Stocks rallied again on Friday as treasury bond yields continued to plunge. The DJIA was up 222 points as Nasdaq rose 184, the S&P 500 was up another 41 points, and the 10-year treasury yield was down .11 to 4.56%.
Lodging stocks were higher, led by REITs although the new age companies went along for the ride. The biggest gainer was SOND, up 10% but AHT was up another 11%, PK added on another 7% as did SOHO and SHCO. ABNB, TNL, BHR, PEB and VCSA were each up 6% on the day.
Playa Hotels & Resorts announced a slight 3Q beat but followed the string of leisure-related hotel companies, lowering their 4Q guide a bit. PLYA went to town on share repurchases in 3Q, buying back 7% of the diluted share count, 10 million shares for $76.6 million. PLYA said they also bought back another $15.5 million worth of stock in October and still has $43 million remaining in their buyback authorization.
Related Companies announced the completion of a $25 million property-wide renovation of the Hilton West Palm Beach. The renovation includes the introduction of a new signature lobby bar, 400 refreshed guestrooms, including 43 fully renovated suites, and a re-imagined pool deck with six newly constructed private cabanas. The West Palm Beach, Florida hotel boasts four dining concepts.
JV Hospitality Group and SiLa Developments broke ground on a new TownePlace Suites by Marriott in Marion, Illinois. The hotel will provide 77 rooms and suites, outdoor community patios with grills, onsite laundry, a fitness center and an indoor pool.
Sonesta International Hotels Corporation announced the grand opening of Sonesta Essential NW Houston, a 99-room upper-midscale hotel located at 7887 West Tidwell Road in Houston, Texas.
In the last 15 days, Oxford Capital Group has opened three newly renovated hotels at the corner of Seventh and Minna Streets in San Francisco, California: the 121-room Hotel Garrett, the 48-room Hotel Fiona, and the 152-room SoMa House San Francisco.
Sunseeker Resort Charlotte Harbor announced an official opening date of December 15, 2023. The Southwest Florida, an independently flagged property, features 785 guestrooms, including 189 suites, 60,000 square feet of meeting and conference space, 20 dining options and bars, two expansive pools, retail outlets, a fitness center and spa and the Aileron Golf Club.
The Inn at Rancho Santa Fe, located in Santa Fe, California, reopened following a property-wide re-imagination. The Inn now offers 85 suites, bungalows and residences; a signature restaurant, bar, restorative wellness experiences; world-class golf and tennis; outdoor adventures such as hiking, biking and horseback riding, and ethereal backdrops for gatherings and celebrations.
In Houston, Texas, the Astros baseball team is planning to build a hotel and entertainment center adjacent to Minute Maid Park. The project will include a 17-story, 300-key hotel with approximately 60,000 square feet of retail and entertainment space. The team plans to break ground on the project by the end of 2024.
Weyland Ventures is looking to refashion the St. Paul Evangelical Lutheran Church and parish hall, on Wayne Avenue in Dayton, Ohio, into a new hotel and possible a restaurant and event or gallery spaces. As part of the project, the firm wants to construct a new three-story hotel building with 45 rooms on a parking lot just north of the church. The site plans call for the first floor and lower level of the parish hall to be converted into about 27 hotel rooms, while the second floor could be used as an events space or temporary gallery. The church sanctuary could become a new dining establishment or event space. The hotel will be boutique and independently owned, managed and operated by Common Bond Hotel Collection.
Hilco Real Estate LLC announced December 7, 2023 as the offer deadline for the sale of a hotel redevelopment in the heart of Downtown Nashville, Tennessee. Nestled within the famed Printers Alley and currently occupied by the Bourbon Street Blues and Boogie Bar, there is the potential for a seller leaseback while development plans are finalized with the city. The current mixed-use zoning opens a multitude of possibilities for investors, from reconfiguring the space to potentially construction an additional 30 floors for the prospect of a hotel or short-term rental property.
The historic Grand Summit Hotel, in Summit, New Jersey, is undergoing renovations with plans to open for the 2024 season as The Albion Summit, according to the new owners, Landmark Hospitality. Plans call for downsizing from 154 rooms to 100 and the opening of the Felina Restaurant and the Stork Club Lounge. The first phase of renovation is expected to take eight months. The rooms and the lobby will be redesigned. The current front desk will be transformed into the bar and lounge area and the hotel will feature a co-working space called the Muddy Cup. Plans call for the existing special events hall to feature a two-story fireplace. Phase two calls for an amphitheater-style movie theater and La Terrazza, a rooftop restaurant and bar. There will also be a second event space as part of phase two of the renovations.
JLL’s Hotels & Hospitality group arranged the sale of the Fairfield Inn & Suites Raynham Middleborough/Plymouth in Massachusetts. JLL worked on behalf of the seller, JNR Management Inc., in this transaction. The Fairfield Inn & Suites by Marriott sites on 2.45 acres and features 100 guestrooms, a business center, fitness center and lobby market.
Cushman & Wakefield Global Hospitality, as the exclusive advisor to sponsorship, has arranged the refinancing of the Hotel LeVeque, Autograph Collection. The hotel is located within Downtown Columbus, Ohio’s iconic LeVeque Tower and features 149 guestrooms, over 1,700 square feet of flexible meeting space and a restaurant.
Braemar Hotels & Resorts Inc. has finalized extensions for two existing mortgage loans secured by the 170-room Ritz-Carlton Lake Tahoe in Truckee, California and the 210-room Four Seasons Resort Scottsdale at Troon North in North Scottsdale, Arizona. The $53.4 million loan secured by the Ritz-Carlton Lake Tahoe is being extended for an additional 12 months beyond its original maturity to January 2025 with one additional 12-month extension available. As extended, the loan will have a rate of SOFR + 3.60%. The loan secured by the Four Seasons Resort Scottsdale at Troon North has been increased by $40 million to $140 million and is being extended for an additional 12 months beyond its original maturity to December 2026 with two one-year extension options, subject to the satisfaction of certain conditions.
Rhodium launched the industry’s first white-label property management service dedicated to the branded residences sector. Rhodium will provide its services and support from pre-planning through to operational execution for both hotel and non-hotel brands. One of the key differentiators for Rhodium is its delivery of 360-degree services including support from initial concept and planning phase, sales and marketing, mobilization, lettings and post-completion property management, providing an exemplary service to homeowners and protecting the value of their assets. As part of the service, Rhodium provides homeowners, brands, and development partners with a rental solution for participating properties, where homeowners can elect to rent their homes, with the letting process and tenancy managed by Rhodium.
The British Colonial Hotel, in Nassau, Bahamas, will open on December 12, with 288 renovated rooms and 18,000 square feet of meeting space following a more than $100 million renovation.
International Highlights
Rosewood Hotels & Resorts is entering into Greece with the introduction of Rosewood Blue Palace. A reincarnation of Crete’s distinguished Blue Palace will reopen as part of the Rosewood portfolio in 2025 following a re-imagination of the property which is owned by Phaea (Golf Residences S.A.). A seaside sanctuary, the resort will feature 154 rooms and suites, a well-appointed bar, all-day restaurant and an onsite organic garden. The resort will serve as a luxury wellness escape, featuring an Asaya, Rosewood’s holistic well-being concept, alongside a fitness center, movement studio, yoga pavilion and three outdoor pools.
