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The DJIA rose 63 points while Nasdaq was up 193, the S&P 500 rose 36 points and the 10-year treasury yield was up .01 to 4.13%. Lodging stocks were mostly higher, although AINC traded down to a new low on miniscule volume. IHG and RHP both hit new highs. HGV was up 5$ and VCSA was down -5%.
Morgan Stanley reported on their recent Global Consumer & Retain Conference. Demand trends in lodging were described as consistently positive by those presenting while margin commentary was more mixed as wages have been stubbornly high. Domestically, group momentum continues along with recovering business transient. Hilton expects an uptick in business transient in 4Q/2024 and is confident that overall business transient demand will return to prior peak levels supported by large corporates coming back. Wyndham sees further occupancy gains and about a point of ADR growth in the US in 2024. They also expect tailwinds from the infrastructure bill. On leisure they see trade down from higher income households into the company’s hotels as the ADR gap between chain scales widened. Management teams overall are reporting conversions supplementing unit growth with higher rates and tighter lending.
Sunstone Hotel Investors announced a 4Q dividend of $0.13 per share, representing their new higher quarterly dividend of $0.07 per share and an additional $0.06 per share special dividend to distribute more of SHO’s expected taxable income for 2023.
Marriott International, Inc. announced its milestone 500th luxury hotel opening, bolstering its position as a leader in luxury. Marking Marriott’s 500th luxury property with The St. Regis Riyadh, the company’s portfolio now spans 69 countries and territories with five new hotels slated to open in the final weeks of 2023. Over 200 luxury hotels and resorts across Marriott’s luxury portfolio are in the global development pipeline, including 24 properties expected to open in 2024. In the year ahead, The Ritz-Carlton will celebrate the expansion of The Ritz-Carlton Yacht Collection with the debut of its second newly built super yacht, Ilma while The Ritz-Carlton Reserve is expected to open two properties next year, Nujuma, A Ritz-Carlton Reserve and Nekajui, A Ritz-Carlton Reserve. St. Regis anticipates openings from Los Cabos to Cap Cana in the Dominican Republic to Florida’s Longboat Key. 2024 will see the opening of W Prague as well as striking transformations of W New York – Union Square, W Hollywood, W Austin and W New Orleans – French Quarter. EDITION is slated to venture into Saudi Arabia with the anticipated opening of The Jeddah EDITION. The Luxury Collection anticipates the debut of properties next year in Madrid, Spain; Munich, Germany; Nice, France; Isla Mujeres, Mexico; Labuan, Indonesia; and Sindalah, Saudi Arabia. Also in 2024, the JW Marriott brand is slated to debut in Nairobi and Auckland.
Crescent Hotels & Resorts announced the addition of The Josie Hotel, An Autograph Collection in British Columbia to its Latitudes: Lifestyles by Crescent portfolio. The ski-in/ski-out boutique hotel offers 106 guestrooms and suites, dedicated ski concierge services, inviting fire pits, fitness facilities, onsite restaurant and lounge and over 8,000 square feet of flexible indoor and outdoor meeting and event space.
Lodging Dynamics Hospitality Group has been appointed to manage the Canopy by Hilton Scottsdale Old Town in Scottsdale, Arizona. The Old Town Canopy is a seven-story hotel with 117 guestrooms, a rooftop pool and bar, a restaurant, and a meeting space.
HHM Hotels added another Hilton product to its managed portfolio, bringing the total to 65 Hilton-branded properties, with the addition of the Embassy Suites by Hilton South Jordan Salt Lake City. The property features 192 guestrooms and flexible meeting spaces.
Baltimore City Mayor Brandon Scott is considering putting the Hilton hotel at the Inner Harbor up for sale. On Wednesday, the Board of Estimates provided the city-owned hotel with a million-dollar grant to help pay bills. Baltimore’s former mayor and city council president Jack Young also wanted to sell the Hilton in 2015.
NexGen Hotels announced the acquisition of the EVEN Hotel Miami – Airport. The upscale select-service hotel will be managed by Genuine Hospitality Group. Amenities include a resort-style pool, a fitness studio and the EVEN Kitchen & Bar.
IHG Hotels & Resorts announced the reopening of the newly-converted voco hotel in Sarasota, Florida. The property offers 95 guestrooms, nearly 1,200 square feet of meeting and event space a bistro and a market. voco Sarasota is owned by Asfi-Sarasota, LLC and is managed by Aimbridge Hospitality.
The Indigo Road Hospitality Group announced the opening of the Bridge Creek Inn in Clayton, Georgia. Owned by Ridgeline Investment Partners, the newly opened hotel offers 45 guestrooms, a coffee bar, and versatile indoor and outdoor event spaces. The Vandiver, opening in Spring 2024, will be an American tavern-style restaurant located on the main floor of the inn.
Revesco Properties is planning a hotel and mixed-use development for the 2nd phase of Hurley Place in the River North Art District in Denver, Colorado. Located on approximately three acres of land, the project will include a hotel, condos and apartments. Hurley Place developer Menalto Development is also a project partner. The new hotel will have 172 keys, there will be 126 condo units and 304 multifamily rental units, 33,000 square feet of retail, in addition to public outdoor space.
Evermore Orlando Resort has confirmed the January 1, 2024 opening of Orlando’s first-of-its-kind beach paradise. The luxury vacation destination, developed by Dart Interests, is a comprehensive redevelopment of the former Villas of Grand Cypress Golf Resort. Evermore will open with 2,103 bedrooms throughout 69 houses, 206 four-bedroom flats, and 41 two- and four-bedroom villas. The resort will also debut the brand new Conrad Orlando, featuring 433 guestrooms along with a Conrad Spa with an outdoor water garden. The resort’s best in class amenities include a 20-acre tropical beach complex surrounding Evermore Bay, 15 restaurants, bars and takeaway food markets, two 18-hole Jack Nicklaus-designed golf courses, and over 150,000 square feet of indoor/outdoor event space including a two-story Boathouse.
Kobe Hotel International Drive LLC, an entity registered to the founder of the Kobe Japanese Steakhouse restaurant chain, has purchased an International Drive hotel property in Orlando, Florida for $14.5 million. Formerly the Best Western International Drive Orlando, the hotel has been rebranded as the Mai Hana Hotel International Drive. Kobe is in the process of transitioning marketing, renovations and converting the signage. The two-acre site is immediately south of the Kobe Japanese Steakhouse on International Drive, giving the Kobe group a little over three acres assembled on International Drive. The Kobe group has partnered with Delaney Hospitality to oversee the hotel’s operations, management and renovations. Mai Hana Hotel will be a select-service hotel, offering room and concierge services. HREC Investment Advisors represented the seller, AD1 Orlando Hotels LLC, a subsidiary of AD1 Global, in the deal.
Plans to turn the former Ramada by Wyndham, in Salina, New York, into luxury senior apartments have fallen through. The hotel, at 441 Electronics Parkway, closed in late December. The plans called for turning the hotel, which had been a Holiday Inn for years, into about 100 apartments with a restaurant, hair salon, barbershop and retail shops. First Republic had plans to sell the property more than a year ago. Now, it appears the deal to sell is off.
Placemakr announced the continuation of its national expansion with the launch of its first blended apartment-hotel property in San Antonio. Placemakr is partnering with AREA Real Estate to bring The Maverick, powered by Placemakr, to the state of Texas. The historic property houses 86 apartments, on-floor laundry, rooftop penthouse available for private events, guests lounges and has plans for a new gym. The property will be available for booking by the end of 2023, welcoming its first new customers in early 2024. In order to meet the growing demand for its signature hospitality experience across the country, Placemakr is also expanding its internal operations with the appointment of its first company COO, Ryan Rickabaugh. In his position of COO, Rickabaugh will oversee all commercial and property operations for the organization to ensure a best-in-class experience. Before joining Placemakr as the SVP of Operations in 2022, Rickabaugh worked for top retail brands such as L’oreal, Kate Spade and Bonobos.
The Brown Palace Hotel and Spa in Denver, CO has been inducted into Historic Hotels of America making it one of more than 300 hotels and resorts throughout the country that is recognized by Historic Hotels of America for preserving and maintaining its historic integrity, architecture, and ambiance. The Brown Palace Hotel and Spa encompasses 241 guestrooms and presidential suites, six iconic dining and drink options, a luxurious spa, and more than 20,000 square feet of flexible meeting space. This icon is also part of Marriott International’s signature Autograph Collection.
Access Point Financial arranged a $18.5MM acquisition loan for the Hampton Inn & Suites St. Augustine-Vilano Beach, located in St. Augustine, Florida. Owned by Innisfree Hotels, the three-story, 94-room hotel features a fitness center, breakfast dining area, market pantry, outdoor pool with whirlpool and patio and 840 square feet of meeting space.
Wilshire Quinn Capital provided a $12,500,000 refinance loan on a hotel portfolio in Laguna Beach, California. The first property is a two-story boutique hotel comprised of 14 rooms, 14 parking spaces and 1,800 square feet of street level retail. The second property is a three-story, 54-room resort hotel with a fitness center, pool, and 54 parking spaces.
Rosewood Hotels & Resorts announced the secluded island of Barbuda will welcome its latest Caribbean escape as the brand looks to further expand into this highly coveted region. Developed by Murbee Resorts, Rosewood Barbuda will feature 50 resort suites and 35 Rosewood Residences; Asaya Spa with six treatment rooms, a fitness center and two pools; and three unique dining outlets. Rosewood Barbuda is set to open in 2028.
Europe Highlight
Minor Hotels announced the upcoming addition to the Anantara Hotels, Resorts & Spas portfolio in the Austrian capital of Vienna. As part of the group’s strategic expansion across Europe, Anantara Palais Hansen Vienna Hotel will launch in March 2024. The rebranded property will feature 152 guestrooms and suites across three floors, multiple food and beverage options, ten function rooms, an indoor pool, fitness center and spa. Anantara Palais Hansen Vienna Hotel will undergo a significant renovation starting later in 2024 and continuing throughout 2025. The refurbishment will include guestrooms and suites, the lobby, meeting spaces, restaurants and bars. In addition, the existing spa will be enhanced and relaunched as Anantara Spa.
