Jefferies said they downgraded Marriott Vacations to Hold from Buy, putting them in line with their rating on the other time shares stocks, Hilton Grand Vacations and Travel + Leisure, both also at Hold. Jefferies said the concerns over the macroeconomic outlook, notably consumer credit and interest rates, are driving a separation of timeshare business merits from valuations. Jefferies lowered their target price on VAC to $112 from $150.
According to the Hospitality Asset Managers Association Fall 2023 Industry Outlook Survey, nearly 60% of its members believe RevPAR will return to 2019 levels for the U.S. as a whole next year. Almost 25% believe it will happen this year. Other highlighted results include: 61% of respondents forecast RevPAR increases in 2023 compared to pre-pandemic 2019. Wage increases, demand and labor availability are the top three concerns of hotel asset managers. 63.64% of participants believe the country will avoid a recession over the next two years. More than 70% of HAMA members are actively pursing acquisitions. The survey also found that almost 45% of HAMA members are not contemplating any brand or management changes.
Hawkeye Hotels announced the completion of the Moxy Hotel in Omaha, Nebraska’s Historic Old Market District. Hawkeye Hotels not only built the hotel but also sold it at over $200,000 per room. The Moxy Omaha offers 113 guestrooms and a bar and lounge.
Mauna Kea Beach Hotel, an Autograph Collection, announced a $180 million phased transformation which will commence in Q2 2024 and be completed in early 2025. The renovation will encompass a redesign of the resorts 252 guestrooms and suites, four dining venues, an extensive destination spa and infinity pool experience with 11 indoor and al fresco treatment rooms, full service salon, and an enlarged fitness center. New garden areas will include a chef’s garden providing fresh produce for the resort’s kitchens. Mauna Kea Beach hotel also features the island’s first-ever golf course and the Seaside Tennis Center featuring 9 tennis courts and eight pickleball courts.
The Hilton Garden Inn Monterey, California announced the completion of an expansive renovation and redesign of all public spaces and 252 guestrooms. The property features a new lobby bar and eatery named Calla and has 7,000 square feet of flexible space including an outdoor poolside terrace. Additional hotel amenities include a fitness center, outdoor pool and spa, cabanas, and firepit.
The Hampton Inn Fort Lauderdale/Plantation, located in Plantation, Florida, sold for $21 million. PHVIF II Plantation LLC, an affiliate of Peachtree Hotel Group, sold the 128-room hotel to 78th Avenue Hospitality, LLC. Live Oak Banking Co. provided a $12.5 million mortgage to the buyer. The hotel includes a pool, fitness center and meeting rooms.
Just weeks after Napa’s Cambria hotel, and a sister property in Sonoma County, were lost in an $80 million foreclosure, the hotels have new owners. Ohana Real Estate Investors bought the two California hotels from the bank that had taken them back after the default. According to the Napa County Recorder’s office, the Napa Cambria property sold for $36.9 million. A sale price for the Sonoma Country property was not provided. The 90-room Cambria Napa Valley is located at 320 Soscol Avenue. The 135-room Cambria Hotel Sonoma Wine Country is located in Rohnert Park. Both hotels were originally developed by Stratus Development.
Sonesta International Hotels Corporation announced the grand opening of Sonesta Essential Minot in Minot, North Dakota. With 102 guestrooms, the hotel is the first Sonesta Essential branded hotel in the state of North Dakota.
The long-defunct Dew Drop Inn, in New Orleans, Louisiana, is getting new life this fall thanks to a local developer. Curtis Doucette hopes to have the Dew Drop Inn up and running in November. The property will include 17 hotel rooms, a live music venue, a restaurant and a pool.
VAI Resort announced Arizona’s largest resort is to open in late 2024. Boasting four distinct hotel towers, the resort will feature an entertainment venue, a 52,000 square foot island oasis, and 12 distinctive restaurants.
LOGE Camps announced its expansion to the East Coast with five additional properties opening first-half of 2024. The expansion includes the following destinations: Berkshires: Lenox, Massachusetts; Catskills: Palenville, New York; Maine Oceanfront: Southport, Maine; Northeast Skiing: Mt. Snow, Vermont; and Blue Ridge Mountains: Asheville, North Carolina. The newly acquired properties are currently in various stages of development. LOGE Camps plans to open these East Coast locations in time for the upcoming summer of 2024. Mid-Spring bookings will be available for eager travelers.
The Institut de tourisme et d’hotellerie du Quebec (ITHQ) unveiled the relaunch of its hotel after significant renovation work. Hotel de I’ITHQ boasts 42 recently updated rooms, a restaurant, bar, and meetings and events services.
Wyndham Grand is now taking reservations for its newest resort, the 422-room, all-inclusive Wyndham Grand Barbados, Sam Lord’s Castle Resort & Spa. The secluded, oceanfront hotel marks Wyndham Hotels & Resorts’ entrance into Barbados and will begin welcoming its first guests beginning October 12 with select amenities, followed by a formal Grand Opening in early 2024. The all-new construction resort boasts more than 10 dining venues and a spa with a pool area and relaxation deck, along with a fitness center and a yoga center. Additional amenities include 15,000 square feet of flexible indoor and outdoor meeting and event space, lagoon-style pools, a kids center, butler service, tennis and pickle ball courts.
Personnel Moves
Highgate announced the appointment of Tony Maness as Executive Vice President of Operations – Head of Highgate Select. In his role, Maness will lead the operations for Highgate Select, which currently encompasses more than 200 hotels, further strengthening its position in the market. Maness most recently served as Senior Vice President of Operations at Aimbridge Hospitality.
Staypineapple Hotels Inc. announced the leadership transition of Dina Belon into the role of President, effective November 1, 2023. Dina’s most recent role with Staypineapple was Chief Operating Officer. In her new position as President, Dina will take the helm of the organization, leading Staypineapple’s Executive Leadership Team as well as the Business Development department in its expansion efforts through third-party licensing of the brand along with property management.
Alterra Mountain Company announced key additions to its executive leadership team with the appointment of Krista Sprenger as Chief Development Officer, Gui Karyo as Chief Technology Officer, and Andrew Bodziak in the newly created role of Executive Vice President, Hospitality. In her role as CDO, Krista will be responsible for developing, redeveloping, and reprogramming existing assets at all Alterra Destinations. As CTO, Gui’s responsibilities include oversight of all Alterra technology operations, software development, and overall approach to the continual improvement of the guest experience through technology. Andre Bodziak has been named Alterra’s first EVP, Hospitality. In this new role, Andrew will be responsible for leading the company’s approach to lodging, food and beverage, retail, and skier services.
Europe Highlights
Accor’s expansion continues in France with 61 new addresses in 2023, including 53 for its Premium, Mid-range and Economy division. The hotel group specifies that this represents an equivalent of 4,911 rooms and that conversion brands such as greet, ibis Styles and Handwritten Collection represent half of the openings. A vast renovation program for the existing hotel stock in France is also underway with more than sixty major renovation projects, currently underway or planned by the end of the year. Half of the new hotels opened by Accor this year in France will be conversions.
Accor also announced the signing of two new hotels in the UK under ibis and ibis Styles brands. A new ibis Styles hotel is under construction in Burton-Upon-Trent. The hotel, owned by FirstInn Ventures Ltd., will consist of 81 rooms and suites. Construction of the hotel started in May 2023 and is expected to open in the second half of 2024. Accor has also signed an ibis hotel in Colerain, Northern Ireland which will rebrand from Premier Inn. The hotel is owned by long time Accor franchisee, Andras House Ltd and will be their third Accor franchise in Northern Ireland. The new Colerain hotel is undergoing refurbishment of its 49 rooms before reopening early 2024 as ibis Colerain. The latest signings will bring the ibis brands portfolio in the UK to 119 hotels: 64 ibis, 33 ibis budget and 22 ibis Styles hotels.
Hyatt wants to continue expanding its hotel portfolio in major Spanish destinations, where it currently has 55 hotels. According to Katie Johnson, Hyatt’s vice president and top executive of the company’s Independent Collection, Hyatt is looking for new opportunities in key markets where they do not yet have a very important presences, such as Spain. Johnson recognizes that the search for assets is not limited to properties with a five-stay category, but is looking for an offer than combines culture, gastronomy and lifestyle and in which the operators share the same values as Hyatt. The company’s strategy is to capitalize on the definitive return of U.S. tourism to Europe, which as benefited from the appreciation of the dollar against the Euro, making travel to European destinations cheaper.
Premier Inn owner Whitbread has acquired the freehold of an office building in London’s financial district for £56.5 million. The company plans to redevelop the building into a hotel-led complex, pending planning consent. This acquisition is part of Whitbread’s strategy to convert former office buildings into Premier Inn and Hub by Premier Inn hotels.
Gary Neville has revealed the name of Manchester’s newest five-star hotel ahead of the brand opening at his £400m St. Michael’s development. W Hotels will operate 162 rooms at the city centre scheme within its 42-story tower. The hotel is expected to open within the first three months of 2027 and include signature spaces such as the W-branded Living Room, WET deck, W Lounge, AWAY Spa and FIT fitness center. It has also been announced that 217 apartments within the St Michael’s scheme will be operated by W Residences. The flats are set to go on sale in November, with the first buyers expected to move in during 2027. W Residences Manchester will be the brand’s first outside London and one of only 20 worldwide. W Residences Manchester will not be owned, developer or sold by Marriott International. Instead, Gary’s St Michaels UK PropCo2 Limited will use the W marks under a license from Marriott.
