The DJIA rose 76 points on Friday while Nasdaq was up 13, the S&P 500 was up 6 points, and the 10-year treasury yield was flat at 4.26%. Lodging stocks were modestly higher. AHT surged 14% to lead the group. AINC traded down another -5% to another new low. SLNA was down another -9%, and SOND fell another – 6%.
A new Marriott hotel is planned for Cary, North Carolina, the third of its kind in the works for the town. RevPAR Companies are developing the Residence Inn by Marriott at MacGregor Village. It will feature 122 guestrooms, a meeting room, lounge, dining area, bar, market, fitness center, indoor pool, and an outdoor patio with a fire pit, grill, and seating.
Hilton has opened Motto by Hilton New York City Times Square, the second Motto by Hilton brand in New York City. The 400-room tower features a lobby bar and a restaurant. Motto by Hilton New York City Times Square is the sixth Motto by Hilton to open since the brand launched in 2018.
IHG’s Voco added its fourth location in New York with the opening of voco Fiorello – LaGuardia East. Located in Flushing, New York, the 114-room hotel features a bar and restaurant spaces and electric vehicle charging stations.
IHG Hotels & Resorts celebrated opening a Holiday Inn property in South Philadelphia following a more than $10 million conversion and renovation. Formerly Radisson Hotel Philadelphia, the Holiday Inn Philadelphia Airport – Stadium Area provides 206 guestrooms, over 10,000 square feet of meeting space, a business center, and a restaurant and lounge. The Holiday Inn is owned and managed by Watermark Hospitality Group. The hotel is its first IHG-banded property.
Houston’s first Thompson hotel now accepts reservations for stays from November 29 and beyond. Thompson Houston will be part of D.C. Partners’$500 million The Allen mixed-use development. The hotel will be located on the first 15 floors of D.C. Partners’ $290 million The Residences at The Allen, a 35-story hotel/condominium tower. When it opens later this year, Thompson Houston will offer 172 hotel rooms, multiple food and beverage venues, a spa, a pool deck, electric vehicle charging, and access to the new EoS Fitness in The Pavilion. The building also has a heliport, and the hotel will also serve as an amenity for residents living in the building’s 99 condo units.
Last spring, the Southington, Connecticut town council awarded a seven-year tax phase-in to incentivize KARM Properties to build a $10 to $20 million WoodSpring Suites hotel near I-84. The wetlands board is scheduled to vote on KARM’s application, followed by the planning and zoning commission decision. The four-story WoodSpring Suites Southington would have 123 rooms.
1 Hotel South Beach, in Miami Beach, Florida, announced plans for a new beach club and re-imagined restaurant and rooftop. The hotel’s beach club will be transformed into Tala, a new beachfront restaurant, bar, and lounge. Located at cloud level, WATR at 1 Rooftop will undergo a complete refresh, giving guests an elevated nightlife experience. The pool on 1 Rooftop will also be updated with all new furnishings, including completely refreshed poolside sky cabanas. The rooftop updates will be taking place through mid-September.
Creek Indian Enterprises Development Authority (CIEDA) andDreamCatcher Development have forged a new partnership to expand the DreamCatcher hotels brand. The Poarch Band of Creek Indians (PBCI), through their economic development division CIEDA, currently owns multiple hotels, both solely and through partnerships in Alabama, Florida, and North Carolina. The partnership will open doors to numerous opportunities, including: an enhanced hospitality portfolio, expertise and innovation, community growth, and a guest-centric approach.
The Indigo Road Hospitality Group expects to open The George later this fall. Located in Georgetown, South Carolina, The George is a waterfront property featuring 56 bedrooms and suites. The boutique hotel will have a full-service restaurant, a bar, and private event space.
In Holly, Michigan, The Holly Hotel has stopped its reconstruction after the owners filed a lawsuit against the owner of its neighbor property. The Holly Hotel has been closed since June 21, 2022, after a fire, which started at the Holly Antiques Arcade next door, damaged the building and several surrounding businesses. During the reconstruction, the owners of the hotel learned that the west wall of the building had been over its property line since 1891. According to the lawsuit, the reconstruction has been halted by the unnecessary, unlawful, and spiteful actions of Jeremiah Roberts, the new owner of the former Holly Antiques Arcade property. According to George Kutlenois, co-owner of the Holly Hotel, Roberts denied the construction crews access to rebuild the west wall. The arcade hired a contractor to finish what was left of their building, and they tore down the west wall of the hotel. The hotel is on the National Register of Historic Places. Kutlenois said the arcade owner is forbidden to reconstruct the building any differently, which is what Roberts wants to do.
Calmwater Capital announced its acquisition of Banyan Cay Resort & Golf Club in West Palm Beach, Florida. As the new property owner, Calmwater Capital affiliate U.S. Real Estate Credit III has immediately induced financial and professional resources to reopen the golf course and club and complete the hotel, spa, and fitness complex. Calmwater Capital has also engaged crews to complete the 150-room hotel and resort, featuring three restaurants, a spa and fitness complex, a wedding venue, a meeting space, banquet facilities, a resort-style pool, and pickleball courts. The hotel brand and timeline for completion will be announced at a later date.
HVS Brokerage & Advisory announced the sale of the 58-key Microtel Inn & Suites by Wyndham Breaux Bridge, located in Breaux Bridge, Louisiana. Patel Capital Groups purchased the property from D.S. Operating.
Cronheim Hotel Capital secured $11,200,000 to refinance the existing debt on the Residence Inn in Woodbridge, New Jersey. The maturing loan was refinanced by one of Cronheim’s bank relationships.
The long-awaited Westin Beach Resort in St. Thomas has officially begun welcoming guests in a soft opening phase. The project is a transformation of the former Marriott Frenchman’s Reef resort, and its debut follows the opening of the new Buoy Haus, Autograph Collection at Frenchman’s Reef. The 384-room Westin Beach Resort has five dining concepts and a pool. The spa will not be ready until the end of this month. Aimbridge Hospitality manages both the Westin and the Buoy Haus.
Solmar Hotels & Resorts is introducing the Grand Solmar Pacific Dunes, Golf & Spa, formerly known as Gran Solmar at Rancho San Lucas, Golf & Spa. The property in Mexico has renewed its name and image, and with a short-term growth plan, it is expected to reach 598 keys in two years. The project will also expand gastronomic and entertainment offerings, including a sports bar with virtual reality simulators. These changes are expected to roll out over the next six months gradually. The resort has restaurants, pools, plus a seawater lagoon with water activities, slides, and a spa.
Grupo Brisas announced the opening of Galeria Plaza Monterrey, its most recent property in the financial heart of Nuevo Leon, Mexico. The $42 million hotel boasts nine floors and 206 rooms, a gym and yoga area, an outdoor pool, a business center, a restaurant, a bar fire pit, a terrace for events, a spa cabin, and more.
Europe Highlights
IHG Hotels & Resorts accelerated the growth of its luxury and lifestyle estate in Europe by adding six Hotel Indigo properties to its portfolio. Hotel Indigo Bordeaux, France, will open this autumn with 100 guestrooms. Hotel Indigo Trieste – Palazzo Kalister, Italy, signed in partnership with Gruppo CHC, is a conversion project transforming a 19th-century palace into a 107-room hotel, ready to welcome guests in 2025. Hotel Indigo Florence, Italy, is set to open in late 2023. The 160-key property is signed in partnership with Grape Hospitality. Hotel Indigo Turin, Italy, will open later this year. The 50-room hotel is in partnership with Gruppo CHC. Signed as a conversion project in partnership with Meravo Management AS, Hotel Indigo Jerez, Spain, is a 78-room hotel slated to open in early 2025. The 127-room Hotel Indigo Faro, Portugal, opens in mid-2025 and is signed in partnership with Mercan Properties.
In a joint venture with Melia Hotels International, the Abu Dhabi Investment Authority completed a deal to buy two hotel portfolios in Spain. As part of the deal, ADIA will work with newly formed asset manager Petra and will be managed in parallel with Hova Hospitality. Through the platform created with Petra, ADIA closed on the following acquisitions: 7 hotels in a J.V. with Melia. The platform acquired a 51% interest from Avenue Capital in a seven-hotel portfolio and beach club in the Calvia area of Mallorca. The portfolio includes 2,331 rooms managed by Melia under the Melia and Sol brands. The investment will be held in a joint venture with Melia, who will continue owning the remaining 49% interest in the properties — 100% of a 17-hotel Spanish portfolio totaling 2,587 rooms across 11 cities from private owners. The portfolio includes six properties in Madrid and eight resorts, which will be renovated and repositioned to maximize their performance. Melia manages all the hotels. Following the acquisitions, Petra will act as asset manager for the 24 hotels in the portfolio and will continue to seek value-add hotel investment opportunities across Europe actively.
On September 29, The OWO debuts in the heart of London’s Whitehall with the opening of new restaurants and bars, the first hotel in the U.K. for Raffles Hotels & Resorts: Raffles London at The OWO, 85 Raffles Residences, The Guerlain Spa and Pillar Wellbeing. Raffles London features 120 guestrooms and suites, signature dining experiences, impressive entertainment spaces, including a grand ballroom, and an extensive spa in partnership with Guerlain and Pillar. Raffles London at The OWO has been developed in partnership between the Hinduja Group and Accor. The OWO Residences by Raffles are the first Raffles-serviced residences in the U.K. and Europe.
