Mergers & Acquisitions

🏨 Henderson Park, in partnership with Atream, acquired five Novotel Suites hotels in France. The deal includes 645 rooms in Paris, Lille, and Cannes. Hotels were built between 2000 and 2011. The portfolio consists of hotels with room counts: Paris – Issy-les-Moulineaux (128), Paris – Montreuil (166), Paris – Saint-Denis (101), Lille (126), and Cannes (124). Accor to continue managing the properties. Henderson Park aims to upgrade facilities and align with Paris Agreement’s 2050 goals. France welcomed 100 million international tourists in 2023. Henderson Park's global hospitality footprint includes over 11,000 rooms.

🏨 IHG acquired Ruby brand for €110.5M, with Ruby operating 20 hotels (3,483 rooms) and having 10 pipeline hotels (2,235 rooms) set to open in Europe within three years. Ruby's CAGR is 26% over five years. IHG targets Ruby's growth to over 120 hotels in 10 years and expects to introduce the brand to the US by year-end. The seller will continue to operate Ruby hotels, now under IHG franchise agreements. IHG anticipates franchise fees of $8M in 2028 and over $15M by 2030, with potential additional payments up to €181M based on the seller's growth. Integration of all 20 Ruby hotels into IHG’s system is expected to begin in 2025 and end by March 31, 2026, with integration costs of around $10M for IHG in 2025.

🏨 InterContinental Hotels Group (IHG) acquired Ruby Hotels for €110 million, adding 20 properties and nearly 3,500 rooms to its inventory. Ruby Hotels, founded in 2013, has locations in major European cities and plans for 10 more projects totaling 2,235 rooms. IHG aims for Ruby Hotels to have over 120 properties in 10 years and 250 in 20 years, with franchise fees from Ruby expected to hit $8 million by 2028 and $15 million by 2030. Hyatt and Hilton have also made significant acquisitions, with Hyatt purchasing Playa Hotels & Resorts for $2.6 billion and Hilton acquiring Graduate and Sydell Groups for university campus and lifestyle brand expansion. Marriott added 10,500 rooms through a marketing agreement with Sonder.

🏨 Scandic Hotels takes over a 214-room hotel in downtown Berlin, set to open in Q3 2026 after renovations, partnering with AXA Investment Managers. This addition will bring Scandic's Berlin room count to 992 over three locations. They already signed with AXA for a Stuttgart hotel in late 2024. The new hotel, close to Kurfürstendamm, will feature modern amenities and be Nordic Swan Ecolabel certified. Scandic will then operate nine hotels with 2,849 rooms across Germany, as part of its 280-hotel network totaling 58,000 rooms.

🏨 Invesco Real Estate sold NH Collection Milan CityLife, opened in 2022, as part of a strategic divestment. This is the third Italian hotel for Schroders Capital European Leased Hotel Fund, alongside the Westin Milan and the St Regis Venice. NH Collection Milan CityLife, with 185 rooms, is situated in Milan's CityLife district and targets business and tourist clients. Schroders Capital manages €3.6 billion in hotel investments with a team of 40 experts. Invesco's 18-year hotel portfolio includes 53 hotels across 11 countries and 31 brands. The Milanese hotel market has grown significantly, with NH Collection Milan CityLife outperforming its initial business plan by 15%. The European hotel sector sees strong demand and limited supply, encouraging investment activities.

🏨 Hyatt Hotels Corp. acquired Playa Hotels and Resorts in 2025, including $900 million in net debt of cash. In 2024, Hyatt's net rooms grew by 7.8%, with a Q4 RevPAR increase of 5% and a full-year growth of 4.6%. Leisure transient rooms revenue rose by 4% in Q4, and business transient revenue by 10%. Despite this, Hyatt reported a $56 million loss in Q4, but a yearly profit of $1.3 billion. The World of Hyatt loyalty program reached 54 million members, growing by 22% from the previous year. Hyatt's asset-light strategy aims to realize at least $2 billion in proceeds by 2027, maintaining over 90% asset-light earnings. The company also completed acquisitions and a 50% JV with Grupo Piñero. Notable openings included the Park Hyatt London and Grand Hyatt Deer Valley. Hyatt's development pipeline hit approximately 138,000 rooms, a 9% increase, with notable additions like the Venetian Resort Las Vegas. Group room revenues for 2025 are pacing 7% higher than 2024, with strong urban market performance. Hyatt is cautious due to the Lindner Group's insolvency, affecting over 2,000 rooms. The company's focus remains on luxury, lifestyle, all-inclusive segments, and upper

🏡 Driftwood Capital launches Driftwood Lifestyle & Luxury Division (DLLUX) to manage, invest in, and develop luxury hotels. Alinio Azevedo, former CEO of Aspen Hospitality, leads DLLUX. The division oversees 12 properties, with eight owned by Driftwood-sponsored funds. Driftwood plans to deploy over $3 billion in a dedicated investment fund for luxury and branded residences in the U.S. and select international markets. Since 2019, Driftwood has invested over $2 billion in luxury and lifestyle projects, including the Westin Resort & Spa Cocoa Beach, Fla., and Dream Miami. The firm has transacted on over $5 billion in hospitality assets since 2015.

📌 Mint House acquires Locale, including cash and stock transaction, bolstered by additional capital from Mint House investors. Locale, founded in 2016, known for tech-driven stays in premium multifamily properties, will now see its CEO, Nitesh Gandhi, join Mint House as a senior advisor. Expansion plans for Mint House include a fourth Nashville location and a first in Washington, D.C., slated for Spring 2025. The acquisition adds properties in Menlo Park, Madison, and Phoenix, totaling 22 properties in 13 U.S. markets. Locale employees will transition to Mint House.

🌮 CapitalSpring's Mas Mex group, under CEO John Iannucci, acquired Escalante’s Fine Tex Mex & Tequila in Houston in June 2023 and Fat Rosie’s Taco and Tequila Bar in Chicagoland in October 2023. Escalante’s, with a 30-year history and seven Texas locations, makes tortillas and sauces from scratch, planning two Houston openings in 2026. Fat Rosie’s opened its sixth location with 4.9 average online reviews, aiming for four to five new locations annually. Expansion targets include Ohio and Nashville for Fat Rosie’s, and Austin for Escalante’s, alongside modernization efforts.

🏖️ Hyatt Hotels Corporation is set to acquire Playa Hotels & Resorts N.V. for approximately $2.6 billion, including $900 million of debt. Playa, with resorts in Mexico, the Dominican Republic, and Jamaica, is 9.4% owned by Hyatt. The deal includes securing long-term management for Hyatt Ziva and Hyatt Zilara brands and expands distribution through ALG Vacations and Unlimited Vacation Club. Hyatt plans to sell Playa's properties, expecting to raise $2.0 billion by 2027 and project 90% asset-light earnings. The acquisition, funded by new debt, is anticipated to close later this year, with over 80% of the debt to be paid off through asset sales. Advisors include BDT & MSD Partners, Berkadia, BofA Securities, J.P. Morgan, Wells Fargo, and Latham & Watkins LLP.