Briefs: Playa inks deal in KSA; Sunstone closes sale of Chicago hotels

Playa inks deal in KSA: Playa Hotels & Resorts, the Fairfax, Virginia-based owner, operator and developer of all-inclusive resorts, has agreed with Saudi Arabia’s Tourism Development Fund to open more than one resort along the coastlines of Arabian Gulf and Red Sea. The deal marks the company’s first destination outside of the Americas. Playa currently oversees 22 hotels in Mexico, Jamaica and the Dominican Republic with 8,366 rooms. The group also collaborates with major brands like Wyndham, Hilton and Hyatt.

Hilton Garden Inn Chicago Downtown/Magnificent Mile

Sunstone completes sale of Chicago hotels: Sunstone Hotel Investors, Irvine, California, has completed the sale of the 368-key Embassy Suites Chicago and the 360-key Hilton Garden Inn Chicago Downtown/Magnificent Mile. The hotels were sold for a combined price of US$129.5 million, US$178,000 per key, representing a 9.8x multiple on 2019 hotel adjusted EBITDAre and 8.8% cap rate on 2019 hotel net operating income. The sale marks Sunstone’s exit from the Chicago market. The company plans to grow its portfolio by adding long-term relevant real estate and use the proceeds of the sale into higher growth and more per-share NAV enhancing investments.

Crescent adds Marriott Boston Quincy to portfolio: The Marriott Boston Quincy has joined Crescent Hotels and Resorts’ management portfolio after undergoing extensive renovation in 2020. As part of the renovation, the hotel saw the introduction of 464 newly refurbished, large rooms and a refreshed event space. The property features 17,300 square feet of event space and 19 event venues. Currently, Crescent operates more than 100 properties across the U.S. and Canada.

W Hotels, Cercle host live performances: W Hotels Worldwide has collaborated with Cercle, the French music media company, to host a series of livestreamed concerts at and around W Hotels globally. W and Cercle will celebrate five W destinations through the year and Cercle will stage their performances at a cultural landmark, with W hosting in-person parties at their nearby hotel. The series of performances started off on March 5 with a live experience at W Goa, India.