The DJIA rose 3 points while Nasdaq was down 66, the S&P 500 fell 6 points and the 10 year treasury yield was up .05 to 3.75%. Lodging stocks were modestly higher. SLNA traded down to a new low but VCSA was up 8% and MCG rose 7%.
Hyatt Hotels Corporation and Dream Hotel Group announced an agreement for a Hyatt affiliate to acquire Dream Hotel Group’s lifestyle hotel brand and management platform including the Dream Hotels, The Chatwal Hotels and Unscripted Hotels brands, with properties in some of the world’s most prominent hotel markets across the Americas, Europe and Asia. This asset-light acquisition will include a portfolio of 12 managed or franchised lifestyle hotels, with another 24 signed long-term management agreements for hotels expected to open in the future. Upon closing, this expansion will add over 1,700 rooms to Hyatt’s lifestyle portfolio and increase Hyatt’s room count in New York City by more than 30%. Upon closing, Hyatt will pay a base purchase price of $125 million, with up to an additional $175 million over the next six years as properties come into the pipeline and open. Dream Hotel Group founder Sant Singh Chatwal will continue his commitment as an owner of four open and two future hotels that are expected to join the Hyatt portfolio. Dream Hotel Group CEO Jay Stein will join Hyatt as head of Dream Hotels. Other key Dream executives will also remain following the acquisition, with Chief Development Officer David Kuperberg becoming head of development for Dream Hotels and Chief Operating Officer Michael Lindenbaum becoming global head of operations for Dream hotels. In connection with the transaction, Moelis & Company LLC served as financial advisor to Hyatt and Latham & Watkins LLP acted as its legal adviser.
Hyatt Hotels Corporation announced the opening of Rancho Pescadero, the newest addition to The Unbound Collection by Hyatt portfolio and the first Hyatt branded luxury resort to debut in Todos Santos in Mexico. The re-imagined 103-key, 30-acre resort features 1,100 feet of ocean frontage with nine interconnected gardens, two farms, a citrus orchard, three dining concepts, and a 25,000 square foot spa. The adults-only resort is owned by Lisa Harper of Rancho Resorts LLC.
The Westin Hilton Head Island Resort & Spa, located in South Carolina, has embarked on a $10 million renovation to re-imagine the resort’s existing 416 guestrooms to grow to 419 rooms including 32 suites. During the renovation, the resort will remain open. The completion and reveal are slated for Spring 2023.
Oxford Property Group announced The Westin Book Cadillac Detroit will undergo a $20 million renovation, starting in January with a completion slated for early Summer 2023. The project will feature a new, contemporary design of the hotel’s 453 guest rooms and suites, 36,000 square feet of meeting and banquet space, and all public spaces within the property, in addition to introducing a new dining experience next year. The Westin Book Cadillac Detroit also offers 64 luxury living units on floors 24-32 in which residents have access to hotel amenities including restaurants, the fitness center, housekeeping and valet services.
Apple Seven Hospitality Management Inc. has completed a renovation of the 162-room Homewood Suites Miami-Airport/Blue Lagoon, in Miami, Florida. The renovations of the seven-story property include: enhancements to the lobby and business center, guest corridors, suites, breakfast area, fitness center, new suite shop, 1,500 square feet of flexible meeting space, and the addition of 2 outdoor BBQ Grills.
In New Brunswick, Canada, the Crowne Plaza Moncton Downtown began a significant renovation under the guidance of owners Aquilini Investment Group. Forecasted for a late 2022 completion, the project will include the introduction of a new concept for and subsequent remodeling of the two-story onsite restaurants including the addition of an exterior patio, and a host of exterior building improvements. The Crowne Plaza hotel additional includes more than 14,000 square feet of meeting and event space.
Gulph Creek Hotels has been selected to manage the historic Hotel Warner in downtown West Chester, PA, the only full-service hotel in West Chester Borough. The 80-room property offers a bar, indoor heated pool, fitness center, business center, outdoor patio and firepit.
Mana’olana Partners, the owner of Mandarin Oriental, Honolulu and The Residences at Mandarin Oriental, Honolulu, announced sitework will begin December 2022. The sitework launches the first phase of construction for the highly anticipated 37-tower, located in Ala Moana, which will feature 99 exclusive residences situated above the hotel.
Reno is set to get its first ground-up hotel-casino project in decades as Elevation Entertainment is doubling down on The Biggest Little City. In addition to a hotel-casino with a lobby bar, the new development, tentatively named the Firecreek Crossing Resort-Casino, will also offer a public park, restaurants, food court and beer garden.
A $120 million plan to redevelop part of a corporate office campus into a pair of hotels is moving ahead. The proposal from Midas Enterprises and Green Street Real Estate Ventures to revamp the corner of Market Street and Jefferson Avenue, in St. Louis, Missouri, into two new hotels is scheduled for consideration by the St. Louis Preservation Board. The plan to demolish two existing Wells Fargo office buildings and build two hotels in its place, a Kimpton Hotel and a Staybridge Suites, capitalizes on the property’s location just blocks from CityPark, the new stadium that opened this month. The proposed Kimpton would mark the debut of the luxury brand in St. Louis.
The Davis Companies filed an application to build about 528 apartments and condos across three buildings, a hotel and a path connection to the Charles River. The development will occupy the site of the former Boston Skating Club on Soldiers Field Road in Boston, Massachusetts. The Davis Cos. plans to start construction by the end of next year, but that plan is subject to change as the project is currently under review.
WorldHotels Collection announced the expansion of its hotel offerings in key travel destinations across North America, South America and Europe with 13 new properties. Highlights of these recent additions to the portfolio include the launch of the WorldHotels brand in Canada, the introduction of Crafted in Germany and a stunning new resort in Brazil. The latest additions to the portfolio include: b’Mine Hotel, Frankfurt, Crafted Collection; The Collector Hotel, The Netherlands, Crafted Collection; The Majestic Ponta Negra Beach Hotel, Brazil, Elite Collection; The Inn at Mendenhall, Pennsylvania, Crafted Collection; Prestige Oceanfront Resort Sooke, British Columbia, Luxury Collection; Prestige Harbourfront Resort Salmon Arm, British Columbia, Luxury Collection; Prestige Treasure Cove Resort Prince George, British Columbia, Elite Collection; Prestige Lakeside Resort Nelson, British Columbia, Elite Collection; Prestige Beach House Kelowna, British Columbia, Crafted Collection; Prestige Radium Hot Springs Resort, British Columbia, Crafted Collection; Prestige Cranbrook Rocky Mountain Resort, British Columbia, Crafted Collection; Prestige Kamloops Hotel, British Columbia, Crafted Collection; Prestige Mountain Resort Rossland, British Columbia, Crafted Collection. With these new hotels, WorldHotels has now added close to 30 hotels to its portfolio in Europe, Asia and the Americas in the last year.
HVS Brokerage & Advisory announced the sale of the 97-key Quality Hotel Americana Nogales, located in Nogales, Arizona. The property was sold via an online auction on Ten-X. It was purchased by Nogales Hospitality LLC from Lok Group of Companies.
Host Hotels & Resorts, Inc. appointed Mari Sifo as executive vice president and chief human resources officer, effective November 28, 2022. She succeeds Joanne Hamilton who previously announced her retirement. In her new role, Sifo will serve as a key member of the company’s executive management team and will oversee all aspects of human resources including talent management; succession planning; diversity, equity, inclusion and belonging; organizational development and effectiveness; total rewards and executive compensation. She will also serve on the Corporate Responsibility Executive Steering Committee. Additionally, she will lead the internal Office Services and Facilities, Corporate Communications and Charitable Giving teams. Sifo joins the Company from SWM International where she served as chief human resources and communications officer.
Vail Resorts Inc. named Angela Korch as its next chief financial officer beginning December 2022 to succeed Michael Barkin, who announced plans to retire back in July. Korch “rejoins” the company after serving as financial chief at CorePower Yoga since May 2020.
Plans to convert The Royal Marines Museum in Portsmouth, England into a five-star luxury hotel have been resubmitted. Currently vacant, the site was sold to The Grand Hotel Excelsior International Limited for redevelopment in 2020. As was the case with the previous plans, developers want to establish the building as one of the ‘flagship” hotels under the group of The Grand Hotel Excelsior International Limited. The proposal is to convert the building into 100 hotel bedrooms with a classic luxury foyer reception and lobby, dining and bar rooms, private meeting rooms and common function areas.
Dalata Hotel Group Plc officially opens the Group’s fiftieth hotel, Clayton Hotel Glasgow City. Clayton Hotel Glasgow City is the Group’s first Clayton hotel in Scotland. The hotel marks the Group’s seventeenth hotel across the UK, where it operates 11 Clayton hotels and 6 Maldron hotels and has four hotels under construction in Brighton, Manchester, Liverpool, and London. The 303-room property offers high-spec meeting and event facilities, and a terrace on the seventh floor.