Hotels Spend Big on Renovations and Expansions
Skift Take
- Truist lowered their price target on Park Hotels & Resorts to $19 from $20 while maintaining their Buy rating.
- BRE Hotels & Resorts and The Ritz-Carlton, Kapalua are celebrating the recent success of the property following a $100 million transformation.
- The iconic Fairmont Hotel in downtown Vancouver, Canada, is looking to expand with an annex tower, but it will not provide any additional hotel rooms.
The DJIA rose 40 points, Nasdaq was down 13, the S&P 500 was up 3 points, the 10-year treasury yield was up .02 to 3.98% and lodging stocks were mixed. SVC traded up to a new high, SOND jumped 13%, which was only to $1.11, HGV rose 5% but SLNA was down -7% and HT fell -5%.
Truist lowered their price target on Park Hotels & Resorts to $19 from $20 while maintaining their Buy rating. They maintained their Buy on Ryman Hospitality and upped their price target to $115 from $104. Playa Hotels & Resorts now has a $13 target price, up from $11 while Truist kept their Buy rating while Hilton Grand Vacations is still a Buy, according to Truist, while their price target was upped to $75 from $62.
Nebraska developer Olsson is proposing an 80,000-square-foot mixed-use building that would cover an entire block in Lenexa City Center in Lenexa, Kansas. The building would be three stories on the west side and five stories on the east. It would house 11,000 square feet of retail space as well as a 132-room AC Hotel and a 128-room Residence Inn. The hotels would share an entrance and lobby space, in addition to a drop-off lane. Amenities include a private courtyard and outdoor seating, in addition to a hotel restaurant. The developer plans to build a 283-space parking garage and 32 surface stalls. There will also be 11 bike stalls. Midas Hospitality is working with Olsson on the project.
BRE Hotels & Resorts and The Ritz-Carlton, Kapalua are celebrating the recent success of the property following a $100 million transformation. Completed in December 2022, the renovations added more outdoor living space, more privacy, and more luxury to the iconic Hawaiian hotel located in Kapalua, Hawaii. While The Ritz-Carlton, Kapalua property received a substantial upgrade overall, there was a particular emphasis on the enhancement of outdoor spaces. The Aloha Pavilion, a large event venue, has been transformed through extensive architectural upgrades and a new pre-function garden. The pool complex has been remade into the focal point of the property with full rim flow perimeters at all three levels, and cascading black rock waterfalls to connect them. New sun shelves provide lounge space within the water itself. A signature addition to the property is the new Fire Lanai Collection, a series of ground-floor rooms wi
