The DJIA was up 36 points, Nasdaq was down 116, the S&P 500 fell 24 points and the 10 year treasury yield is knocking on the door of 4%, up .05 to 3.94%. Lodging stocks were modestly lower. SOND was the only big mover, down -7%.
Truist Securities reported on investor meetings they held with Playa Hotels & Resorts management. Demand trends were among the most discussed topics but management saying business on the books looks great, reiterating the strength of demand. PLYA visibility is about 90 days. Europe business is not cutting back at all and Canada and Asia are finally beginning to come back. PLYA said visitation to Jamaica is seeing the greatest degree of acceleration now that Covid testing requirements have been eliminated. PLYA discussed the share buyback they authorized and while not saying how much or if they bought back stock before the blackout period, they did note they have a strong interest in buying shares given the current valuation and share price.
The October 2022 Business Travel Recovery Poll released today by the Global Business Travel Association unveiled the latest insights and sentiments from a survey of almost 600 business travel buyers, suppliers, and other stakeholders around the world. This survey marks the twenty-ninth pool in the GBTA series since the pandemic began to understand the path forward as the industry navigates recovery. Key takeaways from the October GBTA Travel Recovery Poll are: Business travel volume continues to rebound when tracking recovery to 2019 pre-pandemic levels. Economic considerations have eclipsed COVID concerns for the industry, but a majority of companies are not limiting their business travel specifically due to economic concerns. Domestic travel recovery remains in the lead in terms of recovery, but international travel is closing the gap. By far, business travel respondents expect more recovery and growth for 2023 compared to this year. The industry does not expect new ways of working to significantly impact business travel. Finally, how companies are approaching employee remote work and blended/‘bleisure” travel.
Pacifica Hotels announced the $32.9 million purchase of the Kimpton Hotel Vintage Portland. The iconic Portland, OR hotel will join the company’s portfolio of 40 plus properties located in California and Hawaii. Hotel Vintage Portland has 117 hotel rooms, 8,000 square feet of event space, a restaurant and bar, a private wine cellar, and a game lounge.
Red Roof announced the opening of the dual-branded Red Roof Inn and HomeTowne Studios – Vero Beach, located in Vero Beach, FL. The dual-branded hotel has a combined 173 rooms, comprised of 112 standard rooms and 61 extended-stay suites. Combined amenities include a marketplace, onsite washers and dryers, and an outdoor pool.
IHG Hotels & Resorts announced the opening of its newest Candlewood Suites hotel in Birmingham, AL. The hotel offers 126 suites, an outdoor gazebo and grill, fitness center and self-service laundry facilities. The Candlewood Suites Birmingham – Inverness is owned by TWC Birmingham LLC and managed byAimbridge Hospitality.
Cambria Hotels announced the opening of its first hotel in Maine: the Cambria Hotel Portland Downtown Old Port. The six-story, 102-room hotel offers multi-purposed indoor and outdoor spaces including a indoor outdoor rooftop bar concept, 2,000 square feet of flexible meeting and event space and a fitness center. The Cambia Hotel Portland Downtown Old Port was developed by Koucar Management.
In New Orleans, LA, the Ernest N. Morial Convention Center’s management is making renewed push for a riverfront hotel. The center argues a new “headquarters” hotel, attached to the vast complex at its upriver end, would be profitable and would help boost other hotels in the city within three years of being built. The report by hospitality industry consultant HVS recommends a 600-room hotel with 51,000 square feet of meeting space as well as restaurants and lounges. Though the HVS report forecast the hotel would be profitable by 2030, assuming it was built and ready for operation at the start of 2027, it still leaves many questions open such as the hotel’s specific location. The report determined that it could be located on the upriver plot of land, but could equally successful if it were built at the downriver end of the complex next to the 1,200-room Hilton Riverside Hotel.
Wyndham Hotels & Resorts announced the global expansion of The Meetings Collection, which now includes over 160 hotels and resorts across the Americas, Asia, Europe, the Middle East and Africa. The Meetings Collection caters to planners by putting their needs at the forefront, making it simple, easy and rewarding to organize multiple, multi-year meetings across a wide variety of hotels and brands. The Collection is part of Wyndham innovative Wyndham Business program. Among the perks now available to planners when booking with The Meetings Collection are: multi-meeting discounts, enhanced flexibility, streamlined contracting process, exclusive destination experiences, and double Wyndham Rewards points. The Meetings Collection offers over 160 hotels across more than a dozen brands, including names like Wyndham, Wyndham Grand, Wyndham Alltra, Trademark Collection by Wyndham, Dolce by Wyndham, TRYP by Wyndham, Ramada by Wyndham and more.
Wyndham Hotels & Resorts also said they are continuing its growth momentum with new hotel openings in exciting destinations, across Europe, Middle East, Eurasia, and Africa, broadening the reach of its brands in popular locations. A selection of EMEA hotel openings in 2022 include: the Wyndham Wroclaw Old Town in Wroclaw, Poland; Fontinha Porto, Trademark Collection by Wyndham in Porto, Portugal; the Wyndham Garden Lara in Antalya, Turkey; the Ramada by Wyndham Gangtok Hotel & Casino Golden in Gangtok, India; Grigoleti Beach Resort, Trademark Collection by Wyndham in Grigoleti, Georgia; and TRYP by Wyndham Corfu Dassia located in Corfu, Greece.
SH Hotels & Resorts and Boscalt Hospitality announced their plans to re-imagine the Eternal City’s landmark Hotel Majestic under the French luxury house Baccarat. Set to open in late 2025 the hotel will be refashioned into 83 rooms ad suites. Public amenities include three grand dining rooms, meeting and conference spaces, and a full-service spa and fitness facility.
IHG Hotels & Resorts has announced the singing of Crowne Plaza & Holiday Inn Express Stockholm Arlanda Airport, which will be the company’s first hotel in Sweden after returning to the market. The dual-branded property will see a total of 420 rooms, 120 housed in the Crowne Plaza property and 300 rooms at the Holiday Inn Express hotel. It will also feature a full-service conference centre and gym facilities and stunning bar and restaurant. Crowne Plaza & Holiday Inn Express Stockholm Arlanda Airport are set to open in Sweden in 2026 and will be operated by Mogotel Development Holding.
Hospitality Ventures Management Group announced Sameer Nair has been named senior vice president of acquisitions and development. Prior to joining HVMG, Sameer was vice president of investments and capital markets for Kolter Hospitality.