The DJIA fell 9 points but Nasdaq was up 53, the S&P 500 was up 8 points and the 10-year treasury yield was down .06 to 4.37%. Lodging stocks were modestly higher with the big mover being BHR, up 13%. SOND fell -11% on the day. SLNA was up 96% but their long-suffering shareholders have nothing to cheer about as that only raised it to $0.0785 a share.
Ashford Hospitality Trust announced preliminary first-quarter 2024 results. AHT said they expect to report occupancy of 67% for 1Q24 with Average Daily Rate of $191 resulting in RevPAR of $128, a decline of around -1% from the first quarter of 2023. March was the softest month but AHT said that was due to the Easter Holiday shift and they expect to see a marked improvement in April.
Selina Hospitality gave an update, clearly trying to stop their stock from going to a penny. SLNA said their executive team recently converted $500,000 of cash compensation into shares of common stock, something they said shows management’s confidence in the company’s vision and long-term prospects and how they are in alignment with the current shareholder base. SLNA also said several executives have agreed to reduced levels of fixed cash compensation in exchange for equity compensation. As for the sales of stock by insiders, SLNA said that was automatic sell-to-cover tax withholding transactions following the vesting of certain equity awards held by the executives. They said none of the transactions were discretionary open-market sales by the executives.
Kelsey Lodging LLC has started construction on a new hotel in Ohio’s Port Clinton and Catawba Island area. The five-story Hampton Inn and Suites Port Clinton is scheduled to open in spring 2025. The property will feature 93 guestrooms, large indoor pool with a waterfront outside patio, waterfront lobby with a second outdoor patio, fire pit, and canopy, large meeting room for events, and a fitness room.
Two new hotels are open or about to be near Jacksonville International Airport in Jacksonville, Florida. The five-story 105-room Tru by Hilton Airport 1-95opened on February 29. The five-story, 102-unit TownePlace Suites by Marriott is scheduled to open May 15. Inn of Jax LLC owns the side-by-side properties. Managed by Lake City Hotels Inc., both properties have pools, grilling areas, and markets.
Marriott Hotels announced the May 2024 opening of Palmetto Marriott Resort & Spa, in Palmetto, Florida. The eight-story property will connect directly to the Bradenton Area Convention Center, which is currently undergoing a $48 million renovation and expansion, set to be completed in 2025. Palmetto Marriott Resort & Spa offers 252 guestrooms; two resort-style pools, and an additional fitness pool in the Revive Pool, Spa, and Fitness Center; 10,000 square feet of meeting space; an expansive event epicenter featuring a 40,000 square foot outdoor lawn and amphitheater; and a selection of diverse onsite dining options. Aimbridge Hospitality will manage the property.
MONTONI, the Fonds immobilier de solidarité FTQ, and Montez Corporation, the partners in the Espace Montmorency development, announced the opening of the new Courtyard by Marriott hotel in the heart of Laval, Quebec’s new downtown. The $45-million hotel project is backed by a group of investors consisting of MONTONI, the Fonds de solidarité FTQ, Cogir, and Urgo Hotels & Resorts Canada, which will also manage the hotel. The establishment features 188 rooms across 10 floors, a signature restaurant, business center, individual workspaces, reception halls, bar and terraces, a 60,000 square foot green inner courtyard, and an indoor parking garage.
A joint venture between Partners Group and funds managed by Trinity Investments acquired The Scottsdale Plaza Resort & Villas, located in Paradise Valley, Arizona. The Scottsdale Plaza Resort & Villas features 404 rooms and 50,000 square feet of meeting space. The transaction also includes the potential for expansion with entitlements secured by the seller.
Sonesta International Hotels Corporation announced the opening of Sonesta Essential Orlando, marking the new brand’s 10th property. The 100-room, upper-midscale hotel is located in Orlando, Florida.
Raines has added the Cambria Charleston Riverview to its management portfolio, the company‘s seventh hotel in the local area. The Charleston, South Carolina hotel kicks off its partnership with the hotel’s owner, RREAF Holdings, and features 126 guestrooms, a fitness center, a sundry shop, outdoor pool, meeting and event spaces, and onsite dining.
The expansion of the TradeWinds Island Resorts is made for photo opps: It will include a glass-floor balcony that juts off the 12th story. The reveal of an Instagram-worthy rooftop appears to be a move to garner public favor ahead of a key vote for the project: St. Pete Beach City Commission will vote on the conditional use permit for the expansion on April 15, the final approval developers need. The tower featuring the rooftop terrace is expected to be completed in five to seven years. TradeWinds ownership said the roughly 4,800 square foot rooftop view terrace will be the first of its kind in Pinellas County. The proposed expansion will add 629 hotel rooms in three towers. The project will be completed in four phases and when complete, the resort will have 1,596 rooms and 170,126 square feet of accessory space, including retail and restaurant space.
The Sands Motel, in Montauk, New York, has a new owner with renovation plans. The four-building, 43-unit oceanfront complex has been sold to Enduring Hospitality after hitting the market last year for $28 million. The sale price was not disclosed. The hotel will be open to visitors this summer after the new owners do some minor upkeep and maintenance. Larger renovations are planned after Labor Day and into the winter. They will introduce a new concept in the spring of 2025.
Personnel Moves
Wyndham Hotels & Resorts appointed Scott Strickland as Chief Commercial Officer. Strickland, who has been with WH for seven years, takes the new role that WH says will allow Lisa Checchio to leave the company. She was EVP and Chief Marketing Officer.
Choice Hotels announced it promoted Judd Wadholm to Senior Vice President and General Manager, Core Brands. Wadholm first joined CHH in 2022 and was most recently VP, Managed Hotels – Americas.
Europe Highlights
Hilton announced the opening of Anglo American Hotel Florence, Curio Collection by Hilton, marking the brand’s debut in Florence, Italy. Following an intensive renovation project, after the acquisition in 2021 by the Fund Star II, the hotel offers 118 rooms and suites, a modern gym, two meeting rooms, and a restaurant.
Fairfield by Marriott announced its debut in Europe with the opening of Fairfield by Marriott Copenhagen Nordhavn. Situated in Copenhagen’s vibrant North Harbour district, the property is the first hotel is the first to showcase the brand’s European prototype and will act as a blueprint for the Fairfield by Marriott design across Europe. Fairfield by Marriott Copenhagen Nordhavn boasts 222 guest rooms, a market, a spacious lobby, and a fitness center.
