The DJIA rose 169 points on Friday while Nasdaq fell 71, the S&P 500 was up 9 points and the 10-year treasury yield continued its march to 4%, up another .06 to 3.74%. Lodging stocks were lower. SOND was the biggest mover, down -8% while ABNB was down -5% on the day.
According to STR, Phoenix’s hotel RevPAR is forecasted to reach $419 for February 10-12, which would be the second-highest level for a Super Bowl weekend. The market, also hosting the Phoenix Open this week, is projected for Friday through Sunday night occupancy of 94% and ADR of $455. The ADR level would rank third among host markets behind Miami in 2020 and San Francisco in 2016. The overall Phoenix, Arizona market comprises 544 hotels accounting for 70,488 rooms.
White Lodging announced the renaming of its new Autograph Collection hotel in San Antonio, Texas, formerly known as The Otis Hotel. The 253-room Plaza San Antonio Hotel & Spa, Autograph Collection features three 19th-century bungalows, a garden oasis, a resort-style pool, modern meeting space, a destination spa, outdoor bar and onsite restaurant. The Plaza San Antonio will be the first Autograph Collection hotel in San Antonio and is set to open in the Summer of 2023.
Concord Hospitality celebrated the topping off of the Westin Atlanta Gwinnett, located in the Gas South District of Duluth, Georgia. A significant milestone, the 11-story, 348-room hotel is on track for a grand opening in the Spring of 2024. Amenities at the Westin Atlanta Gwinnett include 12 event rooms totaling more than 27,000 square feet, a Starbucks, two restaurants, an indoor pool, fitness center, and outdoor fire pit.
Vision Hospitality Group, Inc., in partnership with Wolftever Development, announced the groundbreaking of the Home2 Suites by Hilton East Ridge, Tennessee. The new hotel will deliver a long-awaited, extended-stay lodging option to the growing Jordan Crossing Development. The property will feature 101 suites, a resort-style pool accompanied by a grilling patio and home-style barbecues, and a state-of-the-art fitness facility. Work started this week on the hotel and plans are for a Summer 2024 opening.
The Cannery Pier Hotel & Spa in Astoria, Oregon has completed its multimillion-dollar renovation project. The entrance of the property showcases a new bronze status and the hotel’s many improvements and upgrades include the addition of Bar 600 to its lobby. In addition, the Spa at Cannery Pier Hotel has been redesigned and upgraded.
In Chicago, a West Loop site that was supposed to be a hotel could instead be used for a high-rise apartment building under a new developer’s pitch. The Standard Hotel was supposed to bring 250 rooms, a fitness center, event space and multiple restaurants and bars to 1234 W. Randolph Street, all funded through real estate crowd-funding platform Prodigy, which filed for bankruptcy in 2021. Now, developers want to build apartments there and if approved, the 445-tower would include 195 apartments as well as 113 parking spots and 390 spots for bike parking and storage. The tower would also include a rooftop garden and ground-floor retail space. The apartments will need the approval from the city’s planning department, plus votes from the City Council’s zoning committee and the full City Council before moving forward.
Oxford Industries is partnering with Lowe to revive the Tommy Bahama Miramonte Resort & Spa, in Indian Wells, California, which Lowe has owned since 2020. The two will spend $8 million renovating the property and adding several timely Bahama touches including a Tommy Bahama Restaurant and retail store. Lowe has already spent $10 million updating the property, which is open. When the latest round of upgrades is complete, the Tommy Bahama Miramonte Resort & Spa, in Indian Wells, California, will have 215 rooms including 23 suites, 35,000 square feet of meeting space and a spa.
The Pine Bluff City Council approved a resolution to take about $2.9 million in sales tax proceeds and put it toward a hotel that would be built next to the Pine Bluff Convention Center in Pine Bluff, Arkansas. Working with the P3 Group, the city received a proposal from Farmers State Bank to fund some of the cost of the $24 million, 125-room Marriott Courtyard hotel that is planned for the location. The bank required the city to contribute $2,935,140 to the project that P3 Group has already contributed $1.2 million to. Beechwood Pinnacle Hotels, a privately held hotel development company that is also working on the project, had also contributed $500,000 to the project.
EKN Development Group is planning a 93-room hotel, called Hotel Weaver, for downtown Petaluma, California. The property will offer 1,230 square feet of public event space, a bar and restaurant and below-grade valet parking for up to 58 vehicles.
Bruce and Faith Goguen announced the opening of Solon Hotel – Restaurant & Pub, after being closed for about a year for renovations. The four-story hotel is located in Solon, Maine, and offers a restaurant, bar and function hall.
CBRE has facilitated the sale of the La Quinta Inn by Wyndham West Palm Beach Airport located in West Palm Beach, Florida. A private investor purchased the 103-key property for an undisclosed amount. CBRE Hotels represented the seller in the transaction.
IHG Hotels & Resorts announced the signing of a new InterContinental Hotels & Resorts property on the island of Dominica. A conversion and renovation of an existing spacious resort, InterContinental Dominica Cabrits Resort & Spa marks the brand’s third Caribbean resort hotel upon its planned Spring 2023 reopening. The 151-room resort will offer four outdoor pools, a spa, fitness center, beach access, 8,500 square feet of indoor and outdoor meeting space, onsite business center and four on-property restaurants and beach and swim-up pool bars. IHG Hotels & Resorts will lead the resort’s renovations alongside owner Range Developments.
Marriott International made it official, naming Anthony Capuano as the CEO and President effective February 24. Stephanie Linnartz, the current president, is leaving MAR to become CEO of Under Armour.
Virgin Hotels Collection announced the appointment of Tim Wyman as Vice President of Development. In this role, Wyman will identify new business, including management and investment opportunities, for Virgin Hotels Collection. Wyman most recently served as Vice President of Investments at NewcrestImage and prior to that, as Regional Vice President of Real Estate and Franchise Development at Choice Hotels International.
LodgIQ appointed hotel industry veteran Chris Connar to the key role of Vice President of Business Development. In this newly created position at LodgIQ, Chris is responsible for driving strategic new business to support the company’s strategy. Before joining LodgIQ, Chris served as Vice president of Sales and marketing for the Maxxton Group. He has also held key leadership roles at Pegasus Solutions, TravelCLICK, and Travelweb.
Tribe Paris Saint-Ouen opened on January 30 in Saint-Ouen-sur-Siene, in Greater Paris, France. The brand new 112-room boutique hotel boasts The Social Hub, the heart of all Tribe Hotels. It was designed as a fully equipped coworking space with a café/cocktail bar. The property also offers Grab & Co, open 24/7 for snacks, a green space and game lawns behind the hotel. The opening of the Tribe Paris Saint-Ouen, is the hospitality group’s tenth hotel.
Quadoro Investment, a part of Doric Group, has acquired the Holiday Inn Express in Offenburg, Germany on behalf of one of its funds for an undisclosed amount. The seller was Hospitality 1 Offenburg, a joint venture between Oxalis REIM, Zeitgeist Estates and Property3 Group. The hotel has 149 rooms and 45 parking spaces. It is located at the Offenburg train station and is leased to Tristar, a franchise partner of IHG Hotels and Resorts.
Pride of Britain Hotels has relaunched as PoB Hotels. The company showcases the finest privately-owned hotels, restaurants and spas available within the British Isles.
Jastar Capital purchased the Native Bankside aparthotel in London from Create REIT for more than £40 million. The 75-unit aparthotel will continue to be operated by Native Places under a new long-term management agreement. Savills advised Create REIT in the deal and Adnayton advised Jaster Capital.
Tikehau Capital has purchased Hotel California, in Paris, with plans to renovate the building as part of its European real estate investment strategy. The 172-key hotel, which has been closed for over two years, will undergo renovation works and commercial repositioning to cater to business and leisure clientele and should be able to take advantage of the Parisian hotel market in the run-up to the 2024 Olympic Games.
Dusit Hotel and Resorts is preparing for its entry into the European market with an exclusive boutique property slated to open in Athens, Greece by late March. Under Dusit International, Dusit Hotels and Resorts recently announced its expansion plans for 2023, including debuting its unique brand in Japan and Europe. The first Dusit-branded property in Europe will be the Dusit Suites Athens in the Greek capital which will feature 36 rooms and suites. The Dusit Suites Athens will open in the fully revamped property and will include an outdoor pool, spa, sauna, steam room, rooftop restaurant/bar and Dusit’s signature TAO restaurant. Dusit will also makes its debut in Japan this year with the opening of two new hotels in Kyoto – ASAI Kyoto Shijo and Dusit Thani Kyotom, in Q2 and Q3, respectively. The expansion plans of Dusit Hotels and Resorts for 2023 see a total of 14 hotels and resorts to be added to its portfolio across China, Greece, India, Japan, Kenya, Nepal, and Thailand, resulting in 62 hotels operating across 17 countries.