Global M&A Updates: Minor REIT Plans, NYC Acquisitions, and New Hotel Developments
- Minor REIT Launch Minor International from Bangkok plans to launch a real estate investment trust (REIT) in 2025.
- Prospect Ridge Acquires Holiday Inn Private equity firm Prospect Ridge has purchased the Holiday Inn Express in Chelsea, New York City, for $59.8 million.
- Dolly Parton's New Hotel Dolly Parton has received a permit to convert part of her Nashville office into a hotel named the Songteller Hotel.
Recent Developments in Hospitality and Real Estate
Minor REIT Launch
Minor International from Bangkok plans to launch a real estate investment trust (REIT) in 2025. Chairman Bill Heinecke aims to reduce $7 billion in liabilities by using some of its 550 hotel properties in the new REIT. An official announcement has not yet been made.
Prospect Ridge Acquires Holiday Inn
Private equity firm Prospect Ridge has purchased the Holiday Inn Express in Chelsea, New York City, for $59.8 million. The hotel was acquired through Cactus Street Propco from Brisam Management, linked to Sam Chang’s McSam Hotel Group.
Dolly Parton’s New Hotel
Dolly Parton has received a permit to convert part of her Nashville office into a hotel named the Songteller Hotel. The project is valued at $45 million and will include a museum featuring Parton’s career artifacts. She already owns two hotels in Pigeon Forge, Tennessee.
Highline Acquires Dual-Branded Hyatt
Highline Hospitality Partners has acquired a dual-branded Hyatt hotel in Charleston, South Carolina. The purchase includes the Hyatt House Charleston Historic District and Hyatt Place Charleston Historic District. Management of both hotels will be taken over by Avion Hospitality, with plans to rebrand one hotel.
Concord Partners with Margaritaville
Concord Hospitality will manage the Compass Hotel Anna Maria Sound by Margaritaville in Tampa, Florida. The hotel has 123 keys and adds to Concord’s portfolio of over 140 properties across the U.S. and Canada.
Rafael Nadal’s Zel Hotel
Meliá Hotels International and Rafael Nadal are launching the Zel Punta Cana in the Dominican Republic. The 190-key hotel will rebrand the Garden Suites by Meliá and is set to open on December 12. This will be the brand’s third property.
Hyatt’s New Dreams Resort
Hyatt Hotels Corp. will open a new Dreams Resorts & Spas property in Cap Cana, Dominican Republic. The 519-key Dreams Cap Cana Resort is expected to enhance Hyatt’s presence in the region.
Criterion Capital’s London Acquisition
Criterion Capital has acquired One Princes Street in London, intending to transform it into a Zedwell hotel. This site will be part of Criterion’s plan to open 8,500 Zedwell rooms by 2027 in various UK locations.
Marriott’s EMEA Growth
Marriott International has expanded its branded residential portfolio in Europe, the Middle East, and Africa (EMEA) to 70 projects. In the last two years, Marriott signed 26 agreements for branded residences, more than double recorded in the previous two years.
Hyatt Expands in Romania
Hyatt Hotels Corp. is expanding in Romania, planning five new hotels by 2027. The flagship will be the 250-key Hyatt Regency Aro Palace Brașov, originally opened in 1939.
IHG’s Expansion in India
IHG Hotels & Resorts signed a management agreement to open the 150-key Holiday Inn Resort Dharamshala in India by the third quarter of 2027. IHG currently operates 45 hotels in India with a pipeline of 50 more.
Hyatt’s Senior Notes Offering
Hyatt Hotels Corp. announced the pricing of a $150 million offering of senior notes due 2029 and $450 million due 2031. The notes bear interest rates of 5.250% and 5.375%, respectively, and represent a further issuance of earlier senior notes.