Possible
sale of NYC’s Pierre Hotel. The Sultan of Brunei is reportedly in talks to buy the 189-room Pierre Hotel in New
York City, according to the New York Post. Hassanal Bolkiah, who is
both sultan and prime minister of the tiny kingdom in Southeast Asia, is
partnering with Essam Khashoggi, brother of the late Saudi arms dealer Adnan
Khashoggi and uncle of late Washington Post journalist Jamal Khashoggi, who was
murdered inside the Saudi consulate in Turkey in 2018. The sale could be for
the whole property, which is valued at around $2 billion, according to the
story. The Newmark Group is advising on the sale.
Mack
portfolio refi in NYC. New York City-based Mack Real Estate Group has refinanced a seven-hotel,
1,087-key select-service portfolio in Manhattan with a $235 million CMBS loan,
according to a note from analyst Michael Bellisario of R.W. Baird. According to
the note, Mack took ownership of the portfolio in February 2021 after the
previous owners (Beijing-based Cindat Capital Management and Harrisburg,
Pennsylvania-based Hersha Hospitality Trust) defaulted on the mezzanine loan.
Mack is contributing $45 million of new equity to repay $270 million of
existing debt and to fund a $5 million capex reserve and closing costs. The
loan has a two-year term with three one-year extension options. The portfolio
includes one Candlewood Suites, three Hampton Inns, two Holiday Inn Expresses,
and one Holiday Inn, which opened between 2003 and 2009.
Atrium
refi in Waikiki. Phoenix-based Atrium Holding has refinanced the 1,307-key Waikiki Beach
Marriott with a $340 million CMBS loan, according to another note from Bellisario. As
part of the transaction, Atrium contributed nearly $15 million of new equity to
repay $336.5 million of existing debt (a 2019 CMBS loan) and to fund $13.4
million for capex reserves and closing costs. The loan has a two-year term with
three one-year extension options.
INNIN
converts in Nashville. San Diego-based INNIN, which acquired the 126-key Hyatt Place
Nashville/Franklin/Cool Springs in Tennessee from an institutional seller on
June 4 for an undisclosed amount, is planning to convert the hotel to the new
Hyatt Select brand, according to a note from Bellisario.
HEI adds in Nashville. Norwalk, Connecticut-based HEI
Hotels & Resorts has added the Waymore’s Guest House and Social Club in
Nashville to its portfolio. Waymore’s has 93 rooms, 4,000 sq. ft of meeting
space and two F&B outlets. HEI has more than 100 upper-upscale independent
boutique hotels and resorts throughout the U.S.
Autograph
debuting in South Asia. Marriott International’s Autograph Collection Hotels brand is making its
debut in South Asia with the opening of 285-key The Soaltee Kathmandu,
Autograph Collection in Nepal. This will be Marriotts 19th brand in South Asia
(India, Bhutan, Nepal, Bangladesh and Sri Lanka).
Citadines
adds in UK. The
Ascott Ltd. is introducing the Citadines brand outside London with its first
property in Liverpool. The Quest Liverpool City Centre will be rebranded as the
100-key Citadines City Centre Liverpool, following Quest Apartments’ move to
focus on its core oceanic market. Once a 1980s commercial building, the
property will become the sixth Citadines in the U.K. and the first outside of
London, bringing The Citadines portfolio to 40 properties in Europe overall.
Frasers
adds Yotel in Toyko. Singapore-based Frasers Hospitality has opened the Yotel Tokyo Ginza, the
brand’s debut in the city. It is Frasers’ first ground-up development and
investment in Japan. This is the 23rd Yotel location worldwide.
Valor
luxury golf collaboration. Atlanta-based Valor Hospitality Partners, through three of its
properties in premier golf destinations, McLemore Resort (in Rising Fawn,
Georgia), Seaton House (in St. Andrews, Scotland) and Dunluce Lodge (in
Portrush, Northern Ireland), has formed a relationship that includes its F&B
division, Savor, which allows for cross-continental collaboration of the three
golf properties.
