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Briefs: Delray hotel refi | WTTC looks back, ahead

Loan for Delray Beach comer: Lender ACRES Capital Corp. has originated a nearly US$86 million loan to refinance the 141-room Ray Hotel Delray Beach in Florida, a Hilton Curio Collection hotel. The loan is provided to sponsor Menin Development for the hotel in its final stages of construction and expected to open on September 1. 

Davidson to manage The Alexander: Davidson Hospitality Group has been selected by Buckingham Companies to manage The Alexander in downtown Indianapolis, Indiana, under its Pivot lifestyle operating vertical. The 209-room LEED Silver hotel features 157 deluxe guest rooms and 52 extended-stay suites. The hotel will undergo renovation and refresh, under the new management.

Green loan from Aareal: Aareal Bank, Wiesbaden, Germany, closed its first green loan governed by its “Green Finance Framework,” a mortgage loan of approximately A$39 million to Australia’s Pro-invest Group for the re-financing of its Holiday Inn Express Macquarie Park hotel in Sydney. The financing agreement, according to the framework established at Aareal Bank during the first half of 2021, is subject to certain qualitative and quantitative environmental criteria. It contains associated covenants to which the borrower has committed and which are reviewed on a regular basis. The asset marks Australia’s first Holiday Inn Express hotel and Pro-invest Group’s first operational hotel. Several design and development initiatives have been incorporated into the hotel, which was built in 2016, in order to significantly reduce energy and water consumption.

WTTC report on travel, tourism: The World Travel & Tourism Council has released a report summarizing the losses the travel and tourism sector suffered due to COVID-19. The total loss of the travel and tourism GDP in 2020 was roughly 18 times higher than during the global financial crisis in 2009. However, the report also suggests a way forward, including an aggressive global vaccination rollout and a comprehensive testing regime. Its research shows that if international mobility and travel is resumed by June this year, the 62 million jobs lost in 2020 could return before the end of 2022.

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