Wave
arranges $92.5M refi. Del Mar, California-based Wave Crest Hotels and Resorts has secured a $92.5
million refinancing loan for two hotels, the 215-key Cape Rey Carlsbad Beach, a
Hilton Resort & Spa, and the 161-key Hilton Garden Inn Carlsbad Beach, in
Carlsbad, California. Berkadia helped arrange the financing through MetLife
Investment Management, which closed on October 8. The five-year loan featured a
half-term interest-only provision and a 65% loan-to-value ratio.

First
Mama Shelter in the Netherlands. Ennismore is partnering with investors Chagall B.V. and
White House Development B.V. to open the first Mama Shelter in the Netherlands.
The 150-key Mama Shelter Amsterdam is scheduled to open in the first quarter of
2027. Ennismore has 170-plus open hotels worldwide, with 120-plus in its
pipeline across 15 brands.

RA
Ventures sells 2. Westford, Massachusetts-based RA Ventures has sold the 118-key Hilton Garden
Inn Devens and the 120-key SpringHill Suites Devens in Devens, Massachusetts,
to Lexington, Massachusetts-based Jamsan Hotel Management for an undisclosed amount. JLL represented the seller
in the transaction and secured acquisition financing for the buyer through
BankProv. The hotels will be managed by Jamsan
Hotel Management. In June, it was reported that RA Ventures sold the Hilton
Garden Inn Devens Common to an entity connected to Jamsan Hotel Management for
$17.7 million.

Canada
occupancy down. Canada’s hotel industry recorded its first month-over-month occupancy decline
since January 2024, according to CoStar data. September occupancy was 74% (down 1.8%), ADR was CAD227.99 (up 2.6%) and
RevPAR was CAD168.69 (up 0.8%). Among the provinces and territories, Nova
Scotia recorded the highest occupancy level (82.4%), which was 1.7% above 2023.
Among the major markets, Vancouver saw the highest occupancy (84.9%), down 1.9%
over September 2023. The lowest occupancy was reported in
Saskatchewan (62.4%), down 2.0% against 2023. At the market level, the lowest
occupancy was reported in Edmonton (down 8.7% to 58.1%).

Whitbread
adds in UK. Whitbread
has acquired the freehold of a 42,000 sq. ft. office building (GIA) in the
South Bank area of Leeds City Centre in the U.K., which it intends to redevelop
into a 120-key Premier Inn hotel, subject to planning permission. Whitbread
intends to retrofit the L-shaped building into a Premier Inn hotel and seek
planning consent for an extension.

Trilogy
adds three hotels. Sydney, Australia-based management company Trilogy Hotels has partnered with
DCOH Group to manage three hotels in the Darwin, Australia market. The Novotel
Darwin CBD, Frontier Hotel Darwin and Smith Hotel Darwin have a total of 417
rooms. This deal brings Trilogy’s portfolio to 13 properties and over 2,500
rooms across Australia.

Radisson
adds in Italy. Radisson Hotel Group is expanding its Italian portfolio with five new signings
and seven upcoming openings. With five new hotels signed in the past year and
seven openings planned in 2025, adding over 1,000 rooms, Radisson Hotel Group’s
Italian portfolio has grown from three to 20 properties in six years, advancing
its goal of 30 hotels signed and under development by 2027.