South Street, TPG takes over in Georgia.
South Street Partners of Charleston, South Carolina, and TPG Real Estate of San Francisco have formed a joint venture to acquire the King and Prince Beach & Golf Resort in Georgia from MMI Hospitality Group of Ridgeland, Mississippi, for an undisclosed amount. MMI, which first invested in the property 45 years ago, will continue to operate the resort through its MMI Hotel Group division. The property includes 142 rooms, direct beach access and a golf course. It also includes developable land and beachfront condominiums for purchase. This capitalization is the latest investment from South Street’s inaugural SSP GP Fund I.
KSL invests $21 million in W Maldives. Denver-based KSL Capital Partners announced that its affiliates will invest $21 million in the 77-room W Maldives to fully renovate the resort. It also plans to restart investment in the 176-room Sheraton Maldives Full Moon Resort & Spa. The renovation of the W began earlier this year and as it progresses, the property will be temporarily closed to guests, with reopening planned for late 2024. KSL acquired the W Maldives and Sheraton Maldives in June 2022 and has significant investments in six hotels in the country, including Soneva Fushi, Soneva Jani, the recently developed and opened Soneva Secrets and Outrigger Maafushivaru Resorts.
US hotels up last week. The U.S. hotel industry posted positive year-over-year results, according to the latest data from CoStar. For the week of August 4-10, occupancy increased 0.5% to 68.7%, ADR increased 1.4% to $159.49 and RevPAR increased 1.9% to $109.51. Among the top 25 markets, Houston saw the highest increases in occupancy (up 31.1% to 76.3%) and RevPAR (up 47.2% to $93.89), while Chicago saw the largest increase in ADR (up 13.8% to $188.95). The largest declines in RevPAR were in Los Angeles (down 12.2% to $161.66) and Dallas (down 11.3% to $66.30).
Lang & Schwander takes over the acquisition in Switzerland. Miami-based Lang & Schwander, a hotel interior design firm specializing in FF&E, has acquired the 85-room Hotel Engadinerhof in Pontresina, Switzerland, from an undisclosed buyer for an undisclosed amount. The hotel originally opened in 1905 and is now managed by Lang & Schwander. Hotel Engadinerhof will remain open during the phased renovation, which is expected to be completed in 2026.
Pandox AB evaluates London hotel portfolio. Stockholm-based Pandox AB said it is exploring the possibility of acquiring a hotel portfolio in London. Pandox made the statement following questions from the media. The company said the hotel portfolio has a corresponding value of approximately SEK 3,000 million.
Cisneros works with Sotheby’s to sell private homes in the Dominican Republic. Miami-based Cisneros Real Estate has partnered with Sotheby’s International Realty in the Dominican Republic to offer the 95-room Four Seasons Private Residences Dominican Republic at Tropicalia exclusively through its network. Dominican Republic Sotheby’s International Realty will lead the local sales efforts for Four Seasons Private Residences Dominican Republic at Tropicalia.
Wyndham’s first brand collection in South Korea. Wyndham Hotels & Resorts opens its first Trademark Collection brand in South Korea with the 190-room La Vie D’or Hotel and Resort, Trademark Collection by Wyndham. The new hotel expands the company’s presence in South Korea to over 30 hotels and joins nearly 20 Trademark hotels across Asia Pacific.
Swiss Belresidences in Egypt. Cairo-based Altameer Arabian is partnering with Swiss-Belhotel International to bring branded apartments to Egypt’s new administrative capital. The Swiss-Belresidences Rivan project is spread over 16 acres in District R7 and includes 15 residential buildings. Approximately 500 hotel-residential units are planned in the third phase of the project.
