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The DJIA fell 70 points, the Nasdaq was down 83, the S&P 500 was down 18, the 10-year treasury yield was down .05 to 4.12% and lodging stocks were mostly lower. IHG did trade up to a new high but most lodging stocks were modestly lower. SOHO traded down -7%.
STR commentary on U.S. performance for October 2023 includes: Top-Line Metrics (percentage change from October 2022): Occupancy: 65.8% (-1.8%); ADR: $161.56 (+3.0%); and RevPAR: $106.38 (+1.2%). Bottom-Line Metrics (percentage change from October 2022: TRevPAR: $240.74 (+4.0%); GOPPAR: $97.45 (+3.7%); EBIDTA PAR: $69.60 (-1.2%); and LPAR: $74.48 (+5.9%). Upper Upscale chains are continuing to lead the growth in revenues and profits, with better than 16% GOPPAR growth through October year to date. Luxury chains are the only scale to show GOPPAR declines this year. Room labor costs (per occupied room) are up 7%, the second highest labor cost increase behind F&B labor (+9%).
Overall labor costs POR are up approximately 7.5%. Catering and banquet revenues are up 20% from last year. The volume of rooms under construction increased from a month prior but remained down versus a year ago. Year to date, RevPAR decreased from +6.1% a month prior to +5.5%. The RevPAR downward trend is in line with STR’s November forecast update, which shows full-year RevPAR growth of +4.8%. The Top 25 Market demand fell less than the rest of the country, and ADR grew faster versus those remaining markets.
STR said US hotel RevPAR for the week ended December 2nd was down -0.8%. Group RevPAR was up 0.9%.
The Waldorf Astoria Orlando unveiled a property-wide re-imagination including a floor-to-ceiling transformation of all 502 guestrooms and suites, the lobby arrival experience, new design and culinary innovations at the property’s restaurants, enhancements to The Waldorf Astoria Spa and a complete restoration of the 18-hole Waldorf Astoria Golf Club. The Waldorf Astoria Orlando also boasts nearly 60,000 square feet of multi-functional meeting space inclusive of two ballrooms, two boardrooms, 13 meeting rooms and exquisite outdoor spaces.
A fourth hotel is being proposed for Crystal Run Crossing in the Town of Wallkill, New York. A 106-room Homewood Suites will be developed by SAPA LLC, owned by Sonny Patel.
Hilton Garden Inn is marking a year of remarkable global expansion with the opening of its 1,000th property. The new Hilton Garden Inn San Jose Airport City Mall in Costa Rica features a restaurant, outdoor heated pool, pool bar and flexible meeting space. As the year draws to a close, the following are some of the newest additions to the Hilton Garden Inn portfolio: Hilton Garden Inn Busselton Australia; Hilton Garden Inn San Juan Condado Puerto Rico; Hilton Garden Inn Balikesir Turkiye; Hilton Garden Inn Tewksbury Andover Massachusetts; Hilton Garden Inn Visalia California; Hilton Garden Inn Pensacola Downtown Florida; Hilton Garden Inn Padova City Centre Italy; Hilton Garden Inn Ankara Dikmen Turkiye; Hilton Garden Inn Dubai Business Bay UAE; and the Hilton Garden Inn Windhoek Namibia.
Daly Seven announced its debut into the dual-brand hotel landscape with the Hampton Inn & Suites and Home2 Suites by Hilton Durham University Medical Center in Durham, North Carolina.
Hyatt Hotels Corporation announced Hyatt’s strong development pipeline of more than 35 planned luxury hotels and resorts globally through 2025 across the Park Hyatt, Grand Hyatt, Miraval, Alila, Andaz, Thompson Hotels, and The Unbound Collection by Hyatt brands, as well as Inclusive Collection brands Zoetry Wellness & Spa Resorts and Dreams Resorts & Spas. While maintaining its asset-light approach, Hyatt has doubled the number of luxury rooms, tripled the number of resort rooms, and quadrupled the number of lifestyle rooms in only five years. Hyatt also continues to grow through acquisitions, expanding its portfolio with the recently announced acquisition of Mr & Mrs Smith. The integration planned for the near future will unlock direct booking access to hundreds more boutique and luxury hotels including in 20+ countries where there are currently no Hyatt hotels.
Choice Hotels International announced the addition of the Mayfair Hotel to its Ascend Hotel Collection. Developed by Mayfair Hotel Group, Mayfair Hotel, Ascend Hotel Collection is a seven-story, 77-room property situated in the heart of New York City’s Theatre District.
Construction has begun on a massive mixed-use development in the Knox Street neighborhood of Dallas, Texas, that will include a hotel, office, residential, restaurants and retail. The project is a joint venture partnership of MSD Partners, Trammell Crow Company, The Retail Connection, and Highland Park Village Associates. Expected to open in 2026, the development’s components will include: The Knox Hotel and Residences, managed by Auberge Resorts, consisting of a 140-room hotel and 48 ultra-luxury condominiums; a 150,000 square foot office building; more than 100,000 square feet of ground-floor and second-story retail and restaurant space; a 27-story,173-unit multifamily building and a half-acre park.
Auberge Resorts announced the opening of Bowie House in Fort Worth, Texas. Bowie House, Auberge Resorts Collection features 88 Studios, 12 Lofts and 6 Suites; three exciting dining destinations; Ash, the hotel’s serene spa; and over 10,000 square feet of indoor and outdoor event space across seven elaborate venues.
Six Senses signed a hotel management agreement with Activos Turisticos de Mexico for the development of Six Senses Xala, scheduled to open in 2026 along Mexico’s Pacific coast. Six Senses Xala will comprise 51 accommodations, multiple food and beverage venues, and Six Senses Spa.
RIU Hotels & Resorts reopened the Riu Palace Pacifico following a complete refurbishment of all the hotel’s facilities. Located on the Playa de Flamingos beach in Nayarit, Mexico, the resort is now an Adults-Only establishment offering 445 guestrooms, multiple restaurants and bars, and a gym and spa.
Universal Orlando Resort announced the addition of two new hotel properties to the Universal Orlando hotels portfolio. Co-owned and operated by Loews Hotels & Co, and slated to open in early 2025, Universal Stella Nova Resortand Universal Terra Luna Resort will each feature 750 guestrooms in the resort’s Prime Value category, bringing the total number of guestrooms across the destination to 10,500.
Belmond announced plans for Katanchel, A Belmond Hotel, its fourth property in Mexico. The hotel is set to open in 2027 in the traditional Yucatan capital of Merida, housed in a 17th-century hacienda-style estate.
Niagara Parks announced that Pearle Hospitality is the successful proponent for the $200 million restoration of the Toronto Power Generating Station in Niagara Falls, Ontario, which is a National Historic Site that has been dormant since 1974. Overlooking the iconic Canadian Horseshoe Falls, the project promises to create an unparalleled visitor experience, including the falls’ first five-star boutique hotel. The $200+ million redevelopment project will be funded entirely by private sector investment and Niagara Parks predicts groundbreaking in 2024.
A new hotel under the Choice Group Canada Hotel chain name will be built in the town of Blind River, Ontario. Tache Construction announced the plan to build the four-story, 72-room facility on an almost two-acre parcel of land. Tache estimates the project will cost about $10 million to get it open for business sometime in 2025.
The Capital Hotel, in Little Rock, Arkansas, is getting a $3 million facelift to repair segments of the west wall built in the 1870s. Also planned is the installation of a new roof, which could start before the year’s end. Exterior repairs to the west wall should be completed in January, with interior work wrapping up before spring. The 94-room boutique hotel is owned by Stephens Inc.
Hyatt Hotels Corporation announced that, effective December 31, 2023, H. Charles Floyd will step down from his current role as Executive Vice President – Global President of Operations, and effective January 1, 2024, transition to a role of Senior Advisor to Mark Hoplamazian, Hyatt’s President and Chief Executive Officer, for a period of six months. Floyd will retire from Hyatt effective June 30, 2024.
Airbnb Inc. elevated Chief Financial Officer Dave Stephenson to a new role overseeing its business strategy, including the home-sharing company’s overseas expansion. Stephenson, who has been the company’s finance head since 2019, will be Airbnb’s first chief business officer. Ellie Mertz, a finance executive who has been at the company 11 years, will take over as CFO. As part of Airbnb’s executive shuffle, Global Head of Hosting Catherine Powell will transition to an advisory role before leaving the company next year. Powell’s duties will be split up among other executives.
PPHE Hotel Group appointed Kenneth Bradley on its board of directors as non-executive deputy chairman, effective immediately. Bradley has served as an independent non-executive director since 2019, a position he will continue to hold, during which time he served as chair of the nomination and ESG committees.