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Extendam,
Highgate acquire in Portugal. Paris-based private equity firm Extendam and Highgate formed
a joint venture to acquire the 194-key Hilton Porto Gaia hotel in Vila Nova de
Gaia, Portugal, for an undisclosed amount from Sabersal. The hotel opened in
2021 and is Extendam’s first collaboration with Highgate.

USTA says
shutdown could cost a billion per week. The U.S. Travel Association stated that a government
shutdown would have a significant impact on the travel economy and the
traveling public, warning that the travel economy is at risk of losing $1
billion a week due to disruptions in air and rail travel, as well as the
closure of national parks and museums. A survey from Ipsos shows that a large
majority of Americans believe a U.S. government shutdown will cause economic
harm and disrupt air travel. According to the survey, 60% of Americans
said they would cancel or avoid air trips in the event of a shutdown, and 81%
of Americans agree that government shutdowns hurt the economy.

Grupo
Hotusa acquires 9 in Spain. Barcelona-based Grupo Hotusa has acquired a portfolio of nine hotels in
Spain, previously owned by the Pygmalion and CBRE Investment Management funds
and operated by the Spain-based Silken for €250 million. The
portfolio includes around 1,650 rooms in cities such as Seville, Madrid, Bilbao
and San Sebastián, and will become part of the portfolio of the company that
owns the Eurostars hotel chain. In July, it was reported that New York
City-based LCN Capital Partners had reached an agreement to acquire these
assets for €225 million, but the transaction ultimately fell through.

HCW adds
management vertical. Phoenix-based HCW is launching a third-party hotel management division. With a
portfolio of 2,000-plus rooms and more than $2.75 billion in managed asset
value, HCW actively oversees $136-million-plus in annual hotel revenue.

CG adding
JW residences in Dubai. CG Developers, the real estate arm of Kathmandu, Nepal-based CG Corp
Global, is partnering with Marriott International to launch the first JW
Marriott Residence in Dubai. The 115-key residential project will be set in the
Dubai Islands. CG Corp Global’s broader collaboration with Marriott also
includes converting the Wellness Resort, The Farm at San Benito, into the first
Autograph Collection in the Philippines. Another agreement includes the
founding deal for Marriott’s new global collection brand Series by Marriott,
with plans to affiliate CG Hospitality’s Fern Hotels.

New credit facility for Chatham. Palm Beach, Florida-based REIT Chatham Lodging
Trust has entered into a new credit agreement that increases total capacity
under a senior unsecured revolving loan from $260 million to $300 million and
increases total capacity under its senior unsecured term loan from $140 million
to $200 million. The newly enhanced $500 million credit facility can be
increased up to $650 million through an accordion feature. The $500 million
credit facility matures in September 2029. The facility also includes options to
extend the maturity by 12 months, subject to customary conditions. The new
facility bears interest pursuant to a leveraged-based pricing grid over the
applicable adjusted term SOFR, ranging from 1.5% to 2.25% for the revolving
loan (currently 1.6%) and 1.45% to 2.2% for the term loan (which represents a
0.1% decrease from the prior facility).