Accor Challenges Rival Hotel Groups in Branded Residential

25.08.2023 - 14:18 / skift.com / Sean Oneill

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Maverick Real Estate Partners filed a suit against Chetrit Group and its president, Meyer Chetrit, over an unfinished hotel near Penn Station. The Commercial Observer reported that Chetrit has been working on a 33-story, 323-key hotel at 255 West 34th Street in Manhattan. In May, Maverick bought $110 million of debt, The Real Deal reported. Maverick alleged that payments were never made. Arbor Commercial Mortgage provided construction financing. The lender also said Chetrit didn’t pay property taxes on the site, a breach of the loan agreement, The Commercial Observer reported. Maverick is seeking $19 million to cover the principal of the loans, as well as interest. The lender is also demanding Chetrit either complete the hotel or pay the $106.4 million Maverick claims necessary to finish the project. Chetrit denies wrongdoing.

G6 Hospitality LLC said Julie Arrowsmith, President and Chief Financial officer of G6, has been appointed President and Interim Chief Executive Officer. Rob Palleschi stepped down as the Company’s CEO, as he transitions to the position of CEO of American Campus Communities, the nation’s premier student housing manager, owner and developer. Blackstone owns both businesses.

Marcus & Millichap announced the sale and financing of Courtyard by Marriott Dallas Grand Prairie, a four-story, 120-room hotel in Grand Prairie, Texas. Marcus & Millichap’s Austin office represented the seller, Anderson Companies and procured the buyer, MCR Hotels.

A hotel is being proposed for the Speer neighborhood in Denver, Colorado. Plans were submitted to the city for a nine-story, 123-key hotel under the Residence Inn brand, reported Denver Business Journal. Plans for the hotel include 59 parking spaces. On the second level, plans show a larger lobby area, meeting room, courtyard, work areas and employee rooms, in addition to nine guest rooms. The owner and manager are the Guddanti Partnership.

Skift Note: If a recession materializes, expect to see more lawsuits.

Accor announced the creation of Accor One Living, focused on mixed-use developments with branded residences, anchored by managed and franchised Accor hotels and resorts, and other products, such as co-working offerings, extended-stay hotels, and private clubs. Accor has over 135 branded residences projects operating or in development, up from 35 in operation in late 2021. Looking ahead, Accor One Living expects to open more than 125 new branded residence communities over the next several years.

Accor said about its residential offerings across brands