Mergers & Acquisitions

🏡 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.

🏨 Smith Hill Capital and Bain Capital provided a $57 million first mortgage financing for the Embassy Suites by Hilton Nashville Airport, a 305-key property. Located near Nashville International Airport, downtown Nashville, and One Century Place Conference Center, the hotel offers amenities like an airport shuttle, fitness center, and over 6,000 square feet of meeting space. The venture targets hospitality companies across the U.S. despite uncertain market conditions.

🏨 NewcrestImage, a hotel portfolio company founded in 2013, acquired the 15-floor DoubleTree Suites by Hilton Hotel Columbus Downtown in Ohio, featuring 194 all-suite rooms and nearly 7,000 square feet of conference space. The seller and acquisition price were not disclosed. IHG announced its first Regent Residences in the Middle East, due in Dubai by end of 2027, with 63 luxury units and 10 floating homes. Red Roof opened its 700th hotel, the Red Roof PLUS+ Jamaica in N.Y., with an investment over $20 million, and the prototype HomeTowne Studios by Red Roof in Tampa, Fla. Hilton introduced its first Conrad Chongqing in China, marking the 700th Hilton property in Greater China, offering 275 rooms and extensive event space.

📌 Red Roof opened its 700th property in Jamaica, New York with an investment over $20 million. The 86-room Red Roof PLUS+ Jamaica, owned by Steven Mendel, is pet-friendly and close to JFK Airport. Another property, HomeTowne Studios by Red Roof Tampa – Airport, owned by Vijay Patel, is the first to use a new prototype introduced in 2021, offering 124 extended-stay suites. Both openings mark significant milestones for the company, illustrating its commitment to brand elevation and value.

🍜 Neat Burger, backed by Lewis Hamilton and Leonardo DiCaprio, experienced closures of outposts in New York and Dubai recently. Originally launched in September 2019, Neat Burger had ambitions to expand to 1,000 locations by 2030. Despite raising $18 million in 2023, the company made a £7.9 million loss in 2022 and was forced to close half its London locations amid financial pressures, leaving four in the capital. The brand also rebranded, removing 'Burger' from its name and shifting towards health-focused options. Neat maintains a presence in Milan, Italy.

📉 Hostmore, the UK parent company of TGI Fridays, has halted its £177m all-share reverse takeover of TGI Fridays US. The decision came after TGIF Funding lost control of the franchise agreement royalties, jeopardizing future revenue. Despite the abandoned acquisition, negotiations may resume in the future. Hostmore's UK sale of TGI Fridays' 87 corporate sites is nearing completion, but is expected to not cover Hostmore’s debts. The company anticipates winding up and delisting following the sale. On September 9, Hostmore’s stock nose-dived by over 90%.

🏠 Related Group and Integra Investments obtained a $527M loan from TYKO Capital for St. Regis Residences, Miami, positioned in South Brickell. The financing marks one of Florida's largest residential construction loans, with the St. Regis project featuring a 50-story tower, 152 condos, ranging from two to six bedrooms, including penthouses and garden villas, over 60% of which are sold. The Waldorf Astoria Residences and Cipriani Residences in Miami previously secured $668M and $600M loans respectively.

📈 Richard Caring is nearing a £1bn deal with Si Advisers for Troia (UK) Restaurants, the parent company of The Ivy Collection, initiated in January. The agreement, possibly within weeks, involves a full exit for Caring and a Qatari fund selling shares. In 2023, Troia's turnover rose by over £100m to £302m, with a pre-tax profit increase from £20.4m to £29m and EBITDA up from £37.9m to £54.8m, following The Ivy Asia expansion.

🏡 Crescent Hotels & Resorts added NOPSI Hotel, New Orleans to its Latitudes collection. NOPSI is on the National Registry of Historic Places and part of Historic Hotels of America. The Jazz Age symbol features 217 rooms, 60 suites, and retains original architecture like cast-iron rails. It recently installed a retractable roof on the rooftop pool. NOPSI offers a culinary journey, a rooftop bar, a restaurant showcasing Gulf Coast produce, and Henry’s Gin Bar dating back to 1888. The hotel is near Bourbon Street and the French Quarter.