⚡ JPMorgan Legal Battle Over Historic Chicago Hotel

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JPMorgan Entangled in Legal Battle Over Historic Chicago Hotel

⚡JPMorgan Chase & Co. faces a legal battle over an unpaid $333 million loan for Chicago's Hilton Palmer House, with bondholders alleging the bank withheld information about the hotel's complex ownership structure. The lawsuit could set a precedent for transparency in commercial mortgage-backed securities. Read More.

💰 Hospitality REIT Aims to Sell Additional US Hotels and Reduce Debt by Year's End

Ashford Hospitality Trust plans to repay a key loan from Oaktree Capital Management by the end of the year through debt reduction strategies, including selling U.S. hotels and operational tightening. The REIT has already sold several properties and is looking to sell more, while also refinancing loans and raising capital through non-traded preferred equity. Read More.

🏨 Preferred Hotels & Resorts Adds 30 New Member Properties

Preferred Hotels & Resorts added 30 new member properties from April 1 to June 30, offering unique guest experiences in destinations such as Italy, the US, Mexico, South Africa, Portugal, Saudi Arabia, and the Dominican Republic. Highlights include the boutique Hotel Stresa in Italy, Casa Velas Puerto Vallarta in Mexico, the Forth Hotel & Club in Atlanta, Only YOU Hotel Sevilla in Spain, and The Marker Union Square in San Francisco. Read More.

📉 US Hotels See Occupancy Decline at End of July

The U.S. hotel industry saw mixed results for the week of July 21-27, 2024, compared to the previous year. Occupancy was 72.0% (-0.4%), ADR was $164.45 (+1.3%), and RevPAR was $118.37 (+0.9%). New Orleans had the highest occupancy increase (+16.9%), San Diego saw the largest ADR rise (+12%), and Nashville had the biggest RevPAR drop (-24.2%) due to last year's George Strait concerts. Read More.

💡 HM Visits Crescent Hotels & Resorts: A Focus on Long-Term Strategy

Crescent Hotels & Resorts held its annual Commercial Conference at Horseshoe Bay Resort with the theme “Pushing Limits, Breaking Barriers.” New President Dawn Gallagher emphasized teamwork and the interconnectedness of the company, encouraging attendees to take risks and innovate. Gallagher aims to strengthen company culture, improve lateral cooperation, and maintain close relationships within Crescent’s portfolio. Read More.

🤝 IHG Hotels & Resorts and Action Against Hunger Partner to Combat Food Insecurity

IHG Hotels & Resorts has partnered with Action Against Hunger to combat global food insecurity. This multi-year collaboration will support nutrition programs, particularly for malnourished children, and raise awareness among IHG’s global guests. Read More.

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