The DJIA was up 269 points while Nasdaq was up 32, the S&P 500 rose 17 points, and the 10-year treasury yield was flat at 4.27%. Lodging stocks were higher with the long list of new highs including PK, H, MAR, HLT, TNL, and ABNB. The biggest mover was AINC, up 14%, while VCSA rose 6%.
Wells Fargo updated target prices for the lodging REITs they cover. HST, with an Overweight rating, had their price target upped to $23 from $22 while Overweight-rated RHP was upped to $133 from $125. PK and XHR were both maintained at Equal Weight, and PK’s PT was upped to $18 from $17 and XHR to $15.50 from $14. WF lowered SVC’s PT to $5.75 from $7.50 and maintained their Underweight rating.
Deutsche Bank upped their price target on Wyndham Hotels & Resorts to $89 from $81. They reiterated their Buy rating.
TD Cowen upped their target price on Hyatt to $160 from $95. They maintained their Market Perform rating.
Hampton by Hilton announced a new cutting-edge North American prototype and the unveiling of a refreshed global brand identity. Key updates for both Hampton Inn and Hampton Inn & Suites are: Optimize revenue-generation opportunities for Hampton Inn & Suites prototype by increasing total key count within the same footprint and optimizing the Suite room layout for better site efficiency. Drive cost-savings by up to 6% on new FF&E packages compared to previous packages for both new builds and renovations. Elevate the iconic exterior to include a simplified entrance canopy and an added exterior patio for social gatherings. Enhance the guest welcome by repositioning the front desk, adding a localized feature wall and flexible multi-use space, and relocating the retail shop to a more prominent location within the lobby area, which will drive increased revenue. Balance function and comfort in guestrooms with the addition of a multi-functional task table, improved bathroom design, enlarged windows, and optimized in-room guest storage solutions. Introduce two modern, uplifting décor packages inspired by the beauty of America’s landscapes and the vibrancy of its cities.
Taylor Hospitality and Woodlands Development Group announced the March 22 Grand Opening and March 23 Ribbon Cutting Ceremony for the Tygart Hotel and Oxley House, located in downtown Elkins, West Virginia.
Developers Songy Highroads and Matthews Southwest are planning to develop a 400-room convention hotel in Savannah, Georgia. The group expects to start work on the project in the beginning of 2025. The hotel would rise by the waterfront on Hutchinson Island. Hilton Worldwide Holdings is in discussions to potentially flag the hotel.
LBA Hospitality and Om Sai Hospitality announced the opening of Residence Inn Galveston Island in Galveston, Texas. The new hotel offers an outdoor pool, fire pits, an onsite bar, and meeting space.
Residence Inn Greenville-Spartanburg Airport, in Greenville, South Carolina, completed a multimillion-dollar renovation of its 78 studio, one-and-two-bedroom suites. The renovation also incorporated new flooring, fixtures, décor, and furniture in the lobby. Communal spaces including the brand’s signature breakfast area and market were included in the refresh as well. The hotel’s fitness center features new workout equipment and updated flooring, while the outdoor pool was resurfaced and outfitted with new grills, patio furniture, and string lighting. Residence Inn Greenville Spartanburg Airport is owned by Flynn Properties and managed by McKibbon Hospitality.
The Planning Commission of Victorville, California approved a new 152-room, 5-story hotel under the Residence Inn by Marriott brand. The hotel will include meeting rooms, a fitness center, pool, and outdoor patio equipped with cooking facilities and a fireplace. Additionally, the hotel will provide a dining hall, laundry services, and a small market. A groundbreaking date has not yet been announced.
The Ridgeline Hotel Estes Park in Colorado has reopened under the IHG banner as Holiday Inn Estes Park. Delaware North owns and operates the 147-room, recently remodeled hotel. Hotel amenities include outdoor fire pits, a fitness center, game lounge, indoor pool, and onsite restaurant. Holiday Inn Estes Park is now the second IHG hotel under the operation of Delaware North Parks and Resorts.
LivAway Suites announced the launch of its new website and is now accepting reservations for its first two hotel openings in West Jordan, Utah, and Smyrna, Tennessee, this summer. In 2023, LivAway Suites broke ground on multiple sites around the country and established partnerships with property management system platform HotelKey and website developer and digital marketing agency Altos. Both groups provide the foundations for LivAway Suites’ tech stack.
The Nelson family, owners and operators of Kalahari Resorts & Conventions, announced their development of a new distinctive resort experience in the Wisconsin Dells area called Dawn Manor. The lodging at the new resort, named “Kalahari Treehouse Collection at Dawn Manor, will feature 21 partially supported luxury treehouses and 31 ground-supported houses, in addition to a Wisconsin supper club, all overlooking scenic Lake Delton. The Kalahari Treehouse Collection at Dawn Manor will also feature a reconstructed beach area and 18 boat slips with both beach and restaurant access, in addition to a refreshed gazebo and boathouse. The Kalahari Treehouse Collection at Dawn Manor represents an investment of over $50 million and is currently in the initial stages of construction with plans to open in phases starting in late 2024.
The SureStay Plus by Best Western St. James Donaldsonville has opened in St. James/Donaldsonville, Louisiana. The hotel recently underwent a full renovation and now features brand-new interior and exterior spaces including an open-plan lobby, 61 guestrooms, a new outdoor grilling and patio area, a business center, and guest laundry services.
Real estate developer and hotelier Ian Reisner signed a lease to take over the former Playboy Club space and the Cachet Boutique Hotel NYC on West 42nd Street with plans to transform it into a gay-friendly hotel, restaurant, and nightclub, according to Side Dish. The renovated property, featuring a 103-room hotel, shuttered last October after operating for six years. The Playboy Club flamed out in 2019 after being open for barely a year. Reisner says he is in talks with a European boutique hotel operator to open this September. Until then, the as-yet-to-be-named hotel will operate as an Airbnb as early as this month. The West 42nd St. space includes a 7,500 square foot restaurant and common area. There’s also a 14,000 square foot entertainment complex that would be an experiential supper club, a dance space, and a subterranean cellar mixology bar. The rest of the property, including a 3,000 square foot restaurant, which is waiting to obtain a liquor license, will open by the fall.
Following the highly-anticipated opening in Naples, Margaritaville announced an expansion of the brand’s Compass by Margaritaville collection of boutique hotels. Openings include: Naples, Florida, March 2024, the brand’s first conversion and all-suite property with 119 suites. Beaufort, North Carolina, breaking ground in May 2024 featuring 105 guestrooms. Pigeon Forge, Tennessee, opening in Fall 2024 in the heart of the Smokey Mountains with 162 guestrooms. North Myrtle Beach, South Carolina, breaking ground in 2024, featuring over 150 beachfront guestrooms; and Flagler Beach, Florida, opening in early 2025 with 100 guestrooms. With ten additional projects in the pipeline, the growth and expansion of Compass Hotels stands as a major milestone for Margaritaville.
Access Point Financial announced the launch of its PIP Renovation Program designed to support hotel owners in meeting franchisor-mandated improvements and refreshing their assets. Some key features of the PIP Renovation Programinclude: Loan size from $1 million to $5 million, with larger loans considered on an individual basis. Typical loan structure featuring 24-month interest-only period followed by five-year fully self-amortizing period, allowing flexibility for the hotel owner. One percent origination fee. Available to all qualified multi-unit hotel owners of branded properties throughout the United States.
TPG Hotels & Resorts announced it is centralizing its management company platform with the opening of its new national operations headquarters based in Dallas, Texas. TPG’s new national operations headquarters will be based within the District 121 mixed-use community located in the Dallas suburb of McKinney, Texas. TPG’s offices will be on the fifth floor of the eight-story iconic office tower. The District 121 Office Tower offers multiple amenities including a fitness center, conference center, large meeting space, tenant and guest lounge, and a golf simulator. While McKinney, Texas will be the new home of TPG Hotels & Resorts’ operational division, Procaccianti Companies, the firm’s parent organization, will maintain its corporate headquarters in the northeast. The firm also maintains offices in New York, New York; Atlanta, Georgia; Palm Beach, Florida; and Salisbury, Maryland.
Sleep Inn revealed the interior details for its latest prototype, Scenic Dreams. The refreshed Sleep Inn prototype features redesigned guestrooms and common areas that complement the iconic exterior tower and purple accent lighting. The new interior aims to maximize efficiency through its thoughtfully composed hotel layout and room designs, which minimizes wasted space and optimizes operational processes. Key efficiency drivers include strategically placed back-of-house spaces, easily movable furniture, ample AC and USB outlets, and easy-to-clean surfaces. Several additional updates and additions that enhance efficiency for hotel owners and guest satisfaction include: Stylishly designed lobbies with open floor plans; modernized guestrooms featuring increased functional spaces; and new and improved breakfast areas with the ability to be zoned into three distinct areas including a game room, TV room, and flexible workspace. The Scenic Dreams prototype offers guests expanded wellness offerings, including fitness centers, complimentary premium access to the BetterSleep sleep and relaxation app, and designated outdoor spaces to enhance guests’ ability to connect with nature throughout every touch point. Sleep Inn also offers guests the Dream Cup Station and a Dream Corner Marketplace.
