Possible Ace sale? Bloomberg is citing sources that say Tokyo-based Seibu Holdings,
operators of the Seibu Prince hotel brand, is closing in on a deal to acquire
the eight-property Ace hotel brand from Ace Group International for as much as
$85 million, including earn-outs. Ace reportedly has been working with Jones
Lang LaSalle to explore strategic options. In 2023, Sortis Holdings struck a
$85 million deal to acquire Ace Hotels, but the deal collapsed amid rising
interest rates, management attrition, and shifting market conditions.
Peachtree new “illiquidity” fund. Peachtree Group has launched Peachtree Special Situations
Fund, a $250 million fund designed to unlock value in mispriced, high-quality
hotel and other commercial real estate assets due to today’s capital market
illiquidity rather than underlying fundamentals. Core strategies include off-market
acquisitions; preferred and hybrid equity solutions; and distressed purchases
from lenders. Peachtree expects to hold its first close within the next 60 to
90 days and complete the final close within its targeted 18 months following
the initial close. “We believe the next 12 to 18 months offer some of the most
compelling risk-adjusted opportunities we’ve seen since the global financial
crisis,” said Greg Friedman, managing principal and CEO of Peachtree.
New Club Med chair. Following the departure of Henri Giscard
d’Estaing, Club Med has appointed Stéphane Maquaire to replace him as chairman.
He joins Club Med after being head of Carrefour in Brazil. The move, said Club
Med, symbolizes brand owner Fosun’s intention to strengthen operational control
while streamlining strategy in a constantly evolving hotel sector.
Westin residences in India. Delhi-based Whiteland Corp., in collaboration with Marriott
International, has launched the Westin Residences Gurugram—India’s first
Westin-branded residential development and the largest standalone branded
residences in the country. With a projected topline of 15,000 Cr, the
development signifies a major milestone for India’s residential real estate
segment. The Residences will span across 7.78 hectares (approximately 20 acres)
with 1,700 three-bedroom and four-bedroom residences ranging from 248 to 402
square meters (approximately 2,673 to 4,328 sq ft). No completion or opening
date has been announced.
