The embattled owner of a Staybridge Suites property has filed for Chapter 11 bankruptcy protection at two of his other DFW hotels.
The company has a history of net losses that deepened over time.
Dublin's hotel investment market boomed last year and was set for more growth in 2025, but with U.S. visitor numbers likely to fall, 2025 looks more uncertain.
The Temple Bar Inn and The Morrison Hotel have separately been put up for sale after a bumper year for hotel transactions in Dublin in 2024.
About 20% of the hotel rooms under development in the Los Angeles area will be complete in time for the 2028 Olympics.
The CMBS loan tied to the hotels has been in special servicing since 2020.
The Bethesda-based REIT had purchased the Westin Washington, D.C. City Center hotel in 2012 from Blackstone as part of a four-property portfolio.
Seven Hills Realty Trust provided a $45M bridge loan to finance the sale of the 178-room hotel to Arch & Devonshire LLC.
The Atlanta-based group plans on “capitalizing on dislocation” in the hotel market, plus other asset classes.
The hotel became one of D.C.'s buzziest properties after its 2017 opening, but an investor said its financial performance didn't meet expectations.
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