The DJIA rose 53 points, Nasdaq was up 16, the S&P 500 rose a point, and the 10-year treasury yield was up .07 to 4.08%. Lodging stocks were mixed, but both MAR and HLT traded up to new highs today.
Oppenheimer lowered their target price on Ashford Inc to $17 from $20. They maintained their Outperform rating.
Apple Hospitality had its price target cut to $18 from $19 at B. Riley. They maintained their Buy rating.
Project MidX Studios, the lower midscale, extended stay property, is officially called StudioRes. MAR describes it as a new-build, midscale extended stay development platform for owners & franchisees in the US and Canada. MAR said 1,800 target markets have already been identified. The new build extended stay prototype rooms include 124 keys with fully furnished studios, queen beds, and a kitchen. Interestingly enough, the properties are not expected to offer breakfast while offering weekly housekeeping.
According to the Q2 2023 Latin America Hotel Construction Pipeline Trend Report from Lodging Econometrics, the region’s total construction pipeline includes 552 projects/88,477 rooms. At the close of the quarter, there are 227 projects/38,674 rooms presently under construction, projects scheduled to start construction in the next 12 months stand at 158 projects/25,091 rooms, and projects currently in early planning stand at 167 projects/24,711 rooms. Twenty-seven projects accounting for 3,796 rooms started construction in Q2 2023. Countries with the most projects in the construction pipeline include Mexico, with 213 projects/33,853 rooms. Next is Brazil with 85 projects/14,772 rooms, the Dominican Republic with 33 projects/7,071 rooms, Peru with 27 projects/3,322 rooms, and Argentina with 18 projects/1,932 rooms. Cities in Latin America with the largest pipelines at the Q2 close are led by Mexico City, Mexico, with 23 projects/2,691 rooms; Lima, Peru, with 15 projects/2,056 rooms; Riviera Maya, Mexico with 14 projects/1,956 rooms; Sao Paulo, Brazil, with 12 projects/3,012 rooms; and Georgetown, Guyana with 12 projects/1,558 rooms. Top hotel franchise companies in Latin America’s construction pipeline are Marriott International with 116 projects/18,733 rooms, Hilton Worldwide with 105 projects/14,207 rooms, IHG Hotels & Resorts with 76 projects/10,225 rooms, Accor with 74 projects/9,608 rooms, and Hyatt Hotels with 33 projects/8,909 rooms. The top brands in Latin America in Q2 2023 are Accor’s ibis brands with 48 projects/6,228 rooms, Hilton’s Garden Inn with 27 projects/2,465 rooms, Hampton by Hilton with 21 projects/2,522 rooms, Marriott’s Courtyard brand with 13 projects/1,801 rooms and IHG’s Holiday Inn Express brand with 13 projects/1,566 rooms. In the first half of 2023, 30 new hotels/5,353 rooms opened in Latin America, with an additional 59 new hotels/10,344 rooms scheduled to open before year-end. 2024 is forecast to see 105 new hotels/15,970 rooms throughout the region, and LE analysts forecast 2025 will have 123 new hotels/16,957 rooms.
Hilton announced the opening of The Bankers Alley Hotel Nashville, Tapestry Collection by Hilton. Formerly the historic Gray & Dudley Building, the 124-key lifestyle hotel in Nashville, Tennessee, features 10,500 square feet of exhibition and meeting space across 10 meeting rooms, private dining rooms, a terrace, and a museum. The hotel additionally offers a business center, fitness center, and a signature restaurant.
The Ascend Hotel Collection, part of Choice Hotels International, Inc., expanded its footprint in key markets worldwide. The Collection has awarded six new agreements and added seven new properties to its domestic portfolio in the second quarter of 2023. Recent signings include Three Ears Resort in Warren, Wisconsin; a 44-room property in Red River, New Mexico; The Bradford Hotel in Springfield, Missouri; La Creole Inn & Suites in Lafayette, Louisiana; and the Black Bear Inn in Orono, Maine. Recent openings to the Ascend Hotel Collection include Graystone Lodge, Ascend Hotel Collection, Boone, North Carolina; CityFlats Hotel – Grand Rapids, Ascend Hotel Collection, Grand Rapids, Michigan; and CityFlats Hotel – Port Huron, Ascend Hotel Collection, Port Huron, Michigan; The Hotel Saratoga, Ascend Hotel Collection, Saratoga Springs, New York; Inn on Maritime Bay, Ascend Hotel Collection, Manitowoc, Wisconsin; and The Gibson, Ascend Hotel Collection, Great Falls, Montana.
Developer Shaun Gilbert proposes building a 250-room boutique hotel in Santa Barbara, California. The project would include a restaurant, bar/lounge, spa, and fitness center.
The team behind the Orange Station development in downtown St. Petersburg, Florida, is deviating from the mixed-use project’s original plan by eliminating market-rate housing units and adding a new hotel. The St. Petersburg City Council approved the agreement with Edge Central Development Partners, a local partnership group consisting of DDA Development, Backstreets Capital, and J Square, to change the project plans for the site of the old St. Pete Police headquarters. In the latest amended agreement, the partners have scrapped the plans to build 61 condos, known as The Residences at Orange Station. The development will still include The Wye, a 42-unit workforce housing building; 125,000 square feet of office space; a shared parking garage; 14,000 square feet of retail; and a Marriott Autograph Collection-flagged hotel. Ellison Development will lead the development work on the 160-key boutique hotel, which will have a bar and restaurant, meeting and conference rooms, event spaces, fitness facilities, a multi-level theater, and a rooftop pool. Ellison Development will also be a joint venture partner. Construction is expected to start this fourth quarter, and developers expect residents to move into the workforce housing unit by 2025.
Cobblestone Inn & Suites celebrated the grand opening of The Cobblestone Inn & Suites in Sheldon, Iowa, in the Sheldon Crossing area.
Cobblestone Hotels broke ground on the site of the new Riverstone Suites in Chippewa Falls, Wisconsin. The 58-room Riverstone Suites extended-stay hotel is expected to open in 12 to 15 months.
Raines announced the opening of the newly renovated Waynesville Inn & Golf Club in Waynesville, North Carolina. Raines, in partnership with Bobby Weed Golf Design, has transformed this destination into a perfect blend of refined amenities and top-notch golf. The historic 165-acre property now boasts 72 newly refurbished guest rooms, a comprehensive 18-hole golf course and practice facilities, 5,000 square feet of flexible event space, an Event Lawn, a variety of dining options, a business center, an outdoor pool, and a fitness center.
Best Western Hotels & Resorts announced the opening of the Best Western Bellemont Shadow Mountain Inn in Bellemont, Arizona. Sunesh Tewari and Anand Vashi own the hotel. The 43-room property recently completed a $2.5 million renovation. Amenities include an outdoor patio with BBQ, guest laundry facilities, a business center, a fitness center, and an indoor pool.
Civitas Capital Group closed a senior loan on the 168-key Embassy Suites by Hilton Chicago Naperville hotel located in Naperville, Illinois. This loan will be used to refinance an existing loan on behalf of the owner, a joint venture between Brookfield Reinsurance/ANICO and Superhost Hospitality. The all-suite hotel, developed by Superhost, features an indoor pool, fitness center, guest laundry, market pantry, outdoor patio, onsite restaurant, and nearly 14,000 square feet of flexible event space.
Wyndham Alltra is now taking reservations for its newest resort, the tranquil 404-room Wyndham Alltra Samana. Managed by Playa Hotels & Resorts, the resort is slated to open on December 1st and marks Wyndham Alltra’s entry into the Dominican Republic. The all-inclusive resort is opening following an extensive renovation of all resort rooms and public spaces. It features a private beachfront, live entertainment, four pools, and nearly a dozen bars and restaurants.
In August 2019, The Celtic Manor Resort in Newport, U.K., announced it would open a new hotel in the city. The resort said the Ty Hotel Newportwould be located in Langstone on the east side of the city next to the Coldra Court Hotel, which the Celtic Collection also owns. The mid-range hotel will have 146 bedrooms, a concept restaurant, a bar, and an activity suite. Ty Hotel Newport’s website says the hotel is due to open in May 2024.
Four Points by Sheraton is set to open its first Four Points hotel in the heart of Edinburgh, marking the brand’s first in Scotland and second Four Points property in the U.K. The hotel consists of 69 guestrooms across 4 floors, an onsite bar, and an Italian restaurant.
Marine & Lawn Hotels & Resorts, an Adventurous Journeys Capital brand, will open two brand additions over the next month. Dornoch Station (August 28th) and Slieve Donard (September 1st) are relaunching under the Marine & Lawn banner with refurbished guestrooms, public spaces, and food and beverage concepts. Situated on four acres in Dornoch, U.K, the Dornoch Hotel will relaunch as Dornoch Station. The property has undergone extensive renovations and features 89 guestrooms, all new public spaces, with the grounds now home to a new putting green and fire pits. The property also features two new food and beverage offerings. The 180-key Slieve Donard is the first Marine & Lawn property in Northern Ireland. The property features updated guestrooms and renovated meeting, event, and restaurant spaces. Wellness facilities include The Spa at Slieve Donard, an indoor pool, vitality pool steam room, rock sauna, drench showers, The Gym, and a hair salon.
Berkadia announced the addition of Senior Managing Directors Christian Charre and Paul Weimer and Managing Director Natalie Castillo to the Hotels & Hospitality platform. Charre, Weimer, and Castillo, who are joining Berkadia from CBRE Hotels, will be based in Miami. Charre and Weimer each served as Executive Vice President with CBRE, and Castillo served as a Senior Vice President with CBRE.