Briefs: Crescent acquires Hotel Colonnade; Banyan Tree to debut in Europe

CRESCENT ACQUIRES HOTEL COLONNADE: Crescent Real Estate LLC has acquired Hotel Colonnade Coral Gables, Autograph Collection through its investment vehicle, GP Invitation Fund III, LP. Pebblebrook Hotel Trust sold the 157-key hotel for $63 million. This marks the seventh hotel acquisition within Crescent’s GP Invitation Fund III. This also marks Crescent’s third Autograph Collection Hotels property. Located in Coral Gables, Fla., the Hotel Colonnade was designed by architect Phineas Paist as the centerpiece of George Merrik’s planned community. The Colonnade building was completed in 1926. A portion of the building was converted into a hotel in 1988. The hotel features around 34,000 square feet of event and meeting space and an outdoor pool. The hotel will undergo a multimillion-dollar restoration and will continue to participate in Marriott Bonvoy’s travel program. HEI Hotels & Resorts will manage the hotel. JLL served as the exclusive advisor in the transaction.

Rendering of Banyan Tree Varko Bay in Greece.

BANYAN TREE TO LAUNCH IN EUROPE: Singapore-based Banyan Tree Group has collaborated with Accor to make its European debut with the upcoming Banyan Tree Varko Bay. The new luxury resort will be developed on the Varko Peninsula in Pogonia in Greece’s Aitoloakarnania. Scheduled to open in 2026, the resort will offer 116 villas and 43 branded residences. Set against the backdrop of the Ionian Sea and the surrounding islands of Lefkada, Meganisi and Skorpios, the property will include a spa, water sports center, meetings and events area, a beach club, three restaurants and multiple bars. The property, built in partnership with the Greek Elastic Architects, aims to be the first European resort to achieve LEED Gold certification. Banyan Tree operates more than 60 hotels globally, with a pipeline of over 50 projects by 2025.

TAPESTRY COLLECTION ADDS IN EUROPE: Hilton announced the opening of Marty Hotel Bordeaux, Tapestry Collection by Hilton in the Mériadeck business district in Bordeaux, France. This is the Tapestry Collection’s third European property to open this year. The hotel features 61 rooms (many with terraces and balconies), a bar and a restaurant. The hotel, recently acquired by Vicartem in partnership with Extendam, will be operated by Younight Hospitality.

PREFERRED HOTELS ADDS NINE MEMBER PROPERTIES: Preferred Hotels & Resorts has added nine new member properties to its global portfolio between January 1 and March 31. The new additions range from a modern chalet-style resort in the Austrian Alps to a 39-story skyscraper in the NoMad district in New York City. The newly added properties include the 282-room Interalpen-Hotel Tyrol in Telfs, Austria (part of Legend Collection); 460-room Virgin Hotels New York in the U.S. (L.V.X. Collection); 289-room Marino Beach, Colombo in Colombo; Sri Lanka (Connect Collection); Hotel Villa Real 5* in Madrid, Spain (L.V.X. Collection); Hotel Balmes 4* in Barcelona, Spain (Lifestyle Collection and Preferred Residences); Boho Club Marbella in Marbella, Spain (Lifestyle Collection); Borgo Scopeto Wine & Country Relais in Sienna, Italy (Lifestyle Collection); Myriad by Sana in Lisbon, Portugal (L.V.X. Collection); and Hotel Beausite in Interlaken, Switzerland (L.V.X. Collection). Preferred Hotels’ portfolio currently comprises more than 650 hotels, resorts and residences under five global collections in 80 countries.

UPCOMING GRADUATE HOTELS IN AUSTIN: Adventurous Journeys has acquired a property in downtown Austin, Texas, that will house the future Graduate Austin, part of Graduate Hotels collection. Located close to the University of Texas campus and Texas Capitol Mall, the land acquisition encompasses a ground development of an 18-story hotel scheduled to open in 2025. The hotel will feature meeting and event space, a fitness center, a ground floor café and lobby bar, a rooftop restaurant and bar and on-site parking. The Burt Group will serve as the hotel’s co-developer alongside the AJ team. Founded in 2014 by CEO and founder Ben Weprin, Graduate Hotels currently has 33 open properties in the U.S. and the U.K. and four more under construction in Auburn, Alabama; Austin, Dallas and Princeton, N.J.