The DJIA jumped 490 points while Nasdaq surged 327. The S&P 500 rose 84 points and the 10-year treasury yield was down .19 to 4.44%, all on a low inflation report. HLT and HT hit new highs while the list of lodging stock gainers was nearly all of them. SHCO was up 14%, BHR was up 13%, AHT was up 10% and PEB was up 9% to lead the group. TNL rose 8% and CLDT, INN, and HGV were up 7% each.
Berenberg downgraded their rating on IHG Hotels and Resorts to Hold from buy with a price target of 6,000 GBP, down from 6,500 GBP. They are bullish on the long term structural growth drivers of the hotel industry but believe this is broadly reflected in IHG’s current valuation. With potential near term headwinds from financing challenges and geopolitical tensions, Berenberg sees little scope for a re-rating and views IHG as fairly valued.
HEI Hotel & Resorts announced the completion of a $17 million renovation to the 368-room San Ramon Marriott located in San Ramon, California. The hotel is owned by an affiliate of Lone Star Funds and operated by HEI Hotels & Resorts. The renovation touched on all aspects of the hotel including all guestrooms, more than 16,600 square feet of meeting space, the dining area, and the front desk reception area. In addition to a new M Club, the lobby has been fully renovated. Hotel amenities include a large outdoor pool and patio, a fitness center and communal fire pits with cozy seating.
Hilton Grand Vacations announced the addition of 90 new luxury rooms at its premier Las Vegas resort with the opening of Elara, a Hilton Club. The expansion includes adding four top floors of new penthouses to the property. The 52-story Elara is one of the world’s largest timeshare resorts, which now features nearly 1,300 units. Developed as a joint venture with affiliates of Blackstone Real Estate, Elara features a newly renovated grand lobby, an elevated tropical pool with two hot tubs, a pool bar and grill, 33 private cabanas, a fitness center, electric vehicle charging and more. The resort also offers adjoining access to the Miracle Mile Shops.
Hyatt announced a re-fueled growth plan to more than double their footprint in Canada by 2026. These locations include the Andaz Toronto-Yorkville in 2025; a new Unbound Collection by Hyatt property in Ontario; and a new Hyatt Place location in Whitehorse. There will also be a major expansion with airport hotel locations as seven Hyatt Place and Hyatt House locations are planned to open during this time period at Canada’s three biggest airports including: Hyatt Place Montreal – Trudeau International Airport, 2025; Hyatt Place Toronto International Airport, 2025; Hyatt House Toronto International Airport, 2026; Hyatt Place Mississauga – Airport Corporate Centre, 2024; Hyatt House Mississauga – Airport Corporate Centre, 2024; Hyatt Place Vancouver International Airport, 2026; and Hyatt House Vancouver International Airport in 2026.
Hard Rock International, in partnership with Steinhauer Properties, announced development plans to open the Hard Rock Hotel Long Beach. Set to begin construction in Summer 2024 with plans to open in Spring 2027, the upscale property will be set in the heart of downtown Long Beach, California, adjacent to the convention center. The property will feature approximately 427 rooms and suites, an outdoor pool with an amenities deck, a fitness studio, two restaurants options, and a Rock Shop. The new property will also feature a unique “speakeasy” with an intimate concert hall offering seating for up to 250 patrons.
IHG Hotels & Resorts announced the signing of a new dual-branded avid hotels and Candlewood Suites property in Lenoir City, Tennessee. Owned by a local developer, the property will feature 107 rooms in total, a shared indoor pool and fitness center.
Coast Hotels Limited announced the opening of its latest franchised property in Burnaby, British Colombia. Coast Metro Vancouver Hotel features 31 fully renovated rooms, onsite parking and an open-air courtyard. The property is owned by Evergreen Hospitality Group.
Roomza announced the opening of Roomza Times Square at Pestana CR7 hotel in the heart of midtown Manhattan, following a license agreement with the Pestana Hotel Group. The boutique hotel-within-a-hotel experience is set to open on December 15. In line with this significant milestone, Roomza has secured $1.5 million in seed funding from Dream Ventures.
Hotel101 Global Pte. Ltd., Doubledragon Properties’ hospitality unit, will open a new branch in Los Angeles, California after securing a prime corner lot property in the Westlake North District of the city. The hotel group’s first location in the United States is planned to have 622 units and will feature a restaurant, business center, pool, fitness center, and commercial space for a convenience store. The hotel will also have a large convention center and function rooms.
HREC Investment Advisors arranged the sale of the 116-room TownePlace Suites Des Moines Urbandale in Urbandale, Iowa. The property was acquired by Whitestone Companies. HREC Investment Advisors exclusively represented an affiliate of JDI Realty LLC on this transaction.
GreenRock Capital and Petros PACE Finance closed on $62.6 million in C-Pace financing for the construction of the Appellation Healdsburg hotel project in Healdsburg, California. CCS Healdsburg Hotel, LLC and HVH Investment will develop the property for the new culinary-forward luxury hotel brand and operator, Appellation. Anticipated to open in 2025, the 108-key luxury boutique hotel will feature an array of amenities including a Charlie Palmer signature restaurant and bar, rooftop bar, fitness club, spa and two pools, and 15,500 square feet of meeting and event space.
Aimbridge Hospitality announced the transition plan for Michael Deitemeyer, who is stepping down as Chief Executive Officer, effective December 31, 2023. An Executive Committee of the Board, helmed by Aimbridge Chairman Glenn Murphy, has been formed and will lead a comprehensive search for a CEO replacement. Also stepping down will be Chief Financial Officer Thomas Song. He will leave the company on November 30th for a new opportunity outside of the hotel industry. A new CFO will be named at a later date. Aimbridge also announced that Stephen Joyce and Bernardo Hees were appointed to its Board of Managers. Joyce was an Executive VP at Marriott before taking the CEO and President position at Choice Hotels, followed by the CEO position at Dine Brands Global. Most recently he had stepped in from his Board seat to lead RE/MAX Holdings. Hees was most recently Executive Chairman of Avis Budget Group. Before that he held the CEO spot at well known companies like Burger King Worldwide Holdings, the Kraft Heinz Company and Americana Latina Logistica.
Choice Hotels International, Inc. named Ricardo Losada Revol as Senior Vice President and General Manager, International. In this newly created role, Losada Revol is charged with driving the growth and performance of Choice’s international segment, which now oversees and supports more than 1,200 franchised hotels and counting in over 40 countries and territories outside the U.S. Losada Revol joins Choice from Amazon where he was Director of Corporate Development Finance.
Sage Hospitality Group appointed Don Li to the position of Executive Vice President of Business Development & Head of Asia Pacific. As part of the Sage Investments team, Li will support new business growth and the optimization of performance for existing assets, with an additional focus on seeking out partners and capital opportunities from overseas. In the last ten years, Li served as Executive Vice President & Head of Asia Investment Group with both Interstate and Aimbridge Hospitality.
Resolute Road Hospitality announced the addition of Andrea Pace-Mickley as Senior Corporate Revenue Manager. In her new role, Pace-Mickley will lead the company’s revenue and commercial strategy, overseeing all revenue management, pricing, analytics, forecasting, and channel distribution initiatives. Prior to joining Resolute Road Hospitality, Pace-Mickley held positions at Marriott, Hilton, La Quinta, and WoodSpring Suites.