Mergers & Acquisitions

🏨 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.

🍜 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.

📌 Hyatt Hotels Corp. to acquire Standard International for a base price of $150 million, with potential $185 million in additional payments. The deal will add 21 hotels with about 2,000 rooms to Hyatt's portfolio, including The Standard, London and High Line in NYC. Amar Lalvani, Standard International's executive chairman, to lead the new dedicated lifestyle group in NYC. Hyatt has made several recent acquisitions, including Mr & Mrs Smith for £53 million in April 2023. The Standard International deal, expected to close later this year, includes more than 30 signed or intended projects. Moelis & Company LLC and Venable LLP serve as advisors to Hyatt.

🙌 Nando's offers a Level 2 Hospitality Team Member Apprenticeship for individuals over 16 in England, with a 15-month syllabus including customer service and leadership training. Launched last year, the 'Hospitality Heroes' program received 114 applicants and those now over halfway will graduate in 2023. Apprentices earn full-time salaries with benefits like free meals, up to 40% discount, and a paid sabbatical after five years. The initiative, partnered with Lifetime Training, aims to develop future managers within Nando’s.

💰 Blackstone acquires majority stake in M3, a hospitality accounting software provider, with investment terms undisclosed. AAHOA, representing 20,000 U.S. hotel owners, joins as a strategic investor. The partnership aims to enhance operational efficiency for AAHOA's members. M3, founded in 1998, offers cloud-based accounting solutions to over 8,000 North American hotels and boasts a 95% retention rate. Blackstone manages over $1 trillion in assets. Legal counsel for the deal included Carlton Fields, P.A., Houlihan Lokey, Evercore, and Kirkland & Ellis LLP.

🏨 Zleep Hotels, a Denmark-based hotel company, merges with Core Hospitality, becoming Denmark's fourth-largest hotel operator. The merger follows Zleep's split from H World International, which now owns the Zleep brand, while Core Hospitality owns Danish operations. Post-merger, Core Hospitality manages 19 hotels with 2,288 rooms across five brands, including 14 Zleep Hotels in Denmark, two Moxy Hotels in Norway, and three Marriott properties in Copenhagen and Vejle. Core Hospitality has two hotels in the pipeline, adding 340 rooms. Zleep recently opened its first Swiss hotel in Lucerne.

🏨 Larry Ellison, founder of Oracle, acquired Eau Palm Beach Resort & Spa in Manalapan, Fla., part of the Preferred Hotels & Resorts Legend Collection. The London-based Lewis Trust Group bought the hotel in 2003 for $67.5 million when it was a Ritz-Carlton and rebranded it to Eau Palm Beach in 2013. The property has received Forbes Five-Star recognition for nine consecutive years. No sale price was disclosed for Ellison’s purchase, and the hotel was originally established as La Coquille Club in the 1950s. Ellison plans to invest in further upgrades.