The DJIA fell 171 points while Nasdaq was down 86, the S&P 500 was down 16 points but the 10-year treasury yield surged again, up .14 to 3.34%. Lodging stocks were mostly lower. While AHT was the biggest mover, down -6%, VCSA and AINC were both up 5%. CHH fell -5% to a new low and MCG also traded down to a new low.
Ryman Hospitality Properties became the latest lodging REIT to reinstate something more than a token dividend. RHP said their board declared a quarterlycash dividend of $0.10 per common share. RHP’s new interim dividend policy is a minimum dividend of 100% of REIT taxable income annually.
CBRE Hotels said they are raising their forecast for hotel performance on the heels of industry gains in Q2 2022 and the expectation of slightly positive GDP growth in 2023. CBRE revised its forecast for the second half of 2022 to a gain in RevPAR of 14.7% year on year, up from their previous projection of 13.1% year-on-year growth. The revision is predicated on a 3.5 percentage point increase in expected ADR compared to the previous forecast issued in May as well as a 2.2 percentage point reduction in CBRE’s demand forecast. Q2 RevPAR was up 38% year over year. CBRE said their baseline-scenario forecasts do not contemplate an international war, a pervasive recession, or a more acute Covid variant. Longer term, CBRE believes muted supply growth will bolster top-line growth. High construction material prices, including lumber, steel and labor, will make the development of new projects too expensive in some cases. CBRE is forecasting hotel supply will increase at a 1.1% compound annual growth rate over the next five years, below the industry’s long term 1.8% historical average.
Wolfgramm Capital has acquired the Waldorf Astoria Park City hotel in Park City, UT. The property was acquired off-market and as part of an all-cash deal. The luxury resort continues to be managed by Hilton. Situated at the base of Park City Mountain Resort, Waldorf Astoria Park City offers the Waldorf Astoria Spa, an all-day dining signature restaurant and bar, intimate meeting and event space as well as an expansive outdoor patio with fire pits, a heated pool and Jacuzzis.
According to Bottom Line Developers, construction is expected to begin in 2023 on a five-story Hyatt Place hotel in Clovis, CA, following the Clovis Planning Commission’s recent approval of the project. The hotel would include a rooftop restaurant and bar and a lobby restaurant/bar on the ground floor.
The Algonquin Hotel, Times Square, Autograph Collection, New York City’s oldest continuously operating hotel, has reopened with a new Lobby, Blue Bar Restaurant & Lounge, Oak Room, and new food and beverage concepts. The Algonquin’s private event space, The Oak Room, has been expanded to 1,650 square feet, while two second floor meeting rooms have been updated with boardroom tables and carpeting.
Aimbridge Hospitality announced the addition of the HALL Arts Hotel, located in the Dallas Arts District, to be managed under its specialized Full Service Division operating branded full service, resorts and luxury hotels. The 183-room hotel is located in the Dallas Arts District and features over 8,000 square feet of elevated meeting, conference and private events space. The hotel also includes the upscale Ellie’s Restaurant & Lounge.
Lincoln Property Company and Kairoi Residential have broken ground on a 74-story, mixed-use, high-rise called Waterline in downtown Austin that will become the tallest tower in Texas when it opens in late 2026. The Public Sector Pension Investment Board is the main equity partner in this major development project. Waterline will include 352 luxury apartment homes, 700,000 square feet of office space, and the 251-room 1 Hotel Austin, the first Texas location for SH Hotels Resorts. The building’s ground floor will feature retail and restaurant space. 1 Hotel Austin will occupy the next 13 floors with a ballroom and meeting spaces on the 14thfloor and a rooftop pool with food and beverage service on the 16th floor. The office portion of the tower will occupy 27 stories with a 14th-floor amenity deck including a bar and lounge, indoor meeting space, and a prep kitchen for special events. Office tenants will also have access to a fitness center on the second floor. Upscale residential homes will fill the building’s top 33 stories offering residents access to two pools on the 41st floor along with a lounge, bar, kitchen, and co-working space. Blackstone Mortgage Trust, Inc. provided the construction loan for the project. Eastdil Secured served as the financing advisor to the sponsors.
Activity is ramping up on a mixed-use resort project in northwest Osceola County, FL near Disney. Site-clearing and pre-construction work is ongoing for the $1 billion Everest Place development, a project helmed by Everest Development Group. The mixed-use project will include luxury hotels, condos, apartments, shops, medical and office space, and a water park.
A proposed mixed-use development in Roanoke County, VA, continues to draw pushback from residents in adjacent neighborhoods. The project, designed by ABoone Real Estate, Inc, which aims to build a hotel and number of town homes is scheduled for a planning commission hearing today. Currently zoned for low density single family housing, developer Alexander Boons is hoping for a mixed-use rezoning on the land so the four-story hotel can be included with 85 town homes. The five-member commission will vote on a recommendation as to whether the property should be rezoned or not, with the board of supervisors ultimately casting the deciding vote as to whether the project will be permitted or not.
The developer who want to convert Century Plaza in downtown Minneapolis, MN,into a hotel and police station released new details about the planned project. An entity related to Swervo Development Corp. has proposed a redevelopment of the building. Work on the project would begin later this year if the site plan and variances are approved by the city. The developer said the hotel would be aimed at longer stays and support events at the nearly Minneapolis Convention Center. The hotel would have approximately 150 rooms but there is no mention of a hotel name or flag. On the hotel’s roof, the developer wants to add around 11,000 square feet of amenity space. This includes the construction of a new structure housing a fitness center and club room, outside of which would be a roof deck. The hotel will encompass around 213,000 square feet of the building with the Minneapolis Police Department’s relocated First Precinct potentially occupying around 36,000 square feet.
Duetto announced Jeff Nicholson’s appointment to the role of Chief Marketing Officer. Nicholson is a SaaS enterprise software industry veteran possessing more than 20 years of experience building and growing winning marketing and product marketing functions within the AI and data-driven technology sectors. Before joining Duetto, Nicholson held a variety of strategic marketing and product marketing leadership roles. Duetto also announced a record-breaking year in 2021 and was named the best overall Revenue Management Solution worldwide in the 2022 Hotel Tech Awards.
Witness Investment and Hotel Equities announced the launch of Jali, a hospitality real estate investment platform focused on providing individual investors access to development, acquisition, and value-add investment opportunities. This platform enables accredited investors to access quality hospitality investments selected by an all-star team of multi-generational hoteliers. The Jali platform was developed in partnership with Capstacked founder Marshall Clark, who previously led the development of two highly successful investment platforms whose combined HNW equity investments total nearly $5 billion.
The Caribbean’s newest Waldorf-Astoria resort is currently accepting reservations for Nov. 1, 2022 and beyond. Set just north of the Riviera Cancun, the beachfront resort will feature 173 guest rooms and suites, five dining concepts, and a spa with eight indoor and 13 outdoor treatment rooms, along with a steam room, sauna, salon, spa-only pool and an ice fountain.
French real estate investment trust Covivio announced its new deputy CEO as Sébastien de Courtivron. de Courtivron joins the firm from Radisson Hotel Group, where he was regional director for Western Europe. The group owns 325 hotels leased or operated by major European and international operators, valued at €6.7 billion at the end of June 2022.