KSL sells Monarch Beach Resort: Denver-based KSL Capital Partners sold the 400-room Monarch Beach Resort in Dana Point, California, to Ohana Real Estate Investors in October for US$497 million, according to a report from financial analysts at DBRS Morningstar. The resort sits on 162 acres and has a beach club, eight F&B outlets, spa, retail, meeting space, swimming pools and an 18-hole golf course. The property, formerly a St. Regis, had changed hands several times over the past two decades amid loan defaults.
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Loren in Austin: New York-based The Loren Hotel Group is adding The Loren at Lady Bird Lake in Austin, Texas, scheduled to open in early 2022. The 108-room hotel will also have 26 condominiums for sale. Loren’s first hotel is The Loren at Pink Beach in Bermuda, which opened in 2017 and which it owns and operates.
Accor to sell a 5% stake in Huazhu: French hotel group Accor announced that it will sell part of its 5% stake in hotel manager Huazhu Group Limited for US$451 million. Accor will keep an approximately 5% stake in Huazhu and Chaiman and CEO Sebastien Bazin will remain on its board. The transaction allows Accor to reap some of the initial investment in the company, which was made in early 2016; Accor says the value of its initial investment in Huazhu has increased 4.5 times. During the course of the partnership 200 economy and midscale hotels in China were opened, mainly under the ibis, Novotel and Mercure brands.
Rent the Runway at W: W hotels in Aspen, South Beach, West Hollywood or Washington, D.C., will now be able to offer access to subscription fashion service Rent the Runway. When guests book a room, they’ll be prompted to select four pieces from Rent the Runway for an extra US$69. Clothes are delivered to the room, where guests can leave them after their stay.
Kirkwood adds boutique: Kirkwood Collection, a family-owned and operated hotel brand with four boutique properties in California, is renovating the Garden Street Inn hotel in San Luis Obispo. It’s expected to open in early 2021 with a restaurant and wine bar.
25Hours in Copenhagen (again): 25Hours will open its second hotel in Copenhagen, the 25Hours Hotel Paper Island, in early 2024, with partners CØ P/S, a consortium consisting of pension fund Danica and project developers Nordkranen and Union Kul. The 128-room hotel is located on the island of Christiansholm. Its 243-room 25Hours Hotel Copenhagen opens in 2021.