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North America

Hilton and Marriott’s Banner 2023

Alan Woinski and Kim Woinski

January 22nd, 2024

Skift Take

Hilton said they ended 2023 with the strongest development quarter in its history while Marriott International, Inc. announced the company’s record year of global signings with 52% more organic rooms signed in 2023 than the previous year.

The DJIA was up 138 points, Nasdaq was up 49, the S&P 500 rose 11 points and the 10 year treasury yield was down .05 to 4.09%. Lodging stocks were modestly higher. AINC traded down to another new low before bouncing on very low volume.

Baird reiterated Choice Hotels as a 2024 Best Idea. Baird said they continue to see value in CHH shares, particularly with a long-term investment horizon. While investors are solely focused on their attempt to acquire Wyndham, Baird said their positive long-term view assumes the current “What ifs” and scenario analyses with various potential outcomes will not last and clarity should emerge over the next 6-12 months. They like a setup where valuation is discounted and investor sentiment is negative, especially for a stock/business with a solid growth profile and a strong historical track record like CHH.

Park Hotels & Resorts is the latest hotel REIT to preannounce 4Q results. PK said both Comparable RevPAR and Adjusted EBITDA exceeded the midpoint of their 2023 guidance ranges. There was a near 8% year over year preliminary Comp RevPAR increase in their urban portfolio while leisure demand trends remained strong at their Hawaii hotels. 4Q Comp RevPAR overall in the portfolio was up 4.1% with 8.7% for the full year 2023.

Hilton said they ended 2023 with the strongest development quarter in its history. The company opened 132 hotels and approximately 24,000 rooms between October and December 2023, contributing to full-year openings of 395 hotels and approximately 63,000 rooms, achieving net unit growth of 4.9%. Hilton also continued to strengthen its development pipeline with record 2023 signings of nearly 1,000 hotels representing 130,000 rooms, up 45% from the prior year. The company’s pipeline is now the largest in its history with nearly 3,300 hotels, totaling more than 462,000 rooms. The company’s growth opportunities are further boosted by the recent addition of two new brands to its portfolio, Spark by Hilton and LivSmart Studios by Hilton.

Marriott International, Inc. announced the company’s record year of global signings with 52% more organic rooms signed in 2023 than the previous year. The company also announced it achieved strong net rooms growth of 4.7% in 2023. In the U.S. and Canada, Marriott signed a record 91,000 rooms, 37,000 of which were the result of the company’s strategic licensing agreement with MGM Resorts International. The company also saw robust signings growth outside of the U.S. & Canada with a record of nearly 73,000 organic rooms signed across 74 countries and territories with particularly strong signings in China, Vietnam, Japan, United Arab Emirates, Mexico, Turkey, Saudi Arabia, and India. At year-end 2023, Marriott’s global development pipeline totaled nearly 3,400 hotels and roughly 573,000 rooms, an increase of over 15% over a year ago. At the end of 2023, Marriott’s worldwide system consisted of nearly 8,800 properties and more than 1,597,000 rooms in 139 countries and territories. Marriott added over 400 properties and nearly 64,000 organic gross rooms in 2023. The company also completed its acquisition of the City Express brand portfolio, bringing an additional 150 properties and approximately 17,500 rooms into Marriott’s stems during the year. In 2023, Marriott signed a record 58 deals for luxury hotels and resorts, bringing Marriott’s luxury portfolio in the global development pipeline to 245 hotels including more than 20 hotels expected to open in 2024. Marriott entered the high-growth affordable midscale segment in 2023 with the acquisition of the City Express brand portfolio in the Caribbean and Latin America region. Marriott is continuing its expansion in the affordable midscale segment with the announcement of StudioRes. On January 17, 2024, Marriott celebrated the first groundbreaking for the brand in Fort Myers, Florida, with approximately 300 other potential deals under discussion in 150 markets. In September 2023, Marriott announced the launch of Four Points Express by Sheraton. Through year-end 2023, the company signed six Four Points Express by Sheraton deals in the United Kingdom and Turkey. Conversions once again helped drive growth. In 2023, the company signed a record 184 conversion properties, representing nearly 65,000 rooms, including MGM. The company also grew its all-inclusive resort portfolio, signing three deals in its EMEA region in 2023, with another six anticipated openings in 2024. In 2023, customer demand fueled Marriott’sexpansion of its branded residences portfolio, with 134 open locations and 115 pipeline residential projects across 49 countries and territories and 16 brands. The company opened its first Apartments by Marriott Bonvoy property, in San Juan, Puerto Rico, in December 2023 and expects to continue growing its presence, with additional signed agreements in the U.S., Italy, and Saudi Arabia. In July 2023, Marriott announced the signing of an exclusive long-term strategic licensing agreement with MGM Resorts International and the creation of the MGM Collection with Marriott Bonvoy, expected to launch in 2024. The agreement encompasses 17 or MGM’s unrivaled resorts, representing more than 40,000 rooms in Las Vegas and other cities across the U.S.

Ennismore announced its new hotel and restaurant openings for 2024. Ennismore will open hotels in some of the world’s most dynamic cities including, London, Paris, and Dubai, as well as in exciting new destinations for the first time, including Budapest, Jakarta, Jeddah, and NiceEnnismore comprises three distinct business units: Lifestyle Collective with brands such as Delano, Mondrian, SO/ and The HoxtonImmersive Resorts with all-inclusive visionary Rixos, and Iconic Venues with Paris SocietyEnnismore’s 2024 new openings will join its existing network of 144 hotels and resorts, 77 iconic venues and over 300 restaurants and bars. In 2023, Ennismore opened over 25 new hotels and 30 new restaurants and bars.

Choice Hotels International, Inc. has proposed eight independent individuals to stand for election at the 2024 Annual Shareholder Meeting of Wyndham Hotels & Resorts, Inc. The nominees are: Barbara Bennett, who has served as the founder and Principal Executive of Bennett West LLC; Emanuel Pearlman who has served as the Chair and CEO of Liberation Investment Group; Fiona Dias, a digital commerce consultant who served as the Chief Strategy Officer of ShopRunner; James Nelson who served as CEO of Global Net Lease, Inc; Jay Shah, who served as the Executive Chair of the Board of Trustees of Hersha Hospitality Trust; Nana Mensah served as the founder, Chair and CEO of ‘XPORTS Inc; Susan Schnabel served as the Founder and Co-Managing Partner of aPriori Capital Partners; and William Grounds who has served as Principal of Burraneer Capital Advisors LLC.

Wyndham responded to Choice’s latest move in the chess game by confirming receipt of the notice of these recommendations, calling it another attempt by CHHto advance its inadequate and risk-laden hostile exchange offer. They said CHH’s proxy contest is a blatant scheme to mislead shareholders into packing the WHboard with nominees hand-picked to push through their offer. WH said their board remains open to an offer that is in the best interests of WH and its shareholders.

Lifestyle hotel industry veteran Sam Nazarian is returning to the hotel world after divesting his 100-hotel platform to Accor in 2020, only this time he is bringing along Marc Anthony, as well as Wyndham Hotels & Resorts, to the launch of smart lifestyle brand dubbed Project HQ Hotels & Residences. The concept will be about 80% conversion and 20% new-build. Nazarian said that about eight deals are already in the works and a goal to reach 50 hotels by 2030. He said there are initially four conversion deals being negotiated in the U.S., as well as two deals in Europe and two in the Middle East. HQ is being positioned as approachable, social, culinary and wellness led for the next generation of travelers. Project HQ will also deliver a branded residences offering for underserved markets like integrated student housing, workforce housing and the like.

InnVest Hotels announced the acquisition of 10 Ontario and Halifax Hotels. The acquired hotels include Marriott Toronto Airport, Courtyard Toronto Airport, Residence Inn Toronto Airport, Hotel Carlingview, Courtyard Vaughan, Courtyard Markham, Residence Inn Markham, TownePlace Suites Sudbury, Cambridge Suites Halifax, and The Prince George Halifax. Many of the hotels will undergo a multi-faceted renovation over the coming years. Aside from the Marriott Toronto Airport, which will continue to be managed by Marriott Hotels, the portfolio will be managed by iHotels.

The Oneida Airport Hotel Corporation announced the Radisson Hotel and Conference Center Green Bay, Wisconsin, has been rebranded to Oneida Hotel. The property, which is also being attached to the Oneida Casino, offers 391 guestrooms, several dining options, 30,000 square feet of meeting facilities, an indoor pool, and sauna. The new Oneida Hotel website, which is currently replacing the previous Radisson website, is a part of the new brand, new signage and marketing plan which is already underway.

The Chetrit Group’s Hotel Bossert, located in Brooklyn, New York, is back on the auction block following a failed attempt at a $26 million repositioning and rebranding of the property. A Uniform Commercial Code foreclosure auction for the historic Brooklyn Heights hotel is set for this month, according to Morningstar. In 2019, Chetrit secured a $112 million loan from Cantor Commercial Real Estate Lending. The loan was assigned to Wells Fargo a year later, when Covid arrived in New York. Chetrit defaulted on the loan in 2021 and Wells Fargo initiated a foreclosure in May, claiming Chetrit owed over $126 million. The hotel is facing foreclosure and the debt, with servicing fees and interest, now exceeds its appraised value of $129 million.

Lendlease and IHG Army Hotels announced renovations are complete at Organ Mountains Inn, a historic hotel located within New Mexico’s White Sands Missile Range. Renovations were carefully executed to achieve Historia Collection designation. Comprising three buildings, Organ Mountains Innfeatures 58 guestrooms. Enhancements include a redesigned lobby and front desk area; expanded amenities such as a fitness center, great room, recreational room, and meeting rooms; new furniture and fixtures in guestrooms; and a redesigned suite shop with upgraded food options. Lendlease is the owner, developer, design-builder, and asset manager for Organ Mountains InnIHG Hotels & Resorts is the hotel operator and manager.

Red Lab and Lucky Find Hospitality announced the March opening of Hotel Herringbone in Waco, Texas. The 21-room boutique hotel will open with multiple restaurants, bars and retailers, a massive outdoor terrace with fire pits, a ballroom, boardroom, and Bridal Suite.

Personnel Moves

Premier Worldwide Marketing, the global sales and marketing representative for Karisma Hotels & Resorts, announced Michelle Catin is the new Senior Director of Marketing. Prior to Joining PWMCatin served as a marketing executive for a chain of luxury all-inclusive resorts. In her newly appointed position, Catin is poised to play a pivotal role in supporting Premier Worldwide Marketing’s efforts to elevate the marketing strategies for Karisma Hotels & Resorts.

Resolute Road Hospitality announced the addition of Tony Cruz as Senior Vice President of Operations. Cruz will oversee all aspects of hotel operations within the Resolute Road portfolio. In his most recent role, Cruz served as COO at Hawkeye Hotels.

Portman announced the appointment of Kaunteya Chitnis as the new Managing Director of Hospitality. In this role, Chitnis will lead the company’s hotel platform, overseeing national operations and propelling the firm’s hotel investment and development strategy. Chitnis comes to Portman with a wealth of experience from his previous role as Senior Vice President at MCR.

International News 

Hyatt Hotels Corporation announced the opening of Secrets Tides Punta Cana, Dominican Republic. The 688-room, adults-only resort offers nine restaurants, eight bars and lounges, three pools and two outdoor hot tubs and the Secrets Spa.

Andaz Costa Rica Resort at Peninsula Papagayo announced the grand opening of its 25 new 1-2-3-bedroom residential villas, re-imagined signature restaurant and a newly-opened beach club.

IHG’s Hotel Indigo brand is set to expand to the Cayman Islands with the debut of a new hotel in Grand Cayman this spring. The hotel will have a total of 282 guestrooms, a large infinity pool and pool deck, rooftop lounge, and five different dining concepts. The hotel is the latest in the Cayman Islands by developer Dart.

Alan Woinski and Kim Woinski

January 22nd, 2024

Companies: Accor, Andaz, Choice Hotels International, City Express, Courtyard by Marriott, Delano, Ennismore, Four Points Express, Hersha Hospitality Trust, Hilton Hotels & Resorts, Hotel Indigo, Hyatt Hotels Corporation, IHG Hotels & Resorts, iHotels, Karisma Hotels and Resorts, Marriott Executive Apartments, Marriott International, MGM Resorts, Mondrian, Park Hotels and Resorts Inc., Portman Holdings, Project HQ Hotels and Residences, Radisson, Radisson Hotel Group, Residence Inn by Marriott, Resolute Road Hospitality, Rixos, Secrets Resorts & Spas, SO/ Hotels & Resorts, StudioRes, The Chetrit Group, Wyndham Hotels & Resorts

Locations: Dominican Republic, Grand Cayman, halifax, New Mexico, New York City, Texas, Toronto, Wisconsin

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