The Fed Chief made it pretty clear there will be no interest rates lowered for some time and the markets seemed to like the certainty. Even a bank saying they were running out of money couldn’t change that as the DJIA ended the day up 76 points, Nasdaq was up 92, the S&P 500 rose 26 points and the 10-year treasury yield was down another .03 to 4.10%. Lodging stocks had a good day. New highs were set by HLT, H, PK, RLJ, SHO, XHR, and ABNB. AINC was the biggest mover, up 7%.
Park Hotels’ price target was raised to $18 from $14 by USB. PK was maintained at Neutral.
STR reported US hotel data for the week ended March 2nd. US hotel RevPAR was up 2.4% on a rate rise of 2.7%. Group RevPAR was up 13.4% year over year for the week.
Delta Hotels by Marriott Jacksonville Deerwood announced its grand opening following the completion of a $6 million property-wide renovation and rebranding. Located in Jacksonville, Florida, the newly transformed 166-room hotel, owned by affiliates of 1754 Properties and Argosy Real Estate Partners, offers a fresh dining destination, refurbished guest rooms, a modernized lobby and coffee shop, state-of-the-art fitness center with views of the refreshing pool and 3,795 square feet of upgraded meetings and events spaces.
LBA Hospitality announced the grand opening of Tru by Hilton Jacksonville West in Jacksonville, Florida. This new hotel marks the latest addition to the Tru by Hilton brand and represents LBA’s first collaboration with Pritchard Hospitality, LLC, the property’s owner. The four-story, 82-room Tru Jacksonville West offers a fresh and innovative hotel experience including the hotel’s central lobby, The Hive, where guests can dine, work, play, and relax. The Hive features a game area with pool, foosball, and shuffleboard and well-equipped work pods.
Efficiency Properties LLC plans to construct a 102-room Home2 Suites by Hilton hotel in downtown Oak Harbor, Washington. The project will feature a conference space and a pool.
Concord Hospitality announced the opening of a new dual-branded Hilton Garden Inn and Homewood Suites by Hilton in the EpicCentral entertainment district of Grand Prairie, Texas. The newly opened hotel boasts a total of 276 rooms and a shared 10,000 square foot ballroom and conference center.
Commonwealth Lodging Management, LLC announced an expansion of its hotel management portfolio to include the addition of three new properties: Wyndham Garden Norfolk Downtown in Norfolk, Virginia, and Residence Inn by Marriott Youngstown Boardman/Poland along with Fairfield Inn & Suites by Marriott Youngstown Boardman/Poland in Youngstown, Ohio. These properties are set for comprehensive renovations.
Four Seasons continues its expansion in Mexico by adding a second Baja Peninsula property, slated to open on May 1. Located on the popular Los Cabos Golden Corridor, Four Seasons Resort and Residences Cabo San Lucas at Cabo del Sol boasts 96 guestrooms, casitas, suites, and villas, as well as 61 residences; three pools; an adventure center; a kids’ club; a spectacular spa; three restaurants, and five bars.
IHG Hotels & Resorts announced the opening of a new-build Holiday Inn hotel in Mexico’s Sonora state. Holiday Inn Navojoa features 70 guestrooms, an outdoor pool, rooftop bar, restaurant, 2,600 square feet of meeting space, and a business center. The hotel is owned and managed by Multiservicios Feisha S.A. de C.V.
IHG Hotels & Resorts also announced the opening of a Holiday Inn Express & Suites hotel in Rhinelander, Wisconsin. The new-build property features 99 guestrooms, an indoor pool, hot tub, and fitness center. Holiday Inn Express & Suites Rhinelander is owned by Hodag Hospitality Group, LLC and managed by ROI Hospitality.
Devi Capital broke ground on a Holiday Inn hotel in downtown Maryville, Tennessee. The hotel will offer 98 rooms and have a rooftop bar and be the first name-brand hotel in Maryville. Construction is slated to take 16 to 18 months to complete.
CoralTree Hospitality announced it will manage the hospitality operations at Tamarack Resort in Idaho. The Village at Tamarack is comprised of six buildings with commercial space for guest services, resort operations, retail, restaurants, and bars on the plaza level along with lodging and luxury residences on the upper floors. CoralTree will manage more than 120 ski-in/ski-out resort residences in The Village. CoralTree also will manage Tamarack’s five restaurants throughout The Village. A short walk from The Village at Tamarack is The Lodge at Osprey Meadows, where CoralTree will manage lodging, spa, and golf operations. The Spa at Tamarack features an outdoor meditation garden and spa guests have access to The Lodge’s pool, outdoor hot tub, and gym as well as ladies’ and men’s saunas. CoralTree will oversee management of Osprey Meadows Golf Course, which will debut in July 2024. The new marina on Lake Cascade will also be managed by CoralTree. The marina will include up to 200 boat rental slips along with dedicated spaces for personal watercraft, temporary boat mooring, on-water fuel, a rental and retail shop, additional marina parking, sand sports, a beach, and parking for a food truck. Approximately 70 slips, fuel stations, beach access, expanded parking, rental and retail, the food truck, and sand sports area are slated to open summer 2024. CoralTree will also oversee operations, sales, and catering for approximately 10,000 square feet of event space at Tamarack’s Arling Center. The location offers both indoor and outdoor meeting spaces.
Hershey Entertainment & Resorts submitted sketch plans to Derry Township regarding the expansion, renovation, and rebranding of The Hotel Hershey’s outdoor guest cottages. According to HE&R, the first phase of the project will consist of renovating the existing 10 cottages which will include refreshed furnishings, unmatched amenities, an all-new exclusive concierge lounge, and the sweetest Hersheypark experiences. These newly renovated cottages will debut to the public on Memorial Day weekend of this year. Following the big unveil of the cottage’s new design, construction on nine new villas, that will add 50 new sleeping rooms, is slated to begin this summer. These nine new villas are expected to open in late 2025.
The Confidante Hotel in Miami Beach is closing on March 25 as it is set to undergo construction. When it reopens, the hotel will be rebranded as Andaz Hotel and will continue to be operated by Hyatt Hotels Corporation. Sunstone Hotel Investors, Inc. owns the property. The Andaz remodeling plans include changing the entryway, lobby, ground, and second-floor interiors. A dining room will be added to the first floor and a new lobby and lounge to the second floor. It will have 288 rooms and 68 suites. The check-in area will also have a lounge with 80 seats. There will be two pools, one elevated about 12 feet higher to be able to see the ocean. The remodeled property will hold over 25,000 square feet of event space and two ballrooms.
Life House has expanded its portfolio to Hawaii and is managing Hotel Moloka’i, in Kamiloloa Beach, Hawaii. Hotel Moloka’i is owned by Beachtree Properties.
A quintet of ex-Marcus & Millichap brokers formed their own firm, focusing on hotel deals in Florida and across the U.S. Ahmed Kabani launched Kabani Hotel Group. Joining Kabani as partners are Luis Garino, Suraj Dalal, Kian McLean, and Lucas Mondino.
Personnel Moves
The American Hotel & Lodging Association announced William “Chip” Rogers resigned from his position as AHLA president & CEO last Friday to pursue other professional interests. The AHLA Board of Directors is in the process of forming a committee to identify and evaluate potential replacement candidates and will be retaining an executive search firm. Effective immediately, AHLA Senior Executive Vice President & COO Kevin Carey will serve as AHLA’s interim president & CEO while continuing his existing roles. He will report directly to the Board until a permanent president & CEO is selected and onboarded. Carey has served as AHLA’s COO since 2017.
LuxUrban Hotels revealed that Shanoop Kothari and Company have finalized an updated Employment Agreement. As part of this agreement, Kothari will be assuming the position of Sole CEO and Acting CFO, transitioning from his previous roles as Co-CEO and CFO.
Europe Highlights
Manchester UK’s landmark hotel building near Piccadilly Station is poised to redefine luxury and hospitality as the newly refurbished Manchester Marriott Hotel Piccadilly, formerly known as the Manchester Piccadilly Hotel. Slated to open this spring, the £33 million refurbishment project undertaken by Marriott Bonvoy will establish it as the city’s largest four-star hotel, offering 338 bedrooms across eight floors. The flagship venue for Marriott offers a bistro-style restaurant, a lounge and bar, gym, Elemis spa with a thermal suite, a spacious function room, and 11 meeting rooms.
B&B Hotels has signed a long-term lease with Arora Group for Arora Park Hotel in Slough, UK. B&B’s partnership with hotel-owner-operator Arora is in line with the European budget hotel chain’s plan to 100 hotels in the UK by 2025, a continuation of an expansion strategy adopted following its acquisition by Goldman Sachs in 2019.
The Costa del Sol hotel chain began construction of the first of two hotels to be located in the expansion of Jorge Chaves International Airport. It is a five-star Wyndham hotel that will open its doors in early 2025 and will have 249 rooms. The hotel project will require a global investment of $50 million. $35 million will be allocated for the first hotel and $20 million for the second, a three-star hotel under the Costa del Sol brand to be inaugurated in 2027.
Domes announced the upcoming opening of its newest luxury hotel, Domes Novos Santorini, set to welcome guests beginning in April 2024. The family-friendly resort will feature 50 suites and two villas, each complete with its own private pool and terrace. Situated on Greece’s Santorini Island, the hotel will feature a new restaurant and the exclusive Soma Spa with a gym, underground indoor pool, and onsite grapevine gardens.
