The DJIA was up 47, Nasdaq was down 20, the S&P 500 was up 6 points, and the 10-year treasury yield was up .01 to 4.21%. Lodging stocks were mixed. New highs were set by HLT, H, TNL, and PLYA, but SOND was down -9%, and SHCOwas down -5%. Last rites may be getting administered to SLNA; the stock plunged another -36% and closed at $0.149 a share.
Compass Point cut their rating on Pebblebrook Hotel Trust to Neutral from Buy. Their price target is $17.
According to data from Stocklytics.com, global travel and tourism expenditures have exceeded US$4 trillion in the past five years, highlighting the enduring appeal of travel and leisure activities. The rebound in the tourism sector has been particularly notable, with global travel and tourism revenues projected to increase by 8.3% in 2024, reaching almost USD 930 billion, marking the highest revenue figure ever recorded in the industry. With a cumulative revenue of USD 1.85 trillion, hotels significantly outpaced other sectors such as package holidays, camping, cruises, and vacation rentals. A detailed breakdown of regional spending patterns revealed that Europeans emerged as the top spenders on vacation and travel, with a total expenditure exceeding USD 1.2 trillion in the last five years. Americans followed closely behind, with USD 917.7 billion in total spending, while Chinese travelers accounted for USD 666 billion in expenditures during the same period.
Skift, parent company of this publication, reported that short-term rental operators, including Kasa Living, Placemakr, and AvantStay, are taking over properties that had been managed by Sonder. Kasa Living opened Kasa Gaslamp Quarter in San Diego, a property that used to be SOND-operated. They signed another property that was managed by SOND in Alexandria, VA. Kasasaid they have taken over more than five SOND properties and are negotiating more. Placemakr opened Placemakr Noma last week, which it took over from SOND and said they are evaluating more SOND properties to either purchase or operate. AvantStay is taking over two formerly SOND-operated buildings in Nashville. Both said that landlords are approaching them about taking over for SOND following SOND announcing it is looking to shed some master lease contracts. SOND recently laid off 17% of its corporate staff and has delayed its 4Q earnings release as they have found past accounting errors.
HHM Hotels added another D.C. property to its managed portfolio with the addition of the AC Hotel by Marriott Washington DC Convention center. The 234-room property is HHM Hotel’s fourth AC Hotel by Marriott. The property has multiple restaurants and bars including a rooftop lounge.
Further to yesterday’s announcement of Apple Hospitality REIT Inc.’s acquisition of the AC Hotel by Marriott at the Washington Convention Center, the seller was Douglas Development, which developed the 13-story hotel in the Mount Vernon Square neighborhood. The deal was brokered by Newmark Lodging Capital Markets.
The Gulfstream Hotel in Lake Worth Beach, Florida is under control of Restoration St. Louis, a firm specializing in historic restoration. Restoration St. Louis’ acquisition of the property from CDS International Holdings marks a new start for the aged property, which is about to undergo a $100 million restoration project. A redo of the hotel, set to open as a Marriott Bonvoy property, is expected to take about 15 months. In addition to restoring the hotel, plans also include the addition of 50 hotel rooms, plus 85 apartments and a parking garage in an eight-story building.
The city of Shenandoah, Texas is set to welcome its 13th hotel, Hampton Inn & Suites, this spring. The hotel is accepting stays starting March 25.
CoralTree Hospitality announced the launch of the CoralTree Residence Collection, a portfolio of residential resorts and vacation rentals including more than 1,100 residences and 26 homeowner associations under management from Hawaii to Colorado. CoralTree provides support through local property experts while also offering global resources and infrastructure via the company’s home office. The CoralTree Residence Collection’s core principles remain focused on optimizing cash flow to residence owners, caring for owner’s homes, proactive and transparent communications, creating amazing guest experiences and fostering a thriving workplace for team members. The hotel and Residence Collection includes independent, branded and soft-branded properties in key metropolitan areas and resort markets including Denver, Chicago, San Francisco, San Diego, Los Angeles, Snowmass, Vail, Maui, Orlando and Lake Tahoe.
IHG Hotels & Resorts announced the opening of a new dual-brand 141-room Holiday Inn Express & Suites and Candlewood Suites hotel in Bessemer, a SW suburb of Birmingham, Alabama. The new-build property features 82 Holiday Inn Express & Suites rooms and 59 Candlewood Suites rooms; a fitness center; indoor pool and more than 1,200 square feet of meeting space. Candlewood Suites/Holiday Inn Express & Suites Bessemer – Birmingham SW is owned by Marigold Hospitality LLC and managed by Triad Property Management LLC.
Marriott Vacations Worldwide announced The Marriott Vacation Clubs City Collection. The collection consists of Marriott Vacation Club branded properties, including those formerly branded as Marriott Vacation Club Pulse, in seven vibrant cities with expansion plans that will also include other branded vacation club properties in highly sought after urban areas. The seven properties currently in collection include: Marriott Vacation Club, New York City; Marriott Vacation Club, San Francisco; Marriott Vacation Club, San Diego; Marriott Vacation Club, South Beach; Marriott Vacation Club at The Mayflower, Washington, D.C.; Marriott Vacation Club at Custom House, Boston; and Marriott Vacation Club at The Empire Place, Bangkok. As part of the City Collection’s growing portfolio, MVC expects to open a seven-story vacation ownership property in Waikiki later this year. The new property plans to have two floors of retail, approximately 110 guestrooms, and proposed rooftop amenities including a pool, fitness center and bar. The Marriott Vacation Clubs has also announced plans to add the first two Westin Vacation Club properties to its City Collection portfolio. Expected to begin development in 2025 is a newly proposed 50-unit property in Charleston, South Carolina and in 2026, a property in Savannah, Georgia.
RIU Plaza is welcoming a new U.S. property this June, the Hotel Riu Plaza Chicago. The 28-story property boasts 390 guestrooms, a gym, SkyBar and a Grab & Go market.
Construction on Hotel Rose, in the city of Rockford, Michigan, is scheduled to begin this summer. It will be the only hotel in the Rockford area and will offer restaurant options and two retail spaces.
Brick Hospitality has taken over management of the Balboa Park Hotel in San Diego, California. Formerly the Hotel Occidental, the Balboa Park Hotel is coming off the heels of a transformative renovation following its acquisition by Surf Cowboy Elm.
Roomza announced a collaborative venture with Rubell Hotels to introduce a distinct lodging experience within the Lord Baltimore Hotel. Set to open in April 2024 in Baltimore, Maryland, the newly announced Roomza Inner Harbor at Lord Baltimore will feature 30 guestrooms.
Midnight Auteur, a new hospitality company created by the founders of Death & Co and Ramble Hotel in Denver, unveiled a look at their forthcoming luxury boutique hotel, Municipal Grand, scheduled to open in the North Historic District neighborhood of Savannah, Georgia in early 2025. Municipal Grand marks Midnight Auteur’s first official venture in the luxury boutique hotel space and offers 44 guestrooms, multiple food and beverage venues, and a rooftop pool.
Giri Hotel Management is looking to add 48 new rooms to the Union Bluff Hotel, in York, Maine, bringing the total to 88. It also seeks to build a multi-level parking garage with 111 spaces in a beach town where parking is scarce in the summer.
Developer Atwater and Second Associates, LLC is proposing a new 25-story, 600-guestroom hotel in downtown Detroit, Michigan. The project consists of five podium floors, a ground floor restaurant, a lobby bar, two ballrooms, 50,000 square feet of meeting rooms, a pool, spa and fitness area. A pedestrian bridge will span over the future 2nd Avenue and provide a direct connection to Huntington Place Convention Center. The developer is seeking governmental approvals and to commence construction of the new hotel in the second quarter of 2024.
Lincoln Property Company has acquired a four-acre site in Uptown, Dallas, Texas with plans to develop a Class A mixed-use project with office space, +/- 250 luxury apartments, a 200-key hotel/residence, 25,000 square feet of food and beverage retail, as well as ample green space on the site.
Hunter Hotel Advisors announced the sale of the Courtyard and Residence Inn Roanoke Airport. Kalyan Hospitality purchased the two properties with Hunter representing the institutional seller. The Courtyard and Residence Inn total 214 keys and the new owners will renovate the hotels to current brand standards.
Sandals Resorts announced the grand opening of Sandals Saint Vincent and the Grenadines, the brand’s 18th all-inclusive resort. The resort offers 301 rooms and suites across 50 acres, multiple pools, the Red Lane Spa, and eleven culinary concepts.
