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North America

Ryman Hospitality Anticipates $1 Billion CapEx Allocation

Alan Woinski and Kim Woinski
January 14th, 2024 at 5:41 PM EST

Skift Take

Ahead of Ryman Hospitality Properties’ Investor Day, Truist Securities upped their price target for the REIT.

The DJIA ended Friday down 118 points while Nasdaq was up 3, the S&P 500was up 4 points and the 10-year treasury yield was down .03 to 3.95%. Lodging stocks were mixed. AHT traded down to another new low.

Ahead of Ryman Hospitality Properties’ Investor Day, Truist Securities upped their price target to $134 from $124. They remain bullish on RHP due to their checks showing encouraging industry-wide future group business booking and pricing trends. Truist believes a big focus point will be detail on RHP’s allocation of the $1 billion, 5 year CapEx spend that could include high ROI room expansions at Rockies and Hill Country. They also believe RHP will give higher RevPAR guidance either at Investor Day or when they release 4Q results.

The Baird/STR Hotel Stock Index jumped 10.5% in December. For all of 2023, the index was up 38.4%. The Hotel Brand sub-index was up 10.4% in December from November while the Hotel REIT sub-index jumped 10.6%.

While Choice Hotels called out Wyndham early last week, accusing them of not being truthful with their views on potential anti-trust issues with CHH’s attempted hostile takeover, WH announced late Thursday that received a 40 page and 65 topic “Second Request” form from the Federal Trade Commission in connection with CHH’s unsolicited proposed acquisition of the company. WH said that the second request is issued in only around 1% of deals reviewed by the FTC and marks the start of a complex, lengthy process with an uncertain outcome and no guarantee of closing.

HHM Hotels announced the addition of the Residence Inn Tampa Westshore to its managed portfolio. The Tampa, Florida property boasts 160 guestrooms, meeting and event space, an outdoor pool and a modern fitness center.

The Westin Hilton Head Island Resort & Spa is due to complete a $13.8 million renovation project by early February 2024. The renovation focused on the resort’s 416 guestrooms, including adding 4 additional rooms for a total of 420 rooms.

ANZ Hospitality LLC purchased the Sheraton Great Valley Hotel for $11.9 million from GF Management. Located in Frazer, Pennsylvania, the Sheraton Great Valley offers 193 rooms, a pool, hot tub, fitness center, roughly 8,000 square feet of event space and an onsite restaurant. ANZ Hospitality is planning a renovation of the 5-story property that will involve new rooms and updates to the property’s public spaces and amenities. The renovation is estimated to cost a little north of $7 million.

Daly Seven announced the completion of two hotel renovation projects in Greensboro, North Carolina. The Hilton Garden Inn Greensboro has unveiled its renewed look with a complete renovation of all guestrooms and meeting spaces. The Holiday Inn Express & Suites Greensboro Airport Area has undergone a comprehensive renovation throughout the property including revitalized common areas and refurbished guest accommodations.

Hilton announced the opening of the 976-room Signia by Hilton Atlanta, marking the first new build and Georgia hotel for the Signia by Hilton brand. Owned by Georgia World Congress Center AuthoritySignia by Hilton Atlanta forms part of the Authority’s Championship Campus, North America’s largest combined convention, sports and entertainment destination. The hotel features eight food and beverage experiences, a spa, beauty bar, rooftop pool, fitness center and more than 100,000 square feet of flexible meeting space, including the largest hotel ballroom in Georgia, a grand outdoor event deck and lawn and Club Signia.

Scarlett Hotel Group and Everwood Hospitality Partners announced a strategic partnership, combining the two companies’ investment and management expertise. In terms of structure, both companies will still exist, but Scarlett Hotel Group will now focus solely on hotel management, including the management of all Everwood’s hotels. Everwood is changing its name to Everwood Capital Partners to better align with its new sole focus of investment and capital deployment services on its own behalf as well as for third parties. All principals and owners at Scarlett Hotel Group are now also principals at Everwood Capital Partners.

Wayside Investment Group announced the grand reopening of its Extended Stay America Suites located in Baytown, Texas, following a comprehensive renovation. Renovations to the three-story, 82-room property included significant upgrades to guestrooms, public spaces, a refinished exterior and new signage.

Banyan Group announced that this year it will continue with its expansion plan, opening 19 hotels in several countries such as Mexico, Cambodia, China, Japan, South Korea and Vietnam. The company also announced that its new name in the sector will be Banyan Group, which evolves from the former Banyan Tree Group.

Transwestern Hospitality Group has acquired Hotel Granduca in Houston, Texas. THG will lead a comprehensive repositioning project at the 122-key hotel that will begin mid-year 2024. Planned updates to the Hotel Granduca include the design, guest experience, amenity package, and food and beverage program at the property. The ground floor will be transformed into a vibrant gathering place and include a destination restaurant. Enlarged and improved event spaces and new workout facilities are also part of the updates.

EKN Development and Garn development have successfully financed a $67.1 million combined senior construction loan and C-PACE financing for the development of the dual-branded Residence Inn and Courtyard by Marriott in Sand City, California.

Personnel Moves

Coury Hospitality announced the appointment of Andrew Casperson as Chief Operating Officer. Promoted from Executive Vice President of Operations, Casperson will be instrumental in fostering innovation to deliver guests exceptional experiences in culinary, entertainment and overall operational excellence. Casperson joined Coury in the spring of 2023 and leads operations strategies for Coury’s portfolio of lifestyle hotels, bars and restaurant concepts. The Coury pipeline and team has grown in the past year as the company makes strategic hires and promotions to support this expanding portfolio. New appointments included: Steve Del Rosario, VP, Finance; Lance Kobza, VP, Information Technology; Karen Heese, VP, Sales and Catering; Todd Rayburn, Regional VP, Operations; and Nicole Haarklau, Corporate Director, F&B Operations.

Blake Reiter joined HVS Executive Search as Vice President, based in Denver. A hotel industry veteran for nearly 18 years, Blake brings extensive expertise in hotel analytics, operations, finance, marketing, development and restaurants.

International News

Radisson Hotel Group set a new record in 2023, adding over 30,000 keys to its international portfolio of 10 leading brands through openings and signings. The Group’s flagship Radisson Blu brand continued to be the largest upper upscale brand in Europe for the 12th consecutive year. In 2023 the Radisson Collection brand continued to grow announcing several market debuts with key signings and openings in India, Nigeria, Egypt and Lithuania as well as additional properties in existing markets such as Belgium. The Group’s very first Radisson Individuals property opened in Berlin and also made its debut in Paris and Thailand. In India, The Group opened two new Radisson Individuals properties. The Group announced openings and signings for new Radisson Blu properties in Stuttgart, Paris, Jordan, Morocco, India, Turkey, Poland, Saudi Arabia and Nigeria. In 2023, Radisson added nearly 40 properties to its portfolio through openings and signings including in Switzerland, UK, Budapest, Baku, and IndiaRadisson RED brand made its entry into Serbia, Helsinki, Georgia and Thailand. Resorts continued to be increasing relevant to the Group’s business, owners and guests. New additions were made with signings in Greece, India, Philippines, as well as additions in Fiji, Turkey, and Poland. Looking ahead to 2024, resorts will continue to play an important role in the Group’s strategic growth plan.

Mercan Group is set to invest €450 million in the Portuguese hotel market in 2024, commencing construction on multiple hotel projects and opening three hotels by summer. The company said it has eight hotels, representing 1,400 rooms, in the works including the 452-key Hard Rock Hotel at Vau Bech, Portimao which is expected to open in 2026 with multiple restaurants and bars, outdoor pools, a Rock Spa, gym, beach club, Kids Club and a conference room. Mercan added that by summer of 2024, it will open three hotels: the €21 million, 91-room Holiday Inn Express Porto-Boavista; the €16.8 million, 76-room Holiday Inn Express Evora; and the €16.8 million Holiday Inn Beja. All three hotels will be managed by Ace Hospitality Management, a subsidiary of the Mercan Group.

Sandals announced the March 27, 2024 opening date of the new Sandals Saint Vincent and the Grenadines. The new resort will be the second major new all-inclusive opening for Sandals in a year, following last spring’s launch of the new Sandals Dunn’s River resort in JamaicaSt. Vincent is the ninth destination in the Caribbean for the Sandals brand. The resort, set on 50 acres, will have 302 rooms including the first-ever overwater villas in St Vincent and the Grenadines; 12 dining concepts; five bars; and five different pools.

Starwood Capital Group announced that a controlled affiliate has acquired a portfolio of 10 hotels, 2,053 rooms, from Edwardian Group for an undisclosed sum via an off-market transaction. Edwardian Group will continue to own and operate The Londoner and its two Radisson Collection hotels, The May Fair and The Edwardian Manchester, following closing of the transaction. Alongside the acquisition, Starwood Capital and Edwardian Group intend to collaborate on future opportunities together. As part of this relationship, Edwardian Group will continue to operate the portfolio on a transitional basis while Starwood Capital plans its future investment into the hotels. JLL provided real estate advisor services and Baker McKenzie provided legal services to Edwardian Group for the sale. Paul Hastings (Europe) LLP acted to Starwood Capital on the acquisition.

Alan Woinski and Kim Woinski
January 14th, 2024 at 5:41 PM EST

Companies: Ashford Hospitality Trust, Banyan Tree, Choice Hotels International, Courtyard by Marriott, Coury Hospitality, Everwood Hospitality Partners, Extended Stay America, Extended Stay America Suites, Hard Rock Hotels & Casinos, Hard Rock International, HHM Hospitality, Hilton Garden Inn, Hilton Hotels & Resorts, Holiday Inn Express, HVS, IHG Hotels & Resorts, Marriott International, Radisson Blu, Radisson Collection, Radisson Hotel Group, Radisson Individuals, Residence Inn by Marriott, Ryman Hospitality Properties, Sandals Resorts, Sandals Resorts International, Scarlett Hotel Group, Sheraton Hotels & Resorts, Signia by Hilton, Starwood Capital Group, Wayside Investment Group, Westin Hotels & Resorts, Wyndham Hotels & Resorts

Locations: Atlanta, California, Denver, Houston, North Carolina, South Carolina, Tampa, Texas

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