Mizuho lowered price targets on some hotel names under their coverage. They lowered their target price on Marriott to $260 from $263 while maintaining their Neutral rating. They kept their Buy ratings on Hilton and Hyatt but lowered HLT’s target price to $242 from $245 and Hyatt to $195 from $197.
The U.S. hotel industry reported higher performance results from the previous month, but mixed comparisons year over year, according to March 2024 data from CoStar. March 2024 (percentage change from March 2023): Occupancy: 63.7% (-2.5%) ADR: $159.79 (+0.4%) RevPAR: $101.81 (-2.2%). Among the Top 25 Markets, Miami experienced the highest levels in each of the three key performance metrics: Occupancy: (2.3% to 83.%) ADR: (-0.6% to $284.14) and RevPAR (+1.6% to $237.25). Markets with the lowest occupancy for the month included Minneapolis (54.7%) and Detroit (55.1%). The Top 25 Markets showed higher occupancy and ADR than all other markets.
Hyatt Regency Irvine, in Irvine, California, announced the final phase of its property-wide renovation will debut in June. A new pool experience and signature restaurant will complete the hotel’s comprehensive transformation following its fall 2023 re-opening. The extensive enhancements span the lobby, 516 guestrooms and suites, and elevated public areas featuring a new artisanal market and the Regency Club. The hotel also boasts more than 50,000 square feet of flexible meetings and events space, including an expansive outdoor lawn and a 14,000 square foot ballroom.
Estancia La Jolla Hotel & Spa, a Noble House Hotels & Resorts property in La Jolla, California owned by Pebblebrook Hotel Trust, announced the completion of a years-long, property-wide re-imagination. The $26 million renovation and redevelopment includes updates to the hotel’s 210 guestrooms and suites, 47,000 square feet of refreshed indoor and outdoor meetings & events spaces, new sustainable elements like a Chef’s Garden and Apiary, and the addition of two new culinary concepts.
IHG Hotels & Resorts announced the opening of its newest Staybridge Suites hotel in west San Antonio, Texas. Staybridge Suites San Antonio Lackland AFB Area features 97 suites and 1,095 square feet of meeting space. The property operates under the ownership of SATX SATRL, LLC.
hihotels by Hospitality International expanded its family of brands by signing eight new properties in five states. The properties include: Master Hosts Inns – Airport Plaza Hotel, Jamaica, NY, 61 rooms, former OYO; Scottish Inns – Eastex Freeway North, Houston, TX, 29 rooms, new construction; Scottish Inns, Decatur, TX, 45 rooms, former Best Western; Scottish Inns, Middletown, PA, 25 rooms, former Rodeway Inn; Scottish Inns & Suites, Shenandoah/Woodland, TX, 39 rooms, former OYO; Red Carpet Inn, Dumfries, VA, 45 rooms, former Econo Lodge; Red Carpet Inn, Garfield Heights, OH, 40 rooms, former El Dorado Motel; and the Red Carpet Inn & Suites, Philadelphia, PA, 98 rooms, former Motel 6.
Sonesta International Hotels Corporation announced the opening of Red Lion Inn & Suites Elk Grove, a 47-room, midscale property located in Elk Grove, California.
Carmel Valley Ranch, in Carmel, California, announced the completion of a multimillion-dollar renovation project. The resort’s Valley Kitchen restaurant unveiled a complete revitalization of the main dining area, private dining room, and outdoor spaces including an entirely new outdoor bar complete with poolside lounge seating and day beds. River Ranch has also completed a magnificent makeover with new amenities including a new children’s wading pool and splash pad, an updated Adventure Clubhouse and a Family Game Zone. Other improvements include fully renovated men’s and women’s locker rooms, upgraded finishes in the Fitness Center and Movement Studio and resurfaced tennis and pickle ball courts with new windscreens.
According to reports, the $250 million Great Wolf lodge South Florida is looking to open on Wednesday, September 25. Located in Naples, the $250 million endeavor will see 20 acres with 500 suites and an expansive 100,000 square foot indoor water park with six pools and an array of water slides. After Naples, additional U.S. resorts are targeted for the Houston area later in 2024 and Mashantucket, Connecticut in 2025.
The Colorado Educational and Cultural Facilities Authority expects to close on the Stanley Hotel this summer, after prospects to sell to an Arizona nonprofit fell through. The iconic Colorado landmark is known for its inspiration to Stephen King for his novel “The Shining: which is part of why the hotel will soon house a movie exhibit space, the Stanley Film Center, to which the state is contributing about $46 million. As owner of the project, CECFA will ensure that the historic hotel property is preserved and dedicated to enhancing the cultural ecosystem in Colorado. According to CECFA, the purchase and renovation of the Stanley Hotel and the new construction of the Stanley Film Center will be financed by up to $475 million in bonds issued by CECFA to its subsidiary, the Stanley Partnership for Art Culture and Education.
Sonnenblick-Eichner Company arranged a strategic joint venture equity investment into the ownership entity of the Pacific City Lodging Portfolio, located in Pacific City, Oregon. The portfolio is a collection of oceanfront resort properties comprised of the Headlands Coastal Lodge & Spa, the Inn at Cape Kiwanda, Hart’s Camp, and the Cape Kiwanda RV Park. Noble House Hotels & Resorts provided the investment into the partnership. Sonnenblick-Eichner Company was engaged to find a buyer for the entire portfolio, but found a strategic investment for the partnership gave their client the opportunity to realize future growth in the portfolio.
CBRE has facilitated the sale of two hotel properties in White River Junction, Vermont to Giri Hotel Management LLC from Larkin Family Partnership for $19 million. The 77-room Holiday Inn Express & Suites and the 110-room White River Inn & Suites were marketed and negotiated by CBRE, who represented the seller and secured the buyer.
Personnel Moves
Maya Hotels announced the promotions of Parimal Thakor to President and Krishna Deva to CEO. Parimal joined Maya Hotels in 2008 and Krishnaformally came on board in 2019. The duo jointly oversees all strategic planning and investment activity for the company. Parimal is focused on the company’s ground-up development and directs all capital on projects. Krishna is responsible for driving operational excellence and financial performance across the organization.
New Castle Hotels & Resorts announced Tom Nolan joined the company as Chief Operating Officer responsible for the company’s growing portfolio of 26 hotels and resorts. Most recently, Nolan was the managing director of Hyatt Hotels Wild Dunes Resort in Isle of Palms, South Carolina.
Aimbridge Hospitality announced Greg Moundas as Chief Legal Officer, reassuming the role after a short stint away from the organization. As Chief Legal Officer, Moundas is charged with overseeing legal, risk management, compliance, licensing, and contracts.
MDM Hotel Group has named Florencia Tabeni Chief Operating Officer. Most recently VP of Hotel Operations & Development for MDM Hotel Group’s properties, Florencia will be overseeing all aspects of sales & marketing, revenue management and human resources.
Short-term rental AI start-up Boom has appointed Hilton’s former President of Global Operations and Development, Ian Carter, as Chairman of the company’s newly launched Advisory Board. In this role, Carter will play a critical role in guiding the development and execution of the firm’s business strategies, driving growth and enhancing its market position.
LuxUrban Hotels Inc. announced the appointment of Andrew Schwartz to the Company’s Board of Directors, bringing the Company’s board to seven members, six of whom are independent. Schwartz will serve on the Company’s Finance, Risk and Investment Committee. Schwartz was a Managing Director of Silver Point Capital and prior to that, was a Senior Managing Director holding leadership positions at Guggenheim Securities.