Mergers & Acquisitions

📦 Just Eat started exploring the sale of Grubhub in April 2022, aiming to focus on its strongest markets. Grubhub, not yet profitable with declining order volumes exacerbated by New York delivery fee caps, was sold at a 90% discount compared to its 2021 purchase price, effectively a 94% discount when adjusted for inflation. Just Eat Takeaway.com's CEO, Jitse Groen, sees the sale as a way to enhance cash generation and accelerate growth. The US startup Wonder, which acquired Grubhub, previously bought meal kit company Blue Apron. Wonder aims to integrate Grubhub's offerings into its 'super app'. Shares in Just Eat rose 19% after the sale announcement, with the deal's completion expected in the first quarter of 2025, pending regulatory approval.

🏠 Joint venture led by Regent Partners and Mariner Group refinanced Thompson Savannah, a luxury hotel, with a $50 million short-term first mortgage from Mesa West Capital. The loan replaces the initial construction loan for the 193-key hotel, opened in August 2021. Located at the Savannah River’s southern bank, the Thompson Savannah offers a restaurant, bakery, bars, pool, fitness center, and 11,000 square feet of meeting space. Since its opening, the hotel has shown growth in occupancy, RevPar, and ADR. Financing was arranged by Berkadia’s Hotel and Hospitality Group in New York.

💰 Ashford Hospitality Trust refinanced a $121.5 million loan for the 703-room Marriott Crystal Gateway Hotel in Arlington, Virginia. The new loan matures in three years with two one-year extensions, bearing a SOFR plus 4.86% interest. The deal freed $31 million to reduce the company’s strategic financing, enabling a reduction in the exit fee from 15% to 12.5% if the balance drops below $50 million by November 15, 2024. The current CEO, Stephen Zsigray, aims to clear the debt by year-end.

🏨 JLL's Hotels & Hospitality Group secured refinancing for the 254-key Hilton Garden Inn Seattle Bellevue Downtown for West77 Partners. The fixed-rate, five-year loan was obtained through a national life insurance company, allowing the borrower to repay an existing bank loan and return equity. Located in Bellevue, Washington, the hotel opened in 2018 and features over 3,000 square feet of meeting space, an on-site restaurant, and is near attractions like Bellevue Square. The JLL Debt Advisory team included Managing Director Adrienne Andrews and Analyst Jessica Mehra.

🏨 PM Hotel Group and Sightline Hospitality announced a strategic merger, expanding PM Hotel Group's footprint across the U.S. with 22 additional properties, including a debut in the Hawaiian Islands, as part of their lifestyle hotel division Modus. The merger aligns with consumer preferences for experiential travel, adding brands like RESET and evo Hotels, which offer nature-centric experiences and access to outdoor activities. Presidents Joseph Bojanowski and Kirk Pederson emphasize the merger's potential to elevate hospitality management standards and drive innovation in the industry.

📌 Davidson Hospitality Group, generating $2 billion in annual revenue, has been acquired by Nautic Partners from KSL Capital Partners' affiliate. Nautic Partners recently closed a $4.5 billion fund, Nautic Partners XI. The partnership aims to support Davidson's growth in the hospitality sector, focusing on lifestyle, luxury, upscale, and resort properties. Financial advisor Moelis & Company LLC and legal counsel Davis Graham and Stubbs LLP assisted Davidson, while Locke Lord LLP and Kirkland & Ellis LLP advised Nautic.

🏡 Marriott announced the opening of The Sira, a Luxury Collection Resort & Spa, Lombok, marking the third Luxury Collection hotel in Indonesia. Located 90 minutes from Zainuddin Abdul Madjid International Airport, The Sira offers 46 suites, 14 pool villas, a 1,400 square meter Beach House, three restaurants, a bar, a fitness center, a two-level outdoor pool, a spa, and event space. The Luxury Collection has over 115 properties in more than 40 countries.

🏨 The Reuben Brothers acquired the W South Beach hotel for $400 million from Tricap and RFR. The U.K.-based group, led by David and Simon Reuben, bought the property which includes 348 units and was developed by Tricap and RFR in 2009. The group plans renovations to enhance its luxury standing in Miami. The Reuben Brothers also own The Chesterfield in Palm Beach and have stakes in JW Marriott Miami Turnberry Resort & Spa, and The Surrey in Manhattan. In Puerto Rico, they're developing the $2.6 billion Esencia community. Their combined net worth is $16.4 billion.

🏚 Dusit Thani Bangkok reopened, featuring a massive ballroom and panoramic views of Lumpini Park. The hotel, part of the THB46 million Dusit Central Park project, will introduce four new dining venues, including a rooftop bar, and a spa. The full project, including luxury residences, an office tower, a retail center, and a Roof Park, will open by 2025. Waldorf Astoria Abu Dhabi, near Mangrove National Park, will offer 167 luxurious rooms and suites. In Ocala, Fla., BridgeInvest funded a $24.5 million loan for the purchase and renovation of two Marriott hotels, expecting to complete renovations by 2025. IHG's Garner hotel will open in Turkey in 2025, following the brand's success since its August 2023 launch, with 79 properties signed and four opened.

🔔 District Hospitality Partners acquired the Hilton Washington DC/Rockville Hotel and Executive Meeting Center, expanding their upscale hotel portfolio. Located in Bethesda, Maryland, next to the Twinbrook Metro station, this 315-room property provides access to downtown Washington D.C. and its airports. Fred Malek, CEO of the firm, plans to renovate guest rooms, bathrooms, and corridors, following a recent upgrade of the meeting space and common areas by the previous owner. The hotel offers 40,000 square feet of event space with 26 rooms, a 10,000-square-foot ballroom, a fitness center, and dining options.