The DJIA fell 9 points on Friday while Nasdaq was down 44, the S&P 500 fell 7 points and the 10-year treasury yield was up .07 to just over 3.46%. Lodging stocks were lower. SOND was down another 27% to another all-time low and SLNA also hit a new low. SHCO was down -7% following their earnings report and AHT was also down -7%. ABNB fell another -5.
Soho House reported mostly in-line estimates. Adjusted EBITDA was in line despite revenue being slightly lower than expectations.
Morgan Stanley upped their target price on Hyatt to $142 from $139 while maintaining their Overweight rating. They also upped Host Hotel’s target price to $19 from $18 and Choice Hotels to $134 from $130 while maintaining Equal Weight ratings on both. Baird upped their target price on Choice Hotels to $135 while maintaining their Outperform rating.
Marriott International announced a 30% increase in their quarterly dividend, to $0.52 a share.
Marriott Vacations Worldwide announced their board of directors increased their share repurchase authorization to an aggregate of $600 million, including the $149 million of remaining unused capacity and extended the repurchase authorization through December 31, 2024.
The former State National Building in Downtown Houston has been revamped to house a Moxy by Marriott, which is scheduled to open in either late June or early July. The hotel includes 118 keys and the lobby will feature a bar, a mechanical bull and a DJ booth. Meeting rooms will have ping-pong tables in place of traditional conference tables. Moxy Houston Downtown will be the brand’s second location in Texas.
This summer, a 100-room boutique hotel, Dolce by Wyndham Hollywood, will open across the street from the Seminole Hard Rock Hotel & Casino’s Guitar Hotel in Hollywood, Florida. Wyndham hopes to tap Hollywood’s growing Jewish population by offering a rooftop kosher dining facility and an elevator that automatically stops at every floor on the Sabbath. The Dolce will also sport a rooftop pool, a lobby café, and shared and private balconies overlooking the Guitar Hotel. BSD Capital is the developer.
IHG Hotels & Resorts announced the completion of a multi-year renovation of its Hotel Indigo property in Downtown Denver. The project began in the summer of 2021 in collaboration with the McWhinney ownership group and Sage Hospitality management company, and includes a refresh of the hotel’s public areas and the implementation of a new restaurant concept. The Hotel Indigo Denver Downtown – Union Station features 180 guestrooms, an onsite fitness center, and three meetings and events spaces.
A new expansion to the Bellwether Hotel is now open in Louisville, Kentucky. The historic building is located across the road from the Bellwether. The new Bellwether House has four bedrooms, 4.5 baths and an open living, dining and kitchen area.
Anahi and Eduardo Sanchez plan to convert a small historic building in Memphis, Tennessee, into a three-room boutique hotel. The developers plan to spend $1.175 million to restore the building that will also include a cocktail bar and a restaurant. The boutique hotel would serve as short-term residential units.
A long-delayed hotel and condo project next to Palm Spring’s convention center is no closer to being constructed after the city council voted to continue until next month a discussion about changes to the Dream Hotel the developer has proposed. The most recent plans call for a 156-room hotel, 40 condo units and an event space. The proposal from project developer Lauri Kibby calls for increases in the height of the buildings which is what generated the most concern from both the people who live in the adjacent condo complex and the council itself.
Restaurateur Sam Fox is opening five original restaurant concepts inside the Global Ambassador, his highly anticipated hotel that is scheduled to open in November 2023 in Phoenix, Arizona. The five restaurants are Le Ame, a Parisian steakhouse; Le Market, a French-style café; The Lobby Bar; Pink Dolphin, a poolside restaurant; and Thea, a Mediterranean rooftop concept.
Developers are proposing to build a Sleep Inn in Springhill, Tennessee. The current concept plan shows the hotel would be three stories and contain 48 rooms. The applicant is requesting 57 parking spaces although city codes require 96 spaces.
Berkadia announced the sale of Hampton Inn Vero Beach, a 63-room select-service hotel in Vero Beach, Florida. Berkadia led the transaction on behalf of the seller, Liberty Group. Hampton Inn Vero Beach sold via the RealINSIGHT Marketplace auction platform to WeCare Hotels. The hotel features an outdoor pool, fitness center and business center.
Madison Realty Capital has originated a $585 million loan to Five Star Development for the completion of The Ritz-Carlton Paradise Valley, The Palmeraie and The Palmeraie, a mixed-use, ultra-luxury retail, dining and residential development in Paradise Valley, Arizona, as well as a portfolio of assets. The loan will be used to finish the construction of the Ritz-Carlton Resort and Residences in Paradise Valley at The Palmeraie, which is already 80% completed. The Resort boasts 215 hotel rooms, 80 single-level Ritz-Carlton Residences Villas and 32 single-family Ritz-Carlton branded and serviced Estate Homes.
Marcus & Millichap Capital Corporation arranged a $19,235,000 loan for the construction of the 125-room EVEN Hotel Doral in Doral, Florida. The primary sponsor partnered with ASI Global, to raise capital through an EB5 program and managed the development. MMCC was able to secure a $12.1 million conventional bank construction financing with a 10-year term. A $7.1 million PACE loan was secured to provide additional financing. The combined loan to cost is of 65%.
Mama Shelter will be launching their latest hotel in Dijon, the capital city of the Burgundy region in eastern France. The 120-room property will feature a restaurant, a private 28-seat cinema, two karaoke bars, four meeting rooms and a petanque court.
Leumi UK has provided a £43.7 million loan to an SPV of Fattal Hotel Group, which will be used to help fund the acquisition and refurbishment of the Grand Brighton Hotel, located adjacent to the beach in one of the UK’s most popular seaside resorts. Fattal Hotel Group are planning an extensive renovation program of the hotel. Cushman and Wakefield acted as valuers while DLA Piper acted as Leumi UK’s legal counsel.
The Hoxton has opened its first property in Germany in Berlin’s Charlottenburg District. The hotel has 234 rooms, a café, Indian restaurant, and three meeting and event spaces set around a central pantry kitchen.
The Ascott Group, owned by CapitaLand Investments, has signed an agreement with Forty Management to open a hotel in Bucharest under the luxury brand Crest Collection. The EUR22 million project is to be developed in the Parliament Palace area. Construction is expected to begin this fall with an estimated opening in the first quarter of 2026. The new hotel development will be operated by The Ascott Limited. The Central District Bucharest Hotel – The Crest Collection will have 170 rooms and a restaurant on the fourteenth floor.