The DJIA rose 27 points while Nasdaq was up 86, the S&P 500 rose 13 points, and the 10-year treasury yield was up .06 to 3.91%. Lodging stocks were modestly higher. We had new highs from MAR, IHG and ABNB. VCSA was up 6%, but SLNA was down -5%.
Jefferies upped its price target on Airbnb to $174 from $140. It maintained its Buy rating. This follows Keybanc upping their target price on ABNB to $160 from $135. Keybanc maintained its Overweight rating.
U.S. News & World Report revealed the 2023-2024 Best Travel Rewards Programs. The 2023-2024 rankings feature 15 hotel rewards programs and 10 airline rewards programs that provide travelers with diverse perks and ways to use and redeem points and miles. The top five Hotel Rewards Programs include moving into the No. 1 spot – Wyndham Rewards; followed by Choice Privileges; Marriott Bonvoy; World of Hyatt; and IHG One Rewards.
This August, Hilton will open Motto by Hilton New York City Times Square, the second hotel from the Motto by Hilton brand in New York City. The 400-room tower will include the property’s signature restaurant, The Alderman.
Pennbridge Lodging has applied for a building permit to construct two Marriott brands in downtown Boise, Idaho. The Element and AC will split the rooms in the 15-story hotel and add 296 rooms within a mile of Boise’s convention center. The lobby will be shared with both Marriott brands, along with a restaurant and bar and 3,000 square feet of banquet space. Floors 2 through 4 will contain 260 parking spaces, floors 5 through 7 will be home to 121 Element rooms, and floors 8 through 14 will include 175 AC rooms. Pennbridge hopes to start construction in September. It will take roughly two years to complete the building.
Wyndham Hotels & Resorts announced 60 new hotels for its rapidly expanding Echo Suites Extended Stay by Wyndham brand, including what will be the brand’s first hotels in Canada. Continuing Wyndham’s long-term strategy of signing multi-unit deals with established and experienced developers, one of the latest being Master BUILT Hotels, the addition grows the brand’s global pipeline to 265 hotels and approximately 33,000 rooms. Multiple projects have already broken ground and are in various stages of construction across Virginia, Texas, and South Carolina, with over a dozen more slated to break ground in the months ahead. The Company expects to have 100 hotels open over five years. The purpose-built, all-new-construction, 124-room ECHO Suites prototype requires under two acres of land and includes a lobby, fitness center, and guest laundry.
Four Seasons Hotels and Resorts and Shahid Khan, through Iguana Investments Florida LLC, announced plans for a new project in Jacksonville, Florida. Anticipated to open in 2026, Four Seasons Hotel and Private Residences Jacksonville will play an integral role in the development of the Jacksonville Shipyards in Downtown Jacksonville, Florida. Four Seasons Hotel and Private Residences Jacksonville will offer 170 rooms and suites, 26 Private Residences, and four dining and lounge outlets, including a signature rooftop restaurant and bar, an all-day restaurant, a pool bar and grill, and a lobby bar. The Hotel will also feature a spa, multiple outdoor pools with cabana services, a gym, expansive meeting and event space, and the Kids For All Seasons Program. In addition to Four Seasons Hotel and Private Residences Jacksonville, Phase One of the Jacksonville Shipyards will comprise a six-story office building, a revamped marina, Metropolitan Park, a marina services building, and a public park. Phase Two will include a five-acre property slated for mixed-use development. Initial plans include a medical component. Other potential uses include retail, residential, additional parking, and green space.
The former Best Western Plus in Saratoga Springs, New York, has undergone renovations and rebranded to become The Hotel Saratoga. Upgrades include new guestroom bathrooms, a redesigned lobby area with a beer and wine bar and restaurant, a business center, a conference space, a fitness center, and an outdoor pool. The Hotel Saratoga is an Ascend Collection property, part of Choice Hotels International.
Opening in early 2024, Hotel Heron, a first-time partnership between Aparium Hotel Group, May Riegler Companies, and Potomac Investment Properties, will transform the historic George Mason Hotel building in Old Town Alexandria, Virginia. Hotel Heron will be home to 134 guest rooms, top-of-market food and beverage offerings, a fitness center, and a selection of meeting spaces.
The Chippewa Falls City Council has approved Riverstone Hotel & Suites’ final plans for a new, four-story, 58-room hotel to be constructed on the east side of the Wisconsin city. Chip-Wa Hotel Group LLC owns Riverstone Hotel & Suites.
Sonder Holdings Inc. launched its first hotel collection, Powered by Sonder. Powered by Sonder is a collection of uniquely designed boutique hotels run by Sonder’s technology and operated by Sonder. These hotels are infused with local flair and have their distinctive design aesthetic. 23 Sonder hotels across 13 markets are part of the Powered by Sonder collection, with new properties expected to be added. Among them are Atala in Paris, Chambers in New York City, and Yelo Jean Medecin in Nice.
HVS Hotel Management has been selected to operate the to-be-built Wyndham Garden in Forest Park, Georgia. Construction on the property is expected to begin before year-end 2023, with an anticipated completion date of early 2025.
Canada’s hotel industry reported its highest ADR and RevPAR on record, according to CoStar’s June 2023 data. June 2023 (percentage change from June 2022): Occupancy: 74.4% (+3.6%); ADR: CAD221.86 (+12.0%); and RevPAR: CAD164.97 (+16.1%). In addition to the monthly ADR and RevPAR levels, Canada’s occupancy level was its highest since August 2022. Among the provinces and territories, Newfoundland and Labrador recorded the highest June occupancy level (86.7%), which was 9.0% above 2022. Among the major markets, Vancouver saw the highest occupancy (89.2%), which was 6.8% ahead of June 2022. The lowest occupancy among provinces was Saskatchewan (62.9%), down 0.3% versus 2022. At the market level, the lowest occupancy was reported in Edmonton (+8.1% to 58.%).
Europe Highlights
IHG Hotels & Resorts announced the opening of a new Staybridge Suites hotel in Dawson Creek, B.C. Owned and managed by 102070866 Saskatchewan Ltd., the 80-suite property features an onsite pool, a fitness center, and meeting facilities.
Personnel Moves
Accor announced a series of new executive appointments for Raffles and Orient Express, brands of its Luxury & Lifestyle Division. The new hires will join the leadership team overseeing the two hospitality brands and will be based in Paris and New York. Claudia Kozma Kaplan, Senior Vice President & Global Head of Brand at Raffles Hotels & Resorts, will lead Raffles’ global network of 18 hotels plus many more under development, including Raffles London at The OWO and Raffles Boston, which are both set to debut later this year. Claudia will also represent Orient Express in the Americas. Edouard Schwob, Senior Vice President, Development, Luxury Americas and Global Raffles & Orient Express. Edouard will be based in New York City and brings a wealth of experience in high-profile hotel acquisitions and expertise in asset management that will help drive the targeted growth of Accor’s ultra-luxury brands. Guy Heywood, Senior Vice President, Operations, Raffles & Orient Express. Based in New York City, Guy will bring Raffles & Orient Express his demonstrated ability to cultivate and enhance customer experience and looks to improve further and elevate the positioning of both brands. Kristen Richter, Senior Vice President, Commercial, Raffles & Orient Express. Based in New York City, Kristen brings 20 years of experience leading hospitality revenue management, sales, distribution, analytics, and reservations teams. Anne Benichou, Vice President, Global Communications, Partnerships & Retail, Raffles & Orient Express. Based in Paris, Anne will spearhead impact new initiatives across the communications, partnerships, and retail disciplines for the two ultra-luxury brands while ensuring brand consistency on a global scale. Nathalie Declos, Vice President, Global Spa & Wellness, Raffles & Orient Express. Based in Paris, Nathalie will oversee the spa strategy and wellness initiatives for both brands while upholding global well-being standards.
Vizergy Digital Marketing announced the appointment of Robert Arnold as Chief Executive Officer, replacing Joe Hyman, who has held the CEO role for the last 25 years. Before joining Vizergy, Robert worked in senior leadership roles with Micros and Travelclick.
