The DJIA fell 159 points on Friday while the Nasdaq was up 18, the S&P 500 fell 12 points, and the 10-year treasury yield was down more than .02 to 4.57%. Despite the only mover of note being Sonder, up 22%, most lodging stocks were lower on the day.
The 164-room hotel at the center of Woodinville, Washington’s $700 million Harvest development broke ground on Wednesday. The Somm Hotel and Spa is expected to open in the summer of 2025, and the groundbreaking comes shortly after Woodinville Hotel Partners secured a $52 million construction loan via Hall Structured Finance. Alco Investment Co. is an equity partner in the project. Columbia Hospitality will manage and operate the hotel, part of Marriott’s Autograph Collection. When complete, it will include a full-service restaurant and bar, a spa with rooftop treatment tents and hot tubs, a rooftop bar, a ballroom, and multiple meeting rooms. In addition to the hotel, the 20-acre Harvest project from developer Wood Mountain LLC will hold 100,000 square feet of retail space and over 400 residential units.
LBA Hospitality announced that Home2 Suites by Hilton Houston/Katy has completed its renovation. All guestrooms and public spaces at the 92-suite hotel were upgraded as part of the renovation process. The hotel, located in Katy, Texas, is owned by Details Hotel Group, Inc. and managed by LBA Hospitality. Home2 Suites by Hilton Houston/Katy features a Spin2Cycle fitness center, a business center, two meeting rooms, an outdoor saline pool, a large outdoor area equipped with a barbecue grill and a fire pit area.
The city of Sarasota, Florida, is reviewing a permit application for a Home2 Suites by Hilton at 3609 San Pablo Parkway. Hotel Development Partners, through HDP Ventures LLC, is the developer. The group intends to begin constructing the $17.5 million, 125-room, five-story hotel this year.
Kimpton Hotel Theta, managed by Highgate, has officially opened in New York City. Set in the nexus of Hell’s Kitchen and Times Square, the 364-room lifestyle hotel features a café, and in early 2024, will welcome a rooftop restaurant.
Stockdale Capital Partners acquired the InterContinental Houston, a 354-key hotel located within the Texas Medical Center in Houston, Texas. The property is the only luxury hotel with proximity to the TMC medical complex. It boasts a restaurant, café, and lounge, 18,000 square feet of meeting space, a fitness center, and an outdoor pool.
IHG Hotels & Resorts announced the opening of a new Holiday Inn Express & Suites hotel in Waynesboro, Virginia. Owned by Waynesboro Hotel LLC, the Holiday Inn Express & Suites Waynesboro features 99 guestrooms, an indoor heated saltwater pool, a fitness center, and onsite meeting space.
A new hotel could soon pop up in Nampa, Idaho. Site plans show a dual-branded La Quinta and Hawthorn Hotel by Wyndham Hotels & Resorts on a little more than 11 acres of land at 2200 E. Chisholm Drive. The four-story hotel would offer 129 rooms split 50/50 between the two, 126 parking spaces, meeting areas, a brunch room, an indoor pool, and outdoor gathering spaces.
The Real Deal published an article on a $25 million foreclosure battle for a property run by Selina. Hotel Capital defaulted on a nearly $20 million mortgage secured by the former Tremont hotel near the Magnificent Mile in Chicago. Hotel Capital owes $25 million after interest and fees to the lender, an entity controlled by JLL’s investment arm, LaSalle Investment Management. Hotel Capital alleges that the foreclosure filing results from Selina’s failure to meet its obligations to the lender and his firm. SLNA was also supposed to reopen the property’s restaurant space. Hotel Capital said SLNA owes several million dollars in rent, and they plan to sue to recover. SLNA disputed this, saying the landlord defaulted on its loan before SLNA even reopened the hotel. Hotel Capital bought the former Tremont Chicago Hotel and now shuttered Ditka’s steakhouse from Marriott International in 2018 for $19.1 million. The master leased the hotel and restaurant space to SLNA in 2021. Hotel Capital did default on the loan in October 2020 when the hotel was shut down. The loan matured in June 2021.
A $23.5 million dollar hotel project is in development at the former Kmart building in Menominee, Michigan. The Veridea Group plans to demolish the old building and construct a new four-story, 95-room hotel. According to the project memo, future phases of development include a potential second hotel, residential development, and retail space.
The 110-year-old Balbin Bros. Cigar Factory in Tampa, Florida, is being transformed into a 70-room boutique hotel. Developers are working with the city to preserve the building’s history. The goal is for the hotel to be open by the end of March 2025.
Disney Vacation Club celebrated the grand opening of The Villas at Disneyland Hotel. The all-new 12-story tower is the 16th Disney Vacation Club property and the fourth tower of the Disneyland Hotel. The tower features 344 thoughtfully themed guest rooms, a brand-new pool area including a palette-shaped pool, splash pad and the Palm Breeze Bar opening later this year.
Bandon, Oregon could be home to a new coastal resort by Perk Development. The proposed resort by, dubbed Gravel Point, spans over 25 acres. It would feature a planned 110 hotel rooms and 32 villa-style suites, as well as restaurants and a spa.
DSH Hotel Advisors arranged the confidential sale of the 74-room Sleep Inn & Suites Ocala-Belleview in Ocala, Florida for an undisclosed price. DSH Hotel Advisors represented the seller, Mario Hotels, LLC and the buyer, Ocala 484 Hotel, LLC.
In a joint effort, Driftwood Capital and Berkadia Hotels & Hospitality have successfully secured $47 million in refinancing for Driftwood’s Canopy by Hilton West Palm Beach Downtown, located in the heart of West Palm Beach, Florida. Berkadia South Florida orchestrated the financing on behalf of Driftwood Capital. Canopy West Palm Beach features 150 guestrooms, more than 3,000 square feet of meeting space, a fitness center, an outdoor rooftop pool deck, and two food and beverage venues.
Black Creek Mexico announced that affiliates of Alojica have completed the acquisition of the Marriott Puerto Vallarta Resort & Spa from an affiliate of Marriott International, Inc. The 433-room resort, located in Puerto Vallarta, Jalisco, Mexico, is managed by an affiliate of Marriott International. Alojica plans for the property to undergo a transformational capital improvement plan to convert the property into All-Inclusive by Marriott Bonvoy. Planned improvements include a comprehensive renovation of all guestrooms and the addition of swim-up pool rooms, a re-imagination of the food and beverage offerings, a new master plan to expand and enhance the hotel’s pools, spa, fitness, landscaping, and other recreational amenities around newly designed public areas. Presently, the resort features six restaurants and bars and 8,800 square feet of meeting space.
Grupo Poma and its hotel division, Real Hotels & Resorts, are preparing for the opening of the Courtyard by Marriott Santo Domingo Piantini Hotel in the first quarter of 2024. The 17-level, 160-room hotel will be the 22nd property operated by Real Hotels & Resorts and is located in the business and entertainment center of Santo Domingo. The hotel will offer a restaurant, bar, rooftop bar, infinity pool, gym, conference and event facilities, as well as underground parking.
Allegiant Travel Co.’s chief executive has stepped down and will be replaced by founder Maury Gallagher. John Redmond resigned as CEO and director effective immediately. Redmond left for personal reasons. Gallagher gave up the CEO’s job in June 2022 but has remained chairman of the company. Allegiant has encountered numerous delays and issues with its Sunseeker Resort, under development in Charlotte County, FL.
Hotel Equities announced two new members to its leadership team in the areas of Operations and Finance. Brad Read has been appointed to the role of Vice President of Finance, and Shannon Foster as Vice President of Operations. Read brings with him a strong professional background in strategic finance and commercial leadership with an impressive track record driving commercial growth, cost containment, and profitability. Foster will support the firm’s growing lifestyle vertical, the Greenwood Hospitality portfolio of hotels. Prior to joining Hotel Equities, Shannon served as Area Vice President of Operations for HRI Lodging.
Extendam and Atalante Hotels have teamed up to acquire the 122-room Novotel Mechelen Centrum and the 92-room ibis Namur Centre in Belgium. The Novotel will undergo a renovation of common areas as well as works to improve its energy performance, while the Ibis will undergo a more intensive refurbishment program, reopening under the new Ibis Rouge brand. Atalante will be responsible for the operation of both assets.
A prime retail site set for renovation into a boutique hotel and hospitality hub has been put up for sale. JLL has launched 109-112 Princes Street, Edinburgh, the former Debenhams department store, to the market on behalf of Legal & General. The property has planning and change of use consents for redevelopment into an upscale hotel of up to 210 rooms over nine floors. The redevelopment plans include a rooftop bar and restaurants, as well as a café and wine bar on the lower levels, an urban spa, and a wellness facility.