Mergers & Acquisitions

🍜 Neat Burger, backed by Lewis Hamilton and Leonardo DiCaprio, experienced closures of outposts in New York and Dubai recently. Originally launched in September 2019, Neat Burger had ambitions to expand to 1,000 locations by 2030. Despite raising $18 million in 2023, the company made a £7.9 million loss in 2022 and was forced to close half its London locations amid financial pressures, leaving four in the capital. The brand also rebranded, removing 'Burger' from its name and shifting towards health-focused options. Neat maintains a presence in Milan, Italy.

📉 Hostmore, the UK parent company of TGI Fridays, has halted its £177m all-share reverse takeover of TGI Fridays US. The decision came after TGIF Funding lost control of the franchise agreement royalties, jeopardizing future revenue. Despite the abandoned acquisition, negotiations may resume in the future. Hostmore's UK sale of TGI Fridays' 87 corporate sites is nearing completion, but is expected to not cover Hostmore’s debts. The company anticipates winding up and delisting following the sale. On September 9, Hostmore’s stock nose-dived by over 90%.

🏠 Related Group and Integra Investments obtained a $527M loan from TYKO Capital for St. Regis Residences, Miami, positioned in South Brickell. The financing marks one of Florida's largest residential construction loans, with the St. Regis project featuring a 50-story tower, 152 condos, ranging from two to six bedrooms, including penthouses and garden villas, over 60% of which are sold. The Waldorf Astoria Residences and Cipriani Residences in Miami previously secured $668M and $600M loans respectively.

📈 Richard Caring is nearing a £1bn deal with Si Advisers for Troia (UK) Restaurants, the parent company of The Ivy Collection, initiated in January. The agreement, possibly within weeks, involves a full exit for Caring and a Qatari fund selling shares. In 2023, Troia's turnover rose by over £100m to £302m, with a pre-tax profit increase from £20.4m to £29m and EBITDA up from £37.9m to £54.8m, following The Ivy Asia expansion.

🏡 Crescent Hotels & Resorts added NOPSI Hotel, New Orleans to its Latitudes collection. NOPSI is on the National Registry of Historic Places and part of Historic Hotels of America. The Jazz Age symbol features 217 rooms, 60 suites, and retains original architecture like cast-iron rails. It recently installed a retractable roof on the rooftop pool. NOPSI offers a culinary journey, a rooftop bar, a restaurant showcasing Gulf Coast produce, and Henry’s Gin Bar dating back to 1888. The hotel is near Bourbon Street and the French Quarter.

✈ Sky Group acquired Thomas Cook, excluding the China business, from Fosun Tourism Group. Thomas Cook collapsed in September 2019, was later bought and relaunched online by Fosun in September 2020. eSky, founded in 2004, operates in over 50 countries, offering 550+ airlines and 1.3 million hotels. In 2023, eSky reported profits of over £18 million, up 42% year-on-year. eSky expects this acquisition to expand into Western Europe and diversify its offerings. Based in Katowice, Poland, eSky has over 800 employees. Thomas Cook will continue operating under its name, aiming for a growth in European travel business.

🏡 HEI Hotels & Resorts adds Kimpton Sylvan Atlanta Buckhead to its portfolio, now managing 17 properties in Georgia. Kimpton Sylvan, a 1952 building in Atlanta's Buckhead, redeveloped from 2018, opened in 2021, offers 217 rooms, 4,250 sq ft of meeting space, a fitness center, pool, and three dining venues - The Betty, St. Julep rooftop bar, and The Willow Bar. Buckhead houses over 23 million sq ft of office space, 1,500+ retail outlets, 300 restaurants. HEI CEO, Anthony Rutledge, aims to maintain the hotel's market prominence.

🏨 The Kabani Hotel Group sold the La Playa Hotel redevelopment in Daytona Beach, Florida. The 10-story property, built in 1984 and gutted for redevelopment, was secured by PRM Hotel Group. Over 150 confidentiality agreements were signed during the marketing process. Ahmed Kabani, Luis Garino, and Suraj Dalal of Kabani Hotel Group facilitated the transaction on behalf of the seller, 2500 NORTH ATLANTIC AVE LLC, and the buyer.

🏢 Chicago, Illinois—Hyatt Hotels Corporation plans to acquire Standard International, parent of The Standard and Bunkhouse Hotels, with the transaction expected to close later in the year, subject to conditions. Hyatt's lifestyle rooms grew fivefold from 2017 to 2023. The new lifestyle group, led by Amar Lalvani, will be based in New York City, combining Standard International and Hyatt teams. The deal includes 21 hotels with approximately 2,000 rooms. Sansiri PLC, which acquired a majority in Standard International in 2017, will remain involved. Hyatt will pay a base of $150 million with up to $185 million more later; stabilized fees from the base are about $17 million and could reach $30 million. Moelis & Company LLC and Venable LLP advised Hyatt.

🌏 Rockbridge acquired the 200-room Hyatt House Chicago West Loop/Fulton Market near McDonald’s global HQ and Chicago’s United Center. Fulton Market is a hub for offices, residences, dining, and nightlife. The hotel, built in 2019, offers amenities like a rooftop center, pool, and fitness center. Jones Lang LaSalle advised the sellers on the transaction.