The DJIA fell 0.73% while Nasdaq was down 1%, the S&P 500 fell 0.88% and the 10-year treasury yield was roughly flat at 3.671%. VCSA ended the day down -7%.
Hilton checked nearly all the boxes with their earnings report, kicking off lodging earnings season with a bang. EBITDA, RevPAR, EPS all were well above the Street. About the only miss was on net unit growth for the year due to delayed openings in China. In 4Q, they spent $501 million buying back stock and expect to spend $1.7 billion to $2.1 billion in 2023.
InterContinental Hotels Group PLC is seeking to fend off claims from franchisees five months after a cyber attack that hotel owners say cost them money and disrupted business. Lawyers for IHG have asked a judge to dismiss the lawsuit filed by owners of franchised hotels, arguing their contracts prevent them from seeking damages. According to IHG’s lawyers, the cyber attack didn’t result in personal data being exposed and claims based on alleged failure to protect information shouldn’t apply. Hotel owners sued IHG in September in U.S. District Court in Atlanta, accusing the company of failing to “adequately invest in data security, despite the growing number of well-publicized data breaches affecting the hospitality and similar industries.” The owners say they haven’t received sufficient information from IHG about the cyber attack, such as how it happened and whether they will be reimbursed for lost business. The lawsuit highlights the potential ripple effects of a hack, including technology outages and lost business for franchisees and other business partners.
The Washington Marriott at Metro Center has kicked off the next phase of a multi-million dollar renovation, after pausing on the work earlier in the pandemic. The planned improvements will give the downtown D.C. property a fresh look inside and out. The work, slated for completion by the end of the year includes the hotel’s new front entrance and lobby. The 459-room hotel also plans a redesigned fitness center and the elimination of its second-floor executive boardroom to expand its M Club lounge. The hotel’s owner, an affiliate of Host Hotels & Resorts, had completed some common area upgrades, including ballroom and meeting room renovations, in early 2019. It rebooted work late last year and began renovating individual guest rooms in mid-January.
Developers are planning to break ground on the construction of a new 176-guestroom Marriott TownePlace Suites hotel in downtown San Jose, California. The hotel will include a rooftop lounge and bar. Urban Catalyst is the project’s developer. Poppy Bank provided a $48 million construction loan for the project with an overall cost of $100 million.
Turtle Creek, Dallas, Texas, is home to Rosewood Hotels & Resorts’ first property, the iconic Rosewood Mansion on Turtle Creek. Now, the company returns to the neighborhood with a landmark new offering, Rosewood Residences Turtle Creek, a standalone residential development that will set a new standard for high-rise living in Dallas’ metropolitan landscape. Located in a prime location in Dallas’ Turtle Creek Corridor, Rosewood Residences Turtle Creek will include a wealth of exclusive amenities including a rooftop oasis complete with an infinity pool and lounge, a landscaped garden for intimate gatherings and events, and a fitness center, library, private dining room, a first-floor lounge, full-time concierge, valet, dedicated dog park, pet spa and garden.
Sunseeker Resort Charlotte Harbor, in Port Charlotte, Florida, announced Sunsuites, a hotel-within-hotel enclave of 189 luxury suites with one-to-three-bedroom accommodations. Sunsuites will offer a private, elevated arrival experience and entrance in the Iris and Lotus towers. Sunseeker Resort will feature elevated experiences for Sunsuites guests including a relaxing private lounge with fully stocked amenities, priority access to exceptional culinary journeys at over 20 dining and bar locations in addition to a reserved poolside retreat and priority tee times at the resort’s exclusive Aileron golf course.
IHG Hotels & Resorts announced the completion of a multi-stage renovation at the Holiday inn Resort Lumina on Wrightsville Beach. The North Carolina-based beachfront resort began its significant redesign following a December 2020 acquisition by The Johnson Group, which also included the change to its current name. As a result of the project, the resort now includes 184 redesigned guest rooms, a reconcepted restaurant and bar, a newly added coffee bar and market, a modernized lobby and event spaces and refurbished indoor and outdoor pools.
Chartwell Hospitality, in a joint venture with co-developer Southstar, broke ground on their $500 million Aureum Project. Aureum is a 22-acre mixed-use project offering residents unique living, working and entertainment options in one premier location known as the “Golden Corner” of Franklin, Tennessee. Aureum’s first phase will consist of 355 residential units for sale and rent which Chartwell Residential will develop. The development will include office space, retail and entertainment venues, along with two hotels to be developed by Chartwell Hospitality. In addition, Aureum will offer more than five acres of open space designated for parks, biking and walking trails.
The Compass by Margaritaville hotel will break ground in North Myrtle Beach, South Carolina later this year with a completion date slated for 2025. The North Myrtle Beach hotel will replace the recently demolished Castaway Beach Inn and is the first property of its kind to debut in the Grand Strand. Renderings show the Margaritaville hotel will feature nearly 150 rooms, indoor and outdoor pools, a fitness center and the 5 o’Clock Somewhere Bar & Grill. The properties across the street from the site will also be demolished for the hotel’s new parking garage.
Weekender Hotels announced the renaming of Jack Daniels Inn. The Peterborough, New Hampshire property, which Weekender Hotels acquired in 2022, will now be called Riverhouse by Weekender. Riverhouse will now boast modern luxury amenities, state-of-the-art technology, and luxury spa products. Just across the street from Riverhouse is a more private accommodation called Guesthouse, a new hospitality concept by Weekender, launching with this first offering in Southern New Hampshire. Guesthouse consists of two private home suites available for short-term stays.
According to sources of Pakistan’s Ministry of Privatization, the federal cabinet has decided to redevelop the site of Pakistan International Airlines’ owned asset the Roosevelt Hotel, New York, into a mixed-use complex of primarily office tower over retail and condominiums after closing the hotel. Similarly, the federal cabinet has also given a go-ahead to initiate the process of hiring a financial advisor, which was pending for the last two years.
Caesars Entertainment is making it easier for loyalty program members to book their travel to Las Vegas with a new airfare booking option. CaesarsRewards Travel Bundle is a booking platform that allows customers to purchase flight and hotel accommodations on its website or with the company’s call center. CZR said the ability to book both a flight and resort stay is a first for a major domestic casino company. The bundling platform only offers commercial air and hotel room booking in LV. Later this year it is expected to expand to other US properties and add the ability for guests to reserve a rental car, make OpenTable dining reservations and buy Ticketmaster tickets. The expansion will include travel insurance, pool reservations, sports book reservations and more. The service is available to anyone while loyalty program members will be offered exclusive discounts.
Jose Andres Group will be introducing The Bazaar by Jose Andres in the historic Old Post Office building in Washington, D.C, relaunched in 2022 by CGI Merchant Group, in partnership with Hilton under the Waldorf Astoria Hotels & Resortsbrand. The Bazaar at Waldorf Astoria Washington DC will offer breakfast and lunch on the lower level, while dinner will be served on the upper mezzanine level, providing a variety of different dining experiences. The Bazaar will provide all-day bar service.
Graduate Hotels announced the appointment of Andrea Melotti as Executive Vice President of Operations for the brand. Melotti will drive strategic support and operational success across Graduate Hotels’ more than 30 hotels across the U.S. and U.K. Melotti most recently served as Vice President of Hotel and Casino Operations at Hard Rock International.
My Place Hotels of America added Jeff Thomas as vice president of marketing and Bruce Sneller as vice president of leadership development to its executive team. Thomas has more than 20 years of experience in hospitality marketing, having led teams at Radisson Hotels Group and G6 Hospitality. He oversees My Place Hotels’ marketing team and drives company performance through the strategic planning and execution of all branded marketing initiatives. With an extensive background in managing properties and building and leading teams for some of the top hospitality companies in the industry, including Hilton, Sneller oversees a proficient team tasked with developing training and programming for My Place Hotels’ Quality Assurance program and My Place University.
Aimbridge Hospitality EMEA announced the opening of the new Holiday Inn Manchester Airport, United Kingdom, which it is the manager of. The 280-key property features meeting space, two restaurants, a bar and lounge. Located directly opposite Terminal 2, Holiday Inn Manchester Airport is the closest hotel to Terminal 2.