The DJIA was up 247 points on Friday, while Nasdaq was up 127, the S&P 500 rose 29 points, and the 10-year treasury yield was basically flat at 4.24%. Lodging stocks were modestly higher, with the two movers being SLNA, rising a whole 6 cents, which was 12.5%, and AHT bouncing 5%.
Morgan Stanley upped their price target on CHH to $137 from $127 and SHCO to $6.50 from $6. The rest saw price targets chopped, with PEB down to $11 from $12, SHO to $9 from $10, DRH to $8.50 from $9, XHR to $10 from $11, PK to $13 from $14, and HST to $15 from $15.50.
The Santa Ynez Band of Chumash Indians announced the reopening of The Hadsten Solvang, a boutique hotel in the heart of Solvang, CA. Formerly known as Hadsten House, the hotel has undergone an extensive transformation and has been rebranded as The Hadsten Solvang, Tapestry Collection by Hilton. The extensive renovations of the 74-room hotel encompassed a comprehensive room and property remodel. Notable changes include transforming the hotel’s indoor pool area, allowing space for The Yard, a contemporary courtyard with lounge furniture, heaters, and games. Adjacent to The Yard is The Boiler Room, a bespoke lounge. The hotel also now offers a new fitness center.
Hilton announced that the $26 million property enhancement project of The Woodlands Resort Curio Collection by Hilton property is complete. The Living Room is now re-imagined as a more welcoming and stylish space along with the resort’s 402 rooms and suites. In addition to guestroom renovations, The Woodlands Resort has significantly refreshed its expansive meeting and event spaces, which combine a total of approximately 75,000 square feet. The resort has also expanded its dining options to include five food and beverage outlets, three resulting from the renovation. As the first Curio resort in Texas, The Woodlands Resort offers many amenities, including the famed Forest Oasis Waterpark, a tennis center with 21 courts, a fitness center, pickle ball, yoga, and seasonal family programming.
MCR Hotels is taking over Manhattan’s famed Gramercy Park Hotels, with plans to reopen the shuttered property and restore it as a boutique luxury hotel. MCR acquired the lease to the property, which was foreclosed on last year by Solil Management. MCR signed a 99-year, $50 million lease and expects to reopen the property in about two years. The hotel will undergo an extensive renovation to revitalize the lobby, restaurants, bars, and 197 guest rooms.
Milan Mistry and his family announced the reopening of the newly renovated Ramada by Wyndham Hotel located in Diamondhead, Mississippi. The hotel now has a new lobby, renovated suites, a ballroom, an indoor pool, and a hot tub. The owners are looking forward to opening a restaurant in the future.
Alterra Mountain Company announced a major terrain expansion of Deer Valley Resort that will add 3,700 acres of terrain to its ski-only destination located in the Wasatch Mountains in Park City, Utah. In addition, the development of a new village and portal will improve access to the resort while adding world-class lodging, dining, and retail amenities in partnership with Extell Development Company. The expansion will more than double Deer Valley’s skiable terrain, adding 16 new lifts and a new 10-passenger gondola. The complete project will unfold over the next three seasons, with a significant portion of the new lifts and trails set to open as early as the 25/26 winter season. Deer Valley will offer 5,726 acres of ski-only terrain spread across 10 mountains when completed. In addition to the ski-specific amenities, the new village is slated to have over 800 hotel rooms across multiple properties, nearly 1,700 residential units, retail and commercial space, and a recreation center.
Lark Hotels and Hatteras Sky announced the October 8th opening of Zelda Dearest, a 20-room boutique hotel set in three restored mansions in the South Slope neighborhood of Asheville, North Carolina.
The Global Ambassador, the luxury hotel being developed in Phoenix’s Arcadia neighborhood by restaurateur Sam Fox and his company Author & Edit Hospitality, has signed a partnership deal with Preferred Hotels & Resorts. Expected to open in November, The Global Ambassador is now part of Preferred Hotels & Resorts’ Legend Collection. The 141-room hotel will feature five original dining venues, a pool and wellness center, and a members-only club.
Oxford Hotels & Resorts is preparing to rebrand, renovate, and eventually reopen four downtown San Francisco hotels it acquired through Oxford Capital Group in 2019. The 43-room Americana Best Western hotel will reopen as the SoMa House San Francisco; the 117-room Good Hotel in SoMa will reopen as the Hotel Garrett; the 48-room Carriage Inn Best Western in SoMa will reopen as the Hotel Fiona; and the 110-room Hotel Vertigo in Nob Hill will reopen as the Hotel Julian. There’s no clear timeline for when the hotels will open, or even when renovations will be fully complete.
A three-story boutique hotel and Naples’ Aqua restaurant will replace the Liki Tiki BBQ and Pastrami Dan’s Restaurant building in Naples, Florida. Preliminary design plans garnered unanimous approval from the Naples Design Review Board. Under the proposed plan by the Stojkoski family, the existing single-story building will be knocked down and replaced with a high-end boutique hotel called Aquarius, with Aqua located on the ground floor. The hotel will have 18 units with a pool/amenity deck, an outdoor bar, and a restaurant with indoor and outdoor seating.
Red Roof announced the opening of the 66-room Red Roof Inn Nacogdoches, Texas.
A new 188-guestroom hotel has been proposed for development on the east side of San Carlos, California. Holly Hotel Group proposes building the six-story hotel with a three-story, 148-stall parking structure.
A new resort is being considered for Exit 407: Gateway to Adventure in Sevierville, Tennessee. The resort, currently in the feasibility and concept stages, is being proposed by Sports Illustrated in partnership with OE Experiences. Exit 407: Gateway to Adventure owner and operator Kituwah LLC is reviewing the resort’s program, design, and economics to ensure everything aligns properly. Kituwah LLC, the economic development am of the Eastern Band of Cherokee Indians, recently became the largest equity holder of the Sports Illustrated Resorts Brand.
Minute Suites is opening its third location in Atlanta’s Hartsfield-Jackson International Airport. The new site is in Concourse F between gates F2 and F4, offers 7 suites, and is open 24 hours daily.
Indigo Road Hospitality Group announced that The Flat Iron Hotel in downtown Asheville, North Carolina, is slated to open this fall. The Flat Iron Hotel will comprise 71 guest rooms, six suites, a rooftop bar, a speakeasy cocktail bar, and an Italian restaurant. Details on the opening will be announced at a later date.
Cronheim Hotel Capital secured a $22 million loan on behalf of LAM Generation to refinance the existing note on a 92-room Fairfield Inn & Suites in New York, NY.
Colima 71 has opened in the Colonia Roma Note district of Mexico City. The 16-studio boutique property features an all-day coffee bar and an Honest Bar.
Hotel Indigo announced the opening of Hotel Indigo Guadalajara Expo in Guadalajara’s historic district, Chapalita. Originally built for the 1970 World Cup, the seven-story, 162-room hotel has completed a renovation, giving it a design that resonates with its legacy. Operadora Javipa manages Hotel Indigo Guadalajara Expo and features an onsite restaurant, rooftop bar, one ballroom with three breakouts and six meeting rooms, a business center, a gift shop, and a fitness center.
Europe Highlights
Hilton announced the opening of Canopy by Hilton Cannes in Cannes, France. The hotel features 129 guest rooms and suites, along with a further 12 apartments; an indoor-outdoor heated pool; a spa including five cabins, a hammam, and a Japanese bath and sauna; a rooftop restaurant and cocktail bar; and a first-floor café.
Travelodge announced plans to open a further 300 hotels in the UK, as it posted a record performance for the first half of 2023 and forecast full-year profits ahead of 2022. Travelodge added that it is also exploring expansion opportunities in Spain, following the opening of its first new hotel in the country in ten years, in Madrid. The company now operates 6 hotels in Spain with 700 rooms. In the first half of the year, Travelodge posted revenue of £478.7 million, up 22.4% compared to H1 2022, and adjusted EBITDA of £104.5 million, up 48% year-on-year. The company said its performance was driven by leisure and business demand.
Reliance Industries entered into an understanding with The Oberoi Hotels and Resorts to jointly manage three properties across India and the UK. These properties include the upcoming Anant Vilas Hotel in Mumbai’s Bandra Kurla Complex, Stoke Park in the UK, and another planned, unnamed hotel project in Gujarat. The company stated that Anant Vilas in Mumbai has been conceived as the first metro-centric property as part of the luxury “Vilas” portfolio run by The Oberoi Group.
