Bernstein Research initiated coverage on Airbnb with an Outperform rating and $143 price target. Bernstein cited its dominant position in the vacation-rental space and said they see little reason why ABNB can’t become a meaningful seller of other travel verticals.
B of A Securities cut their rating on Membership Collective to Underperform from Buy. They lowered their price target to $4 from $12.
Service Properties Trust announced it amended the agreement governing its revolving credit facility and exercised its option to extend its maturity date to July 2023. The key terms of the amendment include that SVC will maintain minimum liquidity of $600 million until it repays or refinances its $500 million of 4.50% senior notes due in June 2023 and maintains at least $150 million of liquidity thereafter. The other is that restrictions on paying common dividends and issuing secured debt previously agreed to during the existing waiver period were removed, subject to certain conditions.
Pebblebrook Hotel Trust announced that several of the Company’s resorts were impacted by Hurricane Ian, however, the Company does not expect the costs to repair and remediate damage from the storm to be material. The 189-room LaPlaya Beach Resort & Club in Naples, FL will remain closed as the Company completes a full review and assessment of the damage to the condition of the property, which contains four buildings, including two on the Gulf of Mexico. The Company and its operator, Noble House Hotels & Resorts, are already working diligently to assess the property and its systems. The 119-room Inn on Fifth, also in Naples, FL, reopened on October 1, 2022. The Company’s remaining five other hotels and resorts in southern Florida and Georgia impacted by Hurricane Ian are open and operations. The Company believes that the cost to repair any property damage at any of these properties will not be material.
Davidson Hospitality Group has been selected by Pebblebrook Hotel Trust to manage Newport Harbor Island Resort in Newport, RI, under its highly specialized operating vertical, Davidson Resorts. Formerly Gurney’s Newport Resort & Marina, the property is located on Goat Island and features 257 guestrooms, including 18 spacious suites, 80,000 square feet of flexible indoor and outdoor event space, a marina, and a historic lighthouse. Additional amenities include the Seawater Spa, a seasonal kids club, Newport’s only outdoor resort pool, and a fitness center. Together with Pebblebrook, Davidson will oversee the planned renovation, encompassing a complete repositioning, and rebranding of the property.
Vector Hospitality, Inc. in partnership with Eraa Hospitality, recently broke ground on a 91-room Home2 Suites by Hilton in Conyers, GA, marking Vector’s inaugural hotel and entrance into the Conyers market. Projected to open in the fall of 2023, the hotel will be located in one of the city’s new mixed-use development
Hill Hospitality is planning to build an 81-guestroom Home2 Suites by Hilton in Waterville, ME. Retlew Investment LLC and Caprilite LLC, which owns the property, want to sell the property to the developer, but the property must be subdivided before the sale to allow for hotel construction. The hotel is scheduled to break ground in 2024 and will have an indoor pool and fitness center.
Pyramid Global Hospitality has taken over operations of the 113-suite Home2 Suites by Hilton Tuscaloosa Downtown in Alabama, marking Pyramid’s 19th hotel on or near a university/college campus. The property offers 650 square feet of flexible meeting space, an indoor pool, fitness center and business center.
Frontier Development & Hospitality Group LLC and its partners, Sun Development & Management Corporation and 3 H Group Inc., have acquired the seven-story Chicago Marriott Suites Downers Grove hotel in Downers Grove, IL. The hotel boasts 254 suites, 3,400 square feet of meeting space, an indoor and an outdoor pool, fitness center, restaurant and on-site parking. The property is scheduled to undergo a $10 million capital improvements plan to enhance and upgrade the property.
The Renaissance Austin Hotel announced the completion of a $10 million indoor and outdoor public space renovation this week. The full-service hotel is located in northwest Austin Arboretum in Texas. The Renaissance Austin Hotel features 492 rooms, including 88 suites, 81,000 square feet of meeting and events space, a cycling room, expanded fitness center, new hospitality suite, new signature feature, The Lawn at Glass Oaks with a new 3,600 square foot glass event space, and new restaurant. The hotel’s existing restaurant will be expanded this fall and the outdoor pool with be transformed into a more resort-style space.
A new hotel in Bonita Springs, FL opened in the midst of Hurricane Ian. Built to withstand Category 4 tropical winds, the new four-story Fairfield by Marriott is the first hotel in Florida owned and managed by O’Reilly Hospitality management. The property offers 113 guestrooms and suites, a pool, hot tub, pool deck, fitness and business centers, three meeting rooms, guest laundry facility, EV charging stations and a small market. Although it already opened last week, the hotel’s ribbon-cutting ceremony is planned for Nov. 1.
Empire Hospitality purchased the four-story, 99-room Holiday Inn Express in Irondale, AL, from Star Hospitality for $7.85 million. KW Commercial Metro Atlanta represented the seller in the deal.
AJ Capital Partners announced Graduate Hotels is renovating a historic building in downtown Princeton, NJ that will house 180 rooms, nearly doubling the number available in town. The property is expected to open at the end of next year.
The former Red Lion hotel in downtown St. Joseph, MO will be redeveloped into a 150-room Courtyard by Marriott hotel. Construction of the new hotel is planned to begin May 31, 2023 pending approval. The anticipated opening of the hotel is Dec. 31, 2024. The property’s owner, and new hotel developer is HDDA. The hotel will include a bistro, fitness room, business center and conference space.
Heaton Companies, developer of Ouanalao Residences & Resort, announced the official groundbreaking will take place on Nov. 3, 2022. Situated on the southern part of Hutchinson Island, FL, Ouanalao will offer 25 beach homes and 34 beach cottages. Completion is estimated to be in late 2023. Ouanalao’s Beach Clubhouse will feature poolside dining, an oceanfront bar, fitness center, spa, market, kids club, event space and pool. The River Club will offer relaxed dining and waterfront pool, a marina, and aquatic recreation on the lagoon. Ouanalao Residences & Resorts has redefined vacation-home ownership with the hospitality services of Mainsail Hotels & Resorts, allowing residence owners to earn rental income through Mainsail’s association with Marriott Homes & Villas brand.
After three years, construction of The Wharf’s phase two is coming to a close. The $3.6 billion development is located in Washington, D.C. Wharf newcomers include DC’s first Pendry Hotel, a luxury condo building, apartment complex, two Gordon Ramsey restaurants, and multiple dining establishments. Pendry’s offers Bar Pendry and two additional restaurants.
Gravity Haus has acquired a fifth property, fourth hotel location in Colorado, with the purchase of The Ptarmigan Inn located in Steamboat Springs, CO. Gravity Haus intends to invest in a larger property improvement plan during spring/summer 2023 in order to add: a signature dining experience, a coffee shop, Dryland Fitness, and StarterHaus with modern co-working space, hot desks and meeting space.
A South Boston developer is looking to build a seven-story hotel on a slim, vacant parcel on High Street in Boston, MA, after another firm dropped plans to put a pod-style hotel on the site. Cedarwood Development LLC is proposing a seven-story, 24-room hotel with “self check-in”.
The SureStay Hotel Group announced the opening of The Sure Stay Plus Hotel by Best Western Elizabeth City Inn & Suites in Elizabeth City, NC. The hotel features 65 guest rooms, an outdoor pool, fitness center, business center and guest laundry facility.
RIU Hotels & Resorts announced the opening of its third hotel in Costa Mujeres: the Riu Latino. The chain now has 21 hotels at the six most popular beach destinations in Mexico, as well as in Guadalajara, Jalisco. The all-inclusive, adults-only Riu Latino boasts 594 guestrooms, six restaurants, five bars, Renova spa, and five pools in addition to Splash Water World Water Park.
The Owl’s Nest Resort, in Thornton, NH, celebrated the grand opening of their extensive racquet sports complex which includes 8 red clay tennis courts, 13 pickle ball courts and 4 paddle tennis courts. In addition, the resort offers an 18-hole golf course, and they recently opened The Lakehouse, a brand new lodge capable of accommodating groups of up to 500 people. The resort offers extensive lodging facilities. Phase 2 is already underway and includes the addition of The Boathouse which will contain a restaurant and bar, additional event space, outdoor pool, hot tub, radiant heated decks, indoor and outdoor showers, locker room facilities and beach access. Groundbreaking for a 33 room hotel has begun with planned completion in May of 2023. By next summer the resort will be adding EV chargers. Phase 3 will include an additional 80-100 room hotel, complete with spa, large fitness facility, indoor pool, bowling alleys and restaurant, as well as another 9-hole walkable golf course. The recently acquired White Mountain Country Club in nearby Ashland will also undergo course renovations and group function expansion In all, another $60 million will be invested in the resort in addition to the $40 million invested since 2014.
Marcus & Millichap Capital Corporation arranged a $8,775,000 loan for the acquisition of the Casa de Palmas Hotel, a 165-room luxury hotel in McAllen, TX. The financing was secured by the MMCC Miami Office. The MMCC team secured 65% LTV non-recourse acquisition financing with a 10-year term and 30-year amortization.
Peachtree Group announced the appointment of Natalie Robinson as vice president of people and culture. Robinson will lead all aspects of Peachtree’s people-first culture by ensuring talent recruitment, development and retention; and advancing the organization’s inclusion and diversity efforts. Robinson will also find new ways to enhance the overall team member experience. Before joining Peachtree, Robinson was the human resource director of OS National.