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Briefs: Virgin postponed | Manhattan asset trades

Palm Springs Virgin “postponed”: Citing economic setbacks caused by the coronavirus pandemic, developers of the the proposed Virgin Hotel in downtown Palm Springs, California, have “postponed” the project, city staff have said. As a result, the hotel could be replaced with a 62-unit condominium complex. The Virgin Hotel developer has agreed to postpone the project specifically due to COVID-19 impacts, a city official said.

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Manhattan Embassy Suites trades: Ashford Hospitality Trust handed back the keys to the 310-room Embassy Suites Manhattan Times Square after it stopped making interest payments in early April on its US$145 million mortgage loan, according to a Friday note from RW Baird analyst Michael Bellisario. Starwood Property Trust was the lender in January 2019 and remains so after the hotel was “sold” to Magna Hospitality. Proceeds from the sale were used to repay the mezzanine loans; Ashford did not receive any proceeds. The original US$108.75 million first mortgage loan was amended and paid down to US$94 million. Bellisario wrote that property records suggest the full sale price to be US$115.1 million.

Getty Images
Getty Images

Minor’s wellness development: Bangkok-based Minor Hotels has announced a partnership with M.K. Real Estate Development and VitalLife Scientific Wellness Centre to launch a wellness and medical retreat. Launching in December 2020, the “Rakxa Fully Integrative Wellness and Medical Retreat” was conceived as a fully sustainable medical wellness retreat within Bang Krachao on the Chao Praya River, known locally as the “Green Lung” of Bangkok. The concept focuses on delivering healthcare in “a relaxing environment.”

Pricing gauging after Oregon fires: Wildfires have recently displaced thousands of Santiam Canyon, Oregon residents forced to evacuate their homes. After reports of price gouging at some hotels in the area, Oregon’s Governor Kate Brown issued an executive order declaring an abnormal market disruption Thursday, which allows the Attorney General and Oregon Department of Justice to investigate businesses where price gouging is reported.

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