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The Daily Lodging Report will go on holiday break, with the last issue of 2023 being published on December 20, 2023. The first issue of 2024 will be on January 2, 2024. We wish everyone a happy and healthy holiday season.
The DJIA jumped 252 points while the Nasdaq was up 98, the S&P 500 rose 28 points, and the 10-year treasury yield was down another .03 to 3.92%. Lodging stocks were higher. MAR and HLT rose to new highs, but SOND and VCSA were the stars with the low price beaten up stocks seeing January effect bounces already. SOND was up 30% and VCSA was up 12%. AHT, on the other hand, traded down -7% to a new low.
Apple Hospitality REIT announced its regular monthly cash dividend of $0.08 per share plus a special cash distribution of $0.05 per share. That brings cash dividends for the year to $0.96 per common share, an annual yield of 5.7%.
Bluegreen Vacation Holdings announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 with respect to the previously announced agreement from the company to be acquired by Hilton Grand Vacations for $75 per share in cash. That satisfies one of the closing conditions of the transaction. A special meeting of shareholders to approve the transaction will take place on December 14th.
AC Hotels by Marriott announced the opening of its newest property in the heart of Naples, Florida. The three-story AC Hotel Naples 5th Avenue comprises 150 guestrooms, an inviting lobby, ground-floor café, 2,500 square feet of event space, a fitness center, outdoor rooftop pool, and a rooftop restaurant and bar. AC Hotel Naples is developed and managed by OTO Development.
GL Rogers and Company and Maine Course Hospitality Group announced the acquisition of the Four Points by Sheraton Hotel in Greensboro, North Carolina.
Moxy by Marriott announced the opening of its first Houston location in the former State National Building. Owned by Highrock Hospitality, Moxy Houston Downtown features 118 guestrooms, a lobby bar, lobby mechanical bull and meeting rooms with ping-pong tables.
IHG Hotels & Resorts announced the opening of the first Garner hotel less than three months after the midscale conversion brand’s launch. The 95-room Garner Auburn – Seattle is owned and operated by S1 Hospitality Management. Seattle is the first of several planned for the midscale conversion brand in the coming months. With a goal to expand globally in 2024, IHG expects the brand to reach an estate of more than 500 hotels during the next 10 years and 1,000 hotels during the next 20 years in the U.S. alone.
Choice Hotels International, Inc. reached a brand milestone with the opening of its 100th Suburban Studios hotel. Since the successful relaunch of the legacy Suburban Studios brand in 2022, the brand has grown at a record pace, with five hotels opening in October and eight in the month of November. The 100th Suburban Studios is now open in Bloomington, Minnesota.
The Morris Memorial building in downtown Nashville, Tennessee has a new owner, its third in a week. Imagine Hospitality paid $10 million for the historic building, marking the second sale of the building in a few days. The hospitality group is planning to turn the Morris building into a boutique hotel. On Tuesday, the Morris building sold for $6 million to 330 DrMLKJr Blvd LLC. Before the two recent transactions, National Baptist Convention USA Inc. owned the site for over a century.
Sunseeker Resorts from Allegiant Airlines announced the opening of the Sunseeker Resort Charlotte Harbor in Charlotte Harbor, Florida. The independently flagged property features 785 guestrooms and suites, 60,000 square feet of meeting and conference space, 20 dining options and bars, two expansive pools, retail outlets, a fitness center, a spa, and an 18-hole golf course.
Loto-Quebec announced plans to build a 200-room hotel next to the Casino de Montreal in Parc Jean-Drapeau. The $150 million project will be financed by Loto-Quebec and is expected to open in two to three years. Plans for the hotel have not been finalized but the concept is to build a low-profile building of roughly four stories that will sit on top of the casino’s underground parking facilities.
AB Living announced the January 26, 2024 opening of SHA Mexico in Costa Mujeres, Mexico. SHA Mexico will feature 100 rooms and suites, 35 residences, and the SHA Wellness Clinic.
SeaWorld Orlando filed an application in Orange County, Florida to develop a 15-story, 504-room hotel adjacent to its attractions near the intersection of International Drive and Central Florida Parkway. The nearly 30-acre project, dubbed “Starboard,” would include a walkway to the theme park, conference center, ballroom, parking garage, a few pools, lounging areas, restaurant, and rooftop bar and terrace.
A venture of Reschke’s Prime Group has refinanced the 381-key Residence Inn Chicago with a $113 million loan from an affiliate of Union Labor Life Insurance. The loan replaces a $141 million mortgage from Goldman Sachs that Reschke had obtained in early 2021 and was set to mature in February.
Personnel Move
Peachtree Group named Sameer Nair as senior vice president of equity asset management. In this role, Nair will oversee and implement asset oversight to Peachtree’s real estate portfolio and preferred equity investments. With more than a decade of hospitality experience, Nair most recently was senior vice president of acquisitions and development for Hospitality Ventures Management Group.
International News
The board of directors of NH Hotel Group has approved the purchase from its majority shareholder, Minor, of 100% of the hotel business in Portugal for a total amount of 133.2 million euros. The transaction affects 100% of the share capital of Minor Continental Holding, which is the sole shareholder of Minor Hotels Portugal, a company wholly owned by Minor. The company acquired by NH had 5 hotels in Portugal, including the Anantara Vilamoura Algarve Resort, the Tivoli Lagos Algarve Resort, the NH Sintra, the NH Marina Portimao and the Tivoli The Residences at Victoria.
Hilton celebrated the opening of Hilton Heidelberg, the latest addition in Germany for its flagship brand. Following a significant investment program of the former Hotel Schrieder, Hilton Heidelberg features 244 rooms and suites, seven flexible meeting spaces, fitness center and two dining establishments. Hilton Heidelberg is owned by Invesco Real Estate and leased and operated by Trimont Hotel Operations.
IHG Hotels & Resorts announced 2024 sees new Vignette Collection properties introduced to its luxury and lifestyle portfolio. New openings for 2024 include the first UK flagship for the collection, The Halyard Liverpool, Vignette Collection, together with openings in Budapest, Thailand and beyond. Additionally, Vignette Collection recently opened two new hotels in Portugal(Lisbon and Porto) and a new property in Dubai in 2023. Opening early 2024, The Halyward Liverpool, Vignette Collection will feature 133 bedrooms, destination dining and a fitness studio. Verno House Budapest, Vignette Collection is coming to Vignette Collection in early 2024 featuring 50 guestrooms, a library room wellness area, gym, and onsite dining.
The Marriott hotel in Dyce, U.K. has closed after 43 years in business. A message on the venue’s website states that it has closed indefinitely as of this weekend.
The Valencia Business Building company is preparing to open a five-star luxury hotel in the heart of Valencia, Spain, together with Marriott International. The hotel will have 50 rooms and will occupy the building that housed the headquarters of Telefonica in the city.
STED Co. announced the opening of the all-new Quadro Hotel, Trademark Collection by Wyndham in Malta. Located in the heart of St. Julian’s, the hotel is the first Trademark in Malta and features an onsite restaurant, rooftop pool and a fitness center.
Playa Hotels & Resorts N.V. closed on the sale of the Jewel Punta Cana for a total gross consideration of $82.0 million. The Company has also entered into a long-term hotel management agreement with the new owner to manage the resort. Proceeds from the transaction will be used for general corporate purposes.
Rocco Forte Hotels announced this month that the Public Investment Fund has entered into a definitive agreement to acquire a significant minority stake in the group. The Forte family will retain majority ownership and control. The arrangement sees CDPE Investimenti selling its entire stake. PIF’s investment will include an element of primary equity which will accelerate the brand’s expansion in both existing and new global markets. Sir Rocco Forte will remain Executive Chairman, alongside Olga Polizzi, who will continue as Deputy Chairman. Charles Forte, Lydia Forte and Irene Forte will also continue to hold key roles in the business.
