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Multiple Lodging Stocks Hit New Lows

Alan Woinski and Kim Woinski
September 22nd, 2022 at 8:33 PM EDT

Skift Take

  • The 10-year treasury yield was up .20 today to 3.71%. Do we need to tell you what happened to stocks? The DJIA was down 107, Nasdaq was down 153, the S&P 500 was down 32.
  • Truist reported on meetings they held with the management of Wyndham Hotels. Demand trends remain favorable and while management is closely monitoring bookings, length of stay, cancellation rates and such, they see no immediate cause for concern.
  • As recent demand for hotel rooms breaks records and prices skyrocket, hotel investors are taking notice as 80% of them plan on buying throughout the remainder of 2022 and into 2023.

The 10-year treasury yield was up .20 today to 3.71%. Do we need to tell you what happened to stocks? The DJIA was down 107, Nasdaq was down 153, the S&P 500 was down 32 and anything consumer related was down a lot more. The list of new lows from the Lodging stocks is getting long, today including WH, PK, TNL, IHG, CHH, PEB and PLYA. SOND had the biggest decline of -13%, followed by ABNB with a -9% drop and then HT down -8%. 

Truist reported on meetings they held with the management of Wyndham Hotels. Demand trends remain favorable and while management is closely monitoring bookings, length of stay, cancellation rates and such, they see no immediate cause for concern. They see additional opportunities for tuck-in acquisitions like the recent Vienna House purchase and said financing for franchisees is very much available at similar LTVs to last year. WH is pleased with Project Echo along with their other two new brands – Alltra and Registry Collection with the three already accounting for nearly 10,000 rooms. As for issues, WH said labor is the number one issue for franchisees, availability and cost.

As recent demand for hotel rooms breaks records and prices skyrocket, hotel investors are taking notice as 80% of them plan on buying throughout the remainder of 2022 and into 2023. According to JLL’s latest Global Hotel Investment Survey, 57% of investors expect the best hotel investment opportunities to emerge over the next six months. Key takeaways from the report: Despite broader economic headwinds, hotel lodging and hospitality continue to recover at an encouraging and unexpectedly strong pace, driven by significant pent-up demand for travel and experiences. 80% of hotel investors plan to be net buyers in the remainder of 2022 and 2023 as value-add properties are back in focus. 57% of investors expect the best investment opportunities over the next six months to emerge across more traditional hospitality property types, including full-service and select-service hotels. London, Tokyo and Boston have emerged as the top-three target markets for hotel investment, pointing to the resurgence of investor interest in urban markets. Hotel investors expressed a strengthened appetite as fundamentals continue to recover with 20% of investors indicating they will deploy between $501 million to $1 billion+ worth of capital into the hospitality sector, the highest proportion of investors wishing to deploy this level of capital since the pandemic started. 

Grand Wailea, a Waldorf Astoria Resort announced the phase-one completion of its property-wide refresh, marking the most extensive renovation since its launch more than 30 years ago. The iconic resort presents a newly revitalized lounge at the heart of the resort, a total revamp of Grand Wailea’s exclusive Napua rooms, suites and private lounge, and the transformation of two beloved dining venues into a brunch restaurant and a grab-and gourmet market. Currently undergoing a top-to-bottom transformation, Grand Wailea’s Spa Grande, will grace the property next year with a host of elevated experiences. The iconic resort boasts eight restaurants and 776 rooms and suites and an enclave of 51 luxury villas.

Following a multimillion-dollar renovation, Viewline Resort Snowmass has officially joined Autograph Collection Hotels from Marriott. In partnership with High Street Real Estate Partners, RGP Partners, ACRON Real Estate Investments and Davidson Hospitality Group, the premier ski-in/ski-out Snowmass, CO resort re-introduces itself as a slope side sanctuary. The mid-mountain resort offers 254 guest rooms including 20 suites; Lupine Spa; a private ski and bike concierge; heated mountainside pool with sundeck and terrace; a fitness center; and 24,000 square feet of combined special event space at the resort and adjacent Viewline Event Center. Elevated culinary staples, created in partnership with RING on HOOK and Davidson Restaurant Group include a signature restaurant, bar and a coffee house. Debuting alongside its new Autograph Collection designation, the resort will introduce new programming to its KidZone, family movie nights in its private screening room and a new oxygen bar at Lupine Spa, all in time for the 2022-2023 winter season.

JW Marriott Phoenix Desert Ridge Resort & Spa announced an $80 million transformation as its celebrates its twentieth anniversary this year. The expansive Phoenix, AZ property introduces a refreshed lobby, completely renewed 869 guest rooms and 81 suites, and a new signature restaurant. In 2023, JW Marriott Phoenix Desert Ridge Resort & Spa plans to unveil a re-imagined and expanded pool complex and another new restaurant concept. 

The Houstonian Club officially unveiled Phase II of its $23.5 million dollar renovation. The improvements will redefine the member’s-only fitness facility. Located in Houston, TX, Phase 1 officially opened in October of 2021, and the entire project will be finished with the completion of Phase III by the end of 2022. The extensive transformation includes a complete overhaul of 70% of the facilities, including enhancements to the Club’s lobby, rotunda and atrium. A new indoor turf space features updated equipment and 4,100 feet of addition training space. An enhanced luxury shopping experience in the Club’s boutique Shop at The Houstonian and a new grab-and-go food option named Refuel. Finishing out Phase II will be the grand opening of The Kitchen at The Houstonian Club, a new indoor/outdoor restaurant set to debut in October. The Houstonian Hotel features newly renovated guest rooms, four onsite dining restaurants and a classic hotel bar, 33,890 square feet of indoor meeting space and 87,349 square feet of outdoor meeting space. The Houstonian Club offers an indoor tennis facility, a resort pool with a rockslide, sports lap pool, and a new quiet garden pool. The new Trellis Spa at The Houstonian offers new outdoor soaking pools and garden experience, a scenic treetop dining room, renovated treatment rooms, indoor reflection pool and Solaya Spa & Salon by The Houstonian.

After more than 20 years of false starts, construction work on the 155-room La Bahia Hotel and Spa, near the Beach Boardwalk in Santa Cruz, CA, began about a month ago. Ensemble Investments, which is the majority owner of the project, and partner Santa Cruz Seaside Company, which owns the Boardwalk amusement park, held a groundbreaking event on Wednesday. The new venue will feature banquet and event rooms, casual and fine-dining restaurants, a pool and spa. The new Spanish Colonia Revival-style structure will cost $150 million to develop and will incorporate the old complex’s iconic bell tower into its design. The project is slated to be completed in November or December of 2024.

The hotel centerpiece of the $380 million Serif mixed-use project, developed by Group i, formerly an affiliate of L37 Partners, will open next week. Located in San Francisco’s Mid-Market neighborhood, the 236-room Line hotel features three food concepts. The Line brand is owned by the Membership Collective Group

A pre-application meeting request was filed with Orange County to discuss the development of a 200-room hotel with 60,000 square feet of entertainment space. The venue would be located on the southern shore of Lake Bryan, near the gates of Walt Disney World, in Orlando, FLRaj Patel, the land owner, told GrowthSpotter the property is now under contract by a developer who intends to build the hotel, but declined to name the developer.

BWH Hotel Group announced the addition of new hotels in Europe, Asia and North America. New properties have been added in countries such as France, Germany, Austria, England, the United States and Thailand, among others. Select Group joining the portfolio include: Vib Hotel by Best Western Denver RiNo, Denver, CO; Sadie Best Western Hotel @ Luton, England; Best Western Plus Celebrity Suites, Vienna, Austria; Best Western Plus Market Square, Ukraine; Best Western Le Relais du Vigneron, France; Best Western M-Treize Paris Asnieres, France; Best Western Parkhotel Brehna-Halle, Germany; Best Western Nada Don Mueang Airport Hotel, Thailand; and Sure Hotel by Best Western Hilden-Dusseldorf, Germany.

Hersha Hospitality Trust announced its Founder, Hasu P. Shah, intends to retire as Chairman of the Board of Trustees on December 31, 2022, after 38 years with the Company. As part of the planned succession, the Board has selected Chief Executive Officer Jay H. Shah to become Executive Chairman of the Board, and President and Chief Operating Officer Neil H. Shah to become President and CEO and join the Board of Trustees, both appointments to be effective January 1, 2023. The Company will be eliminating the role of Chief Operating Officer.

hihotels by Hospitality International announced the hiring of Vic Vescovo and Patrick Cheedie as Franchise Development and Assurance & Marketing Program Directors. The duo will help grow hihotels’ five distinct brands, Scottish Inns, Red Carpet Inn, Master Hosts Inns, Downtowner Inns and Passport Inn, while also delivery ongoing sales and marketing support and training to franchisees as part of the company’s Assurance & Marketing Program. Vescovo will handle the Midwest region, while Cheedie takes over the Western region.

Marriott International plans to bring its EDITION Hotels brand to Italy’s Lake Como in 2025. Owned and Developed by Bain Capital Credit and Omnam Group through a fund managed by Kryalos SGR, the Lake Como EDITION will offer 145 guest rooms, including two penthouse suites; a lobby bar; a floating pool; and multiple restaurants and bars. 

GIC has agreed to buy a majority stake in Sani/Ikos Group in a buyout that values the company at €2.3bn. A clutch of investors, including Oaktree Capital, Goldman Sachs’ asset management unit and Hermes GPE, will exit the business after selling their stakes to GIC. The group owns and operates 10 beachfront resorts with around 2,700 rooms across Greece and Spa. Sani/Ikos is also pushing ahead with a five-year €900mn expansion plan, which will add four more redeveloped resorts to its portfolio.

Hyatt Hotels Corporation announced the opening of La Zambra, a reborn hotel destination in Malaga, Andalusia. The opening marks the completed transformation of the infamous Byblos hotel. La Zambra joins The Unbound Collection by Hyatt. The property offers 197 rooms and suites, four distinct dining options, the Mood Spa, fitness facilities including two tennis courts, a paddle court, and two outdoor pools. Four open meeting rooms offer up to 5,381 square feet of space. 

Accor is set to open one branded residential project every six weeks throughout 2023 and 2024, of which approximately 45% will be located in the India, Middle East, Africa & Turkey region. So far, in 2022, Accor signed three branded residential projects in the region, with another three expected by year end. By the end of 2024 they will be operating more than 15 branded residential projects in the region across the Accor and Ennismore brands. Accor and Ennismore are expanding their global leading position in branded residences with over 130, operating and pipeline branded residential projects across 33 countries. Ennismore branded residences represent approximately one quarter of Accor’s existing network and pipeline, with SLS, Mondrian and Hyde with eight operating and sixteen pipeline residences between them. Ennismore will open five residences projects in the region over the next three years. The first Mama Shelter Residences in the world will also open in Dubai in 2024. Accor is also seeing increasing demand for standalone residential projects. The Group currently has 8 open and pipeline standalone residences.

Alan Woinski and Kim Woinski
September 22nd, 2022 at 8:33 PM EDT

Companies: Accor, Autograph Collection, Bain Capital Credit, Best Western Hotels & Resorts, Best Western Plus, Edition Hotels, Ennismore, Ensemble Investments, GIC, Hersha Hospitality Trust, High Street Real Estate Partners, Hilton Hotels & Resorts, Hyatt Hotels Corporation, Hyde, JW Marriott Hotels & Resorts, Marriott International, Mondrian, Omnam Group, Registry Collection Hotels, Sani/Ikos Group, SLS, Soho House and Co Inc., The LINE, The Unbound Collection by Hyatt, Vib, Vienna House, Waldorf Astoria Hotels & Resorts, Wyndham Alltra, Wyndham Hotels & Resorts

Locations: Hawaii, Houston, Orlando, Phoenix

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