Latest news: Six Senses Rome trades; Four Seasons refinance; Lindemann Hotels sell

Latest news: Six Senses Rome trades; Four Seasons refinance; Lindemann Hotels sell

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Four Seasons refis. Real estate developer Fort Partners has reportedly
refinanced its Four Seasons resorts in Surfside and Palm Beach, Florida, with a
$410 million infusion. Citi Real Estate Funding and German American Capital
will originate the four-year interest-only loan at a fixed 8.7% rate that will
be used to repay the existing $345 million outstanding debt.

Six Senses Rome trades. Italian investor Gruppo Statuto has
acquired the 96-room Six Senses Rome for a reported €245 million from
London-based real estate investment manager Orion Capital. Earlier this year,
Italian lender Banco BPM agreed a structured finance agreement worth €495
million with Gruppo Statuto and GWM Group, in partnership with asset management
company ARECneprix. Gruppo Statuto’s portfolio includes several luxury Italian
hotels, including the Four Seasons hotels in Milan and Taormina, Hotel Danieli
in Venice, The Rome Edition, as well as the 162-room W Ibiza which the group
acquired earlier this year.

McInerney develops in Georgia. McInerney Hospitality International
has been appointed by Sunshine Hospitality and Management to manage the 150-room
Courtyard by Marriott Batumi in Batumi, Georgia. In 2015, McInerney Hospitality
International Georgia began working on a variety of hotel development projects
in the country of Georgia. They have introduced several international hotel
brands to the Black Sea region, including the Courtyard by Marriott Batumi and
another Marriott under construction, a Hyatt Centric under construction in
Batumi, a Hilton Garden Inn under construction in Kobuleti, and a Wyndham Grand
and a Best Western in Tbilisi.

Legacy Ventures refi in Atlanta. National boutique real
estate investment banking firm PMZ Realty Capital has arranged a $40 million
refinancing loan for the 242-room Hilton Garden Inn Atlanta Downtown. A
European bank provided the five-year interest-only loan, and the borrower,
Legacy Ventures, will be using the part proceeds to pay off the existing debt
and contribute to reserves for a future property improvement plan (PIP). This
was Legacy Ventures’ sixth transaction with PMZ, representing over $250 million
of financing for its Atlanta hotel portfolio.

Four Seasons coming to Red Sea. Red Sea Global, the
multi-project developer behind The Red Sea and Amaala tourist destinations in Saudi
Arabia has completed an investment deal with Riyadh-based Kingdom Holding
Company to develop the Four Seasons Resort Red Sea. The SAR2 billion joint venture
brings together the two entities in a 50/50 partnership to develop and own the
resort expected to open in early 2025 on Shura Island, the main hub island at
The Red Sea destination. It will offer 149 rooms and suites, plus 31
residential properties. Shura Island will be home to 11 resorts in total, and
will include residential properties, an 18-hole golf course, a 118-berth
marina, and a retail, dining, and entertainment experience.

New Sonesta CFO. Sonesta International Hotels Corp. has appointed
Bob Gunkel as chief financial officer. Gunkel has most recently been an adjunct
professor of Finance at Georgia State University in Atlanta, where he teaches
Corporate Finance to MBA and Master of Finance graduate students. Gunkel was
previously CFO for the Americas region for IHG and has held senior positions in
asset management, financial planning and analysis, hotel development and
financial reporting.

More Maui hotels coming online. All of West Maui except for
burned-out sections of historic Lahaina will reopen to tourism on November 1,
the mayor of Maui County said Monday. West Maui has about 11,000 hotel rooms,
or about half of Maui’s total. Bissen said Monday that workers are ready to
return to their jobs while acknowledging “this isn’t for everyone.”

Scottish castle trades. One of Scotland’s oldest inhabited castles, the 35-room
Dalhousie Castle & Aqueous Spa in Midlothian, which dates from the 13th
century, has been sold for an undisclosed amount to a U.S.-based private buyer,
Dalhousie Property Investments Ltd. The castle had been part of the luxury
Robert Parker Hotel Collection and came to the market after operators Robert
and Gina Parker announced their intention to retire in May of this year. Following
the sale, Dalhousie Castle will be managed by hotel management company 7
Hospitality.

Excel Group refi in Florida. Berkadia’s Hotels &
Hospitality has arranged the refinancing of the leasehold interest in the
Hilton Garden Inn-Homewood Suites Jacksonville Downtown Southbank, a 221-key,
dual-brand hotel located in Jacksonville, Florida. Berkadia secured the
financing on behalf of Excel Group, a multi-disciplined hotel private equity
firm focused on acquiring and developing premium-branded limited-service
hotels. A regional bank provided the five-year loan, which will allow Excel
Group to invest additional capital into the property.

Yangon hotel sold. Keppel Corp., Singapore, has completed the divestment of the
789-room Sedona Hotel Yangon in Myanmar to Singapore-based hotel company Spring
Blossom Venture Pte. Ltd. for a reported $57.4 million. The price is more than the stated net asset value of approximately $43.9 million on February 28, 2023, according to Keppel Corp.

Berlin-based hotel group sold. U.K. and Germany-based Aurelius Growth Capital has acquired Berlin-based the
Lindemann Hotels group, which owns four boutique hotels in Berlin. Aurelius stated
it plans to scale the business in Germany, using the existing team.

Maverick grows portfolio. Maverick Hotels and Restaurants, Chicago, has added to its
management portfolio the 84-room Riverview Inn & Suites, Ascend Hotel
Collection in Rockford, Illinois.

Hilton in London approved for expansion. C1 Capital and partner Frogmore are looking for an equity
partner having now secured planning permission to create a £450 million
extension of the Hilton London Olympia near the Olympia London exhibition
centre. The plan retains part of the existing structure while adding more than
500 rooms to create a property with 905 rooms. The existing London Hilton
Olympia has had average occupancy levels in excess of 80% in 2023. With an
additional 12 million visitors to Olympia, the partners said they are confident
the new hotel will be extremely successful when it opens in 2027. Frogmore
acquired the Hilton London Olympia Hotel, in partnership with C1 Capital, from
HPL in April 2022.

Brookfield selling Seoul asset. Brookfield Asset Management is reportedly marketing for sale
the Conrad Seoul in South Korea for more than $369.5 million. The Canadian
alternative asset manager acquired the International Finance Center, comprised
of the hotel, three office towers and a shopping mall, in 2016. Mirae Asset was
set to acquire the entire property, but the deal broke down in September 2022
when the Korean government rejected the financing plan. With significant debt
maturing next year, Brookfield is now trying to sell the hotel separate from
the rest of the center.

Ovolo in Brisbane trades. Indonesia’s Karim family, through its Invictus Developments,
have acquired the 50-key The Inchcolm by Ovolo in Brisbane for A$25 million and
the vacant former Bank of China building in Sydney near Wynward Station for a
discounted A$52.5 million. Invictus plans to repurpose the latter into a luxury
hotel, spending A$30 million on renovations, including a rooftop bar with a
targeted opening of late 2025. With these acquisitions, Invictus now owns four
hotels in Australia, including Harbour Rocks Hotel in Sydney and Quest
Woolloongabba in Brisbane purchased for A$40 million and A$43.8 million
respectively.

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