The DJIA fell 174 points while Nasdaq was down 85, the S&P 500 was down 27, and the 10-year treasury yield surged .12 to 4.71%. Lodging stocks were lower but the only real decliner of note was VCSA with an -8% decline.
JP Morgan initiated coverage on Marriott Vacations Worldwide with a Neutral rating and $105 price target. JPM sees long term positives but said the number of risk factors for VAC and the timeshare sector are reasons to wait.
Truist said per the October servicing report, it appears highly likely that Park Hotels will be exiting the two San Francisco hotels. Truist said when they run the math they see a $2.66 per share value increase from the move. They do not believe PK’s stock price fully assumes the realistic SF exit and they believe that in part is due to investor uncertainty of the disposition.
The RADCO Companies is nearing completion of multi-million dollar capital improvement programs at the DoubleTree by Hilton Atlanta-Alpharetta and DoubleTree by Hilton Atlanta-Roswell, both located in Georgia. The four-month renovation project at the DoubleTree by Hilton Atlanta-Alpharetta included the hotel’s 80 guestrooms, corridors and elevator landings and a completely refreshed exterior. The renovations at the 174-room DoubleTree by Hilton Atlanta-Roswell included the guestrooms and bathrooms, lobby, restaurant and lounge, fitness center and event spaces.
Aperture Hotels and Satori Collective announced the completion of the multi-million dollar renovation of the 114-suite Homewood Suites by Hilton Atlanta/Perimeter Center. The refurbishment touched on all aspects of the hotel, including upgrades to public spaces, guestrooms, fitness center and 851 square feet of meeting space. Additionally, the hotel refreshed the exterior and signage and introduced new EV charging stations.
Thirty-Nine 23 Management, LLC has acquired its fifth hotel, the Home2 Suites by Hilton located in west Amarillo, Texas.
Apple Hospitality REIT, Inc. announced the acquisition of the 175-room Courtyard by Marriott Salt Lake City Downtown for approximately $48.1 million; the 159-room Hyatt House Salt Lake City Downtown for approximately $34.3 million and a corresponding 346-space parking garage for approximately $9.1 million, which serves both hotels as well as the surrounding area. In addition, The Company also announced it has two additional hotels under contract for purchase, the 146-room Residence Inn by Marriott Seattle South/Renton for approximately $55.5 million and the 192-room Embassy Suites by Hilton South Jordan Salt Lake City for approximately $36.8 million. The Company anticipates closing on the Renton and South Jordan hotels during the fourth quarter of 2023.
Marriott International, Inc. completed a comprehensive property renovation to the Westfields Marriott Washington Dulles, located in Chantilly, Virginia. The renovation of the four-story hotel included all 336 guestrooms and suites, more than 60,000 square feet of versatile event space across 21 event spaces, all public spaces, Westfields Lounge and lobby, and the addition of six pickle ball courts and six tennis courts. The property is owned by an affiliate of Lone Star Funds and managed by Marriott International, Inc.
Titan Hotel Group announced the opening of the newly developed 125-room Courtyard by Marriott in New Castle, DE. The Courtyard by Marriott New Castle offers a workout facility, onsite bistro and lounge and ample parking.
White Lodging and REI Real Estate Service plan to open the new Plaza San Antonio Hotel & Spa near Hemisfair by mid-December, more than four years after the companies teamed up to purchased the property with plans to carry out an extensive makeover. The 253-room San Antonio, Texas hotel will be part of the Autograph Collection by Marriott portfolio. The renovation project included the hotel’s exterior, as well as its guestrooms, balconies, resort-style pool and bar, the lobby and meeting rooms. The improvements will include two new food and beverage concepts.
Marriott International, Inc. and hotel owner Jeremy Buffam announced the multi-million dollar remodeling of the LaSalle hotel located in downtown Bryan, Texas. The renovation includes all guestrooms and bathrooms, the lobby and the replacement of most of the furniture. Some investment is also going into some of the mechanical systems of the hotel and kitchen equipment. The construction will take about 4 to 5 months and is estimated to finish by late February.
Hari-Tej Hospitality Group is planning a Fairfield Inn & Suites by Marriott hotel at the Silo Square mixed-use development in Southaven, Mississippi.
Site work has begun for the new Fairfield Inn & Suites on E. St. John Street in Spartanburg, South Carolina. Hawkeye Hotels plans to lay the hotel foundation this fall for the 136-room property which will feature a fitness center and a business center. The hotel will have 140 parking spaces in the St. John Street Parking Garage reserved for guests and employees.
The 101-suite TownePlace Suites by Marriott in South Portland, Maine is now open. The hotel is owned by New Gen Operations and managed by New Gen Hospitality Management. The hotel features a lobby bar, fitness center, outdoor patio with fire pit and BBQ grills, guest laundry and electric vehicle chargers.
IHG Hotels & Resorts announced the opening of a new Holiday Inn Express hotel in suburban Raleigh, North Carolina. The 104-room hotel features 967 square feet of meeting space, a business center, fitness center and a saltwater pool. The Holiday Inn Express Holly Springs – Raleigh Area is owned by Holly Springs Ventures, LLC and managed by Crown Hotel & Travel Management.
The 763-room Courtland Grand Hotel announced it has joined the Trademark Collection by Wyndham. Located in downtown Atlanta, Georgia, the former Sheraton hotel is operated by HEI Hotel & Resorts. The Courtland Grand Hotel, Trademark Collection by Wyndham boasts nearly 100,000 square feet of meeting space including two ballrooms and an exhibit hall, a fitness center, bar and restaurant, and a garden courtyard with a heated pool covered by a retractable glass dome.
Thompson Houston will officially open on December 21 in Houston, Texas. The modern hotel will debut 172 guestrooms including 34 suites; more than 17,000 square feet of flexible indoor and outdoor event space; one of Houston’s largest pool decks, the focal point of a one-acre outdoor rooftop living room; a rooftop restaurant and lounge; and a full service spa. Two eclectic restaurants are set to open this winter and spring.
Oxford Hotels & Resorts announced Hotel Fiona’s soft opening next Tuesday, marking the first of four new hotels to officially open in downtown San Francisco, California. Formerly The Carriage Inn, SoMa District’s Hotel Fiona debuts as a refresh, historic 48-key boutique hotel property with Victorian flair.
Four new hotel concepts are opening across Los Angeles, with three in the works by Sonder Holdings Inc. and one by Kasa Living Inc. Opening in Hollywood in December, the 12-story Kasa Sunset Los Angeles is wrapping up an extensive renovation and rebrand. Sonder’s The Winfield and The Craftsman hotels mark the hospitality company’s first two locations in Downtown Los Angeles, built in partnership with Bonnis Properties and Delson Investment Co., while its Wood Cove property in Laguna Beach was built with LBIO LLC. The Winfield was previously an office building before being converted to a 125-key hotel. The Craftsman, Sonder’s twelve story, 110-key hotel is expected to open by early next year following a complete renovation from an office to a hotel. In Orange County’s Laguna Beach, Sonder is opening 25-key hotel Woods Cove. The property was formerly Las Onadas, a 1940’s motel.
TGC Group is investing in multiple new hotel projects in Benton County, Arkansas. In Bentonville, a property will be developed by My Place Hotels. The property will have 63-room and it will be My Place Hotels’ first Arkansas property. Construction should start this fall with an opening slated for fourth quarter of 2024. In Rogers, TGC Group’s plans include a 106-room Woodspring Suites hotel.
BH Group is proposing to build a condo and hotel tower across from Gulfstream Park & Casino in Hallandale Beach, Florida. The 14-story project will include 138 condo/hotel units, 60 condos, 4,000 square feet of retail and 284 parking spaces.
Collective Retreats introduced the Conservatory, a collection of design-forward hotels for nature enthusiasts. Each located in a distinctive setting, the outdoor-centric retreats blur the lines between the indoors and the outdoors. The Conservatory’s first partners include: Hinter in Mont Tremblant, Quebec; Casa TO in Oaxaca, Mexico; Casa MUSA in Loma Bonita, Guerrero; Kokos Huis in Franschhoek, South Africa; GrayBarns in Silvermine, Connecticut; Hill Farm by Sagra in Sunderland, Vermont; Piaule in Catskill, New York; and the Malin in New York and Nashville.
HREC Investment Advisors arranged the sale of the 113-guestroom Marriott-branded Moxy Omaha Downtown, slated to open in early October 2023. NCG Hospitality acquired the property. HREC Investment Advisors exclusively represented the Seller, Hawkeye Hotels.
Personnel Moves
Noble House Hotels & Resorts promoted Steven Marais to Vice President of Rooms. Marais has been with the Noble House Hotels & Resorts brand since 2015, most recently as Corporate Rooms Director.
KSL Resorts named Dhruv Jain its director of investments and business development. In his new position, Jain is charged with managing deal flow and underwriting to help grow and diversify KSL Resorts’ portfolio. Jain was most recently vice president of Stratton Road Realty.
JLL’s Value and Risk Advisory platform has hired Jessica White, MAI, as a Director in its Los Angeles office. White will focus on hotel value and risk advisory assignments. White most recently served as a Senior Director with Cushman and Wakefield.
Auberge Resorts Collection named Vivianne Garcia-Tunon as the company’s new role of global vice president of wellbeing. In this role Garcia-Tunon will develop and deepen the experience across Auberge Resorts Collection’s portfolio, keeping sacred the properties’ individual personalities and distinctive approaches to wellness while connecting the brand’s overall philosophy to offer opportunities to decompress, reflect and reconnect to health. Over the last decade, Garcia-Tunon has led operations and development as senior vice president at THE WELL.
