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1. Blackstone to acquire Kimpton in Manhattan for $175 million
Blackstone, the world's largest commercial property owner, will acquire the 292-room Kimpton Hotel Eventi in Manhattan for $175 million, CoStar News' Andria Cheng reports.
DLJ Real Estate Capital Partners is selling the property to Blackstone. IHG will continue to operate the property under the Kimpton brand, a Blackstone spokesperson told CoStar News.
The hotel is “located in one of the most dynamic areas of Manhattan,” Blackstone Managing Director Michelle Gelshteyn said in an emailed statement to CoStar News. “This transaction reflects our longstanding conviction in New York City and growth in travel. Hotel demand in New York is nearing pre-COVID levels while no new hotel construction permits have been filed in the last three years, creating a compelling backdrop for fundamentals.”
2. Access Point provides $195M refinancing for The Beekman
In more Manhattan news, Atlanta-based full-service specialty lender Access Point Financial provided a $195 million refinancing for The Beekman, A Thompson Hotel in New York City, HNN's Natalie Harms reports. The 287-room luxury hotel is affiliated with the Hyatt Thompson brand.
“This financing highlights Access Point’s ability to move decisively on hospitality transactions and portfolios of any size and chain scale, from luxury to mid-scale extended-stay and everything in-between,” said Michael I. Lipson, CEO and chairman of the board for Access Point Financial. “In this capital markets environment, we work tirelessly with owners to provide actionable capital solutions tailored to each situation.”
3. Grab-and-go offerings evolve at hotels
The popularity of grab-and-go markets and vending machines has skyrocketed since the pandemic started, and hoteliers continue to push to streamline their offerings, HNN contributor Laura Koss-Feder reports.
Stephen Szczygiel, senior associate at Hotel & Leisure Advisors, said there is a heightened expectation for convenience among hotel guests.
"Within the last decade, there was a noticeable push for hotels to compete with services like Uber Eats, DoorDash and Grubhub, as guest demand drove the market for quick, easy and more affordable options compared to typical room service pricing years ago," he said. "During this time, we saw many major operators change their food-and-beverage and convenience offerings."
4. Snowstorms hit Gulf Coast
A winter storm hit the U.S. Gulf Coast at record levels on Tuesday and Wednesday, the Associated Press reports. New Orleans got 7 to 8 inches of snow, surpassing its previous record of 2.7 inches in 1963. Texas, Florida and Alabama were among the other markets hit by the storm.
“This is a once-in-a-lifetime event for a lot of these folks down there. For kids that have never had snowball fights … they’re going to have one,” said Tom Kines, a meteorologist at the weather company AccuWeather.
5. Blackstone mulls sale of Hotel Investment Partners
Blackstone is preparing to sell Spain-based Hotel Investment Partners, Reuters reports based off of an article from Spanish newspaper Cinco Dias. Blackstone is hoping to divest the company this year either through the sale of the 65% it owns or through an initial public offering.
Hotel Investment Partners owns 73 hotels with 22,000 rooms across Spain, Portugal, Italy and Greece. Blackstone acquired Hotel Investment Partners back in 2017.