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North America

Braemar and Ashford Forecast Strong Fourth Quarters

Alan Woinski and Kim Woinski
January 8th, 2023 at 9:36 AM EST

Skift Take

  • The DJIA rose 701 points on Friday while Nasdaq was up 264, the S&P 500 rose 87 points and the 10 year treasury yield was down .15 to 3.57%
  • Braemar Hotels & Resorts Inc. expects to report occupancy of approximately 64% for the fourth quarter of 2022 with an ADR of approximately $469 resulting in RevPAR of approximately $301.
  • Ashford Hospitality Trust, Inc. expects to report occupancy of approximately 68% for the fourth quarter of 2022 with an ADR of approximately $175 resulting in RevPAR of approximately $118.

The DJIA rose 701 points on Friday while Nasdaq was up 264, the S&P 500 rose 87 points and the 10 year treasury yield was down .15 to 3.57%. That is a drop of over 4% in the yield. Lodging stocks were higher with the lodging REITs leading the way thanks to two upbeat updates from BHR and AHT. BHR led the group with a gain of 9% on Friday.

Braemar Hotels & Resorts Inc. expects to report occupancy of approximately 64% for the fourth quarter of 2022 with an ADR of approximately $469 resulting in RevPAR of approximately $301. This RevPAR reflects an approximate increase of 8% compared to the fourth quarter of 2021 and an approximate increase of 20% compared to the fourth quarter of 2019. Additionally, for the month of December 2022, RevPAR increased by approximately 26% versus December 2019. In the month of November, RevPAR increased approximately 15% versus November 2019 and in the month of October 2022, RevPAR increased approximately 14% versus October 2019.

Ashford Hospitality Trust, Inc. expects to report occupancy of approximately 68% for the fourth quarter of 2022 with an ADR of approximately $175 resulting in RevPAR of approximately $118. This RevPAR reflects an approximate increase of 25% compared to the fourth quarter of 2021 and a decrease of approximately 1% compared to the fourth quarter of 2019. Additionally, for the month of December 2022, RevPAR was essentially unchanged versus December 2019. For the month of November 2022, RevPAR decreased approximately 2% versus November 2019 and for the month of October 2022, RevPAR decreased approximately 1% versus October 2019.

Baird reported on Pebblebrook Hotels filing an 8K saying they repurchased 1 million of its 5.70% Series H preferred shares for $16 million on December 27. The private repurchase was at a -36% discount to the face value at $16. Baird said they calculate this is a $0.07 per share of NAV accretion from the transaction. With the purchase taking place before going ex-dividend, Baird said this saved PEB $356,000 in preferred dividend expense.

Nationwide Realty Investors announced the grand opening of the Hilton at Cavasson located in Scottsdale, Arizona. The six-story, 237-guestroom Hilton at Cavasson offers a 15,000 event center, a top-floor event space and a terrace. Amenities include a bar and restaurant, coffee shop, fitness center and resort-style swimming pool. The new property is owned by Nationwide Realty Investors and managed by Columbus Hospitality Management

LBA Hospitality reached two milestones, celebrating 50 years in the hotel industry and with the recent addition of five new third-party management contracts, LBA Hospitality now manages 100 hotels across the Southeast United States and now into the Northeast area of the county. The five new hotels being managed by LBA Hospitality are: TownePlace Suites by Marriott Patuxent River in Lexington Park, Maryland; TownePlace Suites by Marriott in Goldsboro, North Carolina; Residence Inn by Marriott in Savannah at the Airport, Georgia; Best Western Plus Arbour Inn & Suites in Chattanooga, Tennessee; and Holiday Inn Express & Suites Lookout Mountain in Chattanooga, Tennessee.

Alpental Capital, Solid Rock Group, and Taconic Capital Advisors jointly announced the sale of the Sheraton Denver Tech Center for $16.2 million. The partnership completed an extensive capital improvement plan for the 263-room hotel. Located in Greenwood Village, Colorado, the hotel includes 8,300 square feet of meeting space, an outdoor pool, business center, exercise rooms, a club-level guest lounge, and a restaurant & lounge.

The Sheraton Fort Worth Downtown Hotel is starting a $45 million remodeling project. The two-tower, 400-room hotel is located across the street from the Fort Worth Convention Center in Fort Worth, Texas.

The 155-room Hotel Chelsea in Manhattan celebrated its reopening and completion of remodeling.

In late November, Mana’olana Partners announced the first phase of construction had begun for The Residences at Mandarin Oriental, Honolulu, Hawaii. Following this, Hawaiian Dredging Construction Company, Inc. will oversee and manage the next phase of the project, including the removal of the existing slab from the previous development and preparing the foundation. Upon completion, the 37-story tower will rise 418 feet above the city. The sitework is projected to be completed in the third quarter of 2023 and vertical construction of the luxury tower will follow, placing the entire project on track for a 2025 completion. The Residences at Mandarin Oriental, Honolulu will feature 99 homes, concierge services, multiple dining options, workout facilities and a signature spa.

IHG Hotels & Resorts announced the opening of its new Holiday Inn & Suites hotel in Barstow, California. The 92 rooms Holiday Inn & Suites Barstow offers a business center, onsite boardroom, indoor heated pool, spa, and fitness center.

Marcus Hotels & Resorts is considering portfolio growth as one goal in 2023, which comes on the heels of the company’s sale of the historic, 225-room Skirvin Hilton in Oklahoma City, Oklahoma. Marcus Hotels & Resorts currently has 15 properties in the U.S. 

Narayan Hotel LLC and Mosaic Hotel Management LLC sold the Holiday Inn Cheshire, in Cheshire, CT, to Ishi Inc., in a $10 million deal recorded by the town December 14. 

Bayrock Capital purchased the closed Holiday Inn and parking lot near LaGuardia Airport, in Queens, New York, for $50 million from The Moinian Group. Ripco Real Estate brokered the deal for both sides. Bayrock plans on redeveloping the eight-story, 217-key hotel into an apartment building, likely using the hotel’s pool, exercise facility and ground-floor restaurant space as amenities for future occupants, and construction a second multifamily property on the parking lot.

Hunter Hotel Advisors announced the sale of the Courtyard by Marriott and Fairfield Inn & Suites SeaWorld/Westover Hills in San Antonio. An institutional investor sold both properties to IRAS Group for an undisclosed price. Concord Hotel Group will manage the properties moving forward. The Courtyard by Marriott and Fairfield Inn & Suites San Antonio SeaWorld/Westover Hills provide 277 guest rooms in south-central Texas.

Hilton announced the opening of Hilton Santa Marta, Hilton’s second hotel in Colombia’s oldest Hispanic city. The 261-room, newly constructed property features five unique dining experiences, more than 11,000 square feet of flexible meeting and event space, a beach club, family pool and an adults-only pool and hot tub. Later this year, the hotel will introduce a Kid’s Club, a spa with six treatment rooms, a beauty salon and an Exclusive Lounge for Hilton Honors members and suites’ guests.

Jewel Resorts is opening its second resort in the Dominican Republic this week. The new family-friendly, all-inclusive Jewel Palm Beach resort will open at the former Dreams Palm Beach Punta Cana. The 500-room resort is set in the Cabeza de Toro area of greater Punta Cana. Its debut follows the similar transformation of the former Dreams Punta Cana into the new Jewel Punta Cana. Both are part of Playa Hotels and Resorts’ growing portfolio of all-inclusive resorts in the wider Caribbean.

Bahia Principe Hotels & Resorts is set to open the Cayo Levantado Resort in the Dominican Republic on June 1, 2023. Located on the island of Cayo Levantado, this completely re-branded and extensively renovated property boasts more than 200 rooms. The resort offers two pools, two spas, an outdoor CrossFit area, a beach club, personal training studio and a beauty salon. Guests may choose from three à la carte restaurants, one buffet restaurant, four bars and a coffee shop. Two additional specialty restaurants are exciting dining options outside of the all-inclusive offerings.

Alan Woinski and Kim Woinski
January 8th, 2023 at 9:36 AM EST

Companies: Ashford Hospitality Trust, Bahia Principe Hotels & Resorts, Best Western Hotels & Resorts, Best Western Plus, Concord Hospitality, Courtyard by Marriott, Fairfield Inn & Suites, Hilton, Hilton Hotels & Resorts, Holiday Inn, Holiday Inn Express, Hunter Hotel Advisors, IHG Hotels & Resorts, Jewel Resorts, LBA Hospitality, Mana’olana Partners, Mandarin Oriental, Marriott International, Pebblebrook Hotel Trust, Residence Inn by Marriott, Sheraton Hotels & Resorts, TownePlace Suites

Locations: California, Colombia, Connecticut, Dallas, Denver, Dominican Republic, Hawaii, Honolulu, Maryland, New York City, North Carolina, Oklahoma City, Punta Cana, Savannah, Scottsdale, Tennessee

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