The DJIA rose 429 points, Nasdaq was up 156, the S&P 500 was up 53 points, the 10-year treasury yield was down .07 to 3.73% but lodging stocks were lower. Soho House (SHCO) was the biggest mover, down -9% but VCSA was up 7% and SLNA and Sotherly Hotels (SOHO) were both up 5%.
Host Hotels & Resorts announced their board of directors authorized a regular quarterly cash dividend of $0.15 per share, a 25% increase over the prior quarter.
According to the Wall Street Journal, the most in-demand hotel room for travelers right now is the room right next to theirs. Hotel and resort managers say requests for connecting rooms and suites have increased recently as multigenerational families and large groups of friends travel together. Some hotels have reported a more than 20% increase in the demand for these types of rooms, meaning more competition for connecting rooms, which families already struggle to book due to outdated rooms-assignment technology and limited supply. Some hotels are adding the ability to connect more rooms. Others are adding suites or upselling larger rooms with living space to groups.
The Ritz-Carlton New York, NoMad, is now offering sixteen penthouse residences along the top four floors of the 50-story tower. The limited-edition Residences offer quieter, more secluded and luxurious accommodation options at The Ritz-Carlton New York, NoMad.
Hotel Equities has been selected to oversee the extensive renovation for the Residence Inn by Marriott-Atlanta Perimeter Center/Dunwoody located in Dunwoody, Georgia. The renovation will encompass various aspects with the objective to transform the property into a modern and inviting destination.
IHG Hotels & Resorts announced the opening of two new hotels in British Columbia: Holiday Inn Express & Suites Courtenay – Comox and Holiday Inn Victoria – Elk Lake. The new build Holiday Inn Express & Suites Courtenay – Comox features 93 rooms, an indoor pool, fitness center, guest laundry and meeting space. The property is located just northeast of downtown Courtenay. Located in Saanich, the Holiday Inn Victoria – Elk Lake features 71 fully renovated rooms, with plans to add 64 more in the near future; an outdoor pool; fitness and meeting space; plus an onsite restaurant and bar. The property is owned by 576885 BC Ltd. and Metropolitan Capital Partners and Metropolitan Hospitality Management manage the two properties.
The Fairmont Hot Springs Resort, in British Columbia, has been acquired by Aldesta Hotel Group for $40 million. The sale was brokered by Unique Properties division of Colliers. The core resort includes 151 guest rooms across several lodges and cabins, while the RV park has 190 spaces and the timeshare strata lots house 116 villas.
Rimrock Resort Hotel in Banff has been acquired by Oxford Properties. Oxford did not disclose the amount it paid, but the price was reportedly $170 million. The Rimrock Resort Hotel boasts more than 330 rooms, 18,000 square feet of event space, a spa and amenities ranging from multiple restaurants and pools to a fitness center and skating rink. Oxford and an undisclosed capital partner will make a significant investment in the property including a comprehensive top-to-bottom renovations. Oxford simultaneously announced that Accor had singed on as the operator of the Rimrock, effective immediately.
Asset World Corp Public Company Limited (AWC) strengthened its long-term partnership with Nobu Hospitality to develop Plaza Athenee hotels in New York and Bangkok. The Plaza Athenee Nobu & Spa New York will represent Nobu’s inaugural hotel in New York and will offer 145 rooms, a traditional Japanese Onsen, spa and wellness center. The hotel will offer a Nobu omakase experience as well as a bar and lounge, and a rooftop area for private parties. In Bangkok, the Plaza Athenee Nobu Hotel and Spa Bangkok will offer ultra-luxury hospitality and a unique world-class F&B experience. The property will also include a special Nobu cruise boat for bespoke private functions.
Heron Hospitality is renovating the historic Harvey Mansion, naming it The Harvey. Located in New Bern, North Carolina, it will be a ten-room hotel with both historic charm and modern conveniences. Renovations on the hotel are expected to last late into 2023 or early 2024.
Bluegreen Vacations Holding Corporation announced that Bluegreen has begun expanding the inventory of its top tier accommodations with the addition of three new presidential suites at its MountainLoft resort in Gatlinburg, Tennessee. Separately, Bluegreen announced plans to construct seven new presidential suites, six four-bedroom units and one three-bedroom suite at The Fountains Resort in Orlando, FL. Plans for its newly acquired Bayside Resort and Spa in Panama City Beach, Florida, include converting the 320-guestroom resort to 202 rooms including studios, one- and two-bedroom units, as well as two-and three-bedroom presidential suites. Plans for Bluegreen’s Streamside at Vail property is currently expected to include two one-bedroom loft presidential units once renovation is complete. Plans for Bluegreen’s 67-room Mill Springs Lodge mountain retreat is intended to include four three-bedroom presidential suites overlooking the Smoky Mountains. Plans for Bluegreen’s recently announced acquisition of two properties located in the historic Printers Alley district in the Nashville, Tennessee market include the first property, previously a 15-story hotel comprising 86 rooms and two penthouse suites, is to be sold as vacation ownership interests. Bluegreen intends to refresh the guestrooms and convert the penthouse suites into presidential units. The second property, an adjacent two-story building which was formerly the Nashville Trust Company, is currently planning to be converted to a sales preview center and may have the potential to be redeveloped into a 15-story resort.