Miyako
adding in Texas. Miyako Hotels & Resorts, a subsidiary of Japan-based Kintetsu Group
Holdings, is breaking ground on its third U.S. hotel and its first in Texas
with the 256-key Miyako Hybrid Hotel Plano. The $117.5 million project will
rise on land once part of the former JCPenney corporate campus in Plano, Texas,
which Kintetsu acquired in 2019. The location is adjacent to the U.S.
headquarters for Toyota Motor North America, which is also located in Plano in
the city’s burgeoning Legacy West development.
Nobu adds
in Montenegro. Miami-based Nobu Hospitality is partnering with Sea Breeze Resort to open a
Nobu Hotel, Restaurant, and Residences Montenegro. This development will
feature an 80-key Nobu Hotel, 100 private residences, and five bespoke villas,
all centered around a signature Nobu restaurant.
Big London refi. U.S.-based
investors and lenders King Street Capital Management and Cohort Capital have provided
a £348 million senior loan facility to support the refinancing of the 271-key,
freehold Park Tower Hotel in London’s Knightsbridge district owned by Emirati businessman
Mahdi Al Tajir. Funds managed by Apollo also participated in the financing of
the loan previously provided by London-based Cale Street Partners. The
transaction will support in optimizing and repositioning the 16-story landmark
asset and builds on King Street’s existing partnership with the property’s
long-term owners. The business plan leverages the new lenders’
experience with integrated residential and retail components.
Meliá’s
first US branded residence. Palma de Mallorca, Spain-based Meliá Hotels International is partnering with
Miami-based Urban Network Capital Group to make its Miami debut with 110-key
Meliá Miami Brickell, which will be the company’s first branded residences in
the U.S. Meliá has already implemented this concept at the ME Dubai and Gran
Meliá Villa Le Corail in Vietnam, and is currently developing similar projects
in Seychelles and Budva, Montenegro.
Swire
adds new brand. Hong
Kong-based Swire Hotels has unveiled Upper House, a global brand that unites
its House Collective properties and signals a new phase of international
growth. The move also includes the brand’s first branded residences project in
Bangkok, Upper House Residences, which is set to debut in 2030. Building on the
success of Upper House Hong Kong, existing Houses in Hong Kong, Chengdu and
Shanghai will all be renamed Upper House. Future openings in Shenzhen, Xi’an,
Tokyo and Bangkok will follow this unified approach. Upper House will also
introduce the brand’s philosophy to residential living in Bangkok in 2030 with
Upper House Residences, marking a major brand expansion and the brand’s debut
in Southeast Asia.
US hotels
mixed last week. The
U.S. hotel industry from October 5-11 reported mixed year-over-year comparisons, according to CoStar data. Occupancy was 69.1%
(-1.9% YOY), ADR was $171.88 (+2.6% YOY), and RevPAR was $118.75 (+0.6% YOY). The Yom
Kippur calendar shift had a positive impact on the latter half of the week.
Among the top 25 markets, San Francisco reported the highest increases in
occupancy (+11.8% to 80.2%) and RevPAR (+24.7% to $183.88). The market’s
performance was helped by Fleet Week. New York City posted the largest lift in
ADR (+11.9% to $441.34) and was the only market to see the metric exceed $400.
The steepest RevPAR declines were recorded in Las Vegas (-21.3% to $178.82) and
New Orleans (-18.7% to $120.47).
Florida
hotel sells. Bethesda, Maryland-based Meridian Club LLC has sold the 67-key Hampton Inn St.
Augustine in Florida to Orlando-based QDI 5 LLC for $9.6 million, according to
the Jacksonville Business Journal.
Minor
adds in Australia. Bangkok-based
Minor Hotels is partnering with Toowoomba, Australia-based KPAT Hotels to open
its Avani brand hotel in Mooloolaba Beach, Queensland, Australia, in April
2026. KPAT is responsible for the development, ownership, and operation of the
12-story, 180-room hotel under a franchise agreement with Minor Hotels. Avani
Mooloolaba Beach hotel will be the first internationally branded new-build
hotel on the Sunshine Coast in almost 40 years.