Edmond de Rothschild finances Londra refurb: Edmond de Rothschild REIM, through the Edmond de Rothschild European High Yield I Real Estate Debt Fund and a separate fund dedicated to a German insurance group, has provided a loan worth €28.3 million (US$29.44 million) to refinance and refurbish the Londra Hotel in Florence. Owned by Eurazeo and managed by Grape Hospitality, the hotel was acquired by Eurazeo in December 2020. It will be transformed into a lifestyle/urban hotel with 160 rooms and rebranded as an Indigo by InterContinental Hotels Group. The hotel is slated to reopen in 4Q23.
Membership Collective Group to Scandinavia: Membership Collective Group announced its first Soho House in Scandinavia, Soho House Copenhagen, which is opening from July 2022. This will mark Membership Collective Group’s expansion into Scandinavia and the 22nd Soho House in Europe. Situated in the earlier Customs House and ferry terminal, the oval-shaped House spans two floors and features a members’ club, an outdoor terrace overlooking the water, the Customs Room and the Club Cecconi’s restaurant. Later in the year, Soho House plans to open a gym and studio space, Soho Active. The club has been designed by Soho House’s in-house team and will be followed by openings that include the Brighton Beach House in the U.K., Soho House Nashville and Holloway House in Los Angeles in the U.S.
Ashford Securities fundraising for Braemar: Ashford Securities, a wholly-owned subsidiary of Ashford Inc. and managing broker-dealer for Braemar Hotels & Resorts, has raised more than US$100 million for Braemar through the Series E and Series M Redeemable Preferred Stock Offering. Braemar is likely to sell up to US$500 million of Series E and Series M Preferred Stock. Since the offering was launched in July 2021, Braemar has acquired the 138-key Mr. C Beverly Hills in Los Angeles, California, and the 96-key Ritz-Carlton in Dorado Beach, Puerto Rico.
Renest signs 2 in India: Renest Hotels & Resort, the Gurugram, India-based boutique hotel and resorts brand, has signed two new hotels in Dharamshala and Haridwar in northern India. The 74-key Renest Haridwar is spread over 60,000 square feet, while the Renest Eliot Exotica in Dharamshala features a rooftop swimming pool and a spa. Both the hotels are expected to open in July-August.
Fund for Irish hotels: The Ireland Strategic Investment Fund and Dublin-based Pembroke Hospitality have announced the launch of the Hotel Investment Fund, a €50 million (US$52.02 million) fund for the hospitality sector. The fund is being launched to invest in hotels whose businesses have been impacted by the pandemic and will provide hoteliers with interim financing to enable their businesses to recover and grow. The fund is aimed at investments in Irish hotels with 3-star ratings and above, with a minimum of 25 rooms. The fund will invest in hotels with a viable growth plan but can’t raise funding from banks or alternate lenders and will provide between €500,000 to €5 million (US$520,250 to US$5.2 million) over three years.
Mamilla Hotel joins The Set Collection: Mamilla Hotel in Jerusalem announced it has become a founding member of The Set Collection, a new luxury brand representation company. The 194-room hotel is the latest property to join the collection alongside Hotel Café Royal in London, Conservatorium Hotel in Amsterdam, Hôtel Lutetia in Paris, The Opposite House in Beijing, The Upper House in Hong Kong, The Temple House in Chengdu, and The Middle House in Shanghai. The Set Collection was established for business owners, management teams and investors looking for alternative to traditional representation and distribution services.
Chatham Lodging Trust sells 4: Chatham Lodging Trust has closed the sales of four hotels — 180-key Hilton Garden Inn at Burlington, Massachusetts; 100-key Courtyard by Marriott Houston West University; 120-key Residence Inn by Marriott Houston West University; and the 137-key Homewood Suites by Hilton Dallas Market Center — consisting of a total of 537 rooms for US$80 million. The sale of the four properties massively reduces the average age of Chatham’s portfolio and provides liquidity for future growth, the company said. Including near term capital expenditure requirements, the aggregate sales proceeds would equate to an approximate 2% and 6% capitalization rate on net operating income for 2021 and 2019, respectively. Chatham currently owns 39 hotels with 5,914 keys across 16 suites and the District of Columbia.
Playa, Marriott collaboration: Playa Hotels & Resorts, Fairfax, Virginia, and Marriott International have agreed with the owner of Sanctuary Cap Cana, Francisco Martinez, to introduce Marriott’s first all-inclusive extension of The Luxury Collection brand to the Dominican Republic with Sanctuary Cap Can, a Luxury Collection Adult All-Inclusive Resort. The new 325-room resort in Cap Cana, a private enclave in Punta Cana, will open this summer under The Luxury Collection brand. The resort underwent a renovation in 2019 and features six bars, five a la carte restaurants, five pools and the resort’s own nightclub Sanctuary Town. The resort is slated to become the first Playa-managed resort under a Marriott brand. This marks Playa’s first joint venture with Marriott. The Luxury Collection currently includes 123 hotels globally across 41 countries.
Taconic closes US$500 million fund: Taconic Capital Advisors has closed Taconic CRE Dislocation Onshore Fund III, its third distressed and opportunistic real estate fund, with US$500 million in capital commitments. The fund consists of investments from existing and new investors with flexibility to tap into an overflow vehicle for additional concentrated deals. A year into its investment period, the fund has committed US$300 million of investments in 15 transactions. The company anticipates that hotel and office assets will make up the majority of the fund’s investments.
Rosewood grows residences in Florida: Rosewood Hotels & Resorts, Hong Kong, has announced Rosewood Residences Naples, the company’s second standalone residences in Florida. Sales will begin later this year. The project will be developed by The Ronto Group and real estate investment company Wheelock Street Capital. The project will join Rosewood Residences Lido Key, a new standalone residential project under development in Sarasota, Florida. The luxury residential units on the Gulf of Mexico in Southwest Florida will be spread across five acres with around 50 feet of beachfront. Rosewood Residences Naples will consist of less than 50 units and an average indoor size of 5,300 square feet per unit and three to four bedrooms, with each residence featuring a private elevator entry, balconies, walk-in closets and kitchens. It will also include a fitness center, spa, steam and sauna facilities, lounge and sports bar, two pools and children’s interactive game room.
ALG to launch Secrets Impression in Isla Mujeres: Apple Leisure Group announced that an ALG affiliate has signed an agreement with Secrets Impression Isla Mujeres, which will launch the Secrets Resorts & Spas brand in Isla Mujeres in Mexico. Slated to open in December, the adults-only Secrets Impression Isla Mujeres will comprise 125 suites. Guests can avail a private boat or catamaran transfer from mainland Cancun to the resort’s private pier and access the resort’s five gourmet a la carte dining venues, three casual venues, nine bars and lounges, spa and fitness center, rooftop infinity pools, lounge and an overwater al fresco cinema club.