Chatham Lodging Trust and Park Hotels Restore Their Dividends

The DJIA rose 184 points while Nasdaq was up 123, the S&P 500 rose 30 points and the 10-year treasury yield was up .08 to 3.49%. Lodging stocks were modestly higher. The only big mover of note was MCG, up 8%.

Chatham Lodging Trust announced its board of trustees reinstated their common dividend, announcing a fourth-quarter common share dividend of $0.07 per common share.

Park Hotels & Resorts announced a $0.25 per share fourth-quarter cash dividend. $0.12 per share of that represents the fourth quarter payment based on 2022 results of operations while the remaining $0.13 per share is attributable to gains from the sale of Park’s assets during 2022.

The Sheraton Fort Worth Downtown Hotel has begun a $45 million renovation of its guest rooms, lobby, public spaces and restaurants, along with new signage on the façade with updated branding. Part of the Fort Worth, Texas-hotel’s upgrade involves reducing the number of rooms to allow for some to be larger, including 37 suites. The remodel will reduce overall capacity from 429 rooms to 403, some with extended bathrooms. Three new presidential suites will be more than 1,000 square feet, including a new bridge suite with a large parlor and two bedrooms. The upgraded lobby will include more open space and a new signature restaurant will be a 3-meal, “high-concept eatery”. The project is slated for completion next October.

Within the next two years, both the Erieview Tower and the Galleria downtown, in Cleveland, Ohio, will be converted into a luxury hotel and apartment space complete with new restaurants and entertainment. Marriott highlights the effort, signing a deal that will bring a high-end W Hotel to the skyscraper. The first such location in Ohio will offer 210 rooms and 227 residential apartments. Cleveland will be the first location for W apartments anywhere in the world. In addition, a signature restaurant will be installed on the thirty-eighth floor of Erieview. Roughly one third of the tower will remain as office space. The former shopping mall will primarily become a restaurant, entertainment and food hall designed to support the hotel and apartment complex. Construction is to begin some time early next year, with completion slated for either 2024 or early 2025. 

A Fairfield Inn Hotel by Marriott is planned to be developed in Farmingdale, New York. The new, four-story, 84-room hotel replaces four blighted homes on Route 109. Krishiv LLC is the developer of the hotel and is awaiting building permits before starting construction, which it plans to begin next spring. The $19 million project is expected to be completed in Q1 2025.

NexGen Hotels announced the acquisition of the SpringHill Suites by Marriott Chicago Waukegan/Gurnee in Waukegan, IL. The 120-room hotel offers a boardroom, indoor pool, fitness center and a Market.

Hilton’s luxury brands will continue a year of growth across their global portfolio with ten openings and an impressive rollout of new singings slated across Waldorf Astoria Hotels & Resorts, Conrad Hotels & Resorts and LXR Hotels & Resorts. This follows a successful year of growth in 2022, which will see 12 openings by year’s end, including six Conrad properties, three of them in the Americas, Tulum, Nashville and Los Angeles. The Company will continue the pace for 2023 with the first Waldorf Astoria opening in Cairo, the first LXR Hotels & Resorts property opening in Bali and a new Conrad Hotel development in Orlando, Florida. Waldorf Astoria Hotels & Resorts continues to mark its presence in key international markets into 2023, adding to its portfolio of 32 properties in 16 destination with a pipeline of 26 properties set to open in the coming years, including in North Africa and the Middle East. With 44 properties in its portfolio, Conrad Hotels & Resorts continues its expansion into new markets, including North Africa, the Americas and the Asia Pacific region, opening four new hotels in 2023. LXR Hotels & Resorts collection continues its steady growth trajectory into distinctive destinations, in 2023, with LXR Hotels & Resorts in Bali, Indonesia, the first LXR-branded resort in Southeast Asia.

The Hilton Minneapolis, the largest hotel in Minnesota, will go up for auction on January 13, as part of foreclosure proceedings. According to court filings, in April 2020, the owners of the 826-room room, Walton Street Capital and Haberhill LLC, stopped making their scheduled monthly payments on a $180 million loan from JP Morgan Chase Bank. They were soon notified the loan was in default and a lawsuit was filed by the lien holders. As of March 2021, the hotel owners owned more than $201 million on the loan including more than $500,000 in late charges. In April 2021, a Hennepin County judge ordered the sheriff’s auction. The 25-story Hilton has a 25,000-square-foot ballroom and 44 meeting rooms.

Completing a $10 million renovation, the oceanfront Hilton Garden Inn Carlsbad Beach has put its finishing touches on refurbishing all 161 guest rooms and suites, restaurant, the pool area, outdoor lawn and patio area, front desk, exterior landscaping and meeting spaces. The Carlsbad Beach, California hotel offers indoor and outdoor function space, a fireplace courtyard, an outdoor pool and whirlpool and a fitness center. Hilton Garden Inn Carlsbad Beach is managed by Davidson Hotels. 

Banyan Investment Group completed the sale of the 112-room Holiday Inn Express & Suites Bluffton @ Hilton Head Area in South Carolina, to Trishul Hospitality for an undisclosed price. The four-story hotel offers 1,248 square feet of meeting space, an outdoor pool and fitness center.

Xenia Hotels & Resorts, Inc. completed the previously announced disposition of the 189-room Kimpton Hotel Monaco Denver, in Denver, Colorado, for $69.75 million. Proceeds will be utilized for general corporate purposed, which may include share repurchases, debt repayment, capital expenditures and acquisitions consistent with the Company’s long-term strategy.

Hospitality Lodging Systems added two Budgetel Inn & Suites brand properties and two Haven Hotel brand properties to its portfolio. The new Budgetel hotels are both in metro Atlanta, a 218-room conversion from Clarion, and a 121-room property in suburban Lilburn. The new Haven Hotels are a 50-all suites, newly-renovated boutique property in the Atlanta suburb of Marietta, and a 130-room property in Hazelwood, Missouri. 

LRE & Companies and American Hospitality Services, Inc. unveiled the plans for Roseville Junction, a new mixed-use project in Placer County, California. Roseville Junction will have two select-service hotels, three restaurants, an outdoor gathering space, and an entertainment and sports complex. The hotels and restaurants are currently under negotiation. To bring the community together in an outdoor gathering space through food and drink, Social Connection will offer a variety of food and beverage options. Social Connection will sit on more than 58,700 square feet. The entertainment and sports complex will have a bocce ball court and 10 pickleball courts, along with comfort food items. 

In September 2023, Firmdale Hotels will open its third New York City property. Located in the heart of Tribeca, The Warren Street Hotel will have just 57 rooms and suites. Also to be found in its 11 stories will be 12 exclusive residences and the Warren bar and Restaurant.

The Elms Hotel & Spa has wrapped up its multi-million dollar makeover, which features a variety of updates throughout the 153-room property. Located in Excelsior Springs, Missouri, the hotel’s makeover includes expanding the spa area from 18,000 to 28,000 square feet, making it the largest hotel spa in the Midwest. The makeover added a sanctuary space, three new treatment rooms, a mud bar, halotherapy salt cave and two VIP spa suites. Horizon Hotel Group owns The Elms Hotel & Spa.

Eastwind Hotels announced the January 6, 2023 opening date of Eastwind Oliverea Valley in the Catskills. The new boutique hotel is the brand’s first ground-up build. The new hotel will feature 30 unique accommodation options, including the brand’s signature all-weather, wood-framed, freestanding cabins. Amenities include a restaurant and bar, pool, sunrise yoga, seasonal workshops, guided foraging walks and curated DJ sets.

Personnel Moves

Remington Hotels announced Chris Green’s promotion from Divisional President to President. Green joined Remington Hotels in April after the company joined forces with Chesapeake Hospitality, where he served as CEO. As President, Green will continue Remington’s legacy as a high-touch, high-results, and high-trust management partner. He will work with team members, staff and owners.

Innisfree Hotels announced that environmental expert Bethanne Edwards has joined the company in a new role as Director of Sustainability. The position is part of Innisfree Hotels’ commitment to sustainability in 2023 and beyond. Edwards’ initial attention will go toward reducing the company’s carbon footprint, including efficient energy and water use and minimizing waste, as well as engaging employees, guests and local communities through environmental awareness initiatives. 

HVS Executive Search announced the promotion of Bill Conn to Executive Vice President, Managing Director.

Hyatt Hotels Corporation and Lindner hotels AG announced the completion of the first milestone in the collaboration between Linder and Hyatt: 31 properties under the Lindner Hotels & Resorts and me and all hotels brands are now visible on hyatt.com. The newly listed hotels are expected to join World of Hyatt in the near future, and are set to be included in the Hyatt brand portfolio and the JdV by Hyatt collection brand.

Adventurous Journeys Capital Partners announced the acquisition of the Adelphia Portrush hotel in Portrush, Northern Ireland. The property will be the sixth property in the Marine & Lawn Hotels & Resorts collection of bespoke hotels. The hotel will continue to operate as Adelphia Portrush Hotel in its current condition through Autumn of 2023, at which time comprehensive guest room and common space renovations will begin. The hotel is expected to relaunch as part of the Marine & Lawn Hotels & Resorts collection in late 2024.