotel brand Midnight Auteur, which launched in March. The brand is the brainchild of the founders of the Death & Co. cocktail brand as well as Ryan Diggins, the founder of Denver's boutique Ramble Hotel.

The historic Madison Hotel in Atlantic City, New Jersey, was listed for sale in November with an asking price of $3.5 million. The 13-story building is adjacent to the former site of the Sands Atlantic City casino and hotel. The first floor of the building consists of a lobby, bar area, dining room, commercial kitchen, service elevator, offices and back-of-house storage space. The second floor includes 14 suites and office and meeting rooms. Levels three through 13 include the remaining 112 suites, each with either one or two bathrooms.

MCR has secured a $300 million refinancing for a 22-hotel portfolio. Totaling 2,855 guestrooms, the portfolio is spread across 14 states in markets such as Texas, Florida, New Mexico and South Carolina. MCR's in-house operations team manages the hotels. The loan was securitized in a floating-rate single asset, single-borrower CMBS transaction. The new financing replaces the original debt with an outstanding balance of $280 million at the time of payoff. J.P. Morgan and BMO Capital Markets acted as co-lead managers and joint book runners on the transaction. Eastdil Secured acted as exclusive advisor and Fried Frank served as legal advisor to MCR on the transaction.

Newmark Group, Inc. arranged $1.2 billion and $550 million loans on behalf of Fontainebleau Development for the refinancing of South Florida resorts Fontainebleau Miami Beach and the JW Marriott Miami Turnberry Resort & Spa, respectively. Newmark secured financing from Goldman Sachs and J.P. Morgan for both transactions. The Fontainebleau Miami beach just delivered a newly built convention center in December 2024. The hotel boasts 1,594 guestrooms across four distinct towers, full-service beachfront access, 11 pools, nine food and beverage outlets, three nightlife and lounge venues, 200,000 square feet of existing meeting and event space and a spa with a fitness center. The JW Marriott Miami Turnberry Resort & Spa underwent an extensive renovation and expansion in 2019. The resort includes 685 guestrooms, two golf courses with a private country club, 120 square feet of versatile meeting and event space, six restaurants and lounges, a waterpark and a spa.

Creative Media & Community Trust Corporation closed a secured, non-recourse loan of up to $92.2 million on its Sheraton Grand Sacramento Hotel and parking garage in downtown Sacramento, California. The Sheraton Mortgage Loan is a floating-rate, interest-only loan that matures in December 2026, with three one-year extension options that are subject to customary extension conditions. Room renovations were initiated earlier this year, and the Company anticipates they will be completed by the end of 2024. In 2025, the Company plans to improve and modernize the hotel's ballroom and meeting space, food and beverage outlets and common areas.

The all-new Wave House is the first high-end condo hotel in the coastal town of El Zonte along El Salvador's Pacific Ocean coastline. Wave House boasts 19 residences, fine dining experiences, an outdoor infinity pool, a rooftop deck, a rooftop wellness area with Jacuzzi and cold plunge, a Biomechanics gym, a physical therapy/massage room, concierge service and personalized experience management, as well as a lounge and workspace.

The St. Regis Cap Cana is opening in the Dominican Republic on April 26, on the edge of Punta Espada. The resort is going to have 200 rooms, 9 dining concepts, copious meeting space, and a spa.

Europe Highlights

Mandarin Oriental Hotel Group announced the option to sign two iconic additions to its portfolio of hotels from early 2025: Hotel Lutetia in Paris and the Conservatorium Hotel in Amsterdam. Following completion, of the transaction, Hotel Lutetia will be rebranded as Mandarin Oriental Lutetia, Paris, while the Conservatorium Hotel is set to be rebranded as Mandarin Oriental Conservatorium, Amsterdam in January 2026, following a comprehensive upgrade. The hotels are part of the Locka Holding BV. Hotel Lutetia offers 184 guestrooms including 47 suites, Akasha Holistic Wellbeing Centre, a restaurant and a bar. The Conservatorium Hotel features 129 rooms and suites, two food and beverage venues, and the Akasha Holistic Wellbeing Centre.

Radisson RED Galway has opened, making it the first property of the brand in Ireland. Developed by the Rhatigan Group, Radisson RED Galway offers 177 guestrooms and suites, multiple food and beverage venues and nine meeting rooms spread across two floors.