The DJIA was down 97 points but Nasdaq was up 59, the S&P 500 was up 9 points and the 10 year treasury yield was up .02 to 4.32%. Lodging stocks were higher. SOND surged another 26%, AHT was up 10% and XHR rose 8% on the day.
RLJ Lodging Trust announced an in-line 4Q EBITDA and higher AFFO. Their 2024 EBITDA guidance was in line with expectations. 4Q share repurchases totaled 900,000 shares for $9.9 million. RLJ has $212.7 million in repurchase capacity. RLJ said they bought the fee simple interest in the 304 room Wyndham Boston Beacon Hill in 1Q24 for $125 million. RLJ bought the leasehold interest in 2017 with the FelCor merger and the ground lease was set to expire in 2028. RLJ said they are in discussion with some brands about a conversion opportunity now that they have full control.
Xenia Hotels announced a big 4Q beat while giving 2024 guidance ahead of expectations. XHR also upped their quarterly dividend to $0.12 a share, giving them a 3.7% dividend yield. In 4Q, XHR bought back $49 million in stock, the highest level of share repurchases since they announced the new buyback in 3Q22.
Chatham Lodging Trust reported 4Q results that were ahead of expectations with AFFO at $9.8 million, $0.19 per share, down from $10.2 million and $0.20 last year. Adjusted EBITDA rose slightly. CLDT said subsequent to the end of the quarter, they sold the Hilton Garden Inn Denver Tech Center for $18 million.
The new Ka Lai Waikiki Beach has opened after LXR Hotels & Resorts’ reflagging from the former Trump International Hotel Waikiki. The 38-story hotel features 462 guestrooms, a wellness facility, fitness center, infinity-edge pool, event spaces and an expansive sundeck. In 2025, the hotel, part of Hilton’s LXR Hotels & Resorts, will begin a phased renovation that is expected to last several months. Upgrades will be made to the guestrooms, suites lobbies, pool areas, spa and landscaping. The restaurants will also be reconceptualized.
Signia by Hilton Atlanta announced the debut of Spa Signia. With the entire floor dedicated to wellness, Spa Signia joins a beauty bar, fitness center, seasonal pool and premium wellness rooms. In addition to Spa Signia and the property’s wellness floor, the new 976-room hotel features eight food and beverage experiences; more than 100,000 square feet of flexible meeting space; a grand outdoor event deck and lawn; and Club Signia. Signia by Hilton Atlanta is owned by Georgia World Congress Center Authority and forms part of the Authority’s Championship Campus.
Hilton announced a new exclusive partnership with AutoCamp to offer Hilton guests an experience that blends the spirit of an iconic outdoor adventure with the hospitality and design-forward thinking of a boutique hotel. The properties are in spectacular settings that include sought-after locations across the U.S. such as Yosemite, Joshua Tree and Russian River in California; Zion, Utah; Cape Cod, Massachusetts; and Catskills, New York; with Asheville, North Carolina and Sequoia, California, opening this summer and Hill Country, Texas in 2025.
Winter Haven Hotel Miami Beach, an iconic 70-room Art Deco boutique hotel, has unveiled a renovation with fully re-imagined guestrooms. The historic hotel, located in Miami Beach, Florida, features a rooftop terrace, a lobby bar, and an onsite restaurant.
Chris and Mike Frary, the owners of the former Ramada Inn in Ogdensburg, New York, have revealed their plans for the property that includes a Wyndham hotel, boardwalk and a warehouse across the street. The hotel project would need all existing parking spaces onsite as well as additional parking. Plans are being developed to address the state of the dilapidated Ramada Inn.
IHG Hotels & Resorts announced the opening of EVEN Hotel Austin Uptown Near The Domain and will soon welcome EVEN Hotel Waco – University Areato its portfolio later next month, marking three EVEN Hotel properties across Texas. The 126-room EVEN Hotel Austin Uptown Near The Domain, operates under Mopac Hotel Development. The 132-room EVEN Hotel Waco – University Area, operates under Bridge Hotel Partners LP. The EVEN Hotel Austin features the EVEN Kitchen & Bar, a market and an athletic studio. Each property will also feature elements of the brand’s latest refreshed prototype.
Extended Stay America announced the opening of the Extended Stay America Premier Suites in Duncan, South Carolina. VMV Capital developed and will manage the property. The four-floor, 88-room newly constructed Extended Stay America Premier Suites Duncan hotel features a fitness room, onsite guest laundry and the signature spacious lobby with additional vending options.
A $30 million boutique hotel is set to rise in historic downtown Roswell, Georgia. The five-story, 125-room Chambray Hotel could start construction in May and will feature a rooftop eatery, a market and valet services. The developer is a joint venture of DSM Real Estate Partners and GarageCap.
The Hotel @ the Lafayette, in Buffalo, New York, will continue to be operated by the Pearl Street Family of Cos., for the time being. The Pearl Street contract has been extended as the new incoming operator works to continue an agreement with Wyndham Hotels & Resorts. The 34-room hotel would transfer to a new operator this spring.
Developers are proposing to build a hotel at the intersection of Main Street and 5th Avenue in Bozeman, Montana. According to documents submitted to the city, the building is proposed to be four stories tall with three retail spaces.
New Waterloo is further expanding into new markets with the announcement of Fidelity Hotel, an adaptive reuse project located in the historic 103-year old Baker Building, in downtown Cleveland, Ohio. The project is a collaboration with NuovoRE. Fidelity Hotel will have 97 guestrooms and suites, a full-service restaurant, bar, event & meeting spaces, a private dining room, 24-hour concierge & guest services and a fitness center.
A new hotel has opened in San Angelo, Texas. Formerly a Knights Inn, the completely renovated Angoria Hotel features 40 rooms including luxurious suites, a pool and hot tub courtyard, upstairs lounge balcony, pond, fitness center, bar, coffee shop and more.
Starting early May, Sunwing Vacations customers can discover a new all-inclusive paradise with RIU Hotels & Resorts. The new Riu Palace Aquarelle is set to open on May 4, marking RIU’s seventh property in Jamaica and its first in the Falmouth, Trelawny area. The brand-new 753-room property features an open-air lobby, multiple restaurants and bars, five pools, a fitness center, steam bath and Renova Spa.
Marriott is set to debut its JW Marriott brand at the former Westin Dawn Beach resort in St Maarten as early as next month. The JW Marriott Sint Maarten Beach Resort is now bookable for stays beginning March 7th. The property will have five dining concepts, two poolside bars, Hibiscus spa and fitness center, a pool, hot tub and room service.
Europe Highlight
Ennismore announced a series of major openings across the globe. The upcoming launches include The 196-room The Hoxton, Vienna, 111-room Hyde London City, SLS Barcelona with 471 guestrooms and the Rixos Tersane Istanbul. Not to be outdone, 25hours Hotel The Oddbird, Jakarta celebrates the city’s quirky side with 345 rooms. The Hoxton, Edinburgh introduces self-contained apartments and Mama Shelter Dubai Business Bay boasts 197 rooms and 204 residences.
