Latest News: $1.1B Refinancing for Atlas; New Caesars Openings in California; Crescent Expands in NYC

Atlas Secures $1.1B Portfolio Refinance. In a significant move for the hospitality finance sector, Atlas SP Partners has secured a substantial $1.1 billion refinancing deal. This floating-rate mortgage loan portfolio is backed by an impressive 67 hotels primarily located across the United States, with most properties under the established brands of Marriott, Hilton, Hyatt, or IHG. The refinancing effort was facilitated by Access Point Financial (APF), an Atlanta-based firm known for its expertise in hotel financing. Atlas, a warehouse finance and securitized products entity, is primarily owned by Apollo funds, illustrating the backing of significant financial resources to support this endeavor.

New Caesars in California. Exciting development is underway as the Dry Creek Rancheria Band of Pomo Indians and Caesars Entertainment have officially broken ground on a transformative project in Geyserville, California. The River Rock Casino is set to undergo a substantial renovation to emerge as the Caesars Republic Sonoma County. This partnership marks a strategic collaboration in which Caesars Entertainment has been chosen as the development and management partner for this integrated resort. Plans include a modernized casino floor, accompanied by a new 100-room hotel featuring a spa, pool, and fitness center, offering a robust array of amenities for guests.

Crescent Adds in NYC. The hospitality landscape in New York City is expanding with Crescent Hotels & Resorts adding the NH Collection New York Madison Avenue to its portfolio. The hotel, comprising 288 keys, is located within a stunningly restored Renaissance Revival building dating back to the early 20th century. This historic structure previously functioned as a college residence for men and hosted various fraternities. Crescent, which successfully operates over 120 hotels and resorts throughout the U.S. and Canada, continues to enhance its presence in the booming New York market.

Lead Real Estate Sells 2 in Japan. In a noteworthy transaction, Lead Real Estate Co. Ltd., based in Tokyo, has sold two long-term stay hotels, Ent Terrace Akihabara and Ent Terrace Asakusa, along with two condominiums, to Samurai Capital Co. Ltd., also based in Tokyo, for an undisclosed amount. This transaction not only reflects the dynamic nature of Japan’s real estate market but also highlights the growing demand for varied accommodation options in urban areas, particularly in popular districts like Akihabara and Asakusa, known for their cultural significance and tourism appeal.

Minor Adds Avani in Singapore. Minor Hotels is set to make a mark in Singapore through a strategic partnership with Kajima Development and Abu Dhabi-based Al Wathba Investment. Together, they are developing the 200-key Avani Singapore, which will be the brand’s first venture into this bustling city. The 14-story hotel is slated to open in 2027, indicating a long-term vision for growth in the region as hospitality demand continues to rise in one of Southeast Asia’s most vibrant markets.

IHG Adds in Vietnam. IHG Hotels & Resorts is expanding its footprint in Vietnam with a new collaboration with LCK Hospitality Co. Ltd. This partnership will foster the development of a Vignette Collection property in Ho Chi Minh City, featuring 52 keys. This will mark the second Vignette Collection hotel in Vietnam, contributing to IHG’s growing global portfolio, which now includes 23 properties under this brand. With 20 existing hotels across eight brands in Vietnam, along with a pipeline of 22 properties, IHG is strategically positioning itself to meet the burgeoning demand for high-quality hospitality options in the region.