The DJIA was up 10 points but Nasdaq had their third rough day in a row, down another 82 points while the S&P 500 was down 16. The 10-year treasury yield is really where the action is, down 0.08 today to 3.99%. It was above 4% this morning as speculators are questioning whether everyone is thinking the Fed is going to cut interest rates more than they really will. That sentiment will change dozens of times over the calendar year. Lodging stocks were mixed on the day.
STR reported U.S. lodging data for the week ended December 30. RevPAR was down -9.7% led by a -7.1% decline in occupancy. Group RevPAR was down -8.8%. The Christmas calendar shift was to blame for the very weak results.
A groundbreaking ceremony was held for a Tru hotel by Hilton in Bristol, Tennessee. The $15.8 million hotel will be located at 51 Centre Point Drive and is set to open in late fall.
A new Westin Hotel is coming to Miami International Airport in 2026. The Westin Miami International Airport will have up to 450 rooms, a restaurant and bar, a pool, conference and event space, a fitness center, spa, and valet service. The new hotel will be connected to the terminal via a pedestrian bridge, notably Concourse D, which is mainly used for American Airlines flights.
Dauntless Capital Partners/Calco Hospitality have purchased the Marriott Crystal City at Reagan National Airport for $65.8 million from JBG Smith Properties. JBG came into possession of the hotel as part of its acquisition of Vornado Realty Trust in 2017. Located in Arlington, Virginia, the hotel features 10,150 square feet of meeting space, a fitness studio, and a bar and restaurant. Newmark Lodging Capital Markets arranged the sale.
PM Hotel Group has been selected to assume management of Southbank Hotel Jacksonville Riverwalk in Jacksonville, Florida. The 322-room hotel includes 39,000 square feet of meetings and events space, two dining outlets, an outdoor pool, and a fitness center. The hotel is currently under a full renovation and will change flags when the renovation is complete.
Real estate developers Fort Partners and Merrimac Ventures are building a Four Seasons hotel and condo resort in Telluride, Colorado. According to the Wall Street Journal, the project will feature 52 guestrooms and 68 residences. Construction is expected to begin later this year, with the property expected to open in two to three years.
The $1.5 billion Evermore Resort officially opened January 1, 2024, in Orlando, Florida. The 1,100-acre property borders Walt Disney World at the site of the former Villas at Grand Cypress. Evermore Resort offers a diverse range of accommodations including flats, villas, and vacation homes, as well as a 433-room Conrad Hotel. There are also more than a dozen dining options, a boathouse venue for weddings and events, an 8-acre crystal clear lagoon, and two golf courses.
Aligned Hospitality Management is expanding its presence in Southern Arizona with La Quinta Inn & Suites by Wyndham NW Tucson Marana in Tucson, elevating its total portfolio to 21 properties. Owned by Yogi Investment Corporation, the hotel has 65 keys, BBQ grills, a business center, fitness center, and more.
IHG Hotels & Resorts recently opened a new avid hotels property in Billings, Montana. Featuring 75 guestrooms, avid hotel Billings West offers an indoor heated pool, business center, and a breakfast bar. The hotel is owned by Billings Hotel Developers, LLC and managed by InnTrusted Hotels.
Concord Hospitality is planning to build a WoodSpring Suites extended-stay hotel in Durham, North Carolina. The project is part of the Marketplace at Ellis Crossing, a mixed-use development that will include a supermarket, restaurants, office, retail, restaurant, and apartments.
Allegiant’s Sunseeker Resort executives told local media in Charlotte County, Florida that all the talk that they will have a casino is just talk. There are plenty of former casino executives in the upper executive management of the division but all said they were happy to get out of the business. The reality is the new resort can’t have a casino anyway due to the terms of the agreement the Seminole Tribe has with the state of Florida. There cannot be a casino within 100 miles of a Seminole property, and it looks like the tribe’s casinos in both Tampa and Immokalee are within 100 miles.
HayMax Capital announced the opening of MOLLIE Aspen, in Aspen, Colorado. The hotel features 68 guestrooms, a lobby retail boutique, roof terrace spa pool set to open Spring 2024, flexible event spaces, and a delectable food & beverage program.
Developers along with the Cohen Brothers Realty Corporation are seeking approvals from the village of Rye Brook, New York, to demolish the Doral Arrowwood site and develop a new mixed-use operation. The plan envisions a large hotel with 220 rooms and a grand ballroom, as well as a conference center, a wellness center, and medical offices. The project also includes 115 residential units.
Hunter Hotel Advisors announced the sale of the Holiday Inn Express & Suites Alpharetta-Windward Parkway. Satori Collective sold the 6-story property to Bukhari Group Hospitality for an undisclosed price. Hunter facilitated the transaction on behalf of the seller.
Marcus & Millichap brokered the sale of Switzerland Inn, a 70-room resort, in Little Switzerland, North Carolina. In addition to the inn, two nearby residential houses, each with three bedrooms, were included in the sale. The portfolio was sold for $15.65 million. Marcus & Millichap’s Fort Lauderdale office had the exclusive listing to market the property on behalf of the seller, a private investor, and procured the buyer, MMI Hospitality.
Pebblebrook Hotel Trust announced the successful extension of approximately $357 million of its $460 million October 2024 maturity term loan to 2028. The Company paid down approximately $157.6 million of existing term loans and unsecured private placement notes. As a result of the refinancing, Pebblebrook has no meaningful debt maturities until October 2025. Analysts applauded the sooner than expected pay down of the term loan and the maturity extension.
Hall Group has closed on a $46 million Commercial Property Assessed Clean Energy financing for its new Hyatt-branded hotel project in Palm Springs. The Commercial Observer said Peachtree Group, formerly Stonehill, originated the C-PACE loan for Hall Group’s 168-room Thompson Palm Springs which is slated to open in May.
Personnel Move
Hard Rock International appointed John Rees as its new Senior Vice President of Hotel Operations. In this role, Rees is responsible for leading and supporting all facets of hotel operations across the Hard Rock International portfolio, including both corporate-managed and franchised locations. Rees comes to Hard Rock International from Marriott Vacations Worldwide where he was Vice President of Resort Operations and Guest Experience.
