The DJIA fell 347 points while Nasdaq was down 75, the S&P 500 fell 39 points and the 10-year treasury yield was up .07 to 3.83%. Lodging stocks were modestly lower.
STR said US hotel RevPAR the week ending 10/1 was up 22.6% year over year, helped by Hurricane Ian and the holiday shift. RevPAR was up 12.9% when compared with the same week in 2019.
According to the latest UNWTO World Tourism Barometer, international tourist arrivals almost tripled from January to July 2022 (+172%) compared to the same period in 2021, meaning the sector recovered almost 60% of pre-pandemic levels.
|Percentage of 2019
Several subregions reached 70% to 85% of their pre-pandemic arrivals in January-July 2022.
|Percentage of 2019
|Southern Mediterranean Europe
Among destinations reporting data on international arrivals in the first five to seven months of 2022, those exceeding pre-pandemic levels:
|Growth Over 2019
|US Virgin Islands
|United Arab Emirates
The ongoing recovery can also be seen in outbound tourism spending from major source markets. Expenditure from France climbed to -12% in January-July 2022 compared to 2019 while spending from Germany rose to -14%. International tourism spending stood at -23% in Italy and -26% in the United States. The robust performance was also recorded in international passenger air traffic, with a 234% increase in January-July 2022 (45% below 2019 levels) and a recovery of some 70% of pre-pandemic traffic levels in July, according to IATA. On a scale of 0 to 200, the UNWTO Panel of Tourism Experts rated the period May-August 2022 with a score of 125, matching the bullish expectations by the Panel in the May survey for the same 4-month period (124). Prospects for the remainder of the year are cautiously optimistic. Tourism experts rated the period September-December 2022 with a score of 111, below the 125 scores of the previously four months, showing a downgrade in confidence levels.
USLI Hospitality Management announced the addition of the 319-room Hilton located in Kenner, LA, to their portfolio of managed hotels. Amenities at the Hilton New Orleans Airport include an outdoor pool, fitness center, two on-site restaurants, and a grab-and-go shop. The property has 21,000 square feet of flexible meeting space including executive boardrooms, an amphitheater, multiple meeting rooms, and a large pillar-free ballroom.
Parks Hospitality Group submitted preliminary plans to build a five-story, 75-room boutique hotel in downtown Waynesville, NC. The Waynesville hotel would be under the Marriott brand and is a milestone for the town as its first and only hotel. The ground floor will include two leased spaces for retail or restaurants and would not have onsite parking. The developers have approached the county about leasing spaces in the parking deck around the corner to fulfill the parking requirement. Parks Hospitality Group will pay the county $26,250 annually to lease 75 spots in the parking deck for the first 10 years. The cost would go up to $30,000 a year for the next 10 years.
Plans have been filed with the City of Raleigh, NC for the construction of a hotel. The hotel developer, Summit Hospitality, is working with Williams Realty & building Company to bring a hotel and apartment project to the site. The hotel will be a Marriott-branded TownePlace Suites. Plans show a seven-story building featuring 138 guest rooms. The developers previously announced the hotel would include a lobby bar, expanded fitness facilities and integrated outdoor terraces.
An investment fund managed by Trinity Fund Advisors LLC, an affiliate of Trinity Real Estate Investments LLC, announced the acquisition of Hyatt Regency Greenwich, a 373-key hotel located in Greenwich, CT. Trinity’s capital improvement plan contemplates a multi-million dollar renovation of the four-story hotel’s guest rooms, lobby, and meeting space. Trinity also plans to enhance the hotel’s amenities, replace the existing restaurant with a grab & go market and re-concept the existing bar. The hotel currently also features 35,000 square feet of meeting space, an indoor pool, fitness center and salon.
The Kennewick, WA City Council took a step toward allowing an 88-room hotel and restaurant on the top of Thompson Hill and higher-density housing on the slopes below it. Developer Jose Chavallo has applied for a comprehensive plan amendment to switch about four acres from low-density residential housing to high-density housing, which would allow for a hotel and restaurant, In addition, he is applying to change 34 acres from low-density residential to medium density, allowing housing such as apartments and multi-unit condominiums.
IHG Hotels & Resorts announced the opening of the avid Hotel Guadalajara Av Vallarta Pte located in Guadalajara, Mexico. The 124-room hotel is owned by Operadora de Hoteles Ferran SA CV and managed by HiPick Hotel Management.
Hyatt announced the AMR Collection’s Secrets brand is adding another new resort on the Caribbean coast of Mexico. The Secrets impression Moxche is slated to open later this fall, adjacent to Secrets Aura Moxche. The all-suite resort will have a total of 198 rooms and beachfront villas and 22 different food and beverage concepts (including Aura Moxche).
KSL Resorts appointed Nordee Saritvanich as its vice president of investments and business development. In his new role, Saritvanich will expand KSL Resorts’ growing boutique resort platform, targeting leisure-based, boutique hotels in secondary and tertiary destination markets nationwide. Prior to KSL Resorts, Saritvanich served as vice president of Pacifica Hotels/Invest West Financial Corporation.
IHG also announced the signing of a Multi-Development-Agreement with Solutions4Hotels GmbH (S4H), a commitment to develop 10 hotels of the Holiday Inn brand family with approximately 800 rooms in Germany. IHG and S4H have also signed Holiday Inn Express Leipzig South as part of the MA. The agreement is part of an extensive mixed-use development project in 10 locations which also includes the development for premium service stations and restaurants. Each site will feature a futuristic service station including electric charging, a petrol station, a hotel, and a high-quality F&B offer. The building sites are conveniently located along Germany’s main motorways, all in close proximity to large cities. Holiday Inn Express Leipzig South is the second signing within the MDA, following the signing of Holiday Inn Express Hamburg South in 2020. Holiday Inn Express Leipzig South is planned with 79 rooms and is expected to open towards the end of 2023. The property will feature a marketplace and communal co-working space. Holiday Inn Express Hamburg South will offer 80 rooms and a marketplace. Already in construction, the hotel is expected to open by summer 2023.
Marriott International, Inc. announced plans to debut the Fairfield by Marriott brand in Europe and the Middle East by late 2023. Anticipated openings across Europe and the Middle East include: Fairfield by Marriott Copenhagen North Harbour, Denmark expected to open in Q3 2023 with 234 guestrooms. The 175-room Fairfield by Marriott Amsterdam Schiphol Airport, Netherlands is expected to open Q3 2023. Expected to open in Q2 204 is the 123-room Fairfield by Marriott Zug, Switzerland. In Q4 2024, the Fairfield by Marriott Bordeaux Train Station, France is expected to open with 191 guestrooms. The Fairfield by Marriott Makkah Al Naseem, Saudi Arabia is expected to open in Q1 2025 with 2,600 guestrooms and the 1,376-room Fairfield by Marriott Makkah Ibrahim Al Khalil road, Saudi Arabia is expected to open Q4 2025 as the second Fairfield property in Makkah.
Hyatt Hotels Corporation announced that a Hyatt affiliate has entered into an exclusive collaboration agreement with Lindner Hotels AG, a family-run German hospitality business. It is expected that more than 30 hotels across seven European countries will join the Hyatt brand portfolio and will be integrated into the World of Hyatt loyalty program in the near future. The majority of the properties are slated to transition to the JdV by Hyatt brand, a collection of independent hotels with unique personalities and a true reflection of their locations. The Lindner portfolio will further increase Hyatt’s lifestyle footprint with the addition of an estimated 5,000 rooms.
Hyatt Hotels Corporation also announced that a Hyatt affiliate has entered into a franchise agreement with the 12.18.Group for SCHLOSS Roxburghe Hotel & Golf Course. The full-service luxury property marks the debut of the Destination by Hyatt brand in Scotland, as well as in the United Kingdom. The charming historic estate and its expansive, stately grounds will be fully transformed into a luxury retreat with the addition of 58 rooms and suites to the property’s existing accommodations, as well as 12 cottages, expected to be complete by late 2022. An additional 49 cottages will successively open by 2024. SCHLOSS Roxburghe Hotels & Golf Course will feature two restaurants, three bars, two lounges, a spa facility with two saunas and outdoor infinity pool, and four meeting spaces with up to 1,689 square feet of space.
Credit Suisse is looking to sell its famed Savoy hotel, located on Paradeplatz in the centre of Zurich’s financial district. The almost 200-year-old hotel closed this year to undergo a major refurbishment and will reopen in 2024 as the Hotel Mandarin Oriental Savoy Zurich.
Savills, on behalf of private individuals, has completed the freehold sale of The Marine Hotel in Paignton, Devon to Fragrance Group, for an undisclosed sum. RBH has been appointed to operate the hotel on behalf of Fragrance Group. The guide price was 1.5 million pounds. The Marine Hotel provides 53 bedrooms, 100 cover restaurant and conservatory/bar/lounge/entertainment area with seating for 100. There are also three apartments and the site offers 25 car parking spaces and two coach bays.