The DJIA fell 13 points, Nasdaq was down 157, the S&P 500 was down 20 points and the 10-year treasury yield was down .02 to 3.72%. While the biggest movers in lodging and the indexes were down, lodging stocks were overall more mixed than lower. PLYA and SOND were both down -75 while SLNA dropped -5% on the day.
Bank of America Securities downgraded their rating on Playa Hotels & Resorts to Underperform from Buy. They cut their price target to $8 from $10.
Marriott International’s Tribute Portfolio announced the opening of HONEYROSE Hotel, Montreal, a Tribute Portfolio Hotel, the brand’s first property in Montreal, Canada. The property offers locally sourced gastronomic experiences, five meeting rooms totaling over 7,000 square feet, a movement studio, a dry sauna, spa and indoor pool.
The sale of the SpringHill Suites by Marriott Pinehurst Southern Pines, in Pinehurst, North Carolina, closed on June 7. The new owner is a family business and this is their first acquisition in the state. The new owners of the SpringHill Suites plan to spend $4.5 million on a major renovation of the 107-room property which should be completed by May 2024 and are bringing in Concord Hospitality to manage the property.
Tempo by Hilton will make its debut with the opening of the 661-room Tempo by Hilton Times Square New York City. The property will occupy 36 floors of the soon-to-be-opened 46-story, mixed-use TSX Broadway building. The property will offer F&B offerings that pay homage to the city’s culinary heritage. There will be 31 Ball Drop rooms, guest rooms that offer up-close-and-personal views of the Times Square Ball with the Presidential Suite featuring the best views.
Island Hospitality Management has been named the operator of the 165-room Hampton Inn & Suites Newark – Harrison Riverwalk located in Harrison, New Jersey.
The 45 Times Square Hotel announced its June 2023 opening in the heart of Manhattan, New York. The property is owned by Ferrado Hotels and will be managed by Palladium Hotel Group. The 139-room hotel will be converted into Palladium’s Only YOU Hotels and is the first hotel operated in the United States by the company.
Al J. Schneider Co. is planning a $25 million renovation of the Crowne Plaza Louisville Airport hotel located in Louisville, Kentucky. The project involves remodeling all 588 rooms in the eight-story property. The Schneider Co. also plans to add a bar to the lobby, replace the hotel restaurant with a new concept and to remake all of event spaces. The project is expected to be completed by the 2024 Kentucky Derby.
The Wyndham Springfield City Centre project that has been in the in-box of the Springfield’s City Council for many weeks has been put on hold. The goal, of the project that has been up for debate for a while now, was to turn the Wyndham Hotel into a Delta by Marriott. Springfield, Illinois Mayor Misty Buscher said the previous administration promised around $18 million in incentives and she can only offer up to $9 or $10 million, and that the ball is now in the owner’s court.
The four-year, full renovation of the Holiday Inn Express in Charleston, West Virginia is finally completed. The hotel has not been renovated from top to bottom, including new rooms, a brand new public area, meeting rooms, modernized fitness center, and a whole new exterior.
Outrigger Resorts and Hotels announced plans to acquire Kauai Beach Resort & Spa, a 350-room beachfront property located on 25 acres in Lihue on Kauai, Hawaii. The transaction is expected to be completed on August 22.
The J Collection recently restored the former site of the Marianites of Holy Cross convent into the Holy Angels Bywater Hotel and Residences in New Orleans. The historic locations’ building accommodations include one- and two-bed guest rooms and residential-style apartments. Additional improvements are a new pool and spa deck, along with a restaurant and bar space which is slated to open soon. The restoration of the existing chapel is underway and will be a perfect location for special occasions and weddings.
The West Baden Springs Hotel in Indiana suffered extensive hail damage during recent severe storms, according to a French Lick Resort post on Facebook. The hotel is still open to guests but its historic atrium is closed indefinitely after hail damage. The southern Indiana hotel includes 240 guestrooms and 40 balcony rooms, golf courses, a opera house and mineral spas.
Ho-Chunk Capital is leading a redevelopment project to turn the historic Kensington, in Norfolk, Nebraska, into a 62-room boutique hotel. Construction for the project starts later this year with a projected completion of January 2025. Norfolk Housing Agency, the owner, decided to sell the property because it could no longer afford updates to the building and it could no longer be low-income housing. The redevelopment is estimated to cost over $14 million.
Ashford Securities LLC reached a milestone of $500 million, including $42.1 million from institutions, in capital raised in less than two years of serving investors via the independent broker-dealer and RIA distribution channels. Ashford Securities previously served as the managing broker-dealer for Braemar Hotels & Resorts Inc., currently serves as the managing broker-dealer for Ashford Hospitality Trust, Inc.
Personnel Move
Red Roof President George Limbert is stepping down from his role, effective July 12, to pursue interests outside of the hospitality industry. Mohamed Thowfeek, board member of Red Roof, will oversee the day-to-day operations as the company begins its executive search. Limbert has been with the company since 2013 and assumed the role of president in August 2021 after holding an interim capacity since October 2020.
European News
Son Bunyola Hotels and Villas, Virgin Hotels’ newest luxury hotel in the Tramuntana Mountains of Mallorca, Spain, has officially opened following a historical restoration of a 16th-century Mallorcan Finca. Son Bunyola boasts 26 rooms and suites, two restaurants and a comprehensive wellness program including two treatment rooms, a pool, Aqua bikes, and new Pickle Ball lines on the estate’s tennis court.
Tucked away on the Glyfada seafront, along the Athenia Riviera, One& Only’s resort in Greece is set to welcome guests from October 2023. Set within a protected 21-hectare beach and forest reserve, One&Only Aesthesis offers a collection of breathtaking rooms, bungalows, villas and an exclusive community of One&Only Private Homes, multiple food and beverage venues, holistic wellness facilities with an indulgent spa and the Club One fitness hub, The KidsOnly Club, and an adults-only Beach Club.
Club Med Buccaneer’s Creek in Martinique will be undergoing extensive renovations, highlighted by significant changes to its 139 rooms, reception area, main restaurant and bar. The resort will debut the first phase of this renovation by the end of 2023.
Eurostars Hotel Company has entered into an agreement with The View of Rotterdam for the operation of a luxury five-star hotel. The hotel will be located in a multi-functional building in the heart of Rotterdam’s Rijnhaven district. The building, an integral part of The View project, consists of twelve floors and two underground levels dedicated to parking. The structure will house a shopping area, restaurants, residential area, offices and parking facilities. The hotel will occupy the top seven floors as well as parts of the ground floor and the 2nd floor. It will feature 188 spacious rooms, a restaurant, function rooms, a car park, spa, gym and a rooftop terrace. Construction of the hotel is already underway and will operate under the Eurostars brand and is expected to open in the first half of 2025.
MDJM LTD recently completed the acquisition and renovation of two new properties, Fernie Castle and Robin Hill Hotel, in the United Kingdom.
As part of the implementation of its asset-light strategy, Accor has reached an agreement with Mutris under which Accor, will, firstly, sell its 33% stake in Risma, to Mutris at a price of 130 dirhams per share, and secondly, sell its Risma bonds on the market. Completion of the transaction is subject to certain regulatory approvals, with the transaction expected to close in the third quarter of 2023. The transaction will have no impact on current contractual agreements between Accor and Risma, which remain unaffected.
