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1. Atom Hoteles sells Tenerife hotel for €110m
Atom Hoteles SOCIMI, a real estate investment trust, sold the 409-room Labranda Suites Costa Adeje in Tenerife, Canary Islands, for €110 million ($114 million) to an unnamed Canary Islands-based family office, HNN's Terence Baker reports.
Atom Hoteles, the first REIT to be formed in Spain, acquired the property in 2019 for $73.92 million, according to CoStar data. The property has been renovated and repositioned since then.
2. Trinity Investments acquires Seattle Fairmont
Trinity Investments acquired the 450-room Fairmont Olympic Hotel, Seattle for an undisclosed price, HNN's Bryan Wroten reports. According to CoStar data, Rockwood Capital and CDPQ bought the property in 2019, again for an undisclosed price.
Sean Hehir, managing partner, president and CEO of Trinity, said the hotel will undergo a full renovation of guestrooms.
“This acquisition represents a unique opportunity to own a fully restored landmark hotel in a high-growth market that is experiencing a resurgence in corporate activity and benefiting from substantial capital investments," he said.
The luxury hotel recently underwent a $22 million renovation that refreshed its public areas, including opening its new Olympic Bar.
3. Waldorf Astoria New York readies for reopening
The Waldorf Astoria New York has been closed for major renovations since 2017, but the historic hotel is preparing to reopen in spring 2025, HNN's Sean McCracken reports. The hotel initially opened in 1931 and was sold for $1.95 billion in 2017.
"The whole thing about it is it's not really a renovation. It's a complete restoration-slash-transformation, if you will, because it returns all the scale and the beauty of the original architecture," Luigi Romaniello, managing director of the Waldorf Astoria New York, told Hotel News Now.
The restoration has focused on restoring the property's architecture. It will cut the hotel's room count from 1,400 to 375 to make space for luxury condos.
4. Striking San Francisco hotel workers accept Marriott contract
Union hotel workers voted to accept a new contract offer at Marriott hotels in San Francisco on Thursday, the San Francisco Examiner reports. A total of 99.8% of workers voted to approve the contract, allowing 1,500 employees from the Palace Hotel, San Francisco Marriott Marquis, San Francisco Marriott Union Square and Westin St. Francis to return to work.
The strikes began on Sept. 22. The new contract will preserve workers' union health-insurance plan, provide wage increases and add new protections against understaffing and workload increases.
5. Highgate surrenders San Francisco hotel
Highgate transferred control of the 686-room Hyatt Regency San Francisco Downtown SoMa to Blackstone Mortgage Trust — an affiliate of Blackstone — after failing to pay $290 million in debt and fees, the San Francisco Chronicle reports. The hotel is the sixth-largest in the city.
According to CoStar data, Highgate and Morgan Stanley Real Estate acquired the property from Pebblebrook Hotel Trust for $315.25 million in 2018.