The DJIA fell 107 points, the Nasdaq was down 32, the S&P 500 fell 10 points, and the 10-year treasury yield was up .05 to 4.37%. Lodging stocks were lower on the day. Sonder announced its reverse split.
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B of A Securities reinstated coverage of IHG Hotels & Resorts with a Buy rating.
Sonder announced Tuesday that it’s 1-for-20 reverse stock split would become legally effective after market close Wednesday, and that its shares would start trading on that basis Thursday morning, Skift reported.
Mission Hill Hospitality acquired the 129-key Residence Inn by Marriott in Breckenridge, Colorado. The hotel offers 1,700 square feet of flexible meeting space, a fitness center, a cocktail bar, a lounge, a year-round pool and hot tub experiences, a health club, ski storage, and barbeque grills.
Braintree Group announced the grand opening of the River’s Edge Hotel, a Tapestry Collection Hotel in Portland, Oregon. Braintree Group acquired the newly renovated property in June 2021 and officially joined the Tapestry Collection by Hilton on June 13, 2023. Resolute Road Hospitality will manage the property. The extensive renovation of the 112-room hotel focused on enhancing the overall guest experience and modernizing the hotel’s facilities. In addition to a freshly renovated lobby and guestrooms, the hotel now includes a brand-new coffee outlet, Mill Café & Lounge restaurant, lounge, market, meeting rooms, and modern fitness center.
The former Mr. C Beverly Hills hotel in Los Angeles, California, is being rebranded as part of a planned conversion to Hilton Worldwide’s LXR Hotels & Resorts line. Braemar Hotels & Resorts is spearheading the approximately $25 million overhaul of the hotel, now known as Cameo Beverly Hills. Added amenities and enhanced design elements will include upgrades to the guestrooms, guest bathrooms, restaurant, lobby, pool fitness area, and meeting spaces. Remington Hospitality will continue to operate the property after the conversion.
Hyatt Hotels Corporation continues strategically growing its luxury and lifestyle brand footprint with a strong development pipeline of more than 30 planned hotels and resorts in the Americas region through 2025, including expanding Hyatt brands into new markets. Over the past five years, globally, Hyatt has doubled its number of luxury rooms, tripled the number of resort rooms, and quadrupled the number of lifestyle rooms. Hyatt is the fastest-growing luxury portfolio, with luxury, lifestyle, and resort hotels now making up over 40% of Hyatt’s portfolio, reinforcing its position as the premier hotel brand for high-end travelers. 2023/2024 newly announced luxury and lifestyle properties include Hyatt Centric Santo Domingo and Cas en Bas Beach Resort. Boundless Collection hotels that will debut in 2023/2024 include Thompson Houston; Thompson Palm Springs; Thompson South Beach; Caption by Hyatt Chattanooga Downtown; and Hyatt Centric Escazu San Jose. Timeless Collection hotels to be delivered in 2023/2024 include: Park Hyatt Los Cabos at Cabo del Sol and Grand Hyatt Scottsdale Resort & Spa; and Secrets St. Lucia Resort & Spa will open in 2024 as part of Hyatt’s Inclusive Collection.
Miraval Resorts & Spas announced the opening of its newest experience, Miraval Life in Balance Spa Aviara, located within the Park Hyatt Aviara Resort, Golf Club & Spa in Carlsbad, California, as the final phase of Park Hyatt Aviary’s $60 million resort-wide renovation. Miraval Life in Balance Spa services are complemented by daily activities from sound bathing to chakra balancing, breathwork, meditation, and more. Park Hyatt Aviara’s renovation includes a dramatic redesign of the resort’s lobby entrance and public areas, elevated guestroom and suite products, enhanced pool offerings, the introduction of several restaurant and bar concepts, and upgrades to the resort’s 83,000 square feet of meeting and event spaces.
Raffles Boston opened its doors last Friday. The property represents the first mixed-use development in North America for the brand. Raffles Boston features a three-story Sky lobby on the hotel’s 17th floor, 147 guestrooms, four distinct food and beverage venues, a gym, an indoor pool, and the prestigious Guerlain Spa at Raffles Boston.
HEI Hotels & Resorts Hawaii Division announced the assumption of operations of The Whaler on Kaanapali Beach, a luxury high-rise condominium located in the heart of the Kaanapali Beach Resorts in Maui, Hawaii. The announcement marks HEI Hotels & Resorts Hawaii Rental Division’s first agreement on the heels of the division’s formation, with plans to expand further within the Aloha State.
AKA revealed its design transformation at the 36-story Hotel AKA Brickell, located in the Brickell neighborhood of Miami, Florida. After acquiring the 201-key property in 2021, AKA has invested $16 million into the property. Before renovations, guests had to travel to the 25th floor to enter the lobby. Now, they are transported when they step onto the property with a serene outdoor greeting area and a ground-floor lobby. The newly debuted 25th floor features the hotel’s lounge. The property also debuted Adrift Mare, a new restaurant and bar set in an 11-story atrium. Other amenities at Hotel AKA Brickell include a rooftop with a pool and adjacent Sky Bar + Grill, an enhanced fitness center, Leaf Spa, and a sprawling open-air event space known as the Sky Lawn.
Ennismore and partner Shivom LLC announced the signing of Mama Shelter Downtown LA, set to open in 2026, marking the second Mama Shelter in the city. Transforming the existing Mart South Building, the new Mama Shelter will boast 149 keys, three festive F&B outlets, a fitness center, and a parking garage. Owned by Shivom LLC, Mama Shelter Downtown Los Angeles is situated in the city’s Fashion District.
The Fontainebleau Las Vegas confirmed its opening date will be December 13. Reservations for the 3,644 key property can be made online beginning Monday. The website also features 36 restaurant concepts that will open in December and throughout the resort’s first year of business. The property will bring in several amenities from its Miami Beach location, including the 55,000-square-foot Lapis Spa. It will have 44 treatment rooms, 11 spa suites, a purifying salt cave, saunas, hydrotherapy lounges, and a co-ed sensory room with communal healing waters. There will be a 96,500-square-foot luxury boutique retail district on the first two levels of the resort, a six-acre pool district, 550,000 square feet of indoor-outdoor meeting space, 150,000 square feet of gaming space, and the LIV and LIV Beach clubs.
The Islamorada Resort Collection in Islamorada, Florida, will unveil a brand-new resort destination in the summer of 2024. Two existing resorts, Postcard Inn Beach Resort & Marina and Pelican Cove Resort & Marina, will undergo a multimillion-dollar renovation to merge and reopen as one resort next year. Following the renovation, the all-new resort in the Florida Keys will offer 214 new island-chic guestrooms, seven new culinary options and two new retail destinations. Additionally, capital improvements will be made to the full-service marina. The Islamorada Resort Collection is operated by Davidson Hospitality Group.
Developers are requesting to tear down New World Landing in downtown Pensacola, Florida, and replace it with a nine-story, 231-room Hilton-branded hotel. Grace Construction Consultants is developing a new hotel for 3H Group Hotels. The new hotel will be a dual-branded Hampton Inn and Suites and Home2 Suites by Hilton. The new building will feature a rooftop bar, pool, and meeting spaces. The ground floor will have a restaurant, bar, and spa for a potential retail tenant.
Red Roof announced the opening of the Red Roof Inn Atlanta Airport NE – Conley, Georgia, the Red Roof Inn Madisonville, Texas, and the HomeTowne Studios Mystic – New London, Connecticut. The Red Roof Inn Atlanta Airport NE – Conley offers 55 guestrooms, a guest coin laundry, a conference room, and a snack center. The Red Roof Inn Madisonville is a 40-room hotel offering a snack center in the lobby. The 56-room extended-stay HomeTowne Studios Mystic – New London features paid laundry, a snack center, and weekly housekeeping.
Classic Hotels & Resorts is rebranding to Marc & Rose Hospitality. Over the next 12 months, Marc & Rose will reintroduce two of its longest-held and most-beloved properties with multi-million dollar renovations: La Playa Hotel in Carmel-by-the-Sea and The Inn at Laguna Beach, both in California. Furthermore, the group is expanding its High Country Motor Lodge brand across the West Coast, with a celestially-inspired motor lodge in Flagstaff, AZ, as its flagship HCML experience.
Hunter Hotel Advisors announced the sale of the 150-room Canopy by Hilton Charlotte. MCR Hotels purchased the property from Tara Investments for an undisclosed amount. Hunter arranged the sale on behalf of Tara.
Marcus & Millichap announced the sale of Magnuson Grand in Sebring, Florida. The property sold for $8,000,000. Marcus & Millichap’s Miami office had the exclusive listing to market the property on behalf of the seller, a local developer, and they also procured the buyer. The property’s amenities include a pool, bar, laundry services, and more.
Bridgeton Holdings sealed a $60 million debt package to refinance its boutique hotel in Manhattan’s Tribeca neighborhood. Riyad Bank supplied the loan to Walker Hotel Tribeca, and Newmark arranged the transaction. The 171-key Walker Hotel Tribeca is Bridgeton’s second Walker-branded hotel in Manhattan.
Pacific Hospitality Group unveiled the PHG Evergreen Fund, an innovative investment vehicle unique within the hospitality real estate sector. Over the past three and a half decades, PHG has consistently outperformed industry benchmarks, averaging an 11.6% net annual cash-on-cash return and a 25% net annual total return for its investors, more than doubling industry norms. PHG has set an ambitious initial target of securing $250 million in commitments to see the Evergreen Fund. The fund is slated for an initial closing on November 15, 2023. The company will continue its strategy of investing in opportunistic markets with high growth potentials with a focus on California, Arizona, Utah, Texas, Tennessee, Florida, Georgia, The Carolinas, Colorado, Hawaii, and Washington.