The DJIA ended Friday with a gain of 288 points while the Nasdaq was up 212, the S&P 500 rose 50 points, and the 10-year treasury yield rose by .07 to 4.78% on the jobs report. Lodging stocks were mixed. TNL traded down to a new low. SHCO was up 6% to lead the group.
STR said occupancy for September in the US was 66.3%. The preliminary data showed September as the second-highest room demand ever for the month. STR pointed out that San Francisco, the slowest of the top 25 markets to recover from the pandemic, posted the highest weekday occupancy in the last week of September at nearly 90%. So far, in 2023, that market has had only two weeks of 80% plus occupancy.
Green Park Management will soon open a 138-room Aloft Hotel a few miles away from Fort Lauderdale’s main airport and cruise terminals. Amenities include a second-floor lobby with a bar and outdoor terrace, a breakfast establishment, a premium fitness center with a yoga terrace, and a 14th-floor covered deck with a rooftop pool, gaming area, and cabanas.
The new 146-suite Residence Inn by Marriott Vail has officially opened in West Vail, Colorado. The property is owned by Vail Hospitality Group, LLC, and managed by Sunridge Hotel Group. Hotel amenities include a fitness center, 850 square feet of functional meeting space, an oversized hot tub on a heated deck, and an outdoor patio with a fire pit and barbecue grills.
The Union Station Nashville Yards has completed a multi-million dollar renovation of the hotel’s guest rooms and suites. The hotel is in downtown Nashville. It’s part of the Nashville Yards development project. It’s a member of Marriott International’s Autograph Collection. The renovations pay homage to the building’s history as a once bustling train station. The hotel features 125 rooms and suites, with each room featuring unique details such as leather belting reminiscent of vintage luggage trunks, ceilings and architectural elements inspired by Pullman carriage cars, accents of antique burnished brass, and designs that marry the art-deco style of the station’s heyday with the Romanesque Revival architecture in which the station was originally constructed. There is even a Conductor’s Suite and a variety of one-bedroom suites. Southwest Value Partners bought the hotel in 2020.
Tara Investments announced the “topping out” of its new hotels in Downtown Nashville, Tennessee. The new Canopy by Hilton and the Homewood Suites hotel are slated to open in July 2024. Upon completion, the new Canopy Hotel will feature 181 guestrooms and unique food and drink outlets. The Homewood Suites hotel will feature 152 guestrooms and an indoor rooftop wine and tapas bar. Both hotels will include a large fitness center and a yoga lawn.
The Stonebridge Crossing mixed-use development in Cheshire, Connecticut, continues to expand on multiple fronts with plans for an extended-stay hotel submitted to the town’s Planning and Zoning Commission. A Homewood Suites by Hilton brand hotel is being proposed, a four-story, 125-room hotel with an indoor pool, outdoor putting green, a basketball court, and outdoor kitchen with fire pits and seating areas.
IHG Hotels & Resorts announced the opening of the Candlewood Suites Jackson Hotel in Jackson, Georgia. The 90-suite hotel, featuring an outdoor gazebo complete with a grilling station, an outdoor pool, a fitness center, and a business center, is owned by Farid Kapadia and managed by YM Hospitality.
Sonesta International Hotels Corporation announced the grand opening of Signature Inn San Francisco Marina in San Francisco, California. The 32-room property features an outdoor pool.
Mainsail Lodging & Development and Development Ventures Group, Inc.announced the January 2024 opening of Trilith Guesthouse in Fayetteville, Georgia. The 193-key boutique hotel has a street-level restaurant, a fifth-floor rooftop bar, a culinary studio, and more than 17,000 square feet of indoor/outdoor event spaces. Trilith Guesthouse will join Marriott’s Tribute Portfolio of independent boutique hotels.
Treg and Jodi Taylor, through their newly formed company, Beluga Point Investments IT, recently purchased a prominent hotel in Anchorage, Alaska, and have plans for a $6 million renovation. The Inlet View Tower, which the couple named the former Inlet Tower Hotel and Suites, is 15 stories tall and boasts 180 guestrooms. The Taylors assumed an $8.4 million mortgage on the Inlet Tower from the former owner, IT LLC. The lender is the Alaska Housing Finance Corp. The $6 million improvements include a protected rooftop lounge and view deck. The property’s restaurants will provide service on the rooftop deck when ready.
Crystal Investment Property, LLC announced the successful sale of the Three Rivers Resort in Kooskia, Idaho. CIP represented the Buyer and Seller in the sale. The final sale price is confidential. Three Rivers Resort is a full-service, 53-key property in North Central Idaho and includes RV and Lodge units, a restaurant, a convenience store/gift shop, and wedding and event space.
The Fairfield by Marriott Luquillo Beach & Tropical Casino hotel opened on Thursday after a $45 million investment by PRISA Group and HI Development Puerto Rico. Located in Luquillo, Puerto Rico, the hotel is the brand’s first on the island and in the Caribbean. The new hotel has 103 rooms, a pool, a bar and restaurant, and a gym. The Luquillo Tropical Casino will have 296 slot machines, 6 gaming tables, electronic roulette, a bar, concierge service, and additional amenities.
Karisma Hotels & Resorts announced the grand opening of Margaritaville Beach Resort Ambergris Caye, Belize. The secluded boutique resort features 55 suites, one restaurant, two bars, a BBQ and picnic area, two pools, and the St. Somewhere Spa.
Europe Highlights
Limestone Capital has acquired the 88-room Axel Madrid hotel from HIP, ahotel operator controlled by Blackstone.
Habyt has secured €40 million in a Series C funding round to expand its flexible co-living platform. The company aims to cater to people looking for longer-term stays in cities, typically between six and nine months. It currently operates in 50 cities across Europe and Asia, with 30,000 units available for rent on its platform. Habyt plans to use the investment to enhance its technology platform and expand its business across Europe, Asia, and North America. Notably, the startup has been successful in avoiding the controversy faced by short-term rental companies like Airbnb, as its target customers are digital nomads and those searching for mid-length stays rather than short-term vacationers.
IHG Hotels & Resorts and Wing announced the signing of Hotel Indigo Budapest Andrassy and Holiday Inn Express Vagohid, marking the brand’s debut in Hungary. In the city’s sixth district, Hotel Indigo Budapest Andrassy will open in the second quarter of 2028 with 103 guestrooms, a bar, and a restaurant. Holiday Inn Express Vagohid is set to open in early 2027 in District Nine with 162 guestrooms.
GMI Construction Group reached the landmark “topping out” stage in the project to create the £62.7m Hyatt Hotel in Leeds. The 12-story, 305-bedroom hotel is a joint venture between Marrico LLP and Helios for UK Commercial Property REIT UKCM and Hyatt. Aimbridge will operate the hotel on behalf of UKCM under a 25-year franchise agreement with Hyatt Hotels. It will operate under the dual-brand of Hyatt House and Hyatt Place.
