Extended Stay America has secured a $1.9 billion loan commitment to refinance 220 properties across 33 states, marking a significant bet by lenders on the extended-stay hotel sector even as performance metrics decline industrywide.
Despite the fact that, unlike its European neighbors, the rebound in the French market has been slow to materialize, Sofidy invested around €600 million in 2024 and plans to do the same this year and next. Olivier Loussouarn, Sofidy's Investment Director, is delighted with the amount of capital deployed "at a historically very favorable time", as he explains his roadmap to Business Immo.
The Pendry Hotel & Residences Tampa, a 38-story condo-hotel being developed by Two Roads Development along the city’s downtown riverfront, has scored over $500 million in construction financing, including the largest green energy loan of its kind.
Ashford Hospitality Trust, a real estate investment trust with 72 hotels totaling more than 17,000 rooms in its portfolio, has refinanced a $218.1 million mortgage loan backing an upscale hotel in Nashville, Tennessee.
Private equity firm KSL Capital Partners has closed a $480 million refinancing package for two luxury resorts in Hawaii, extracting nearly $148 million in equity while maintaining control of prime beachfront properties.
Investment firms Bain Capital, Columbia Threadneedle and QuinSpark Investment Partners acquired the 957-room Pullman Montparnasse in Paris for €300 million ($355 million) or €313,480 ($370,477) per room, according to CoStar.
Iroko Atlas. This is the name of the new SCPI launched by Iroko, the French collective investment vehicle. Created five years after the launch of Iroko Zen, this vehicle is intended to be international and opportunistic.
The real estate industry is undergoing radical change across its entire value chain. Whether willingly or unwillingly. Over and above the economic crisis that the sector is going through - and it's a violent one - we can see that the business models that have flourished for several decades are being challenged. Challenged by the climate transition, which is forcing us to decarbonize our assets. Challenged by changing uses, which are reexamining the added value of office, retail and warehouse space. Challenged by the big bang of values, which are fracturing into "prime" assets that are being snapped up and others that are being abandoned.
GFI Real Estate is in negotiations to refinance debt on its Hotel Seville NoMad property in New York through a $60 million land sale-leaseback transaction and potential bond issuance.
The U.S. hotel sector is facing an uptick in distress, with several high-profile properties in key markets changing hands through foreclosure, deed-in-lieu transfers and other lender-driven actions.
Ashford Hospitality Trust has completed a $218.1 million commercial mortgage-backed securities refinancing of the 674-room Renaissance Nashville Hotel, marking the property's second refinancing in just over a year.
Climate change has become a "chestnut" among journalists. It's a recurring, predictable topic that regularly appears on the airwaves or in newspaper columns. The only difference is perhaps its frequency. Not a day goes by without a climatic episode - storm, heatwave, flood, drought... - making the headlines.
Real-estate investment firm Vastint has announced it is putting a United Kingdom hotel portfolio of Marriott International-branded hotels up for sale, a portfolio it values at £500 million ($672 million), or approximately £151,000 ($203,000) per key.