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North America

Xenia Projected as Top Performer in 2023

Alan Woinski and Kim Woinski
December 19th, 2022 at 4:27 PM EST

Skift Take

  • Baird picked the hotel real-estate investment trust Xenia Hotels & Resorts as their Best Idea for 2023.
  • The Wall Street Journal published a very positive article on Hilton, including an interview with CEO Chris Nassetta.
  • Pyramid Global Hospitality closed the acquisition of the operating division of Provenance Hotels.

The DJIA fell another 163 points, Nasdaq was down 159, the S&P 500 was down 35 and the 10-year treasury yield went back up quick, up .10 to 3.58%. Lodging stocks were down, nearly across the board. ABNB, SLNA and VCSA all traded down to new 52-week lows. AINC was down -9% on the day and SOND fell -7%.

Baird picked the hotel real-estate investment trust Xenia Hotels & Resorts as their Best Idea for 2023. They see attractive risk-adjusted return potential, especially on a relative basis versus Hotel REIT peers given the recent pullback and reset in earnings expectations. While XHR had acute expense pressures in 3Q, Baird sees growing expense headwinds for the entire sector in 2023 but much less so now for XHR. As such, the earnings reset creates an attractive entry point for new money, especially relatively, as de-risks near term estimates and modeling assumptions. They also like its balance sheet with no debt maturities until 3Q24, 80% fixed rate debt exposure and ample liquidity on hand. Baird’s target price is $18.

The Wall Street Journal published a very positive article on Hilton, including an interview with CEO Chris Nassetta. The summary is that Nassetta said their hotels are busy around the world as consumers return to in-person experiences, travel restrictions ease and many fulfill a pent-up desire to see new places. He also feels Covid-19 likely caused people to renew a priority for in-person connections, a trend that should benefit HLT in the long term.

Pyramid Global Hospitality closed the acquisition of the operating division of Provenance Hotels. The transaction adds 12 full-service, independent hotels, totaling 1,952 rooms and suites, to Pyramid’s national network of managed properties. In a related transaction, Gencom acquired a 50% ownership stake in eight Provenance hotels. 

Le Meriden Hotels & Resorts announced the opening of Le Meridien New York, Fifth Avenue, its newest outpost in New York City. The chic, 21-story hotel includes 165 guest rooms and 17 apartment-style residences, a bar, restaurant and a health club.

Graduate Hotels and Adventurous Journeys announced Graduate Palo Alto will open later this month in Palo Alto, California. The property has been under a lengthy restoration process over the past few years which has converted 75 former apartment units into 100 hotel rooms and added two dining options, including a charming rooftop bar. 

Mondrian Mexico City Condesa has now opened as the first Mondrian hotel in Latin America. Featuring 183 rooms including two Penthouse suites and 16 luxury suites, the property offers meeting and event facilities and four distinct culinary concepts.

Curator Hotel & Resort Collection announced the addition of eight hotels, expanding its footprint in California and Florida as well as introducing the first North Dakota property. 

Playa Hotels & Resorts N.V. has expanded its Jewel Resorts brand with the addition of two new Jewel Resorts in the Dominican Republic. Opening December 21, 2022, the 620-room Jewel Punta Cana will be the first-ever Jewel resort in the Dominican Republic. Jewel Palm Beach will debut shortly after its sister property on January 7, 2023 with 500 guest rooms.

Milan Hotel Group is looking to build an eight-story Tribute brand hotel on the west side of downtown Asheville, North Carolina, that if approved, could see construction start in fall 2023. The hotel would include an additional 37,000 square feet of residential space, a restaurant, retail space and a two-level parking deck.

The Federal Minister for Aviation and Pakistan Railways, Khawaja Saad Rafique, rejected the “propaganda” that the PIA-owned Roosevelt Hotel in the United States is being sold. He also rejected that Pakistan’s flag had been removed from the hotel and clarified that the national flag was hoisted at the hotel only when any head of state of the country stayed there. Khawaja also said that the hotel had been closed during the Pakistan Tehreek-e-Insaf government tenure due to some unspecified reasons.

Oxford Capital Group, LLC announced a lease signing for The Westin Book Cadillac Detroit, securing Sullivan’s Steakhouse, the first Michigan location of the classic American steakhouse concept as a first-floor tenant, with a projected opening in mid-2023. In addition to renovating the interior space of the restaurant, a new outdoor patio space will offer a new amenity for guests to enjoy. Managed by Marriott International, Inc., the 435-room hotel boasts over 36,000 square feet of meeting space.

Procaccianti Companies hired Brendan McCormick to lead the company’s private credit platform, Smith Hill Capital, LLC. Smith Hill has been formed to invest in opportunities across the entire commercial real estate debt capital structure and to be a provider of liquidity in this market. McCormick joins Smith Hill Capital following an over twenty-year career having held positions with Axonic Capital, Guggenheim Structure Real Estate Advisors, Related Capital and Rockwood Realty.

Taconic Capital Advisors LP provided Burnett Equities with a $95 million senior mortgage refinancing for the Martinique New York on Broadway, Curio Collection by Hilton, a member of the Historic Hotels of America. The property boasts 531 guest rooms and ten event spaces including a ballroom and boardroom. Burnett acquired the Martinique in November 2021 following a newly completed, $50 million renovation plan which remained the hotel’s guest rooms, lobby and common spaces. The closing allows Burnett to retire near-term maturing financing, complete exterior upgrades and pursue multiple top-floor and rooftop concepts. The hotel will continue to operate under the Curio Collection by Hilton.

The Sofitel Legend Casco Viejo Panama, located on a serene waterfront enclave in the historic Casco Viejo district of Panama City, will make its debut on January 19, 2023. The property’s 159 guest rooms and 35 suites surround a central terrace and oceanfront pool. Sofitel Legend Casco Viejo boasts five food and beverage outlets, the Sofitel Spa with KOS Paris, Sofitel Fitness, and 9,880 square feet of flexible indoor and outdoor function space.

Europe Highlights

Located in Costa Teguise, Radisson Blu Resort, Lanzarote has opened as the first Radisson Hotel Group property to arrive on the island, and the third in the Canary Islands. Following an extensive year-long renovation, the property features 225 guest suites, three restaurants, four large, heated pools, as well as a wellness center complete with a gym and spa. Radisson Blu Resort, Lanzarote is the eighth Radisson Hotel Group property to open in Spain, where the Group aims to triple its portfolio by 2025. 

Travelodge Hotels is planning to open 127 more hotels in London. The news follows the opening of the firm’s seventy ninth hotel in London, the 177-room London Wimbledon Central Travelodge. The first four deals are in Chiswick, Beckenham, Bermondsey, and Peckham.

Alan Woinski and Kim Woinski
December 19th, 2022 at 4:27 PM EST

Companies: Accor, Curator Hotel & Resort Collection, Curio Collection by Hilton, Ennismore, Hilton Hotels & Resorts, Le Meridien, Marriott International, Mondrian, Oxford Capital Group, LLC, Playa Hotels & Resorts, Pyramid Global Hospitality, Radisson Blu, Radisson Hotel Group, Sofitel, Taconic Capital Advisors LP, Westin Hotels & Resorts, Xenia Hotels & Resorts

Locations: California, Detroit, Dominican Republic, Lanzarote, London, Mexico City, New York City, North Dakota, Panama City, San Francisco

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