Mergers & Acquisitions

🏡 Minor Hotels to open NH Collection Ibiza in April, following hotel's acquisition by AX Partners and renovation to meet brand standards. Located overlooking Ibiza's port and old town, NH Collection will enhance its European luxury hospitality presence, coinciding with its 10th anniversary and nearing 100 properties globally. The brand's expansion includes the upcoming NH Collection Alagna Mirtillo Rosso in Italy, catering to ski enthusiasts. Minor Hotels aims to strengthen its position in the Spanish hotel investment market with this first NH Collection in the Balearic Islands.

🏌️ Henderson Park acquired PGA National Resort in Palm Beach Gardens, Fla. from a Brookfield Asset Management fund, with the price undisclosed. The resort, featuring 360 rooms and 99 golf holes, underwent a $100 million renovation and plans for further enhancements. PGA National, opened in 1981, has hosted events like the Ryder Cup (1983), PGA Championship (1987), and The Cognizant Classic since 2007. The 807-acre property boasts a 40,000-square-foot spa and six dining venues. Henderson Park, founded in 2016 with over $14 billion in real estate investments, was advised by Jones Day on the deal.

🏡 Initially listed without a year of operating history and a non-specialist broker, the property was pulled from the market. In early 2023, broker David du Menil from The Intrepid Group relisted it at $7.3M. Under contract at $6.5M, the nonrefundable earnest money was set at $15,000. A buyer's funding fell through days before closing, costing nearly the amount of earnest money in attorney fees. A new $7M offer with $200,000 earnest money was nearly lost when an investor withdrew, but the sale completed after an additional six-week wait.

🏨 Atream acquired a hotel near Munich from HIH Invest Real Estate on behalf of a closed-end fund. The hotel, built in 2007, spans 3,912 sqm, offers 150 rooms, 84 parking spaces, and includes a 270 sqm commercial space. Leased to AccorInvest Germany, the property has undergone partial renovations since 2019. The transaction, advised by BNP Paribas Real Estate with legal counsel from Norton Rose Fulbright, was successful despite hospitality challenges due to the pandemic.

📢 Mews welcomed Clarity Hospitality Software Solutions, marking growth in New Zealand and the UK. Mews Ventures has completed 12 acquisitions, with Clarity being the seventh PMS addition. Founded in 1992, Clarity adapted with a cloud-based platform, aligning with Mews' innovative hospitality vision. Clarity serves hundreds of hoteliers, and these customers will now experience enhanced services with Mews, including recent additions like Atomize revenue management and Quotelo events management. Mews was named Best PMS for the second consecutive year at the HotelTechAwards.

🏖 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.

🏡 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.

🏡 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.

🏖️ 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.