The DJIA rose 2 points while Nasdaq was down 56, the S&P 500 fell 7 points and the 10 year treasury yield plunged another .11 to 3.41%. Lodging stocks were mixed. MCG was the big mover, down -8% while VCSA traded down to another new low before bouncing a bit.
Morgan Stanley cut their rating on Airbnb to Underweight from Equal Weight, slashing its target price to $80 from $100. Their bear case scenario has the stock plunging to $60. MS believes ABNB’s supply of properties will see slowing growth down to 7% annually through 2025, down from the 12% pace from 2018 to 2022. MS is not very confident in the 7% growth number. They also cut their estimates for room nights booked for 2023 and 2024. With slowing listings growth and occupancy not exactly surging, MS is not very confident, hence the downgraded and price target cut.
Keybanc cut their price target on RLJ Lodging Trust to $14 from $16. They maintained their Overweight rating.
DiamondRock Hospitality announced a special dividend of $0.03 per common share, as well as the regular quarterly dividend of $0.6 per common share.
STR reported US lodging data for the week ended 12/3. Hotel RevPAR was up 11.7% year over year while up 1.2% versus 2019.
Marriott International announced plans to introduce more than 35 luxury hotels in 2023 to its unrivaled portfolio of luxury brands including The Ritz-Carlton, Ritz-Carlton Reserve, St. Regis, W Hotels, The Luxury Collection, EDITION, JW Marriott and Bulgari Hotels & Resorts. Marriott International is poised to further its position as the global leader in luxury hospitality with more than 200 luxury properties in the development pipeline. From Kenya to Singapore and Japan to Mexico, more than 35 new hotels are slated to open next year in sought-after and emerging destinations around the world.
Under the new leadership of Josh Fluhr, Senior Vice President and Global Managing Director, EDITION Hotels is driving global expansion with the portfolio expected to double in size to 30 properties by 2027. With 15 currently open worldwide, EDITION Hotels expects five new properties to launch in 2023, with four in new destinations including Rome, Mexico’s Riviera Maya at Kanai, Singapore, and Jeddah, along with a second Tokyo location in Ginza.
The Ritchie Group announced that Le Méridien Salt Lake City Downtown and Element Salt Lake City Downtown will open in mid-January 2023 in Salt Lake City, Utah. This is the first dual-pad property in Salt Lake City, as well as the first Le Méridien and Element combination of Marriott brands. Additionally, this is the first Le Méridien in the state of Utah. Salt Lake City’s newest property is managed by Azul Hospitality Group. Le Méridien Salt Lake City Downtown boasts 144 guestrooms and suites and Element Salt Lake City Downtown offers 126 rooms and suites. The dual-property offers a signature restaurant, the market’s first full-scale rooftop bar, two meeting spaces and one pre-function area make up a total of 8,355 square feet of event and meeting space; a rooftop fitness center and an outdoor pool.
Gulph Creek Hotels has been selected as the management company for the 83-room Fairfield Inn & Suites Williamsport, Pennsylvania. The property offers an indoor pool, a fitness center and more.
A new hotel is coming to Redstone Gateway, the business park just outside the gates of Redstone Arsenal in Huntsville, Alabama. Redstone Gateway and its developer, Corporate Office Properties Trust announced a 150-room Fairfield Inn & Suites by Marriott is under construction and is slated to be completed by summer of 2023. It will join another Marriott hotel, the 120-room Towne Place Suites, at the office park. Doradus Partners is developing the Fairfield Inn and Suites project. Redstone Gateway consists of 17 class-A office building plus another six buildings are under construction. The park’s existing amenities include The Shops at Redstone Gateway which includes 19,200 square feet of retail space, including three restaurants and a conference center.
In Chicago, Illinois, the Waldorf Astoria Chicago celebrated the completion of its renovation across the grand hotel. The refurbishment includes fully updated guestrooms and suites, the lobby, and spa, as well as debuts a redesigned Presidential Suites and introduces a new spacious Astoria Suites. Guests are also welcome to enjoy the all new food and beverage experiences including the lobby-level Peacock Lounge, the newly opened Brass Tack and the re-introduced Bernard’s cocktail lounge.
The Fairfax County Planning Commission voted to approve the replacement of a surface parking lot with a five-story Home2 Suites hotel at Springfield Town Center in Springfield, Virginia. InterMountain Management LLC is the hotel developer.
Hyatt Hotels Corporation announced the launch of Secrets Impression Resorts & Spas, a first-of-its-kind product designed to deliver the highest level of luxury all-inclusive services and amenities in its portfolio. The fist resort to feature this new line is Secrets Impression Moxché Playa del Carmen. The resort features three distinctive suite categories, three dedicated restaurants, Secrets Spa by Pevonia; ad El Cielo, the palm-lined rooftop deck with restaurant, bar and two extravagant pools, plus a private Beach Club, two additional pools and three whirlpools. Guests may enjoy one of the 14 gourmet dining options available at Secrets Impression Moxché and the adjoining Secrets Moxché. The second property to join the new line extension, Secrets Impression Isla Mujeres, is set to open in March 2023.
Hyatt Hotels Corporation announced the opening of Zoetry Marigot Bay St. Lucia, part of Hyatt’s Inclusive Collection, marking the Zoetry brand debut into St. Lucia. The resort features 124 luxury rooms and an assortment of a la carte food and beverage options. Zoetry Marigot Bay St. Lucia also features The Spa Village which includes cabin-style treatment rooms, inclusive of a plunge pool, steam inhalation room and sauna cabanas and a fitness sanctuary.
Avion Hospitality has been awarded the management contract of the Hyatt Regency Tulsa. The 444-room hotel offers a gym and outdoor pool. The Hyatt Regency Tulsa is owned by Argonaut Private Equity.
Accor announced that Hotel Ändra Seattle has joined the Group’s global portfolio as the newest addition to the MGallery Hotel Collection. Just off the heels of a $12 million property-wide renovation, Hotel Ändra Seattle – MGallery rises 10 stories high and offers 123 guestrooms in Seattle, Washington. The property features 2 restaurants is the renowned home of Hot Stove Society, a cooking school led by chef and restaurateur, Tom Douglas.
IHG Hotels & Resorts announced the opening of its newest Holiday Inn Express & Suites hotel in Henderson, Nevada. Owned by DeSimone Gaming Inc., the Holiday Inn Express & Suites Henderson South – Boulder City offers more than 1,000 square feet of meeting space and an outdoor pool.
Aimbridge Hospitality’s LatAm Division has been selected to manage the Albor San Miguel de Allende, Tapestry Collection by Hilton located in San Miguel de Allende, Mexico. The 93-key hotel offers a spacious meeting room with a terrace, on-site restaurant and bar, and an outdoor pool.
Aimbridge Hospitality also announced it is expanding its Full Service Division with the addition of the Le Méridien Pasadena Arcadia hotel. Located in Arcadia, California, the 233-room hotel boasts over 14,000 square feet of meeting rooms and event space, including seven event rooms and six breakout rooms; on-site restaurant and lounge; a fitness center; convenience store; and outdoor pool. The new Le Méridien Pasadena Arcadia is owned by Chateau Group USA and Mingzhu LLC.
Red Roof announced the opening of the Red Roof Inn Alexandria in Alexandria, Louisiana. The 50-room hotel offers parking and a coin laundry.
Calgary Municipal Land Corporation and the Calgary Stampede are pleased to announced a joint partnership for the development of a new convention center hotel that will complement the dramatic expansion of Calgary’s BMO Centre. The partnership with Matthews Southwest Hospitality, will create the first hotel at Stampede Park and will connect an expected 220+ rooms directly to Western Canada’s largest convention venue. The lifestyle hotel will feature four food and beverage offerings, a fitness center and 11,000 square feet of meeting space.
Edgewater Group LLC announced the acquisition of the Historic Windsor Hotel in Americus, Georgia. The property was purchased by 125 West Lamar LLC, a wholly owned subsidiary of Edgewater Valley Forge Fund III LP, an affiliate of Edgewater Group LLC. The Windsor is a 53-room, five story Victoria masterpiece with a three-story open atrium lobby and provides a variety of business services for conferences, meetings, weddings, and special events, as well as two on-property dining options.