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North America

Market Surges and Airbnb Lawsuit

Alan Woinski and Kim Woinski

June 4th, 2023


Skift Take

  • Market surge: DJIA and Nasdaq experience significant gains, with the DJIA surging 701 points and the stronger-than-expected jobs report contributing to the rise.
  • Airbnb lawsuit: Airbnb files a lawsuit against New York City over a new law that the company claims will limit short-term rentals and make it more difficult for hosts to do business.
  • Hotel openings and acquisitions: Several hotel brands announce new openings and acquisitions, including WoodSpring Suites, Sonesta, and Margaritaville, expanding their presence in different cities and states.

June is coming in like a lion with the second day even better than the first in the markets with the DJIA surging 701 points on an actual economic report. The stronger-than-expected jobs report also helped Nasdaq rise an additional 140, the S&P 500 was up 61 points and the 10-year treasury yield was up .08 to 3.69%. Lodging stocks were higher led by surging REITs. SLNA was the biggest percentage gainer, up 28% but what was more important is they closed above $1 bid, something they need a few days in a row of to avoid getting a delisting notice. AHT was up 11%, SOND was up 10%, while RHP, SVC, CLDT, PK, HT and HGV were all up 6% on the day.

Airbnb filed a lawsuit against New York City over a new law it called a “de facto ban” against short-term rentals set to go into effect in July, which the company says will limit the number of people who can host rentals in the city. The law, according to the filing, will make it more difficult for hosts to do business, requiring them to register with the New York City Mayor’s Office of Special Enforcement and to certify that they will comply with the maze of complex regulations for zoning, multiple dwelling law and housing maintenance code as well as construction code. Airbnb Inc is requesting that the court block the enforcement of Local Law 18. According to short-term rental analytics company AirDNA, the number of short-term rental listings available in New York City increased 27% year-over-year in April 2023 but listing counts are 32% below 2019 levels

Choice Hotels International, Inc. opened a company-record six WoodSpring Suites hotels during the month of May. These openings account for 732 new economy, extended-stay rooms from coast to coast and 1,414 total new rooms for the brand since the start of 2023, with nearly 38,000 rooms in the domestic pipeline. The six new and prototypical WoodSpring Suites are: WoodSpring Suites Rochester Greece (New York); WoodSpring Suites Austin Central (Texas); WoodSpring Suites Roanoke (Virginia); WoodSpring Suites Libertyville (Illinois); WoodSpring Suites West Palm Beach (Florida); and WoodSpring Suites Bellflower – Los Angeles (California).

NewcrestImage entered into a strategic partnership with Coury Hospitality with a 50% ownership stake. The alliance combines the companies’ expertise and resources in the pursuit of excellence in lifestyle hotel development. NewcrestImage currently owns a portfolio of approximately 70 hotels across 26 states, while Coury Hospitality manages 12 lifestyle hotels in six states, including 10 Marriott Autograph Collection properties, with three more under development, making Coury the largest operator of Autograph hotels. 

The Snuneymuxw First Nation, majority owner of the new Courtyard by Marriott in Nanaimo, British Colombia, celebrated the grand opening of the nine-story, 72-room hotel next to the Vancouver Island Conference Centre. PEG Companies was the developer of the property.

Service Properties Trust acquired the 250-room Nautilus Hotel, located in Miami Beach, Florida, for $165.4 million. The property offers four food and beverage outlets, outdoor pool, spa, fitness center and 17,500 square feet of flexible outdoor and indoor event space. The hotel, which will be managed by Sonesta, will initially be branded as the Nautilus Sonesta Miami Beach, and undergo a $25 million repositioning commencing in the Summer of 2024 with plans to reopen in early 2025 under Sonesta’s lifestyle brand, The James

Sonesta International Hotels Corporation announced the grand opening of Sonesta Essential Vacaville in Vacaville, California. The 86-room property is the first Sonesta Essential branded hotel in company’s portfolio. Divyesh Patel owns the hotel.

The Homewood Suites by Hilton, in Chelsea, Massachusetts, has closed for up to a year as it undergoes repairs and improvements, including a planned expansion. The 152-suite hotel was developed and owned by XSS Hotels and managed by Colwen Hotels

LeBlanc + Smith and The Mainland Cos. will open The Chloe Nashville in the Hillsboro Village neighborhood of Nashville, Tennessee in 2024. The hotel will have 19 guestrooms, nine rooms will be housed in two historic, existing homes with a third building adding ten rooms. The Chloe Nashville will feature outdoor gardens, a pool, private event space, and multiple food and beverage offerings. 

Lark Hotels announced the opening of Blind Tiger in Burlington, Vermont and Blind Tiger in Asheville, North Carolina. Both properties include 14 guestrooms, a guest house and, a gathering space. 

A group of local investors led by developer Brad Byrnes has acquired the shuttered 12-story Hotel RL Baltimore Inner Harbor, in Baltimore, Maryland, with plans to turn it into a 130-unit apartment tower. The conversion to apartments will take about a year. The apartment development will use Hotel RL’s fitness center, conference rooms and banquet rooms for common amenity spaces including a game room and storage space. The hotel’s former restaurant will hold a new restaurant.

Swire Properties unveiled plans for two luxury towers on Miami’s Brickell Key with Mandarin Oriental branding. The first would be the Residences at Mandarin OrientalMiami with 220 condo units. The second tower would replace the current Mandarin Oriental. The new hotel would be the North American Mandarin Orientalhotel and feature 151 hotel rooms, 61 private residences and 28 condo-hotel units. The new Mandarin Oriental towers would be connected by an amenity deck featuring pools, cabanas, work lounges, private dining rooms, restaurants, a spa and a health club. 

Artemis Hotel Group announced the recent addition of the Staybridge Suites by IHG in Tallahassee, FL. The 4-story hotel features 104 guestrooms, a sport court with an outdoor pool, an expansive deck over a serene lake, and over 3,000+ square feet of meeting space. GF Hotels & Resorts will manage the property. 

Sonder Holdings Inc. opened The Arcadian, its sixth live property in Greater Boston and the largest hotel in Sonder’s portfolio. Sonder is now operating The Arcadian hotel, which has 264 rooms and occupies a prime location in Brookline. The property features food and beverage on site, a fitness center and parking. 

Margaritaville Hotel San Diego Gaslamp Quarter is accepting reservations for stays starting August 15. The San Diego, California hotel features the city’s largest rooftop pool deck, 235 guestrooms and suites and three distinct dining concepts. Nine flexible event venues will offer 6,000 square feet of indoor meeting space, in addition to 7,000 outdoor square feet of the expansive rooftop pool deck. Following a nearly $30 million top-to-bottom re-imagination, Margaritaville Hotel San Diego Gaslamp Quarter, presently operating as Hotel Solamar, will reopen its doors as a Margaritaville destination on July 15.

The Mansion at Forsyth Park, in Savannah, Georgia, is set to undergo a major hotel renovation and name change. Left Lane Hospitality will reopen the property in February 2024 as Hotel Bardo Savannah. Hotel Bardo will have 149 guestrooms, including suites; a 25-meter Pool and Bar; a holistic gym and wellness spa; Club Bardo; food and beverage options; curated retail; and event spaces like the Carriage House and The Ballroom. 

Alterra Mountain Company has entered into an agreement to purchase Schweitzer, in Sandpoint, Idaho, bringing the company’s portfolio to 17 year-round mountain destinations throughout North America. The MKM Trust, which has been the owner and developer of Schweitzer for the past 18 years, will retain non-ski operations and real estate holdings and will continue to lead future real estate development projects of the Schweitzer community.

The mayor and council of Topeka, Kansas, voted to authorize the city to take part in an auction to acquire The Hotel Topeka at City Center. The auction will take place next week. The property is presently owned by GF Hotels & Resorts

It has been a year since Remington Hotels acquired and fully integrated with Chesapeake Hospitality and executives desire to manage more non-traditional lodging accommodations, leading the company to rebrand as Remington Hospitality. The company is focused on four key pillars: classic brand accommodations, independent hotels and resorts, beverage and food, spa and wellness, and glamping and non-traditional projects. Remington has several glamping projects in the states as well as in Costa Rica and Mexico that they are partners in. Of the dozen active deals Remington Hospitality has across the Caribbean, Costa Rica, Mexico, Grand Cayman and Dominican Republic, two are all-inclusive. Remington Hospitality is not yet disclosing who its partners are on these deals.

Hunter Hotel Advisors announced the sale of the 210-room Marriott Rochester Airport, in Rochester, New YorkDelMonte Hotel Group sold the property to SAI Global Investments LLC for an undisclosed amount. Hunter advised the seller. 

Berkadia announced the sale of the Found Hotel, a 24-key boutique hotel located in the heart of San Diego’s trendy Little Italy. Somers Capital purchased the hotel from Hawkins Way

Berkadia also announced the sale of Hampton Inn & Suites Hershey Near the Park, an 86-room hotel in Hummelstown, Pennsylvania. Berkadia led the transaction on behalf of the seller. The hotel offers a fitness center, business center and a heated indoor pool.

Alpine Realty Capital, LLC completed the sale of the Comfort Inn and Suites and Conference Center in Mt. Pleasant, Michigan. The 137-unit property with an adjacent 10,000 square foot conference center is located adjacent to the main campus of Central Michigan University. Alpine was engaged by the seller.

Personnel Moves

Rosewood Hotel Group announced the appointment of Kevin Yung as Chief Financial Officer. In his new role as CFO, Yung will oversee the financial operations of the Group’s global brands. He will retain his previous role as Managing Partner of Rosewood Capital Ventures. Prior to joining Rosewood, Yung previously served as CEO of Chow Tai Fook Education Group in Hong Kong.

B&B Hotels appointed Patrick O’Connell as its CEO in the United Kingdom with growth ambitions to open 100 new hotels in the U.K. by 2035. O’Connell previously was head of hotels at Queensgate Investments and has had roles at Doyle Collection, Mint Hotels and Hilton. 

Europe Highlights

IHG Hotels & Resorts announced the signing of Kimpton Los Monteros Marbella in Spain. Before opening, it will undergo a full refurbishment to transform it from the former The Hotel Los Monteros – Spa & Golf Resort Marbella which has been closed since late 2022. The hotel will be operated by IHG under a hotel management agreement with Monterotel SL, owned by the JV of Bain Capital & Stoneweg. Kimpton Los Monteros Marbella will feature 178 rooms and suites, four restaurants and bars, two pools, a gym, tennis courts and a spa. It will offer a choice of four main meeting areas. 

Hyatt Hotels Corporation announced the opening of Hyatt Regency London Blackfriars, the fourteenth Hyatt property in the U.K. Housed on the former grounds of King Henry VIII’s Bridewell Palace, Hyatt Regency London Blackfriars offers 204 guestrooms, three dynamic and diverse food and beverage options and a fitness center. The property also offers up to 4,628 square feet of multifunctional, thoughtful event space. 

Hyatt Hotels also announced the completed acquisition of London-based Mr & Mrs Smith, the global travel platform that provides direct booking access to a collection of more than 1,500 boutique and luxury properties. This includes entry to more than 20 new countries for Hyatt such as Fiji, Croatia, Iceland and Anguilla. H paid £53 million in cash consideration.

Alan Woinski and Kim Woinski

June 4th, 2023

Companies: Airbnb, Artemis Hotel Group, Ashford Hospitality Trust, Autograph Collection, Chatham Lodging Trust, Chesapeake Hospitality, Choice Hotels International, Courtyard by Marriott, Coury Hospitality, DelMonte Hotel Group, GF Hotels & Resorts, Hampton by Hilton, Hersha Hospitality Trust, Hilton Grand Vacations, Hilton Hotels & Resorts, Homewood Suites by Hilton, Hyatt, Hyatt Hotels Corporation, Hyatt Regency, IHG Hotels & Resorts, Kimpton, Lark Hotels, Left Lane Hospitality, Mandarin Oriental, Margaritaville Hotels & Resorts, Margaritaville Island Reserve All Inclusive Resorts, Marriott International, NewcrestImage, Park Hotels and Resorts Inc., Red Lion Hotels, Rosewood Hotels & Resorts, Ryman Hospitality Properties, Selina, Service Properties Trust, Sonder Holdings Inc., Sonesta Essential, Sonesta Hotels & Resorts, Sonesta International Hotels Corporation, Staybridge Suites, Swire Hotels, Woodspring Suites

Locations: Anguilla, Austin, British Columbia, California, Croatia, Dominican Republic, Florida, Grand Cayman, Iceland, Idaho, Illinois, Kansas, London, Massachusetts, Mexico, Miami, Michigan, New York, New York City, North Carolina, Pennsylvania, San Diego, Savannah, Vermont, Virginia

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