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The DJIA rose 130 points on Friday while the Nasdaq was up 64, the S&P 500rose 19 points and the 10-year treasury yield was up .12 to 4.25%. Lodging stocks were higher. RHP and IHG both traded up to new highs.
Wells Fargo cut their rating on Sunstone Hotels to Underperform from Equal Weight. They also lowered their ratings on DiamondRock Hospitality and Apple Hospitality to Equal Weight from their previous Overweight ratings.
Data recently released by the National Travel and Tourism Office show that in October 2023: International visitors spent $18.9 billion on travel to, and tourism-related activities within, the United States, an increase of 23% compared to October 2022. Conversely, Americans spent $18.4 billion traveling abroad during October, yielding a balance of trade surplus of $503 million. International visitors have spent nearly $173.9 billion on U. S. travel and tourism-related goods and services year to date (January through October 2023), an increase of nearly 30% when compared to 2022. Fares received by U.S. carriers from international visitors totaled $3.3 billion in October 2023, up nearly 28% when compared to October 2022. Expenditures for educational and health-related tourism, along with all expenditures by border, seasonal, and other short-term workers in the U.S.totaled $4.9 billion in October 2023, an increase of 14% when compared to the previous year.
Hilton announced the signing of a management agreement for the 800-room Signia by Hilton Indianapolis. Currently under construction and expected to open in late 2026, the new-build Signia by Hilton Indianapolis will serve as the latest anchor hotel connecting to the Indiana Convention Center via skywalk as part of the city’s $710 million convention center expansion. Owned by the Capital Improvement Board of Managers of Marion County, the property will be developed by Kite Realty and managed by Hilton. Property highlights include approximately 90,000 square feet of flexible meeting space, seven distinct dining concepts, Club Signia, a spa and fitness facility and an outdoor pool deck.
In 2024, Hilton’s luxury portfolio, inclusive of Waldorf Astoria Hotels & Resorts, Conrad Hotels & Resorts and LXR Hotels & Resorts will announce offerings that will provide guests with new brand signatures. Regarding 2024 and beyond, Hilton is looking at an unprecedented growth pipeline in sought-after destinations. For 2024, these include: Waldorf Astoria Seychelles Platte Island; the Grand Wailea, A Waldorf Astoria Resort; Wakea Waikiki Beach, LXR Hotels & Resorts; Conrad Orlando, Conrad Singapore Orchard, Conrad Bahrain Financial Harbour and Conrad Chongqing. The Waldorf Astoria New York, Waldorf Astoria Las Vegas, and the Waldorf Astoria Orlando are all completing extensive renovations.
The Athens Group, along with its partner, Hatteras Sky, have selected Pivot, the lifestyle operating vertical of Davidson Hospitality Group, to operate and manage Asher Adams, its 225-room Marriott Autograph Collection hotel in downtown Salt Lake City, Utah. Opening in the fall of 2024, Asher Adams, will feature multiple food and beverage venues, a fitness center and meeting and event spaces.
Brandt Hospitality Group announced the opening of The Element Portland Beaverton and the AC Hotel Portland Beaverton.
Marriott International announced the premiere of The Riviera Maya EDITION at Kanai, a new luxury resort community in Mexico’s Yucatan Peninsula. The property features 182 guestrooms and suites; a lagoon-like pool; SO’OL Beach Club, home to a second outdoor pool with an infinity edge; multiple culinary experiences; a private pier featuring 10 cabanas with direct access to the ocean; The Spa; and a fitness center. The resort also includes 10,545 square feet of meeting and event space.
Moxy Hotels announced the opening of The Moxy Houston Downtown in Houston, Texas. The 118-room property is owned by Highrock Hospitality LLC and features multiple food and beverage venues, a fitness center and two meeting rooms.
A new dual-branded Marriott Hotel in Beavercreek, Ohio, that was delayed due to the COVID pandemic is now preparing to break ground. The 160-room hotel by HiFive Development Services, will include a Fairfield Inn & Suites and TownePlace Suites. HiFive expects the hotel to be completed in Q4 2025. Scarlet & Gray Hospitality will own and operate the hotel.
Wyndham expects to reach 100 hotels in Mexico in the next two years, due to the nearshoring phenomenon. There are currently 73 Wyndham-branded hotels in Mexico, with a total of 13,800 rooms. However, the company signed 17 more complexes that are about to open which will add up to 2,800 rooms. Wyndham expects to sign the remaining hotels by next year to reach the first one hundred nationwide, after which there will be a period of 18 months of construction, so it will be from 2025 when these openings will take place.
One of the region’s first Hyatt Place hotels is set to undergo a major, multimillion-dollar renovation inside and out. The hotel, in Northwest San Antonio is under new ownership and management. The interior of the hotel will undergo significant change and include a remodel of the lobby and breakfast areas, as well as other common spaces. All 126 guestrooms will also be transformed as part of the project, which is expected to be completed in the first quarter of 2024. The property is now owned by RS General Partners and managed by Iridescent Hotels.
In late November, Stonebridge Cos. acquired a five-property, approximately 1,200 key hotel portfolio spanning the U.S. The company plans to make various capital improvements at each of the properties, three of which have recently undergone meaningful renovations. With this transaction, Stonebridge reenters the greater Phoenix market with the acquisition of the Embassy Suites in Flagstaff, Arizona and enters both the North Carolina and Georgia markets with the purchase of the Marriott Research Triangle Park in Durham, North Carolina and the W Downtown in Atlanta. The balance of the portfolio comprises properties in existing Stonebridge markets including: the Embassy Suites in Walnut Creek, California and a full-service Marriott in Bridgewater, New Jersey.
The Vendue, in Charleston, South Carolina, completed its comprehensive re-imagination with the official debut of The Enclave at The Vendue. Previously an annex of The Vendue, The Enclave at The Vendue has been redesigned to provide a refined experience. The re-imagined guestrooms and common spaces offer guests an intimate retreat with a more laid-back ambiance.
Choice Hotels announced a new Cambria Hotel next to Hollywood Burbank Airport will open next month. Located directly across the street from Metrolink’s Burbank Airport – North Station, the hotel will offer 150 guestrooms, a bar, fitness center, meeting spaces and a pool.
IHG Hotels & Resorts, in conjunction with owner The Railyard Hotel Group, announced plans to add 88 guestrooms to the Hotel Indigo in Tallahassee, Florida, through the construction of a new tower. Scheduled to open in January 2026, the added wing will increase the hotel’s current 143-room capacity by more than 60%.
Pakistan International Airlines intends to demolish the iconic Roosevelt Hotel in New York City to pave the way for the construction of a new hotel through a joint venture. After renovations that cost $6 million, the hotel was handed over to the New York City administration for three years, an it is currently being used as a center to house migrants.
Four Seasons Resort Punta Mita unveiled Casa Tesoro as the latest addition to its collection of accommodations. An exquisite stand-alone estate compound, the seven-suite Casa Tesoro features distinct and expansive indoor/outdoor gathering spaces, multi-level infinity pool, an outdoor bar and kitchen equipped with a grill, pizza oven, and comfortable seating areas, a screening room, a tequila, mezcal and wine room, a speakeasy style club and bar, living room with billiards table, a game room, an oceanfront spa with a steam room, sauna, whirlpool, massage tables and salon area, and a yoga and cardio room. Casa Tesoro is also fully staffed with a house manager, personal host, chef services, housekeepers, and security.
VICI Properties Inc. has agreed to provide an up to $212 million mezzanine loan investment to Kalahari Resorts and Conventions to fund the development of a Kalahari indoor waterpark resort in Thornburg, Virginia. The 907-key, $900 million indoor waterpark resort broke ground in October 2023 and is expected to open by the end of 2026. The mezzanine loan has an initial term of 4 years with two 12-month extension options subject to certain conditions. VICI’s investment is expected to be made into the project in the second half of 2025. This transaction represents VICI Properties’ first investment with Kalahari. Kalahari Virginia is expected to feature an indoor waterpark, outdoor waterpark, convention and meeting space and 10 food and beverage outlets.
Margaritaville Beach Resort has opened in Fort Myers Beach, Florida. Located on 7.25 acres along Fort Myers Beach with direct beach access, the property features 254 guestrooms, six restaurants, the St. Somewhere Spa, and a beach club is scheduled to open in mid-January.
Compass by Margaritaville is a new 150-guestroom hotel expected to open in Myrtle Beach, South Carolina in early 2025. The planned hotel will have an indoor and outdoor pool experience, a convenience store, bar, grill and other amenities.
CitizenM is expanding in Miami-Dade. The company announced it is opening its third Miami hotel, this one in South Beach. Slated for a summer 2024 opening, the 168-room hotel will be equipped with a restaurant, gym, outdoor terrace, art display and rooftop infinity pool and bar. CitizenM is the hotel’s developer.
The Cabot Collection announced the grand opening of Cabot Saint Lucia located on a spectacular 375-acre peninsula at the northern tip of Saint Lucia. At the heart of the property lies Point Hardy Golf Club, featuring an 18-hole golf course. In addition, comfort stations, a food and beverage experience, a retail shop and sports courts are currently available onsite. Additional amenities to follow include a beach club and restaurant, expansive three-level clubhouse, luxury residences and wellness and fitness facilities.
