THE CAMBY SELLS FOR $110M: KHP Capital Partners, the San Francisco-based investment firm, has acquired The Camby Hotel in Phoenix for $110 million, or about $400,000 per key. The purchase price is the second-highest total price of the past year in greater Phoenix, following Braemar Hotels & Resorts’ $268 million acquisition of the 210-room Four Seasons in Scottsdale last December. The seller, Bethesda, Md.-based Host Hotels & Resorts, acquired the 277-key upper-upscale hotel in 1998 for $75 million. The hotel was a former Ritz-Carlton property reopened by Marriott International some years ago as The Camby Hotel. The hotel, part of Marriott’s Autograph Collection, includes a rooftop pool with a bar and an Americana-style kitchen and bar.
DOLCE BY WYNDHAM LAUNCHES IN ITALY: Wyndham Hotels & Resorts has introduced its Dolce by Wyndham brand in Italy with the opening of the upscale 207-key Dolce by Wyndham Milan Malpensa. Located in Somma Lombardo town near Lake Maggiore, the hotel features a restaurant, a café and conference spaces with five conference rooms for up to 400 people. The hotel builds on Wyndham’s long-term franchise partnership with the hotel management company Zeus International Hotels & Resorts, which currently covers nine hotels across three countries. The new hotel joins a collection of Dolce hotels globally, including in destinations like Denmark, Greece, Portugal, Germany, the U.S., Brazil, Vietnam and more. Part of Wyndham’s collection of 24 brands, the Dolce brand offers meeting spaces, curated cuisine and activities.
SONESTA ADDS SIGNATURE INN IN HOUSTON: Sonesta has opened the 51-room Signature Inn Houston Galleria in Houston. The hotel joins Sonesta’s upper, economy and midscale segments. Owned by Jayesh Patel, the hotel offers an outdoor swimming pool lounge and 24-hour coffee service. With this hotel, Sonesta now has seven Signature Inn locations across the U.S. Currently, Sonesta has 1,200 properties totaling 100,000 rooms under 17 brands across eight countries.
KKR, GAW CAPITAL TO ACQUIRE HYATT REGENCY TOKYO: Global investment firm KKR and PE firm Gaw Capital Partners will acquire the 746-room Hyatt Regency Tokyo. KKR and Gaw Capital have signed definitive agreements under which funds managed by both partners will acquire the hotel located in Shinjuku, one of Tokyo’s busiest business and retail districts. The deal is expected to close by Q2 2023. KKR is making its investment from Asia Real Estate Partners. This acquisition marks KKR’s latest investment in Japan and the real estate market in Asia Pacific. Worldwide, KKR’s real estate team manages $65 million in assets. Having entered the Japanese market in 2013, Gaw Capital currently manages properties of various asset classes in Japan and currently has assets worth $33.6 billion under management globally.
IHG ADDS VOCO IN SAUDI ARABIA: IHG Hotels & Resorts has signed a management agreement with Jurmaz Hotels Co. to add a new voco hotel in Riyadh, Saudi Arabia. The voco Hotel and Suites Riyadh North is expected to open in 2026. The 29-story, 246-key hotel will feature a swimming pool, gym, seven meeting rooms and four dining venues, including a specialty restaurant and a rooftop juice bar. IHG currently operates 38 hotels in Saudi Arabia and has 33 more in the development pipeline.