Mergers & Acquisitions - 10 Minutes News for Hoteliers - Page 67

2 min

First Hospitality Assumes Management of The Abbey Resort & Avani Spa

🏠 First Hospitality now manages The Abbey Resort & Avani Spa on Lake Geneva, Wisconsin, expanding its portfolio. The Abbey, opened in 1963, spans 90 acres with 334 guestrooms, including 13 suites, and boasts amenities like indoor/outdoor pools and boat rentals. Avani Spa offers a 35,000 sq ft fitness and wellness space. The resort features two full-service restaurants and additional dining options. The Lake Geneva Conference & Event Center on-site provides over 40,000 sq ft of meeting space.

2 min

Access Point Financial Completes Record Year in Hotel Financing

🏨 Access Point Financial (APF), based in Atlanta, Georgia, surpassed $2 billion in hotel financing in 2024, a record-breaking year. APF's transactions comprised $0.5 billion in bridge and mezzanine loans, and $1.6 billion in SASB hotel originations through HRR/G/H bond classes for CMBS refinancings. APF funded or partnered in financing 110 hotels totaling $2.1 billion. Key deals include a $53 million Marriott portfolio in the Mid-Atlantic, a $44 million Hilton portfolio in Florida, and more. APF is set to continue its growth trajectory into 2025.

2 min

Playa Hotels & Resorts to sell Jamaica resort

🏖 Playa Hotels & Resorts to sell Jewel Paradise Cove in Jamaica for $28.5 million in cash; closing expected Q1 2025. Adult-only resort opened in December 2013; third Jamaican resort sold by Playa in five years. Sandals Dunn’s River, the former Jewel Dunn’s River, reopened in May 2023. Playa's Jamaican resort revenue decreased by 14% to $147.03 million, occupancy dropped from 80.8% to 72.9% in 2024. Jewel Palm Beach and Jewel Punta Cana sold for $68 million and $82 million, respectively. Playa manages 24 resorts and 8,627 rooms across Mexico, Jamaica, and the Dominican Republic.

Hyatt and Grupo Piñero form joint venture to expand Bahia Principe Hotels

🏨 Hyatt Hotels Corporation and Grupo Piñero have completed a joint venture to manage and grow the Bahia Principe Hotels & Resorts brand. This strategic partnership aims to leverage Hyatt’s global presence to expand the all-inclusive offerings under Bahia Principe's name.

2 min

Meliá Hotels to develop luxury hotel in southern Argentina

🏡 Meliá Hotels International, in collaboration with Grupo Mirgor, will open a $50 million luxury hotel in Ushuaia, Argentina by 2028, under the Gran Meliá brand. Promising to be the southernmost in Meliá's portfolio, it will feature 200 rooms, two restaurants, bars, an 800-person auditorium, pools, spa, gym, and other amenities. The project aims to enhance Tierra del Fuego's economy, is expected to create 200 jobs, and aligns with Grupo Mirgor's diversification strategy. Meliá operates four other hotels in Argentina and is expanding in LATAM.

2 min

Charter Holdings Acquires Tru by Hilton Dallas Market Center

🏢 In Dallas, Texas, Charter Holdings and Liberty Hospitality Partners have acquired the Tru by Hilton Dallas Market Center, adding the 152-room hotel to their portfolio and planning renovations, including the city’s largest open-air rooftop bar. The strategic investment by the two companies seeks to transform the rooftop into a popular destination, delivering prime views of the Dallas skyline, with Ray Washburne’s M-Crowd restaurant group operating the bar. The hotel, benefiting from Dallas's growth as an economic and cultural hub, caters to both business and leisure travelers and is part of the Hilton Honors loyalty program.

2 min

Accor to launch TRIBE and TRIBE Living in Saudi Arabia

🏡 Accor and Naif Alrajhi Investment are launching the first TRIBE and TRIBE Living properties in Riyadh, Saudi Arabia, as part of the King Salman Park development. The TRIBE Riyadh King Salman Park will feature 250 rooms, two restaurants, meeting spaces, a banquet hall, a gym, and a swimming pool. TRIBE Living will offer 150 apartments, from studios to three-bedroom units, with shared amenities such as a clubhouse. The urban park spans 290,000 square meters, offering residential, commercial, and community facilities. Accor currently operates 1,683 hotel keys in Riyadh, with another 2,740 in the pipeline.

3 min

The countdown to the re-opening of the iconic Delano Miami beach begins

🏖️ Delano Miami Beach, operated by Ennismore and Cain International, is set to reopen in late 2025 after renovations. The iconic venue, established in 1947 with a 90s renovation by Ian Schrager and Philippe Starck, will feature 171 rooms and suites, four restaurants and bars, and a spa. Delano recently expanded with a new Dubai location in October 2024 and the first Maison Delano in Paris in April 2023. Cain acquired a minority stake in Delano in 2024, aiming for global growth.

Griffin Hotel Management LLC Merges Into Meyer Jabara Hotels

🏨 USA, Danbury, Connecticut, December 27, 2024 – Griffin Hotel Management LLC merges into Meyer Jabara Hotels, transferring 14 assets with plans to expand the portfolio to 50 hotels by Q1 2025. Griffin's James Kirkland becomes Senior VP of Operations - Western Region, operating from Austin, Texas, while majority owner Jay Fishman takes a business development role in Chicago. The merger enhances Meyer Jabara Hotels' western presence, in states including Texas, Illinois, and Arizona, and brings in new capital partners. Fishman, a CPA with a B.S. in Accounting from Indiana University, previously helmed Associated Hotels LLC and VMS Realty Partners, dealing with over 40 hotel transactions. Kirkland, with experience in Marriott International and Hilton, has opened over 30 properties in the U.S. and studied Business Administration at Texas State University.

Walt Disney World Swan and Dolphin to Launch $275 Million Transformation and Expansion Project

🏖️ In Lake Buena Vista, Florida, the Walt Disney World Swan and Dolphin announced a $275 million renovation and expansion project on December 27, 2024. The enhancement includes 120,000 square feet of additional event space, upgrades to existing meeting spaces and Swan guest rooms. This will increase total meeting space to 469,000 square feet, with the largest contiguous space being 175,000 square feet. A new annex will add 41,000 square feet of multipurpose space and a 41,000 square foot ballroom. Renovations of existing spaces and guest room remodels will be completed by summer 2025 and 2024, respectively. Groundbreaking for the expansion is set for November, with completion expected in late summer 2026.

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