Selina Shareholders Prepare for More Dilution

The DJIA fell 570 points while Nasdaq was down 325, the S&P 500 fell 80 points and the 10 year treasury yield was up .07 to 4.69%. Lodging stocks were lower on the last day of a rough month of April. AHT traded down to a new low while SOND was down -10% and SHCO fell -7% on the day.

Host Hotels & Resorts is acquiring the 1 Hotel Nashville and adjacent Embassy Suites from a group of owners that includes a Starwood Capital Group affiliate. Bloomberg reported the transaction is valued at more than $500 million but the deal has not yet been made official. The ownership group includes Crescent Real Estate and High Street Real Estate Partners. The group teamed up in 2019 to develop the hotels, in the center of downtown Nashville, across from Music City Center. The 1 Hotel opened in July 2022 and has 215 rooms.

Nexera Capital and Emerge Hospitality Group are planning to begin construction on the 183 room Moxy by Marriott Hotel in downtown Atlanta, Georgia. The hotel will be located next to Centennial Olympic Park and is expected to be open early in 2026 prior to the World Cup.

Marriott International launched the next generation of the bed that started it all, the Westin Heavenly Bed.

Newport Harbor Island Resort, owned by Pebblebrook Hotel Trust and operated by Davidson Resorts, announced its official opening, following a full reimagination. The New England coastal destination resort is the former Gurney’s Newport Resort and Marina. It now has transformed, expansive guestrooms and suites, a contemporary Spa, re-concepted culinary experiences, meeting spaces and a 22-slip marina. The renovation comprised all common spaces, dining venues, guest rooms, meeting and event spaces, as well as the on-site Spa. The resort has the most event space in Newport, RI with nearly 30,000 square feet of indoor and outdoor space. The official opening will be Memorial Day Weekend.

IHG Hotels & Resorts announced the opening of its first dual-branded avid hotel and Candlewood Suites property in North Platte, Nebraska following the prototype’s launch in 2021. The avid hotel and Candlewood Suites North Platte is operating under the ownership of Nightcap Management, LLC. IHG said the dual-brand pairing has more than 40 additional hotels in the pipeline with others this year opening in Fort Payne, Alabama and West Memphis, Arkansas. The 123 room avid and Candlewood North Platte includes a 24 hour market and bean to cup coffee along with complimentary ‘Good all round’ hot breakfast from avid and the outdoor Gazebo Grill and free laundry facilities from Candlewood Suites. Additional amenities include a pool and large fitness center. The avid hotel has 57 rooms while there are 66 studio and one bedroom suites from Candlewood. IHG said nearly 30% of all avid hotels and 27% of all Candlewood Suites in the Americas pipeline are adopting the new dual-branded prototype.

Red Roof announced the opening of the Red Roof PLUS+ San Antonio Northeast in San Antonio, TX. The hotel is owned by ShreeGanesha Inc. A number of renovations have been done to the property including new paint throughout, updated guest room and public bathrooms, new bedding, new guest room and lobby furniture, new flooring throughout and a new coffee bar.

The Lodge in Santa Fe, New Mexico is undergoing renovations. When Bullwhip Capital purchased the hotel in December, they had big plans. That includes a rebrand and many renovations. One of the things they hope to do is build a community at the property, much like Bullwhip has at their other Santa Fe property, El Rey Court. One of the most popular things there is they sell a swim club pass, something they expect to do at The Lodge.

Two new hotels and a restaurant are being developed in Manitowoc, Wisconsin. The Mayor said construction on one of the hotels will begin in the next few weeks and both hotels will be the first Hilton and Marriott brand hotels in the city. Due to a Tax Increment Financing district agreement, one of the hotels must be built by 2030 and the other hotel and restaurant must be build by 2026. The Mayor hopes they will be built in time for the 2025 NFL Draft as Green Bay is the host and Manitowoc tends to get the overflow or those who want to be near but not right in the city.

Selina Hospitality announced the poor, existing shareholders will be diluted earlier than they thought as Osprey International Limited agreed to expedite the funding of its remaining $6 million investment under the Subscription Agreement via four monthly installments of $1.5 million each through August 2024. Originally it was to be in nine installments through December 2024. Following the total financing from Osprey and the return of 6,575,000 private placement warrants by Bet on America LLC in exchange for 1,643,750 ordinary shares of SLNA, there are 543,7 million shares of which Osprey and other funding sources own 431 million. There is no doubt that one day if the Wharton School of Business wants to do a story on how NOT to be a successful public company, SLNA will be the only case study needed.

Hilton is opening its first hotel on the island of Bermuda later this year with a new property for its Tapestry Collection. The new Bermudiana Beach Resort, Tapestry Collection by Hilton, will be making its debut in the fourth quarter of 2024. The hotel will have 111 rooms, with a cliff top bar, two pools, a nearly private beach and a yoga terrace. The hotel will be located steps from pristine pink coral sand beaches with access by an elevator from the property which is perched at the top of a cliff.

Blue Diamond Resorts announced the Royalton CHIC Antigua opened its doors yesterday. The all-inclusive resort is the first property exclusively for adults on the island. The new resort offers 235 rooms, with touches synonymous with the ‘Party Your Way’ lifestyle that Royalton CHIC Resorts has perfected in Cancun and the Dominican Republic. Rooms include ocean views, swim-out access, and walkout oceanfront suites, each featuring a balcony or terrace. The resort will also feature 12 Overwater suites, Chairman, Presidential or Junior Suite, some with personalized butler service. The resort has seven restaurants and five bars.

Personnel Moves

Hospitality Ventures Management Group announced the company has promoted three associates to leadership roles. Jamison Conrey was named Vice President of Engineering, Capital Projects and Risk Management. Androse Bellwas named General Manger and Vice President of Operations and Maggie Rosa was named General Manager and Vice President of Operations. Conrey started working with HVMG in 2009 as Director of Engineering for the Shores Resort and Spa in Daytona Beach Shores. Bell had recently rejoined HVMG as GM of the Hard Rock Hotel in Daytona Beach and Rosa has been with HVMG for 10 years, most recently as GM of the Marriott Atlanta/Perimeter Center.

Colliers announced it has hired Bradley Burwell as an Executive Vice President to join the firm’s Hospitality Practice Group as part of US Capital Markets. Prior to joining Colliers, Burwell led CBRE’s New York hotels team.

Europe Highlights

Marriott International has brought its Fairfield by Marriott brand to Europe. It is debuting in the city of Copenhagen in Denmark with a 222-room waterfront property in Nordhavn, a new urban development in the North Harbour district. Fairfield by Marriott Copenhagen Nordhavn is part of a new-build development with the building also housing the first Residence Inn in Scandinavia. The only shared facility is the fitness center. The properties were opened in partnership with Danish management company, Core Hospitality. The Copenhagen property is expected to act as a blueprint for the future properties across Europe. The biggest difference between the European version of Fairfield and US is the size of the rooms. All rooms in the Copenhagen property measures 17 square meters with categories differing on the beds (Twin or Queen) and whether or not there is a sea view. Approximately 15-20 percent of the rooms in US properties include separate working and living spaces. Destinations in the European pipeline for the brand include the UK, Austria, France, Germany, Italy, the Netherlands, Poland, Spain and Turkey. Two properties in Saudi Arabia are also expected to debut in the Middle East in 2027.

Travelodge has opened its 600th hotel at the London Oval Cricket Ground. The chain partnered with Surrey County Cricket Club to open the 95 room hotel, aimed at both business and leisure travelers.