The DJIA rose 60 points on Friday but Nasdaq was down 55, the S&P 500 was down 3 points and the 10-year treasury yield was up .01 to 4.14%. Lodging stocks were modestly higher. HLT traded up to a new high.
The big move was Selina, coming back from the dead to rise 39%, which was less than a rise of $0.08 a share. SLNA filed a long and convoluted 8K on the finalizing of their deal with Osprey Investments. There is too much in that 8K to publish here but pending shareholder approval, SLNA will live to see another day and Osprey will control the company. Shareholders are faced with a decision of getting massively diluted and most likely delisted or at worse, reverse split, or losing their entire investment if they vote it down and SLNA goes bust.
Deutsche Bank cut their rating on IHG from Hold to Sell. They raised their target price to 6,360p from 5,800p.
Jackson-Shaw hosted a groundbreaking ceremony for two new hotels in downtown Las Vegas, Nevada, an AC Hotel by Marriott and Element by Westin. Developers say the five-story building will feature a total of 441 guestrooms, with the two hotels connected by one roof. The AC Hotel will house 322 rooms, while the Element will cover the other 119. There will also be about 18,000 square feet of ballroom and meeting space, seven entertainment suites, an outdoor pool and a terrace.
The Rubenstein family has opened The Rubenstein Hotel, in New Orleans, Louisiana, in partnership with J Collection Hotels, owned by Joe Jaeger. The 40-room luxury boutique hotel is located on the upper floors of six historic buildings and is managed by Aimbridge Hospitality.
TPG Hotels & Resorts has been selected to manage the Union Market Hotel located in Washington, DC. The hotel will be managed by its independent, boutique and soft-branded division: The Intera Collection. Formerly the historic Bolgiano Seed Company factory, the building has been completely transformed into an extraordinary 106-room boutique hotel with event and meeting space and the recently unveiled Treehouse Rooftop Lounge. In 2024, Union Market Hotel will add new culinary concepts operated by local food and beverage partner VERSUS Equity.
BWH Hotels announced the expansion of its upscale brands in key North American markets with the addition of new properties in Q4 2023. Highlights of these recent openings include an oceanfront hotel in Myrtle Beach, South Carolina and a historic hotel in downtown Chicago, Illinois. The latest additions to the portfolio include: Dayton House Resort, BW Signature Collection; Eva Hotel Buffalo Airport, BW Signature Collection; Hacienda de Leal, BW Signature Collection; Superior Shores Hotel, BW Signature Collection; The Row Hotel, BW Signature Collection; and The Whitehall Hotel, BW Premier Collection.
The SureStay by Best Western Huntsville University Area has opened in Huntsville, Alabama. The hotel features 57 well-appointed guestrooms, a guest laundry and complimentary breakfast.
Kelowna International Airport and The Sutton Place Hotels are planning a six-story, 245-room Sutton Place Hotel Kelowna and seven-story 1,000-stall parkade located next to the new terminal building expansion at YLW. Located in Kelowna, British Colombia, The Sutton Place Hotel Kelowna will offer business conference facilities, an indoor leisure and fitness center, valet, bell-hop, concierge, and a restaurant with a rooftop viewing lounge.
Grupo De Valle announced their expansion plan in the Dominican Republic with a new 115-room Days Inn Juan Dolio Beach and a 69-room Super 8 Miches Beach. The announcement comes at a favorable time for the Wyndham Hotels & Resorts chain and Grupo De Valle, as they work on their Vision 2030, which by the year 2030, they aspire to develop 4,500 rooms and 32 properties in 29 different locations throughout the Dominican Republic. The Master Office company led by David Jose Alvarez Teijeiro will develop the Days Inn Juan Dolio Beach project, the first U.S.-branded hotel in the municipality of Juan Dolio, San Pedro de Macris, which is preparing for construction after obtaining all the required permits. Meanwhile, Estrella & Tupete, La Yeguada and Grupo De Valle, added to their portfolio of Super 8 hotels, the first U.S. branded limited service hotel in the municipality of Miches, El Seibo. Construction is scheduled to begin in March 2024.
Alterra Village and Grupo De Valle announced plans to develop the first Registry Collection hotels and residences in Jarabacoa, Dominican Republic. The sales program will officially launch with 120 rooms. The property includes 2 and 3-bedroom residences and will be operated by Operadora Hotelera Dominicana and branded by Wyndham Hotels and Resorts. The project will see the construction of 36 eco-friendly bungalows, creating a total of 1220 rooms, with plans to add additional rooms in 2025. The property will feature an exclusive restaurant and a bar and terrace.
The Todos Santos Boutique Hotel is now open in Todos Santos, Mexico. Originally constructed as a heritage landmark in 1890, the 10-key boutique property has been brought back to its former glory, carefully preserving its iconic historic charm. A member of the Small Luxury Hotels of the World, the property boasts a selection of drinking and dining options, a secluded heated pool, a rooftop terrace and communal spaces.
Europe Highlights
STR’s global bubble chart update for 2023 shows 85% of markets with RevPAR higher than 2019. In terms of top-line performance, that means most markets have recovered from the significant declines caused by the pandemic. Among countries with 50,000 rooms and adequate hotel reporting levels, Singapore, France, Switzerland, Ireland, and Greece led in RevPAR on an actual basis. Most of the above countries maintained relatively high levels in both ADR and occupancy throughout the year. Ireland led all countries in the 50,000 rooms grouping with an annual occupancy level of 80%. The United Kingdom ranked second at 78%. France recorded the highest ADR at $277, while Switzerland was second at $260. Like markets, most countries have recovered RevPAR to 2019, with 41 of 48 in the 50,000 rooms group reporting higher 2023 RevPAR than 2019. The top five countries for annual RevPAR growth compared to 2019 were Brazil, Greece, Colombia, Italy and Ireland. The story of ADR-driven RevPAR growth continued in 2023, with only 12 countries seeing occupancy gains compared to 46 countries experiencing higher ADR. The top two countries for occupancy growth were Colombia and Saudi Arabia, at +6% and +5%, respectively. Nonetheless, there are still six countries where RevPAR levels lag 2019: China, Vietnam, the Philippines, Denmark, Sweden, and Finland. China, the country with the largest room supply, reported RevPAR behind 2019 by 3%, while Vietnam showed the worst decline.
Zeus International Hotels and Resorts has acquired the 207-room Dolce Milan Malpensa hotel in Milan, Italy and the 5-star Lazart Hotel Trademark Collection by Wyndham in Thessaloniki, Greece, as well as a five-story property in Athens from PRODEA Investments. Zeus International already owned the lease for both hotels. The acquisitions bring the total number of its privately owned hotels to nine across Southeast Europe.
Melia Hotels International signed its 28th hotel in Andalusia (Spain). The property is slated to be a 5-star hotel in the historic center of Cadiz city, operating under the Melia Collection brand. The hotel’s launch is scheduled for 2026 and will involve the transformation of two adjacent buildings on Alameda Apodacainto a boutique hotel. The future hotel will feature 40 rooms, a restaurant, an exclusive rooftop with a pool, a gym, and a dedicated space for wellness. This venture marks Melia’s second hotel in Cadiz and the six in the province.
Legal and General Investment Management sold the Birmingham HQ of Mitchells & Butlers to Sterling Property Ventures in a £46m deal. The building also includes the 120-bed Ibis Styles Birmingham Centre hotel, operated by Accor on behalf of M&B, and 325 underground car parking spaces. BSB Real Estate advised Sterling Property Ventures on the transaction; ACRE Capital Partners acted for LGIM.
The Cloud One Hotels announced the opening of The Cloud One Hotel Hamburg-Kontorhaus in Hamburg, Germany, marking the brand’s second The Cloud One Hotel. Located in the heart of the Kontorhaus district, the new hotel features 457 guestrooms, the brand’s first “Concept Store”, and two bars. The Cloud One Dusseldorf-KoBogen is scheduled to follow Hamburg’s launch in mid-2024. The Cloud One Hotels will also be opening a location in Prague in 2024. Elsewhere in Europe, locations will be added in Berlin, Vienna, Brussels, Lisbon and Nice, among others, and in the U.S. in Chicago and Miami.
Meininger Hotels Wien Downtown Franz is to be renovated in 2024 following the prolongation of its lease contract until 2043. The hotel in Leopoldtstadt in Vienna’s 2nd district has 131 rooms, a guest kitchen and game zone as well as other typical Meininger amenities. The hotel is to undergo extensive modernization work as part of a seven-figure investment. The improvements to the public areas and rooms should ensure an imperial welcome by the end of 2024.
Disneyland Paris reopened following a complete transformation. Every inch of the Disneyland Hotel’s interior has undergone a complete re-imagination from its rooms and suites, to its regal-themed lobby, restaurants, bar, lounges and more.
