The DJIA rose 270 points while Nasdaq was flat, the S&P 500 rose 23 points, the 10-year treasury yield jumped .14 to 3.85% and lodging stocks were mostly higher. AHT and PK led the gainers, up 7% and 5% respectively. SLNA was down -9% and SHCO fell -7% on the day.
STR reported US lodging data for the week ending June 24. Year over year hotel RevPAR was down 0.1%, possibly impacted by the Juneteenth holiday. When compared with the same week in 2019, RevPAR was up 12%.
StepStone Hospitality announced the completion of a comprehensive renovation at the Fairfield Orlando I-Drive Convention Center in Orlando, Florida. The $3.5 million renovation project encompassed all 160 guestrooms and public areas. One of the highlights of the renovation is the addition of a lobby bar. The hotel’s 3,004 square feet of conference space has also been transformed.
The Ritz-Carlton Naples, located on Florida’s Gulf Coast, will re-open July 6 after an extensive renovation which began well before Hurricane Ian devastated Southwest Florida. The re-opening is highlighted by the new Vanderbilt Tower, featuring an expansive new Ritz-Carlton Club Lounge and more than 70 club-level guestrooms. Renovations include a new resort lobby and three new dining experiences. In addition, the resort’s outdoor spaces have been re-imagined and the rooms underwent a redesign.
Sina Hospitality is planning to build a four-story, 95-room TownePlace Suites hotel in Chesterfield, Virginia. Sina hopes to start construction on the $15 million hotel in the second quarter of 2024.
Hilton announced the opening of DoubleTree by Hilton Abilene Downtown Convention Center, in Abilene, Texas. Located adjacent to the city’s downtown convention center, the 200-room hotel boasts 23,000 square feet of flexible meeting space, a smokehouse restaurant and cocktail lounge, lobby lounge, a market, a fitness center and an outdoor heated pool.
Concord Hospitality assumed management of the Holiday Inn Charleston Riverview in Charleston, South Carolina. The 179-room hotel offers an onsite restaurant, a lounge, 1,200 square foot meeting room, an executive board room, renovated fitness center, a business center and an outdoor pool.
Choice Hotels International, Inc. announced the opening of the Cambria Hotel Copper Mountain. The four-story, 127-room property is the third Cambria hotel to open in Colorado. The property features onsite dining, multi-purpose indoor and outdoor spaces, hot tubs, a fitness center, and unique meeting and event spaces.
Curator Hotel & Resort Collection has surpassed 100 members among hotels and resorts. The milestone comes just two years after the company’s launch. Curator’s comprehensive suite of services and offerings include: strategic contracts with leading industry providers; innovative technology solutions; support for marketing, sales, and revenue management; and access to unique travel experiences. The five newest members of Curator are: The Bungalow Hotel and Wave Resort in Long Branch, New Jersey; the Los Angeles Athletic Club Hotel in Los Angeles, California; Sierra Nevada Resort, an Outbound Hotel located in Mammoth Lakes, California; and The Virginian Lodge, an Outbound Hotel in Jackson, Wyoming.
Sonder Holdings Inc. is launching four new properties across Florida. This will bring the company’s footprint in the state to 930 live units across hotel, resort and multi-unit service apartment properties. Sonder has already opened two new properties in Florida this year, Found Miami Beach, a 76-key hotel in Miami Beach; and Cirrus, a 149-key hotel located in Kissimmee. Upcoming openings include The Deco, a 180-key resort hotel in the heart of Miami’s South Beach; and expected to open in 2024, Colonnade, an office conversion into 95 service apartment units in the heart of Miami’s financial district.
The Kelley House hotel in Edgartown, on Martha’s Vineyard, is expected to re-open in July as Faraway Martha’s Vineyard, following an extensive 18-month renovation. The latest project by Blue Flag Partners is a collection of homes and boasts 58 rooms, the Newes from America pub, a pool, lounge, another restaurant, and a retailer. Faraway Martha’s Vineyard is the second in the brand for Blue Flag, which paid nearly $20 million for the Kelley House in October 2020.
Best Western Hotels & Resorts announced the opening of the Best Western Plus Winter Haven Inn & Suites in Winter Haven, Florida. The hotel is owned by P6 Xenia LLC and features 97 guestrooms, 30 of which are suites, and is the first to be built under the new prototype for Best Western Plus. The property features a sundry shop, meeting room, community area, lounge pods, heated outdoor pool with a sun shelf, a fitness center and guest laundry facilities.
Developer Douglas Jemal has revised the $100 million renovation plans for the Statler Hotel in Buffalo, New York. Despite the small spaces, the new floor plan adds many more apartments to create a total of 548 such units on floors four through eighteen. The new plan may still allow space for hotel rooms eventually but they are a lower priority. That thinking also applies to the inclusion of a little office space and lower floor areas for limited event, restaurant and possible retail use. The new plan also calls for a much smaller underground parking garage. Jemal wants the rental units in the Statler building to open by the summer of 2025 with a preliminary opening event later this year.
The Mammoth Hotel in Yellowstone National Park is reopening after being closed for more than a year following last June’s flooding. The hotel will open on July 1 with the restaurant following two to three weeks later.
Konnectia, the new owners of the former John A. Coleman High School property, are looking to turn the site into a 120-room hotel along with 60 residential units, 55 office units, a sports complex and retail space. The property, located in the town of Ulster, New York, was owned by the Archdiocese of New York. The building contains a multi-purpose auditorium, gymnasium, and cafeteria. There is an athletic field and track located on the property along with 75 parking spaces, with room for expansion.
JLL Capital Markets announced it arranged $7.59 million in financing for The Sandbar Hotel, Trademark Collection by Wyndham, a 121-room, limited-service, beachfront hotel in Myrtle Beach, SC. JLL worked on behalf of the borrower, Linchris Hotel Corporation, to secure the first mortgage refinancing through HarborOne Bank. The beachfront hotel has four separate buildings. The main building and adjacent south building contains 88 guest rooms, the oceanfront building consists of 27 guest rooms and there are two, three bedroom cottages located one street behind the main building. The hotel also includes four one-bedroom apartments and an additional parcel of land currently being used for 28 parking spaces.
Europe Highlights
Melia Hotels International’s new lifestyle hotel brand, Zel, a fresh hospitality concept created in partnership with tennis superstar Rafael Nadal, announced its first property would open on July 1, 2023, on Spain’s Balearic Island of Mallorca. The property will have a multi-use lobby and various indoor and outdoor social spaces.
Belmond and Dior unveiled two new spa tree houses at the legendary 71-room Grand Hotel Timeo in Sicily, Italy. From June to October, guests will be able to enjoy exclusive skincare treatments in cabanas that are perched amid the property’s storied cypress trees.
Jon and Francisco Riberas have purchased the Palacio del Retiro hotel in Madrid, Spain, for close to €60 million. The luxury hotel comprises 50 rooms, a fitness center, spa, business center and a restaurant and bar. Palacio del Retiro was previously owned by the Oriol family. The hotel is currently managed by Belagua and operated under the Marriott Autograph Collection brand.
H.I.G. Capital announced that one of its affiliates acquired CLC Group Limited from its owner, the Armitage Family Trust. The Armitage Family Trust and CLC management will reinvest in the Company alongside H.I.G. The financial terms of the transaction have not been disclosed. CLC’s existing management team will remain to drive the Company’s future development.
