$1.7B
refi in London. A
joint venture of a pair of London-based companies, Deutsche Finance
International and Yoo Capital, has secured a $1.7 billion loan to refinance the
redevelopment of the Olympia exhibition center. The loan will refinance and
recapitalize the $2.8 billion overhaul of the historic events venue, which is
scheduled to be completed this fall and will include 1.5 million sq. ft. of
arts, entertainment and exhibition space plus two hotels, bars and restaurants.
Deutsche Bank provided the financing.
$13.9M
loan for two Cali hotels. Atlanta-based Thomas Financial Group has successfully closed a $13.9
million bridge loan, which will be taken out by a USDA Business & Industry
loan valued at $14.3 million, enabling the acquisition of two
boutique hotels in California: the 38-key National Exchange Hotel in Nevada
City and the 28-key Holbrooke Hotel in Grass Valley. The hotels were originally
built in the 1850s and renovated in 2020. Phoenix Lender Services financed the
loan. Acme Hospitality and Horizon Hotel Group will oversee the operation of
the hotels.
Oasis
tour powering UK hotels. The Oasis Live ’25 tour on July 4-5 led to significant gains in ADR and RevPAR in
Cardiff and Manchester, according to CoStar data. On the first night, Cardiff’s
ADR and RevPAR peaked at GBP340.74 and GBP314.09, respectively. Each level was
the highest on record. Manchester hosted five Oasis concerts over
recent weeks. The night of the first concert (July 11) pushed occupancy to a
high of 83.5%. The highest ADR and RevPAR levels were posted on the fourth
night (Saturday, July 19) at GBP181.70 and GBP170.54, respectively. These were
Manchester’s highest ADR and RevPAR levels since the 2023 UEFA
Champions League final in June 2023.
JLL exits
Roosevelt Hotel deal. JLL has quit its role as a financial advisor for the partial sale of the
Roosevelt Hotel in New York City, which is owned by Karachi, Pakistan-based
Pakistan International Airlines, to avoid a conflict of interest, according to
a story in Reuters. The airline is selling a minority stake in the hotel and is
looking for a redevelopment partner as it disposes of assets under a
privatization program. Reuters reported earlier in July that the owner is eying
at least a $1 billion valuation for the property. The hotel closed in 2020 and
was later leased as a migrant shelter. It now sits empty.
Brandt
adds in North Dakota. Fargo, North Dakota-based Brandt Hospitality Group has added Holiday Inn Fargo
and Holiday Inn Express Fargo – West Acres in North Dakota to its management
portfolio. Brandt oversaw the management of these properties from 2018 through
2023.
CapitaLand’s
profit increases. Singapore-based CapitaLand Ascott Trust (CLAS) achieved a 6% increase in gross
profit year-over-year, reaching S$182.5 million for the first half of
2025. Revenue was also up 3% YOY to S$398.5 million. The higher
gross profit and revenue were mainly attributed to stronger operating
performance, CLAS’ portfolio reconstitution strategy and asset enhancement
initiatives. On a same-store basis, both gross profit and revenue grew 4%
YOY in 1H 2025.
Scandic
adds in Norway. Stockholm-based Scandic Hotels is opening in December a new hotel in Florø, Norway. The property, currently known as the Comfort Hotel Victoria, will be
rebranded as a 97-key Scandic Victoria Florø. This development is part of a
franchise agreement with the Helle family, who will continue to operate the
hotel under the Scandic brand. This will be Scandic’s 19th hotel in Sweden and
Norway.
Hyatt adds in India. Hyatt Hotels Corp. is partnering with New
Delhi, India-based Deventure Hotel and Resorts Private Ltd. on the 150-key
Hyatt Centric Anjuna Goa in Anjuna, India. The hotel is currently under
construction, is scheduled to open in 2027 and will be managed by Nile
Hospitality. This will be the eighth Hyatt Centric in India.
