Mergers & Acquisitions

🏦 Marcus & Millichap sold two Country Inn & Suites in Orangeburg and Summerville, South Carolina, for $14,500,000. The 81-room Orangeburg property, built in 2007, features an indoor pool, hot tub, fitness center, and is near educational institutions and the Regional Medical Center. The Summerville property, constructed in 2004, is an 84-room hotel with an outdoor pool and fitness center, located close to Boeing, Volvo, Charleston Southern University, and 30 minutes from Downtown Charleston.

🏨 Waterford Hotel Group, based in Waterford, Connecticut, transformed the Hilton Hartford into a mixed-use development, now featuring the 170-room DoubleTree by Hilton Hartford Downtown and The Revel Apartments, which opened in April. The $29 million project prevented the closure of the full-service Hilton Hartford, converting the upper 11 floors into 147 apartments, with the rest renovated into the DoubleTree by Hilton. The redevelopment was a multi-entity collaboration, including RMS Companies and state and local politicians. Waterford also manages the 409-room Hartford Marriott Downtown and Connecticut Convention Center and has been committed to Hartford's revitalization for over 25 years. The nearby XL Center is set to receive an increased renovation budget from $80 million to $125 million.

💻 In Houston, Texas, technology providers WorldVue and Cabling Solutions, LLC have partnered to build hotel infrastructure. With 50 years of experience, WorldVue specializes in video and wireless services globally. Cabling Solutions, known for IT infrastructure in hospitality, aligns with WorldVue to handle growing project demands. The partnership involves a minority ownership acquisition and an operating arrangement to facilitate Cabling Solutions' growth and influence within WorldVue's platform.

🏦 PMZ Realty Capital LLC announced closing over $40 million in loans. Key refinances include: $11.3 million for Hilton Garden Inn Bel Air, Maryland, $10.8 million for Hampton Inn Hammond, Louisiana, and $19 million for dual-branded Four Points and Fairfield Inn & Suites Amarillo, Texas. Loans funded in as little as 30 days, reflecting optimism in the hospitality sector and anticipation of Federal Reserve interest rate cuts.

🏆 Mariano Dima named new chairman of Civitatis, a Spanish-speaking tours marketplace, taking over from Sophie Bower-Straziota. With over 20 years of experience at Visa and Vrbo, Dima aims to spearhead growth in Latin America. Civitatis recently received a $50 million investment after a 2022 investment. CEO Alberto Gutiérrez continues to lead the company, focusing on expanding the online presence of tours and activities in Spanish and Portuguese-speaking regions.

🏠 JRK Property Holdings acquired the Hilton La Jolla Torrey Pines in La Jolla, Calif. from Braemar Hotels & Resorts for $165 million. The 294-room resort, on an 11.4-acre site near Torrey Pines Golf Course, boasts ocean views, three dining venues, an outdoor pool, and 65,200 sq ft of meeting space. Eastdil Secured, which marketed the property, noted the hotel's superior occupancy and revenue performance since 2016. Capital investment is planned for refurbishment. 📍 YOTELPAD launches in Europe with YOTELPAD London Stratford, featuring 62 rooms with facilities for short to extended stays. Recognized with an Excellent BREEAM rating, it expands YOTEL's portfolio to 22 global properties. 🏗 Drift Hotels joined Design Hotels, enhancing its international exposure. Drift Hotels, established by TMC Hospitality in 2021, is known for minimalist Baja-inspired design. 🌅 Tapestry Collection by Hilton opened Yoo2 Rio de Janeiro, marking its debut in Rio and Hilton's 20th property in Brazil. The 135-room hotel offers scenic views and amenities like a rooftop pool and bar. Hilton plans to expand with over 10 hotels in Brazil, including two brand debuts.

🏨 Room Mate Hotels acquired Staying Valencia, adding over 500 rooms and five restaurants to its brand. With this, Room Mate's portfolio grows to 32 hotels across Spain, Italy, the Netherlands, the UK, and Turkey. TPG Angelo Gordon and Westmont Hospitality, Room Mate's co-owners since 2022, support the brand's growth trajectory, aiming for a €40 million EBIT and a debt-free status by 2025. Advisors included Clifford Chance, Perez Llorca, Jones Lang LaSalle, PwC, and Arcadis, with JJL advising Staying Valencia.

📍 Ryanair partners with Etraveli Group as its 6th 'Approved OTA' alongside brands like Mytrip, Gotogate, and Flightnetwork. The deal ensures customer information is accurately relayed to Ryanair, offering full price transparency and account access. Etraveli Group will use a direct API for efficient booking. Ryanair also announces its fourth Moroccan base in Tangier for summer 2024, with two aircraft and 25 routes, including 13 new ones, and new Manchester flights.