The DJIA was up 293 points, the Nasdaq rose 239, the S&P 500 rose 64 points, and the 10-year treasury yield was down .09 to 4.12%. Lodging stocks were higher again, with the lodging REITs leading the way. The biggest gainers were AINC, up 6%, and ABNB, up 5%. As for the REITs, the big debate now is whether the Hersha Hospitality/KSL deal means more deals are in the pipeline. The amazing thing about this is that it won’t take much for Wall Street to narrow the gap between NAV and the current stock prices, making transactions less attractive to private equity firms.
Lodging Dynamics Hospitality Group has been appointed to manage the 174-room Hilton Garden Inn and the 184-suite Homewood Suites by Hilton Los Angeles/Redondo Beach. The hotels are developed and owned by Mogul Capital, two of several Southern California hotels they own and have developed. The Hilton Garden Inn and Homewood Suites sit near the Redondo Beach Pier in Redondo Beach, California.
A Manhattan hotel, once caught up in the 1MDB scandal, was sold to Qatar’s sovereign wealth fund after spending years on the market. The Qatar Investment Authority has paid nearly $623 million for the 46-story Park Lane Hotel on Central Park South. Jho Low had been part of the group that owned the 46-story property. He was convicted last year on U.S. corruption charges for stealing billions of dollars from Malaysian investment fund 1MDB. The U.S. Justice Department wanted to seize the hotel but came to an agreement with the owners, led by Steven Witkoff, to sell the hotel and hold Low’s share of the proceeds in escrow.
Wingate by Wyndham Hotel by Los Angeles International Airport has sold for $24 million to Greens Group. Lee & Associates Orange represented the seller, a family trust. No plans have been announced to renovate or upgrade the three-star hotel.
IHG Hotels & Resorts announced the signing of a new Crowne Plaza hotel in Saint John, New Brunswick, marking the brand’s sixth Canadian property upon its planned late 2023 opening. A conversion of an existing hotel, Crowne Plaza Saint John Harbour View, will feature 135 guestrooms, harborfront meeting facilities, and an onsite restaurant and bar.
The owners of the Comfort Inn in Berlin, Vermont, have floated plans to construct a new five-story, 97-room hotel on its Paine Turnpike North campus and have requested a tax break from the town as they seek to advance that $10 million project. Nearly 18 months after acquiring the Comfort Inn for $7.75 million, Giri Montpelier Inc., a subsidiary of Giri Hotel Management, said it is looking to double down on that investment by building a second hotel on the property. The company started conversations with Hilton to do a Hilton product serving the central Vermont market at this site. Plans contemplate an extended-stay hotel.
Kintetsu Group Holdings plans to build a new hotel in Plano, Texas. The new hotel is expected to be large-scale, with hundreds of guest rooms, banquet halls, swimming pools, and other facilities.
Choice Hotels International, Inc. announced the groundbreaking of Cambria Hotel Tampa – Brandon in the rapidly growing region of East Tampa, Florida. The five-story, 102-room property is being developed by Brandon Tampa Investments LLC and is slated to open in late September 2024. The Cambria Hotel Tampa – Brandon will feature onsite dining, a fitness center, a pool, and multi-purpose indoor and outdoor spaces for work or relaxation.
The big hotel project set to launch in downtown Evans, Georgia, has fallen apart. The Tempo by Hilton Hotel project was planned for the Evans Town Center neighborhood near the Columbia County Performing Arts Center.
We covered the San Francisco Standard article on Oxford Hotels & Resorts’plans to reopen and rebrand four hotels on Sunday. Oxford Hotels have given us additional information about their plans along with mistakes that were made in the SF Standard article. First, the 143-room (we mistakenly printed 43-room) Best Western hotel is the Americania Hotels, not the Americana as in the article. Oxford said it will be rebranded as SoMa House and will have 152 rooms as they will add on 9 more hotel rooms. The Hotel Garret, formerly the 117-room Good Hotel, will have 121 rooms after Oxford adds 4 rooms. The 110-room Hotel Vertigo will reopen as the Hotel Julian but will only have 107 refreshed guestrooms. Oxford said three of the rooms are now being utilized for an F&B venue debuting next year.
National Real Estate Development and Frontier Development & Hospitality Group plan to transform the former Family Court building in Philadelphia, PA, into a boutique hotel and build a new location for the African American Museum on a neighboring surface parking lot. The 247,196 square-foot former Family Court building will include a restaurant, bar, event space, and hotel. The entire development is expected to be completed in 2028.
The East Bay Resort on the island of South Caicos in Turks and Caicos is set for a major rebranding and redevelopment effort. The nearly 100-room resort is closing on September 9 to undertake a significant renovation project that will result in a new look and a new name: the Salterra Resort and Spa. The new Salterra will be opening its doors in 2024, with forthcoming plans for a brand affiliation.
Personnel Move
The American Hotel & Lodging Association announced that Jolyon Bulley, CEO – Americas, IHG Hotels & Resorts has been appointed to its executive committee. AT IHG, Jolyon is responsible for the management, growth, and profitability of the Americas region and for developing and defining a clear strategy for its Luxury and lifestyle brands globally. Jolyon has held a number of significant roles, including CEO for Great China.
Europe Highlight
Wyndham Hotels & Resorts announced the opening of the Wyndham Grand Krakow Old Town, the first Wyndham Grand in Poland. Dobry Hotel Group will operate the 60-room hotel. The Wyndham Grand Krakow Old Town offers a wellness zone with a heated indoor pool, a fitness center, a spa with a sauna, a hot tub, a salt cave, an executive center, and two versatile meeting rooms.
