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North America

New York Delays Airbnb Crackdown

Alan Woinski and Kim Woinski
June 13th, 2023 at 4:31 PM EDT

Skift Take

  • Stock market: DJIA, Nasdaq, and S&P 500 showed gains, while lodging stocks were mixed.
  • American travelers: High excitement for travel, but concerns about finances and travel costs have increased.
  • Hotel developments: Renovations and new constructions announced in various locations, including Alabama, Oregon, Pennsylvania, Florida, and Massachusetts.

The DJIA was up 146 points while Nasdaq was up 111, the S&P 500 was up 30 and the 10-year treasury yield jumped .07 to 3.84%. Lodging stocks were mixed.

Raymond James upped their price target on Ryman Hospitality to $115 from $110 They maintained their Outperform rating on the stock.

American excitement for travel remains at record high levels, 8.3 on a scale from 0-10, according to The State of the American Traveler in June 2023. However, concerns around finances and travel costs have seen an uptick in the past months. The share of American travelers who said personal financial reasons have prevented them from traveling more than they preferred in the past 6 months has increased in the past month to 38%, an increase of over 5 points. There have also been increases in the percentages of travelers who said that the price of gas, airfare, or travel overall have deterred them from traveling more in the past 6 months, now at 47%, the highest it has been to date in 2023. Echoing these cost-driven travel deterrents, the share of Americans who say now is a good time to spend on travel has dropped to its lowest point so far this year, falling 3 points this past month to 28%. Similarly, the percentage of American travelers who expect to spend more on travel in the next 12 months compared to the most recent 12-month period has also dropped to 29%, the lowest it has been since October 2021. Personal travel budgets have decreased from an average of over $4,000 to $3,719, the lowest reported travel budgets since July 2022. Nearly 38% of American travelers said they experienced sticker shock planning their most recent trip. Over 60% of those reported that this came from hotel rates, while half named airfare as the culprit. Nearly 47% reported sticker shock from restaurant and dining costs and 42% experienced the same from entertainment, recreation, or attraction costs. Unfortunately, sticker shock has an immediate impact on travelers’ considerations of a destination. In fact, over 60% of Americans who recently experienced sticker shock said it caused them to reconsider going to the destination they set their sights on, 26% actually chose to visit a less expensive destination, and 15% actually canceled their travel plans entirely. 

According to new research on American travelers from Empower, 21% of Gen Z are planning a trip to “soul-search” this summer, while 1 in 5 Americans say they can’t afford to vacation at all. According to 41% of Americans who won’t travel this summer, with 20% saying they can’t afford to go on vacation, nearly all (88%) say inflation has cooled their summer plans, causing people to save up for longer, plan fewer getaways or shorter trips. To fund their travel, Gen Z is trimming back on hair/nail appointments and cancelling streaming subscriptions. Nearly a third of Gen Zers and 26% of Millennials are turning to a side gig to save more for their “soulstice.”

The Marriott Shoals Hotel and Spa, in Florence, Alabama, is getting a $25 million renovation of everything from the rooms to the lobby, the tower and the restaurant. Construction is already underway and is expected to be completed by mid-2024.

In Portland, Oregon, construction on the Ritz-Carlton is nearly complete. The 35-story, $600 million dollar, mega multi-use building is more than a hotel. 132 for sale condos reside in the top third of tower, while the bottom floors consist of 251 hotel rooms, office space and some retail space. 

Hospitality Asset Management Company is planning to build a new Hilton hotel in Bellefonte, Pennsylvania. As part of Hilton’s Tru collection, the hotel will have 97 rooms , a fitness center and interactive lobby spaces. Construction is scheduled to begin in spring 2024 and the company hopes to open the hotel a year later.

Maverick Hotels broke ground on a new four-story Hampton Inn in Homosassa, Florida. The 73-room hotel will feature a 2,500-square-foot meeting room. The new Hampton Inn is slated to open in the fall of 2024. The company also announced construction will begin soon on another hotel in the same town, a 75-room Home2 Suites by Hilton.

The Central Station Memphis, Curio Collection by Hilton, unveiled its new Rock and Soul event and meeting space. The Rock and Soul space is approximately 2,300 square feet, comprising of one large room that can be splint into separate meeting spaces. The Memphis, Tennessee hotel features 123 guestrooms and a 6,500 square foot ballroom.

HHM Hotels added the Hilton Garden Inn Austin University Capitol District to its managed portfolio. Located in Downtown Austin, Texas, the property features 214 rooms, a restaurant, rooftop bar, flexible meeting and event space, as well as recreation and fitness amenities. 

IHG Hotels & Resorts announced the opening of a new Holiday Inn Express hotel in Rochester, Minnesota following a conversion and renovation. The 84-room hotel offers 400 square feet of meeting space, a fitness center, heated indoor pool and whirlpool. The Holiday Inn Express Rochester South – Mayo Area is owned by Med City Lodging Group, LLC and managed by Movement Hospitality

EB5 Capital announced that investors in its downtown Los Angeles Proper Hotel project have begun receiving I-829 approvals from the United States Citizenship and Immigration Services. The property features three distinct food and beverage spaces, 14,000 square feet of meeting space and a rooftop pool.

Choice Hotels International, Inc. broke ground on the Everhome Suites Glendale in Arizona. The property is being developed by HighSide Companies and is expected to open Q3 of 2024. The four-story, 122-room hotel features multipurpose lobby areas, a market, fitness center and laundry facilities.

Group One Partners announced The Greyfinch Chatham Inn, in Chatham, Massachusetts, unveiled its property-wide renovation. Formerly known as the Chatham Highlander Village Inn, the property has debuted with a new name, four new room categories, enhanced and fenced-in outdoor spaces, a private pool and new offerings for guests like Priority Bicycles. 

Monarch Alternative Capital LP announced the formation of Go Outdoors, a platform to acquire, develop and operate marinas and RV resorts across the United States. Monarch launched the platform with the recapitalization of two large-scale portfolios and partnered with Safe Harbor Development. The platform will initially comprise 11 marinas and 4 RV resorts, including over 5,500 marina slips and over 500 RV pads located throughout Georgia, New York, Pennsylvania and Tennessee. These institutional quality properties offer upscale services and amenities for their guests. 

The City of New York will delay enforcing a municipal law that Airbnb Inc saidcould limit the number of people who can host rentals in the city. The short-term rental company filed a lawsuit against the city on June 1 over the law it calls a “de facto ban” against short-term rentals set to go into effect on July 1. The office will not issue fines against hosts of booking services until September 5 as both parties agreed to a temporary stay of enforcement to afford them the opportunity to fully brief the issues before the court.

HVS Brokerage & Advisory announced the sale of the 74-key SpringHill Suitesby Marriott Galveston Island, in Galveston, Texas. The property was purchased by PWZ Capital Group from Omkar Group Galveston. HVS completed the sale on behalf of the seller.

IHG Hotels & Resorts announced the opening of its first-ever property on the island of San Cristobal with the debut of Hotel Indigo Galapagos. The 35-room Hotel Indigo Galapagos is owned and operated by BPO S.A. and features a spa, gym, wellness patio, pool and Jacuzzi, business center, gift shop, onsite restaurant and event spaces.

Alan Woinski and Kim Woinski
June 13th, 2023 at 4:31 PM EDT

Companies: Airbnb, Choice Hotels International, Curio Collection by Hilton, Hampton by Hilton, HHM Hospitality, Hilton Garden Inn, Hilton Hotels & Resorts, Holiday Inn Express, Hotel Indigo, HVS, IHG Hotels & Resorts, Marriott Hotels, Marriott International, Monarch Alternative Capital LP, Ritz-Carlton, Ryman Hospitality Properties, Tru by Hilton

Locations: Alabama, Arizona, Austin, Florida, Memphis, Minnesota, New York City, Pennsylvania, Portland Oregon

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