hospitality

New chief executive eyes more $50m-plus and multi-property deals.

It is part of a $138.7m financing package for Grand Heritage Hotel Group.

The partners have an initial $500m of lending capacity and could see that increase as opportunities arise.

The firm is seeing distress creep in as the covid-19 pandemic continues to tamp down recovery.

Blackstone and Starwood’s sweetening of an already sweetened offer shows a strong conviction in the sector.

The oversubscribed vehicle attracted commitments from institutional investors and high-net-worth individuals alike betting on a hospitality comeback.

Coronavirus shutdowns have pushed nearly $25bn of US CMBS loans to the brink of delinquency, and the worst is yet to come.