Mergers & Acquisitions

🏨 Trinity Investments, Oaktree Capital Management, L.P., and Partners Group acquired The Standard, London; financial details undisclosed. The hotel, opened in 2019, offers 266 rooms and suites, six dining options, and is now part of Hyatt's brand portfolio. In October, Hyatt acquired Standard International brands and affiliates, adding 22 hotels and nearly 2,000 rooms globally. The acquisition follows Trinity and Oaktree's recent purchase of Park Hyatt Zurich and marks Partners Group's first European hotel investment with Trinity, totaling over €550 million in European and U.K. hotel investments.

📦 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.

🏡 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 Hilton Washington DC/Rockville Hotel; details undisclosed. The 315-room hotel, adjacent to Twinbrook Metro, Washington Metro Area, will undergo renovations of guestrooms, bathrooms, and corridors. It features a fitness center, business center, restaurant, café, bar, and 40,000 square feet of event space, including a 26-room conference center and a 10,000-square-foot ballroom. Marriott International and Sands China Ltd. are set to open The Luxury Collection in Macao in January 2025. The Londoner Grand will have 2,405 rooms and suites, five dining venues, and interiors by Peter Silling & Associates, located 4.9km from the airport on Cotai Strip. HEI Hotels & Resorts added Beacon Hotel & Corporate Quarters, Washington D.C., featuring 100 rooms (58 with kitchenettes), a restaurant, bar, and over 10,000 square feet of event space, to its portfolio. A multimillion-dollar renovation is planned. Hyatt Hotels will debut Andaz Gold Coast in Australia in mid-2025. Part of The Star Gold Coast development, the hotel will occupy floors 6-21 of a 65-story tower, offering 202 rooms and suites, fitness center, three dining areas, outdoor pool deck with cocktail bar, and beach club with cabanas and dining; designed by DBI Architects with interiors by Hachem.

🏨 Blackstone sold Motel 6 and Studio 6 to India's Oyo for $525 million, exiting its 12-year ownership since buying from Accor for $1.9 billion in 2012. Motel 6, founded in 1962 in California, has nearly 1,500 properties in the US and Canada. The deal, closing in Q4, aligns with Oyo's plan to add over 250 US hotels in 2024. Oyo, with 43,000+ properties globally, entered the US market in 2019 and currently lists 282 locations on Google. Motel 6 generates $1.7 billion in gross room revenues.

🏦 Peachtree Group acquired AC Hotel by Marriott in Park City, Utah, marking its sixth hotel addition in the year, totaling 789 rooms including three Hilton and three Marriott properties. Peachtree now manages 93 hotels with 11,837 rooms across 26 states. Key acquisitions include a 100-room AC Hotel in Utah, 128-room Residence Inn in Florida, and 180-room Hilton Garden Inn in Colorado. The strategy capitalizes on market dislocation, with expectations for rising transaction activity through 2024 into 2025. Peachtree also launched a restaurant management division and opened a Starbucks at AdventHealth Orlando.

🏡 Gencom, a Miami-based investment firm, entered the New York City market by acquiring the Thompson Central Park for $380 million, including a $230 million loan from Ramsfield Hospitality Finance, Affinius Capital, and AB CarVal. The 587-key hotel, located on Manhattan's Billionaires’ Row, operates under Hyatt as a Thompson Hotels-branded property and features dining venues, meeting space, and a spa. It recently underwent renovation and reopened in 2021, with a fitness center slated to open later this year.

📌 Room00 Group and Dorsa Holding Group acquired TOC Hostels for €20 million, buying 100% of shares from Ignacio Catalán and Salvador Torrens. The acquisition results in Room00 Group having 30 open properties with 2,260 rooms across Spain, Portugal, and Italy, and 20 more in development. TOC Hostels’ projected turnover is €70 million in the first year post-acquisition. Room00 Group, now one of Europe's largest hostel chains, looks to expand in Madrid, Barcelona, Seville, Malaga, Granada, and Valencia, and intends to add a fourth brand to its portfolio.