A quick roundup of global hospitality news.
CURIO COLLECTION ADDS IN CALIFORNIA: The Inn at the Pier in Pismo Beach, Calif., has joined the Curio Collection by Hilton portfolio. Somera Capital Management owns the property, the first lifestyle Hilton hotel in the Pismo Beach market. The 104-key hotel is operated by Quorum Hotels & Resorts, with Level 3 Design Group spearheading the inn’s design. The property underwent multi-million-dollar renovations and conversion, which includes a fresh look at its rooms and suites, 1,200 square feet of meeting space, a fitness center and a lobby. A new, full-service lobby bar has been added, while a new rooftop restaurant and bar is slated to open later this summer. The hotel opened in 2017 and has 2,650 square feet of street-level retail space.
DUAL-BRANDED MARRIOTT HOTEL OPENS IN OAKLAND: Hawkins Way Capital has announced the opening of a new dual-branded hotel, AC Hotel by Marriott and the Residence Inn Hotel by Marriott, Oakland Downtown, at Oakland, Calif. The new LED Silver level, 18-story hotel was built from the ground up. The hotel was developed by Beverly Hills-based Hawkins Way Capital and is operated by FCL Management, LLC. The AC Hotel component features a lounge, a guest market and rooms with a king or two double beds and views of the San Francisco Bay or views of urban downtown. The Residence Inn Hotel features studio and one-bedroom suites with fully equipped kitchens, dining and work areas, a 24-hour food and beverage market and onsite guest laundry. The dual-branded hotel includes a fitness center, 981 square feet of flexible meeting space and valet parking.
PALIHOTEL IN SAN DIEGO: Avi Brosh’s Palisociety has opened the 122-room Palihotel San Diego, marking the brand’s second hotel opening this year. This will be followed by more openings in Hollywood, Carmel-by-the-Sea, New Orleans and Tampa. A city-influenced hotel, Palihotel San Diego is housed in a storied 1912 building that originally opened as the St. James Hotel. The 10-story hotel has transformed into a Palisociety property and features a new restaurant, a private events space and a guest-exclusive roof deck. The hotel will also house the Saint James French Diner, a new original concept by Palisociety Dining Group and Executive Chef Casey Lane. This is Palisociety’s 15th hotel, alongside 10 Palisociety and four ARRIVE by Palisociety destinations.
IHG, MORI TRUST PARTNER FOR NAGASAKI HOTEL: IHG Hotels & Resorts and Mori Trust Co. Ltd. have signed a partnership agreement to open Hotel Indigo Nagasaki Glover Street. Slated to open in late 2024, the hotel will mark the beginning of an important new partnership between the two companies. The hotel will be the fifth Hotel Indigo property in Japan when it opens; it will be housed in a rare, historic Romanesque red-brick building and will have 70 rooms, dining options and a fitness center. Located in Nagasaki’s Minami Yamate area, it will overlook the Nagasaki Port and offer views from its hilltop location.
WYNDHAM COMPLETES REFINANCING TRANSACTION: Wyndham Hotels & Resorts Inc. has completed the refinancing of its former outstanding senior secured term loan B facility due May 2025. The Parsippany, N.J.-based company closed on a new $1.1 billion senior secured term loan B facility, which will mature in May 2030. Net proceeds from the new term loan B were utilized to repay the outstanding principal under its term loan B due 2025. The new term loan B saw significant investor demand, resulting in an upsize of around $400 million, while in the market and an attractive interest rate of SOFR plus 2.25% (with a 0.10% credit spread adjustment), at an issue price of 99.5%. Deutsche Bank Securities Inc., JPMorgan Chase Bank, N.A. and BofA Securities, Inc. served as joint lead arrangers for the new term loan B. Barclays Bank PLC, U.S. Bank National Association, Wells Fargo Bank, National Association and Wells Fargo Securities, LLC, The Bank of Nova Scotia, Truist Securities, Inc., and PJT Partners LP acted as joint bookrunners.