JLL backs out of selling Trump’s D.C. hotel: JLL has dropped its involvement with the effort to sell President Donald Trump’s Washington, D.C., hotel. The real estate brokerage is “not going to be involved in selling that hotel,” a JLL spokesperson told Washington Post reporter Jonathan O’Connell, who first tweeted the news Friday morning. It wasn’t immediately clear when JLL’s involvement with the hotel came to an end, or whether it was the result of the violent unrest January 6 at the U.S. Capitol Building.
Sagicor’s X-Fund selling stake in Playa: Nearly two-and-a-half years after entering a transaction with Playa Hotels and Resorts in a deal that was supposed to give parent company Sagicor Group Jamaica greater latitude to regional growth in tourism, Sagicor Real Estate X-Fund is disposing of its stake in the Dutch-based hotel company. The original deal saw X-Fund and other associated Sagicor entities offering four Jewel-branded hotels, the Hilton Rose Hall and two parcels of land in exchange for US$100 million in cash and 20 million Playa shares, which made Sagicor Financial Corp. the second-largest holder in Playa at the time.
Aimbridge will manage Pointe Hilton Tapatio Cliffs: Aimbridge Hospitality, based in Plano, Texas, will manage the 584-room Pointe Hilton Tapatio Cliffs Resort, located near Phoenix, Arizona. Boxer Resorts, a company of Boxer Property Management Corp., will continue to asset manage the property. The property has six swimming pools, a golf course and a restaurant.
Brown acquires 55% of Serendib Hotels: Sri Lanka-based LOLC Holdings’ strategic Investment arm, Brown Investments, acquired a controlling stake of 55.65% of Serendib Hotels through its subsidiary, Eden Hotel Lanka, for approximately INR792 million (US$11 million), according to reporting from HVS. Brown’s chairman, Ishara Nanayakkara, has emphasized the company’s strategy to focus on the leisure sector and has stated that the group plans to capitalize on the post-COVID growth in the tourism business.
New hospitality investment platform: Los Angeles-based Bainbridge DXS and La Jolla, California-based Torrey Pines Hotel Group formed a partnership to launch a full-service hospitality investment and management platform, announcing a US$500 million fund to acquire equity investments as well as debt takeovers of hospitality assets across the globe. The new venture will concentrate on hospitality asset acquisition, management and redevelopment with plans to acquire up to 200 properties over the next 15 years. Ultimately, the intention is to acquire and manage underperforming yet top quality hospitality assets – primarily in the United States but also in Europe and Asia – and optimize their financial performance.