Breaking
\nnews about deals, development, data and more. <\/p>\n
Extendam,
\nHighgate acquire in Portugal.<\/b> Paris-based private equity firm Extendam and Highgate formed
\na joint venture to acquire the 194-key Hilton Porto Gaia hotel in Vila Nova de
\nGaia, Portugal, for an undisclosed amount from Sabersal. The hotel opened in
\n2021 and is Extendam\u2019s first collaboration with Highgate.<\/p>\n
USTA says
\nshutdown could cost a billion per week.<\/b> The U.S. Travel Association stated that a government
\nshutdown would have a significant impact on the travel economy and the
\ntraveling public, warning that the travel economy is at risk of losing $1
\nbillion a week due to disruptions in air and rail travel, as well as the
\nclosure of national parks and museums. A survey from Ipsos shows that a large
\nmajority of Americans believe a U.S. government shutdown will cause economic
\nharm and disrupt air travel. According to the survey, 60% of Americans
\nsaid they would cancel or avoid air trips in the event of a shutdown, and 81%
\nof Americans agree that government shutdowns hurt the economy.<\/p>\n
Grupo
\nHotusa acquires 9 in Spain.<\/b> Barcelona-based Grupo Hotusa has acquired a portfolio of nine hotels in
\nSpain, previously owned by the Pygmalion and CBRE Investment Management funds
\nand operated by the Spain-based Silken for \u20ac250 million. The
\nportfolio includes around 1,650 rooms in cities such as Seville, Madrid, Bilbao
\nand San Sebasti\u00e1n, and will become part of the portfolio of the company that
\nowns the Eurostars hotel chain. In July, it was reported that New York
\nCity-based LCN Capital Partners had reached an agreement to acquire these
\nassets for \u20ac225 million, but the transaction ultimately fell through.<\/p>\n
HCW adds
\nmanagement vertical.<\/b> Phoenix-based HCW is launching a third-party hotel management division. With a
\nportfolio of 2,000-plus rooms and more than $2.75 billion in managed asset
\nvalue, HCW actively oversees $136-million-plus in annual hotel revenue.<\/p>\n
CG adding
\nJW residences in Dubai.<\/b> CG Developers, the real estate arm of Kathmandu, Nepal-based CG Corp
\nGlobal, is partnering with Marriott International to launch the first JW
\nMarriott Residence in Dubai. The 115-key residential project will be set in the
\nDubai Islands. CG Corp Global\u2019s broader collaboration with Marriott also
\nincludes converting the Wellness Resort, The Farm at San Benito, into the first
\nAutograph Collection in the Philippines. Another agreement includes the
\nfounding deal for Marriott\u2019s new global collection brand Series by Marriott,
\nwith plans to affiliate CG Hospitality\u2019s Fern Hotels.<\/p>\n
New credit facility for Chatham.<\/b> Palm Beach, Florida-based REIT Chatham Lodging
\nTrust has entered into a new credit agreement that increases total capacity
\nunder a senior unsecured revolving loan from $260 million to $300 million and
\nincreases total capacity under its senior unsecured term loan from $140 million
\nto $200 million. The newly enhanced $500 million credit facility can be
\nincreased up to $650 million through an accordion feature. The $500 million
\ncredit facility matures in September 2029. The facility also includes options to
\nextend the maturity by 12 months, subject to customary conditions. The new
\nfacility bears interest pursuant to a leveraged-based pricing grid over the
\napplicable adjusted term SOFR, ranging from 1.5% to 2.25% for the revolving
\nloan (currently 1.6%) and 1.45% to 2.2% for the term loan (which represents a
\n0.1% decrease from the prior facility). <\/p>\n","protected":false},"excerpt":{"rendered":"Breaking news about deals, development, data and more. Extendam, Highgate acquire in Portugal. Paris-based private equity firm Extendam…\n","protected":false},"author":2,"featured_media":453254,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5312],"tags":[11410,17466,19915,26719,26731,982,12495,1700,12920,2000,299,26732,13960,26721,2848,26730,26716,3274,388,15909,5642,6316,152269,26729,300,26720,26717,104,47052,26728,26726,26727,26718],"class_list":{"0":"post-453253","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-spain","8":"tag-asia-pacific","9":"tag-asset-management","10":"tag-brands","11":"tag-caribbean","12":"tag-condo-hotels","13":"tag-deals","14":"tag-development","15":"tag-economy","16":"tag-emea","17":"tag-eu","18":"tag-europe","19":"tag-extended-stay","20":"tag-forecasts","21":"tag-franchising","22":"tag-global","23":"tag-independents","24":"tag-insights","25":"tag-latin-america","26":"tag-lifestyle","27":"tag-luxury","28":"tag-management","29":"tag-mergers-and-acquisitions","30":"tag-mergers-and-acquistions","31":"tag-midscale","32":"tag-north-america","33":"tag-owners","34":"tag-regions","35":"tag-spain","36":"tag-timeshare","37":"tag-upper-midscale","38":"tag-upper-upscale","39":"tag-upscale","40":"tag-whats-hot-trending"},"share_on_mastodon":{"url":"","error":"Validation failed: Text character limit of 500 exceeded"},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/453253","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=453253"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/453253\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/453254"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=453253"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=453253"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=453253"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}