INTERCONTINENTAL HOUSTON SELLS: The InterContinental Houston has been acquired by Los Angeles-based Stockdale Capital Partners. Other terms of the transaction were not disclosed. Built in 2019, the 354-key hotel is located in Texas Medical Center (TMC) in Houston and capitalizes on strong corporate and leisure demand. The hotel features a restaurant, café and lounge, an outdoor pool, fitness center and 18,000 square feet of meeting space. As one of the only luxury hotels in the TMC, the hotel is expected to benefit from the growth of the medical center which will double in size in the next decade. Additional business is expected from ongoing medical and life science research demand generated by TMC. Stockdale Capital Partners, a vertically-integrated real estate investment company, currently manages $2.8 billion in gross AUM on multiple joint ventures and discretionary funds.
MARRIOTT SIGNS TWO LUXURY HOTELS AT TROJENA: Marriott International has signed an agreement with NEOM to open two luxury properties in Trojena, the mountain destination in NEOM in northwest Saudi Arabia. The agreement will see the debut of W Hotels in the country and the opening of a JW Marriott hotel. The W Hotel in Trojena will have 236 rooms, including 47 suites, with views of the mountains and a freshwater lake. Located within the region’s Lake Village, the hotel will include signature brand spaces like a Living Room, WET Deck, along with four dining options, retail space, a lounge, spa and fitness center. The JW Marriott Hotel in Trojena will be located in The Bow, anticipated to be a futuristic water world combining nature with technology. The luxury hotel will be situated within the lake and surrounded by mountains with the substructure designed to withstand the weight and pressure of the water. The rest of the space can be adapted to be used for big events. The hotel will feature 500 rooms and suites, meeting spaces, a ballroom, five dining options, a fitness club, swimming pools, kid’s club and a spa. Trojena is one of the flagship developments in NEOM and is being developed as a year-round adventure sports destination. Trojena will be hosting the 2029 Asian Winter Games.
CAPITALAND ASCOTT TRUST COMPLETES SALE OF FRANCE HOTELS: Singapore-based CapitaLand Ascott Trust (CLAS) has completed the divestment of four mature serviced residences in France to un unrelated third party for €44.4 million ($47.14 million). The four properties are Citadines Croisette Cannes, Citadines Prado Chanot Marseille, Citadines Castellane Marseille and Citadines City Centre Lille. The properties were divested at 62% above book value, with net proceeds of the of the divestment worth €34.1 million ($36.2 million). The exit yield is around 4% and CLAS received a net gain of €1.2 million ($1.27 million). The divestment was part of the company’s active portfolio reconstitution plan. The proceeds from the sale will be used to refurbish and enhance existing properties in Europe and partially fund CLAS’ recently proposed acquisition of three lodging assets in London, Dublin and Jakarta. With this, CLAS now has 12 properties across France, mostly located in Paris.
SUMMIT HOTEL PROPERTIES CLOSES $200M JV CREDIT FACILITY REFINANCING: Summit Hotel Properties and its joint venture partner GIC, Singapore’s sovereign wealth fund, has completed the refinancing of its $200 million senior credit wealth fund, which consists of a $125 million revolving credit facility and a $75 million term loan. The new credit agreement provides for a fully extended maturity date of September 2028 for both the revolver as well as the term loan. With this refinancing, Summit Hotel Properties now has no material debt maturities till 2024 and its average length to maturity is more than three years, including extension options.
BARCELÓ ANNOUNCES FIRST MALTA HOTEL: The Barceló Hotel Group will soon open the Barceló Fortina Malta, its first hotel in Malta. An existing hotel underwent major renovations and was upgraded to a 5-star status to operate under Barceló. The hotel will be managed by the company. Located on the Sliema waterfront, the hotel offers 183 rooms with contemporary architecture and panoramic views of the Mediterranean Sea and the walled city of Valletta. The hotel also features a wellness center with a fitness room, heated indoor pool, two dining venues, a lounge bar and four meeting rooms for up to 250 people.