Goodtimes continue: New York-based developer Imperial Companies has received a US$164 million bridge loan from JPMorgan Chase to refinance the 266-room Goodtime Hotel in Miami Beach, which opened in late April and is co-owned by entertainer Pharrell Williams and hospitality leader David Grutman. The three-year, interest-only, bridge financing includes two one-year extension options, sources said. New York debt and equity capital player Walker & Dunlop negotiated the deal.
Oyo files for US$1.13 billion IPO: Indian hotel chain Oyo, Gurugram, has filed its draft documents with the country’s market regulator to raise around US$1.13 billion through initial public offering. The company plans to issue new shares worth up to US$942 million, while existing shareholders can sell shares worth up to US$192 million. The Indian startup has said it will utilize the proceeds of the IPO to fund growth and pay off debt. The company, backed by SoftBank Group Corp. and Airbnb Inc., is expected to list on the Indian exchanges by early 2022. Besides India, Oyo is also present in the U.S., Southeast Asia and Europe.
CBRE update: CBRE has published its latest Hospitality Market Update, leading with a bullish comment about remembering that macro-economics is a strong tailwind for the industry. It said post-Labor Day trends in the U.S. suggest demand and travel patterns have normalized at down 20% to 25%. Its forecast varies by market from just 50% of 2019 to almost 110%. Not surprisingly, resorts are showing relative strength and convention hotels continue to struggle.
Charleston Place sale closes: Beemok Capital, the family office of Charleston, South Carolina, businessman and philanthropist Benjamin Navarro, has completed its acquisition of Charleston Place Hotel from LVMH-owned Belmond. Financial terms of the transaction were not disclosed, but the 433-room property was reportedly on the block for around US$500 million. Charleston Place becomes the flagship asset of Beemok Hospitality Group, a vertical of Beemok Capital that invests in hotel, restaurant and entertainment assets. Beemok will make a significant investment in revitalizing the iconic property and plans to begin property improvements within the next 18 months. Beemok Hospitality Group’s other current assets include an investment in Hotel Domestique, a luxury hotel along the base of the Blue Ridge Mountains in Travelers Rest, South Carolina, and control of the Credit One Bank Stadium and LTP Tennis Center in Charleston.
AC in Sonoma sells: Dallas-based developer Bedford Lodging has sold the 142-room AC Hotel Santa Rosa Downtown in California, according to company President Jeff Blackman. The name of the buyer and the price was not disclosed. The Sonoma County property opened in August 2020 and the seller said the disposition represents another successful realization for its investors. Blackman added that Bedford Lodging continues to be active in both development and acquisition in the hotel space, particularly in the Mountain states, including the construction commencement of The Hoffmann Hotel, a Tapestry Collection by Hilton in Basalt, Colorado.
HITEC numbers: HITEC returned last week in Dallas after 25 months break and the show organizers reported that more than 4,000 attendees participated, with 250-plus exhibiting companies at the 49th annual event. The 2021 HFTP International Hospitality Technology Hall of Fame recipients include Mark Haley, CHTP+, co-founder and partner at Prism Hospitality Consulting, and Rama P. Rama, president and CTO/CIO at Sarona Hotels, Investments & Premier Management Services. In addition, the HFTP CHTP of the Year recipient was Dennis Blair, Jr., CHTP, IT project manager for Hyatt New Openings and Transitions Team.
Hotel school renamed after White, Marriott: White Lodging, Merrillville, Indiana, has been a major supporter of the Purdue’s School of Hospitality and Tourism Management, and on October 1 it was announced the school will be known as the White Lodging-J.W. Marriott, Jr. School of Hospitality and Tourism Management. At the request of Bruce White, White Lodging’s founder and CEO, the school’s name will also honor the career and contributions of J.W. “Bill” Marriott, Jr., executive chairman and chairman of the board of Marriott International. Marriott International, White Lodging and Purdue are also working toward an agreement to designate the Union Club Hotel at Purdue as an Autograph Collection Hotel. The hotel is used as a hands-on learning laboratory for Purdue hospitality students.