Briefs: TFE’s new year openings; Braemar closes on Four Seaons loan; OYO IPO delayed

TFE’S NEW YEAR OPENINGS: Australia’s TFE Hotels will open three new-build hotels in the first half of the new year. The company plans to grow its Adina and Vibe Hotels brands with two new locations in Australia and a third in Geneva, which will mark TFE’s debut in Switzerland. The three new properties are the Adina Apartment Hotel Pentridge Melbourne (the 110-apartment hotel is part of a multibillion-dollar lifestyle precinct in Coburg and will open in February), the 123-key Vibe Hotel Adelaide (expected to open in February) and the 140-room Adina Apartment Hotel Geneva (to open in March). Through this year and beyond, TFE will focus on growing its presence in Australia and overseas with design-led and destination-focused properties.   

BRAEMAR CLOSES ON LOAN FOR SCOTTSDALE FOUR SEASONS: Dallas-based Braemar Hotels & Resorts Inc. has closed on a mortgage loan for the 210-room Four Seasons Resort Scottsdale at Troon North in Scottsdale, AZ. The non-recourse loan totals $100 million and has a three-year initial term with two one-year extension options, subject to the satisfaction of some conditions. Braemar plans to use the majority of the proceeds from the new loan to repay a more expensive loan secured by the Ritz-Carlton Reserve Dorado Beach, which has a floating interest rate of LIBOR + 6%. Real estate advisory firm Robert Douglas assisted Braemar with the transaction.  

GREEK HOTEL TYCOON PASSES AWAY: Aristotellis Divanis, the founder of Athens-based Divani Collection Hotels, died on Dec. 31, 2022. One of the most prominent personalities of the Greek hospitality industry, Divanis founded the company in 1958 when he was asked by then Greek Prime Minister Konstantinos Karamanlis to build a hotel to encourage tourism. He began his career with the 65-room Trikala, the group’s first hotel in Thessaly. Divanis was a pioneer of Greek tourism and led the Hotel Chamber of Greece during the critical decades post-colonization. The family-owned Divani Collection Hotels joined Global Hotel Alliance, the alliance of independent hotel brands, in 2019. The group is now led by his son Spiros Divanis, who is the managing director of the group.  

WYNDHAM SIGNS RAMADA IN INDIA: Wyndham Hotels & Resorts has signed a franchise agreement with New Delhi-based M/s New Style Pvt. Ltd. for a new hotel in Panipat, Haryana, under the Ramada by Wyndham brand. Slated to open in 2024, the hotel will have 53 rooms including suites, a lobby lounge, an all-day dining restaurant and bar, meeting areas, wellness spaces and a pool.  

FURTHER DELAY FOR OYO’S IPO: India’s Oyo Rooms is expected to see a further delay in the launch of its IPO, after market regulator, Securities & Exchange Board of India (SEBI), asked the company to update additional sections in its Draft Red Herring Prospectus (DRHP). Oyo has been asked to update information such as risk factors, key performance indicators, outstanding litigations and basis for valuation. The company was initially expected to launch the IPO in the first half of the year. The process of filing additional updates will take about three months. The IPO-bound company recently filed an addendum to its DRHP submitted to the SEBI in September 2021, which revealed its financials for the past three years and citing that potential investors need to be aware of the material uptick in its business performance since its IPO application. 

SINGAPORE INVESTORS ACQUIRE IRISH GOLF RESORT: Stanley Quek and Peng Loh, the Singapore-based investors and owners of luxury resorts in Ireland, have acquired Tulfarris Hotel & Golf resort in Co Wicklow, Ireland from Prem Group. The Singaporean investors, who also own Castlemartyr in Co Cork and Sheen Falls in Co Kerry, are believed to have paid between €15 million to €20 million ($16.04 million- $21.39 million) for the hotel and plan to build a portfolio of prestigious Irish properties. The deal was completed before Christmas. The new owners plan to upgrade the 4-star hotel. JLL served as selling agents on the hotel. The Singaporean owners also own the Trinity Townhouse in Dublin and Library Street restaurant, led by Kevin Burke. Dubin-based Prem Group acquired Tulfarris for €8 million ($8.55 million) in 2016. The 220-acre resort, which features an 18th-century manor house and championship golf course, was once owned by a group of investors headed by developer Paddy Kelly.