Mergers & Acquisitions

💰 Braemar Hotels & Resorts, a US-based real estate investment trust, has initiated a sales process. As of 2025, Braemar oversees 14 luxury hotels, including nine resorts and five urban properties under brands like Ritz-Carlton and Four Seasons. A $480 million sale fee has been negotiated with Ashford Inc, with $17 million advanced. Buyers must assume existing management agreements, or cancel for $25 million. The company aims to maximize shareholder value amid favorable market conditions.

🏘️ Mazzard Farm, a holiday cottage complex in East Hill, Ottery St Mary, is listed for sale at £1,995,000. The estate, marketed by Savills, includes a 17th-century Devon longhouse, five holiday cottages, and a one-bedroom annex. Known for sustainability, it was awarded the Most Ethical Business at the 2023 South West Tourism Awards. Originally purchased in 2007, the business boasts strong profitability with a 90% direct booking rate. Potential for expansion is available, pending planning permission.

📈 Dalata reported a 5% decline in adjusted EBITDA due to lower RevPAR and inflation costs, with a €19.6 million profit after tax. Free cash flow is strong at €45.7 million. New acquisitions include Clayton Hotels in Berlin and Madrid. Dalata plans to add over 1,000 rooms globally. Assets are valued at €1.8 billion. The proposed acquisition by Pandox offers €6.45 per share, a 49.7% premium, pending shareholder approval on September 11, 2025.

💰 Ashford Hospitality Trust sold the Hilton Houston NASA Clear Lake in Houston, Texas, for $27 million and Residence Inn Evansville East in Evansville, Indiana, for $6 million. The sales, completed by July 31, 2025, resulted in a 1.3% capitalization rate or 45.3 times Hotel EBITDA, adjusting for capital expenditures. Without these adjustments, the rate is 2.0% or 28.1 times EBITDA. CEO Stephen Zsigray emphasized the focus on shareholder value and potential future sales.

💸 Ashford Hospitality Trust sold two properties: Hilton Houston NASA Clear Lake in Houston, Texas for $27 million, and Residence Inn Evansville East in Evansville, Indiana for $6 million. The combined sale price represents a 1.3% capitalization rate and 45.3 times EBITDA when adjusted for capital expenditures, or 2% capitalization and 28.1 times EBITDA excluding it. These sales aim to improve debt metrics and cash flow, with similar future sales anticipated.

🏠 Real estate investment group DoveHill acquired the historic White Barn Inn in Kennebunk, Maine, part of Auberge Resorts. Opened in the 1970s, it's 90 minutes from Boston and comprises 13 rooms, 8 junior suites, 1 studio suite, 5 cottage suites, and "The Cora Houseboat." The inn is famous for its luxury spa and culinary excellence. DoveHill, through its Opportunity Fund 2, targets unique, irreplaceable properties, focusing on iconic and high-barrier-to-entry markets. Auberge Resorts will continue management.

💸 Irish property investor Paddy McKillen awarded over £700m in a dispute with Qatari owners of London's luxury hotels Claridge’s, the Berkeley, and the Connaught. The 2015 consultancy agreement entitled McKillen to 36% of hotel value increase, estimated at £6bn. The London Court of International Arbitration's ruling suggests hotel values were between £4bn and £4.25bn. Partnership ended in 2022, with investors disputing asset coverage. Both parties can challenge, but successful appeals are rare.

🏨 Castle Hotel in Tamworth, a Grade II listed property from the 17th century, was sold by Watling Real Estate. Closed since January 2025, it has 20 ensuite bedrooms, two event suites, an 80-seat restaurant, and a bar. The former nightclub received 2022 planning consent to convert into two apartments. Located near Tamworth Castle, the 20,409 sq ft site will be refurbished and reopened by a private investor, promising new jobs and visitors.

🏨 DoveHill has acquired the White Barn Inn in Kennebunk, Maine. Auberge Resorts Collection will continue managing the property, which features guest cottages, a luxury spa, a pool, and the Cora Houseboat. DoveHill plans enhancements to improve the luxury experience. CEO Jake Wurzak emphasized the inn's iconic status and unique character. Charles Paloux noted the acquisition aligns with DoveHill's strategic focus on distinctive hotel investments through their DoveHill Opportunity Fund 2.

📈 Founded in 2021, Ennismore manages 180+ hotels and 500 bars/restaurants across 16 brands. In 2022, Accor sold 10.8% to a Qatari consortium for €185M, valuing Ennismore at €2B. Accor holds 62% and might list Ennismore, aligning with its simplification strategy. Expansion plans include openings in Nashville, Chicago, Mexico City, Zurich, and Sydney. Competitive lifestyle segment sees Accor leading against Marriott, Hilton, and others. RevPAR for Accor's lifestyle hotels grew by 9.9% in H1 2025.