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North America

Marriott Leads the Construction Pipeline in the U.S.

Alan Woinski and Kim Woinski
November 1st, 2022 at 4:23 PM EDT

Skift Take

  • Ryman Hospitality Properties beat 3Q EBITDA estimates while giving a small 4Q guidance raise.
  • Lodging stocks were mixed. SOND rose 8% but Selina (SLNA) plunged another -23% and is now down to near where it was in price when they completed the merger with BOA.
  • Timeshare is definitely a mixed bag this earnings season. Following up on TNL’sdisappointing results, Marriott Vacations gave a mixed 3Q along with guidance that seems mixed as well.

The DJIA fell 80 points, Nasdaq was down 97, the S&P 500 fell 16 points and the 10 year treasury yield was down .03 to 4.05%. Lodging stocks were mixed. SOND rose 8% but Selina (SLNA) plunged another -23% and is now down to near where it was in price when they completed the merger with BOA. In just a few days the stock went from $9 to $49.49 and back into the $9’s again.

Ryman Hospitality Properties beat 3Q EBITDA estimates while giving a small 4Q guidance raise. RHP is typically seen as a barometer of group business and gross advanced group bookings during 3Q was up 49.6% year over year and up 13,000 room nights over 2Q22.

Timeshare is definitely a mixed bag this earnings season. Following up on TNL’s disappointing results, Marriott Vacations gave a mixed 3Q along with guidance that seems mixed as well. Contract sales are strong but exchange and membership is weaker than expected. Overall it looks like a small beat and raise but a bit noisy with an accounting alignment one time event. VAC bought back $216 million worth of stock in 3Q.

Raymond James cut its price target on Pebblebrook Hotel Trust to $22 from $24. RJ maintained their Outperform rating on PEB.

September was the fifth consecutive month of global demand recovery at a relatively stable point, at slightly more than 90 percent of pre-pandemic levels. According to STR, the moderation in recovery pace over the past several months suggests there has likely been a reset in demand mix, as above-average leisure demand heads toward normal levels and corporate travel picks up steam. Groups have broadly started to return across most of the globe as well, and most countries have significantly reduced, if not completely dropped, international inbound travel restrictions, leading to increased international demand. While demand tip-toes toward full recovery, ADR has surpassed pre-pandemic levels by a wide margin. While part of that growth has been driven by a global inflationary environment, real ADR has consistently remained at more than 90% of pre-pandemic levels. Of course, while certain trends develop at a global level, the story is not always the same when drilling down to the country market and submarket levels. Europe and the Americas are dealing with record-high inflation. The Middle East, in a strong position economically, looks to continue driving major event demand to country high supply growth all while seeing some of its primary source markets affected by economic concerns. The Asia Pacific region only recently saw several major destinations, Japan and Thailand, reopen, and China, the region’s largest source market, remains restricted with “zero-COVID” policies. What all this means is while encouraging tends continue to develop, recovery of RevPAR in real terms will continue to play out unevenly and remain elusive for another year to two depending on the region.

According to the quarterly United States Construction Pipeline Trend Report from Lodging Econometrics, the franchise companies with the largest construction pipelines at the end of Q3 2022 are led by Marriott International. Numbers for other companies and their brands, below.  

Company Pipeline at End of Q3 2022

Marriott International1,385168,725
Hilton Worldwide1,351152,383

Under Construction by Company


Starting in Next 12 Months by Company


Early Planning Stage by Company


Openings Through Q3 2022 by Company


Projected Openings by Company

CompanyHotels ’23Rooms ’23Hotels ’24Rooms ’24

Brand Pipeline at End of Q3 2022

Home2 SuitesHilton49450,809
Holiday Inn ExpressIHG29728,323
TownePlace SuitesMarriott29127,329
Fairfield InnMarriott23821,988

Wyndham Hotels & Resorts unveiled the name of its twenty-fourth brand, ECHO Suites Extended Stay by Wyndham. The brand, which continues exceeding expectations while receiving strong interest from developers, has 120 hotels in its pipeline across the U.S., as of September 30, well ahead of the Company’s previously-shared end-of-year goal. Following the ground breaking of its first hotel in Plano, TX with Gulf Coast Hotel Management, ECHO Suites today broke ground on its second and third hotels in Sterling, VA and Richmond, VA, both being developed by Sandpiper Hospitality. The purpose-built, all new-construction, 124-room ECHO Suites prototype requires just under two acres of land and has a highly competitive cost per key and include individual rooms averaging 300 square feet with kitchens, as well as efficiently-designed public spaces, a lobby, fitness center and 24/67 guest laundry, that help to limit labor needs. The Company expects to open its first ECHO Suites hotels in 2023.

Dimension Hospitality announced the opening of the SpringHill Suites Atlanta Northwest, a 147-suite hotel located near Truist Park, home of the Atlanta Braves. The hotel offers a full-service bar, indoor pool and fitness center, an outdoor patio and fire pit, a grab ‘n go market, guest laundry and 1,500 square feet of divisible meeting space. The SpringHill Suites Atlanta Northwest was developed by AVR Realty Company on the campus of the Atlanta Marriott Northwest.

Highgate announced the opening of The Twin Fin following a multi-million-dollar renovation. Located along the iconic coastline of Waikiki, the revitalized hotel features refreshed guestrooms and suites, and an updated pool deck with six new cabanas, and new staff uniforms. 

Braemar Hotels & Resorts Inc. entered into a definitive agreement to acquire the 210-room Four Seasons Resort Scottsdale at Troon North for $267.8 million. The acquisition is expected to close in the fourth quarter. The property offers a spa, bi-level pool, multiple dining options and boasts 35,900 square feet of total indoor and landscaped outdoor event space.

Meanwhile, a Bloomberg article last night that revealed that Host Hotels & Resorts is in exclusive talks to acquire the Four Seasons resort in Jackson Hole, Wyoming.

IHG Hotels & Resorts announced the opening of its newest Holiday Inn Express in Blair, NE. The 65-room hotel offers a heated indoor pool and a fitness center. The Holiday Inn Express Blair is owned by SAI Properties V Inc. and managed by SAI Properties.

IHG Hotels & Resorts also announced the arrival of two new properties in Guadalajara, Mexico. The first, Candlewood Suites Guadalajara Galerias is part of the Plaza Gruncom Cloutheir mixed-use development and includes 118 suites, a pool, gym, laundry and terrace. This is the brand’s third property in Mexico and two more are in the pipeline within the next three years. Candlewood Suites Guadalajara Galerias is owned by Roomie Hotel Ownership and operated by Operadora Internacional Monbyhotels. The second property is the avid hotel Guadalajara Av. Vallarta Poniente, marking the brand’s debut in this city. Two additional avid hotels are open in Tijuana and Fresnillo, and more than 10 other properties are in development across Mexico. The 124-room hotel offers a fitness center, spaces for breakfast, relaxation and co-working, a small market for essential items and underground parking. avid hotel Guadalajara is owned by Grupo Ferran and located within Plaza Epicentra.

In Texas, the Grapevine City Council approved zoning for an entertainment and attraction area for the Stand Rock Resort and Water Park. The 12-story resort will have 495 hotel rooms and 166 timeshare units, 24,359 square feet will be dedicated to meeting space, and 65,000 square feet will be for entertainment use, including an arcade. Stand Rock Hospitality expects groundbreaking for the project will be in late spring or early summer 2023 with a projected opening for spring 2025.

Construction has started again on the Sunseeker Resort along US-41 on Charlotte Harbor in Florida. Hurricane Ian destroyed all five cranes on the site, which was also battered by the wind and rain. The resort is replacing the cranes with mobile cranes for the remainder of the construction. Work is also currently being done on the pool. The resort was originally hoping to start selling rooms as early as May 2023, that date is now expected to be in September 2023. 

TOWB LLC announced its latest partnership and the completion of sales at Crown Ridge Resort in North Conway, NH, one of its many repurposing projects. This repurposing project started in November 2020 and was completed 18 months later. The timeshare association had been property dissolved and the new 20-unit whole owners association was established. Once the timeshare was totally repurposed, sales were over $7 million in gross revenues with net proceeds distributed to timeshare owners. 

PA Hospitality has secured $37.4 million in finance for the construction of Home2 Suites by Hilton and Tru by Hilton in Downtown Houston. The construction finance was given by Hall Structure Finance, while Arriba Capital arranged the transaction. The dual-branded hotel will provide two breakfast dining areas, conference rooms an outdoor pool, a heath center, guest laundry rooms and on-site parking. 

Chatham Lodging Trust successfully refinanced its senior unsecured revolving credit facility and issued a new unsecured term loan. The $215 million unsecured revolving credit facility and $90 million term loan replace Chatham’s previous $250 million senior unsecured credit facility that was scheduled to mature in 2023. Inclusive of extension options, the revolving credit facility and term loan mature in October 2027. Chatham has up to six months to borrow funds under the unsecured term loan and intends to fully draw the $90 million within that time frame to repay maturing secured debt. Barclays Bank PLC, Capital One, National Association, Regions Capital Markets and Wells Fargo Securities, LLC, acted as joint lead arrangers and joint bookrunners for the revolving credit facility with Bank of America N.A. also participating as a lender. Regions Capital markets and Capital One, National Association acted as joint lead arrangers and joint bookrunners for the term loan with Stifel Bank and Trust also participating as a lender.

Blue Diamond Resorts announced the reopening of their Starfish St. Lucia resort, after a temporary pause to operations. The 140-room, all-inclusive resort offers revamped amenities including a variety of dining options and bars, play area for kids, spa and fitness center at the neighboring resorts, as well as exclusive beachfront venues for weddings and honeymoons.

Personnel Moves

USLI Hospitality Management announced the appointment of Vice President of Sales, Marketing and Revenue Management, Jennifer Shipman, to the USLI Hospitality Management executive team. In this role, Shipman responsibilities include sales team leadership, accelerating revenue by expanding USLI’s presence through new opportunities and contributing to the company’s marketing and business strategies. 

Alan Woinski and Kim Woinski
November 1st, 2022 at 4:23 PM EDT

Companies: Avid, Candlewood Suites, Chatham Lodging Trust, Dimension Hospitality, Echo Suites Extended Stay by Wyndham, Four Seasons, Grupo Ferran, Gulf Coast Hotel Management, Highgate, Hilton Hotels & Resorts, Holiday Inn Express, Home2 Suites by Hilton, Host Hotels & Resorts, Inc., IHG Hotels & Resorts, Marriott International, Pebblebrook Hotel Trust, Ryman Hospitality Properties, Sandpiper Hospitality, Selina, Sonder Holdings Inc., SpringHill Suites, Tru by Hilton, Wyndham Hotels & Resorts

Locations: Arizona, Atlanta, Florida, Guadalajara, Hawaii, Houston, Jackson Hole, Nebraska, New Hampshire, Scottsdale, Texas, Waikiki

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