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The DJIA plunged 476 points, Nasdaq fell 225, the S&P 500 fell 70 points, and the 10-year treasury yield fell .05 to 3.88%. Scrooge took the egg nog away and gave everyone a dose of reality. Lodging stocks were lower. AHT traded down to a new low but BHR was up 5%. SLNA was down -6%, and SHCO fell -5% on the day.
Citigroup cut their rating on Sonder Holdings to Neutral from Buy. Their price target is now $4.
STR reported US lodging data for the week ended 12/16. US hotel RevPAR was up 5.8%, led by a 4.7% rise in rates. Group RevPAR was up 12.8%.
Choice Hotels issued a response to Wyndham Hotels & Resorts’ Board of Directors recommendation for shareholders to reject CHH’s exchange offer. CHHtaunted WH, saying their shareholders should be concerned about the company’s blatant misrepresentation of the lodging industry’s competitive landscape, with WH’s comments calling into question their ability to support franchisees while also generating shareholder value through M&A. CHH said WH contacted them on 12/12 to engage in discussions regarding a potential transaction but on 12/17, WH once again ended the discussions. CHH said that they have engaged with dozens of WH’s institutional holders representing over 40% of the shares outstanding. CHH said many shareholders have consistently expressed support for the merits of a transaction as well as the desire for both parties to work together to reach a resolution. We note CHH did not say how many of the supposed 40% of the shares outstanding support the merits of a transaction.
Hyatt shared its strong development pipeline of more than 35 planned luxury hotels and resorts globally through 2025 across the Park Hyatt, Grand Hyatt, Miraval, Alilia, 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’s luxury portfolio is expanding to meet demand in new international markets including the debut of Park Hyatt hotels in the UK, Mexico, and Malaysia; the Thompson Hotel brand’s expansion in Europe with the first properties in Austria and Italy; the Andaz brand’s growth in the Americas with its first hotel in the Caribbean; The Unbound Collection by Hyatt brand’s first property in India; as well as Hyatt luxury growth in the trending destination of Portugal, with the planned openings of Andaz Lisbon and Dreams Madeira Resort, Spa & Marina.
Crescent Real Estate LLC acquired the Homewood Suites by Hilton Destin through its investment vehicle, GP Invitation Fund III, LP. Located in Destin, Florida, the recently constructed, 95-suite hotel offers a resort-style outdoor pool with Pirate Cove splash pad, hot tub, and fitness center. The property will be managed by HEI Hotels & Resorts. Crescent’s GP Invitation Fund III also acquired the Home2 Suites by Hilton Alpharetta, a 107 key hotel. HEI Hotels is also going to manage the Alpharetta, GA hotel for GP Invitation Fund III.
LBA Hospitality has taken over the management of the Hampton Inn & Suites Knoxville-Turkey Creek/Farragut. The recently purchased hotel is now owned by 3H Group and this acquisition marks the 25th property LBA is managing in partnership with 3H Group. The four-story hotel offers 105 guestrooms, 528 square foot meeting room, a fitness center, and an outdoor pool.
Developers are proposing to build a four-story, 91-room Home2 Suites by Hilton branded hotel in Carson City, Nevada.
A joint venture led by Trinity Investments sold two development parcels and a marina adjacent to the Diplomat Beach Resort in Hollywood, Florida. Trinity and Credit Suisse Asset Management purchased the 1,000-room resort, along with the two development parcels, from Brookfield Asset Management for $835 million in February. Trinity is in the process of repositioning the resort into a Signia by Hilton. The two development parcels and private marina have been sold to a Miami-based real estate developer. Berkadia Real Estate Advisorsbrokered the transaction.
Cooper Hotels announced the opening of DoubleTree by Hilton Fort Myers at Bell Tower Shops. The first DoubleTree by Hilton located in Fort Myers, Florida, the property is a conversion and rebranding of the company’s former Crowne Plaza hotel. Major renovations to the hotel included the lobby and front desk area, 6,196 square feet of meeting space and Shoeless Joe’s Sports Café and deck. The property also features a fitness center and a heated outdoor tropical pool.
Construction of the proposed Grand Hyatt Resort Hotel in Seaside, California has been approved to move forward. The seven-story hotel would include 330 guestrooms, a conference center with 35,000 square feet of meeting space, restaurants, lobby bar, spa, fitness center, and an outdoor pool. The project is being developed by Seaside Peninsula Acquisition Group.
IHG Hotels & Resorts celebrated the reopening of the newly converted and rebranded voco hotel in Puebla, Mexico, the brand’s first Mexico opening in 2023. Located in Puebla’s historic city center, voco Royalty Puebla Downtownoffers 42 guestrooms, a restaurant, and a fitness center. The property is owned and managed by Hotel Royalty Centro SA de CV.
Kimpton Hotels & Restaurants announced the name of its newest Denver hotel, Kimpton Claret Hotel. Set to open in Spring 2024, Kimpton Claret will be the brand’s second property in Denver. The hotel is a collaboration between Kimpton Hotels & Restaurants, DTC Hospitality Investors, LLC and developer Cypress 16, LLC in conjunction with McClug Century Investments, LLC. The new-build, 19-story Kimpton Claret will feature 190 guestrooms and suites, 10,000 square feet of meetings and events spaces, and two distinct dining outlets.
According to CBS News Colorado, The Stanley Hotel in Estes Park, which turns 115 years old next year, will likely be sold in 2024 to Arizona-based Community Finance Corporation. The potential new owners intend to expand the services and capabilities of the current hotel and property. The buyers hope to add an additional 58 bedrooms to the hotel as well as a new restaurant and 80,000 square foot film center. If approved, the sale of the property could be finalized as early as January.
The Akwesasne Mohawk Casino Resort announced the acquisition of the Comfort Inn and the adjacent 18 acres, in Hogansburg, New York, from Tarbell Management Group. This acquisition strengthens the AMCR’s position for future development, ensuring a cohesive and unified vision for the casino and hotel facility.
Madison Resorts has acquired the Royal Hawaiian motel, in Wildwood Crest, New Jersey, for $13.4 million and plans to combine it with its neighbor, the former Oceanview Motel to create what it says will be Cape May County’s largest resort. After $7 million in renovations and updates, Madison Resort Wildwood Crest will offer more than 200 rooms, three restaurants, two pools, five conference rooms, two rooftop event spaces, and more. Madison Resorts began rehabbing the shuttered Oceanview more than a year ago. Phase one of the combined resort is expected to open in early spring 2024. The Royal Hawaiianportion of the resort will open in early summer 2024.
Hodges Ward Elliott announced the closing of the 196-key Hilton Brooklyn New York and the accompanying retail at the nexus of Downtown Brooklyn and Boerum Hill. The Hilton Brooklyn New York boasts 2,300 square feet of dedicated function space, a business center, fitness center, pantry, and concierge service. HWE represented the seller in the deal.
The Plasencia Group announced it represented the seller on the sale of the Hampton Inn & Suites Knoxville. The 105 key hotel is located in the affluent Turkey Creek/Farragut submarket and was purchased by 3H Group who is planning a series of strategic capital improvements throughout the property.
Huff, Niehaus & Associates, Inc. announced the sale of the 101-room Holiday Inn Express in Horse cave, Kentucky, to HC Hotel Inc. Huff, Niehaus & Associates, Inc. represented the seller and assisted the buyer in the transaction.
Magnuson Hotels’ CEO and co-founder, Tom Magnuson, is stepping down from his role, effective immediately. Chief Revenue Officer Adnan Malik will fill the CEO position.
Ryman Hospitality Properties, Inc. announced Erin Mulligan Helgren has been appointed to its Board of Directors, effective as of January 1, 2024, increasing the size of the Board from nine directors to ten directors. Helgrenpreviously served in a variety of senior executive roles with several public and private companies, including over 11 years at Dell, Inc., where she most recently served as Chief Marketing Officer.
Wyndham Hotels & Resorts announced Govind Mundra, the former head of development for Eurasia, as the new head of development for the Middle East and Africa. In addition to development roles with Wyndham, Mundra also worked for Taj Hotels Resorts and Palaces for Sub-Saharan Africa. In this new role, Mundra will lead the expansion of Wyndham’s portfolio in the region and oversee strategic initiatives to provide industry-leading value to owners.
The latest figures from Tourism Analytics reveal that 748,373 people visited St. Lucia from January to September, an increase of 68% from the number of arrivals for all of 2022. U.S. visitors accounted for 56% of stay-over arrivals through the first three-quarters of this year. With numbers expected to continue an upward climb in coming years, the island is preparing to add at least 1,000 new hotel rooms by 2025, including 351 from the Secrets Saint Lucia Resort & Spa, slated to open next year, and the Cas en Bas Beach Resort, the first Destination by Hyatt-branded resort and residences in St. Lucia, which is also eyeing a 2024 debut. In addition, a 140-room Courtyard by Marriott-branded hotel at Pointe Seraphine Castries is slated for a 2025 opening. The number of B&Bs and vacation rentals on the island is also on the rise, prompting St. Lucia to launch its Collection de Pepites program last year to assist travel advisors and visitors with finding small and boutique properties, with 35 rooms or fewer, that may otherwise go unnoticed.
Hilton announced the signing of Tru by Hilton Bariloche, slated to open in Patagonia, Argentina in 2027, marking the brand’s 10th country with supply and pipeline locations. The 130-room property will be developed and managed by Argenway. Tru by Hilton Briloche will be integrated into a mixed-use development that will have retail shops on the ground floor. It will feature the brand’s signature amenities including a fitness center and a market.
Minor Hotels announced an upcoming addition to the Anantara Hotels, Resorts & Spas portfolio in the Austrian capital of Vienna. Anantara Palais Hansen Vienna Hotel will launch in March 2024 with 152 guestrooms and suites across three floors, a Lobby Lounge & Bar, a Cigar Lounge, ten function rooms, an indoor pool, fitness center, and spa. Anantara Palais Hansen Vienna Hotelwill 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 relaunch as an Anantara Spa.
Hyatt Hotels Corporation announced the opening of Hotel Fluela Davos, the newest addition to The Unbound Collection by Hyatt brand. Hotel Fluela Davos joins three existing Hyatt hotels in Switzerland. The beloved landmark features 51 rooms and suites; a ski butler; 5,220 square feet of meeting space; a wellness area featuring two saunas, two steam rooms, a relaxation room, two treatment rooms, an indoor pool and an outdoor hot tub; a gym; a fine dining experience; and two bars.