The DJIA fell 28 points, Nasdaq was down 9, the S&P 500 fell 12 points and the 10-year treasury yield was down .04 to 3.90%. Lodging stocks were mixed. SOND was up 12%, MCG was up 7% and AHT and ABNB both rose 5% on the day.
Braemar Hotels & Resorts Inc. reported the company expects to report occupancy of approximately 71% for the third quarter of 2022 with an ADR of approximately $403 resulting in RevPAR of approximately $288. This RevPAR reflects an approximate increase of 19% compared to the third quarter of 2021 and an approximate increase of 19% compared to the third quarter of 2019.
Ashford Hospitality Trust, Inc. announced the company expects to report occupancy of approximately 71% for the third quarter of 2022 with an ADR of approximately $179 resulting in RevPAR of approximately $127. The RevPAR reflects an approximate increase of 29% compared to the third quarter of 2021 and a decrease of approximately 4% compared to the third quarter of 2019.
STR reported US lodging data for the week ended October 8. U.S. hotel RevPAR was up 21.2% year over year while up 12.7% versus the same week in 2019.
The embattled San Francisco hotel, long destined to be Virgin Hotels’ eclectic flagship before the pandemic and a dispute between the owner and manager got in the way, plans to open next month flying the Hilton flag in a wholesale change. The hotel is targeting November 8 to open as Canopy by Hilton San Francisco SoMa. It will be the first for the brand in California. The 12-story, 194-room property will feature five meeting rooms for a total of 4,400 square feet of event space, business and fitness centers, and multiple dining options. The property has been at the center of dueling lawsuits between manager Virgin and hotel owner Jay Singh, CEO of Paradigm Hotels Group, after Singh terminated a 20-year, $20 million management contract with Virgin. A San Francisco Superior Court Judge ruled that Singh had terminated Virgin’s 20-year hotel management agreement in breach of the contract terms and awarded the company $11.5 million in damages.
The Marriott Springfield Downtown, in Springfield, MA, is set to open in late October 2022 following a two-year transformation. The hotel features 266 guest rooms, more than 15,000 square feet of flexible indoor event space and over 20,000 square feet of outdoor rooftop space. The Marriott Springfield Downtown is owned by Springfield Hospitality and managed by Aimbridge Hospitality.
The owners of the Downtown Sheraton hotel have moved past one of the hurdles on the way to a $226 million renovation and expansion of the hotel across from theRenasant Convention Center in Memphis, TN. Starwood Capital Group was granted a 30-year payment-in-lieu-of-tax incentive and a 5% tourism development zone surcharge by a Downtown Memphis Commission board. The hotel group plans to renovate the entire hotel and construct a new tower to add 300 rooms to the 600-room hotel. Currently, renovations are expected to start in late 2023 and will be phased to allow the hotel to continue to operate. The work is projected to take 18 months. Construction of the new tower is expected to begin in 2024 and take 20 to 22 months. Parking will be leased from the convention center.
LBA Hospitality formed a partnership with the RADCO Companies to manage five of their hotels located in the Florida Panhandle. The five properties are: Courtyard by Marriott Panama City; Courtyard by Marriott Pensacola; Home2 Suites by Hilton Panama City Beach; Fairfield Inn & Suites by Marriott Panama City Beach; and Hampton Inn by Hilton Panama City Beach.
A joint venture between Partners Group and funds managed by Trinity Fund Advisors LLC has signed a management agreement with Marriott International, Inc. to expand The Ritz-Carlton brand in the Dallas Metroplex in 2024. Earlier this year, the joint venture acquired the Four Seasons Resort Dallas at Las Colinas, a 431-room hotel in Irving, TX. It intends to undertake a multi-million dollar capital improvement plan that will convert the property to The Ritz-Carlton brand and establish it as the premier meetings and leisure travel destination in the Dallas Metroplex. Beginning December 15, 2022, Marriott will assume management of the resort, which will become The Las Colinas Resort, Dallas. Upon completion of a planned $55 million property-wide transformation, the property will become The Ritz-Carlton Dallas, Las Colinas. The capital improvement program calls for renovating all guestrooms and villas, re-concepting the hotel’s food and beverage outlets, renovating 90,000 square feet of meeting space and refreshing the spa. Completion of the renovation is targeted for 2024.
Bluegreen Vacations Holding Corporation announced its recent acquisition of a 320-room resort and spa in Panama City Beach, FL and two buildings in the Streamside at Vail Resort enclave in Vail, CO. Bluegreen plans to convert the 320-room resort and spa, formerly a Sheraton, to 200 rooms and add a new sales preview center. The property includes a full-service spa, four restaurants, a private marina and beach as well as pools, tennis courts, and a fitness center, will receive additional enhancements to building exteriors, public areas and other improvements. The company’s purchase of the Vail property will ad 46 units to Bluegreen’s growing inventory and provide access to a range of amenities including clubhouse, spa, and a fitness center. Plans are underway to renovate guest rooms, building exterior, and infrastructure in early 2023. In addition to acquiring these two resorts, Bluegreen Vacations has broken ground on a new resort in Pigeon Forge, TN. Slated to open in 2024, the new resort will feature 67 guest accommodations and an expansive sales preview center.
The Yotel San Francisco, in downtown San Francisco, CA, was acquired for $62 million in a foreclosure auction last month. The buyer, an affiliate of Monarch Alternative Capital LP, was granted the deed of trust to the 203-room hotel by Fidelity National Title Co. Fidelity convened the bidding after the hotel’s previous owner, an affiliate of Synapse Development Group, defaulted on $64.5 million worth of loans in March with the property rights as collateral. Just after the action, Monarch granted a deed of trust to Starwood Property Trust Inc. As is typically the case with trustee deeds, Monarch appears to be retaining ownership but granting Starwood repossession rights as a guarantee behind a $42.2 million promissory note Monarch pledge to Starwood in July.
A long-awaited addition to a boutique hotel in the heart of downtown Wilmington, NC, looks to be moving forward. Situated at the corner of Dock and S. Second Streets, Arrive hotel opened in 2019 in the former Wilmingtonian Hotel. The boutique hotel has continued to stretch its footprint along S. Second Street. Now, the Arrive brand, which is owned by Palisociety, is looking to cross S. Second Street and the company submitted plans for a 55-room hotel building. The expansion comes as the hotel’s third and final phase. This final phase will be situated on a long-vacant property that currently serves as a parking lot. Plans for the hotel’s third phase will include four floors. In addition to the 55 rooms, the ground floor will include retail space.
The University of Virginia and its partners have broken ground on a new Hotel and Conference Center in Charlottesville, which is targeting a spring 2025 debut. The hospitality center will be managed by Pyramid Global Hospitality. The new Hotel and Conference Center will provide multiple spaces for hospitality, business and academic conferences, and includes plans for a University welcome area. The hotel will offer 214 guestrooms and suites, a full-service restaurant with indoor and outdoor terrace dining, a rooftop café, and 25,000 square feet of meeting and event space.
Nestled in the Blue Ridge Mountains of North Carolina, the flagship location of Mirror Hotel is opening just outside of Asheville. Mirror Hotel features 18 custom “invisible cabins” covered in architectural mirror siding, designed to blend into their environment.
A five-story luxury hotel in Phoenix, AZ finished construction of its steel structure with roof placement ahead of the building’s late 2023 opening. The Global Ambassador is located in Arcadia, a mixed-use development that also houses the Phoenix Suns and Mercury training facility, office spaces and luxury residences. The hotel, from renowned restaurateur Sam Fox will include five original dining destinations, a wellness center with a fitness level and ultra-luxe spa. Fox will manage and co-develop The Global Ambassador.
The historic Ahwahnee Hotel in Yosemite National Park, CA, is set to close for eight weeks to undergo major updates. Funded by the Great American Outdoors Act, Yosemite National Park was recently awarded an approximately $31.5 million construction contract to upgrade the Ahwahnee Hotel. The upgrade includes a major seismic upgrade throughout the historic hotel as well as a kitchen renovation. The eight-week closure is set to take place early 2023, during the kitchen renovation. Yosemite Hospitality Inc will not be accepting reservations during the closure period. There are 97 guest rooms and 24 cottages at the Ahwahnee.
The Hotel Revel in Minot, ND celebrated its official grand opening. The property features a collection of local art from local artists in rooms throughout the hotel, and you can actually buy it right off the wall. Hotel Revel previously went through a soft opening, but now has completely opened its unique hotel. In addition to local art, the hotel will invite local musicians to come and perform. Hotel Revel will start the remodel for their basement bar in January 2023.
Ryman Hospitality Properties, Inc. announced Chairman and Chief Executive Officer Colin Reed will transition to Executive Chairman of the Company. The Company’s Board of Directors appointed President Mark Fioravanti to succeed Reed as Chief Executive Officer, under the title President and Chief Executive Officer, effective January 1, 2023. Reed’s role as Executive Chairman will include his responsibilities as Executive Chairman of the Company’s Board of Directors and as Chairman of the Opry Entertainment Group Board of Directors. Reed will also focus on working with OEG strategic investor Atairos and with NBC Universal to unlock opportunities for value creation; advancing the Company’s ESG and Diversity, Equity, and Inclusion goals; and community and government affairs. Reed will continue his role with artist and shareholder relations alongside Fioravanti.
Remington Hotels hired Dan Falvey as Senior Vice President of Business Development. In this role, Falvey will be involved in expanding Remington’s business pipeline by sourcing new management opportunities, supporting Remington’s partners in acquiring hotels, and developing new hotels and resorts with the company’s multiple institutional partners. Most recently, Falvey was Head of Real Estate for The Demex Group.