The DJIA rose 98 points, Nasdaq was down 52, the S&P 500 was flat, and the 10-year treasury yield was up .06 to 3.43%. Lodging stocks were modestly higher. SLNA was up 6%, but SOND traded down to yet another new all-time low.
Craig-Hallum initiated coverage of LuxUrban Hotels with a Buy rating and a $10 price target.
A New York hotel union reached a deal with hotel owners and operators, boosting the wages of hospitality workers by $7.50 an hour, the largest increase in the union’s 100-year history. The five-year agreement covers 7,000 members of the Hotel and Gaming Trades Council who work at 87 suburban hotels spanning from Princeton, New Jersey to New York’s Albany region and Long Island. The new contract doesn’t include New York City hotels, where wages are still at a premium compared with the suburbs.
Beginning this month, Waldorf Astoria Orlando in Florida will undergo a comprehensive, multi-phase re-imagination expected to debut in December 2023. The property-wide redesign follows an extensive renovation of the hotel’s meeting and events spaces last year and will encompass the resort’s rooms and suites, lobby space, select culinary outlets, Waldorf Astoria spa and the prestigious 18-hole golf course. Enhancements began last year with the unveiling of the Central Park Ballroom, bringing the property’s meetings and events offering to nearly 60,000 square feet of multi-functional meeting space.
The Residence Inn by Marriott Manassas Battlefield Park, VA announced the completion of its renovation. The updated and refreshed facilities include all 107 suites, public spaces, meeting rooms, and the building’s exterior. The hotel is owned by Apple Hospitality REIT and managed by Crestline Hotels & Resorts.
The massive $50 million hotel and convention project in Wichita Falls, Texas, is nearing completion. The new Delta Hotel and Convention Center will consist of 200 rooms, an onsite bar and lounge, and a pool. The project is expected to be completed and open by August 2023.
St. Petersburg’s Development Review Commission approved a site plan to construct a 14-story Tempo by Hilton hotel on Second Street North. The St. Petersburg, Florida hotel is being developed by KT St Pete Runner LLC, an entity controlled by Kolter Group. The Tempo by Hilton will have a ground-floor lobby and three floors of parking containing 127 parking spaces. The rooftop would include a rooftop bar and pool deck and the fourth floor would contain meeting space. Hotel rooms would occupy floors 5 through 13.
IHG Hotels & Resorts announced the opening of a new Holiday Inn Express & Suites hotel in Lexington, South Carolina. The hotel offers more than 1,300 square feet of meeting space, a heated indoor pool and a fitness center. The Holiday Inn Express & Suites Lexington is owned and operated by SMH, LLC.
Procaccianti Companies announced the acquisition of the Newport Beach Hotel & Suites, adding to their growing national portfolio of upscale independent boutique hotels. The historic property consists of two buildings, a rooftop deck, pool and a day spa. The acquisition also includes an additional parcel of land, allowing for further potential development opportunities. The property will be managed by TPG Hotels & Resorts.
The Viceroy Santa Monica announced the completion of its all-encompassing renovation. Owned by Pebblebrook Hotel Trust, the California hotel features all-new guestrooms and suites, lobby, indoor lounge, newly designed common areas, a signature restaurant and bar, and an expansive outdoor patio and pool area with private cabanas.
The auction of the OYO Hotel St. Louis Downtown City Center, in St. Louis, Missouri, has been postponed, after it was originally expected to take place last month. According to Paramount Lodging Advisors, the online sale of the 288-room hotel did not take place as planned on March 20 but they did not give a reason. The hotel is owned by Acres Capital.
Salyers Group celebrated the ribbon-cutting ceremony of North by Hotel Covington in Covington, Kentucky. The $26.5 million redevelopment includes 53 suites and loft-style hotel rooms, a 500-person ballroom and the Knowledge Bar and Social Room. Hotel Covington, another project of the Salyers Group, opened next door in 2016. Bookings for North by Hotel Covington officially start May 1.
Plans for a new resort near Walt Disney World with 600 hotel rooms and timeshare units have been filed in Orange County, Florida. The project, titled “Project Mary” would rise on 12.22 acres of land owned by an entity tied to Travel & Leisure Co. The outline for the project calls for two towers containing 250 timeshare units and 350 hotel rooms. Plans also detail a 3-story parking garage, a restaurant and lodge, a pool and pool club, fitness center, ballroom and event lawn.
The Royal Hotel will open on June 16 in Marshall, Michigan. The five-room boutique hotel is located above Schuler’s Restaurant & Pub.
Urbanica is looking to alter the plans for a hotel project on one of Miami Beach’s last vacant oceanfront parcels. The developer has proposed building a 16-story hotel with 160 rooms on Collins Avenue in the North Beach neighborhood. Urbanica had previously pitched a shorter hotel with 209 rooms, after purchasing the property for $38 million in 2019, and scored approval for the plan from the preservation board in 2020. The newest plans would include a four-story podium. The first three floors would house a parking garage, a loading dock and a gym. The fourth floor would feature the main amenity deck, including an outdoor pool, while the upper floors would house the rooms.
A historic mansion restoration project in downtown Dayton, Ohio, is nearing completion and will open on April 24 as a new boutique hotel. The hotel, dubbed The Mansion on Monument Ave, is owned by Mike and Ashlea Sogard. Each floor of the 3-story building features a mix of suites, office and retail space.
The Radco Companies announced their Radco Residential management service platform is now managing over 5,200 residential apartments, comprised of properties for third-party owners as well as multiple assets within Radco’s own portfolio. Current apartments managed by Radco Residential are spread throughout four major U.S. markets with the majority based in the greater metro Atlanta region and the rest located in the Raleigh, St. Petersburg, and Virginia Beach markets.
Hunter Hotel Advisors announced the sale of the Hilton Garden Inn Durham-Raleigh/Research Triangle Park, North Carolina. An institutional seller sold the property to SREE Hotels for an undisclosed amount. The hotel has 177 rooms, located at the circumcenter of North Carolina’s largest universities.
The LCP Group, L.P., in a joint venture with Safanad, successfully provided a $33.3 million senior mortgage loan to an affiliate of the Relevant Group for the refinancing of the 178-key Dream Hollywood and Tao Restaurant in Los Angeles. The 10-story, west coast flagship of Dream Hotels features trendy dining and nightlife venues as well as an 11,000-square-foot rooftop with pool deck and 3,000 square feet of meeting and event space.
Sage Hospitality Group announced the promotion of Dean Stambules to executive vice president of investments and new business development. In this newly-created role, Stambules will lead all new business initiatives for the company, including the identification of investment opportunities for both acquisitions and development as well as the growth of Sage’s third-party management portfolio, for both hotels and restaurants. Stambules joined Sage in 2014 and has held numerous roles on the new business team, including director of feasibility and senior vice president of acquisitions and business development.