Breaking
news about deals, development, data and more.

Fort
Worth sale. Southeastern
Real Estate Group has been disclosed as the seller of the 162-key Home2 Suites
Fort Worth Cultural District in Fort Worth, Texas, that was first reported last
week. A joint venture of Ad Astra Capital and TMGOC Ventures acquired the hotel
for an undisclosed amount. The hotel was built in 2020. Hunter Hotel Advisors
facilitated the transaction.

New
Kimpton in California. San Francisco-based Maverick Development has completed construction on
the 100-key Kimpton Mirador, a luxury hotel in Pacific Grove, California, a
coastal resort community of the Monterey Peninsula. The Kimpton Mirador is
owned and developed by Cypress 16 in conjunction with Interport Capital and L&B Realty Advisors and is scheduled to open in January.

IHCL-Millennium
partnership. Singapore-based Millennium Hotels & Resorts has signed a new strategic
loyalty partnership with Indian Hotels Co. Ltd. (IHCL). The collaboration
brings together MHR’s MyMillennium and IHCL’s Taj InnerCircle of NeuPass
program. Under this collaboration, Taj members gain access to Millennium Hotels
& Resorts’ global portfolio and receive a 10% discount on rates, while
Millennium receives similar benefits for IHCL.

IHG adds
in Nepal. IHG Hotels
& Resorts has signed a management agreement with Club Chaulani Ltd. to
develop the 115-key Holiday Inn Dhangadhi in Nepal. Scheduled to open in Q1
2028, the signing marks IHG’s entry into the Sudurpashchim Province and
reflects the company’s strategy to expand its presence in high-potential,
underserved markets across South Asia. IHG currently operates 51 hotels across
six brands in India and has a pipeline of 80 hotels due to open over the next
three to five years.

Wyndham
adds in India. Wyndham Hotels & Resorts is partnering with Hyson Hospitalities Private
Ltd. to develop the 57-key Ramada Encore by Wyndham Kochi Kalamassery. The hotel
is scheduled to open in 2026.

New marketing agreement for MGM China. MGM Resorts International has entered into a long-term branding agreement with MGM China Holdings Ltd., effective
January 1. The branding agreement provides for a term through the end of the
current concession in 2032. If a further concession is granted or awarded, the
term shall be automatically extended until the earlier of the expiration of a
new concession or December 31, 2045. MGM China’s market share has nearly
doubled from a pre-pandemic level of approximately 9% to a year-to-date share
of roughly 16% as of September 30. The new monthly license fee has increased
from 1.75% to 3.5% of MGM China’s adjusted consolidated net monthly revenues.