The DJIA was up 177 points, Nasdaq rose 193, the S&P 500 was up 53 points and the 10-year treasury yield was down .01 to 4.49%. Lodging stocks were mixed. CLDT traded down to a new low while the only mover of note was VCSA, down -8% on the day.
Sunstone Hotel Investors reported modestly higher than expected 1Q24 results while maintaining guidance for the remainder of 2024. The quarterly dividend was upped to $0.09 per share from $0.07. SHO completed the acquisition of the Hyatt Regency San Antonio Riverwalk for $230 million while their Andaz Miami Beach has closed for a renovation with a reopening expected in the fourth quarter of this year.
Chatham Lodging Trust reported a modest beat for 1Q24 with CLDT saying it was hotel EBITDA margins which drove the beat. The company said they expect to continue to opportunistically sell additional assets in 2024 with the intent to redeploy those proceeds into debt reduction and ultimately make higher growth hotel investments.
The Inn at Bellefield Residence Inn by Marriott International at Bellefield Historic Hyde Park in NY held a soft opening in January. The 137 room, all-suite hotel held a ribbon cutting last week, also serving as the introduction of Phase II of the Bellefield project which will transform the wooded land into 2 million square feet of development. 60% of the transformation will consist of 801 residential units while 20% will be experience-driven retail space and the remaining 20% for hospitality attractions. The hotel was developed by Shaner Hotel Group.
Omni Atlanta Hotel at Centennial Park in downtown Atlanta announced a comprehensive renovation and rebranding. The centerpiece of the renovation is the complete refurbishment of 600 rooms housed within the North Tower. The distinguished Presidential Suite, Governors Suite, and Executive Suites have undergone meticulous redesigns plus the hotel is introducing a collection of signature suites that celebrate Atlanta’s attractions and landmarks, located in the heart of downtown Atlanta and close proximity to the property. The themed suites will include the Georgia Aquarium Suite, College Football Hall of Fame Suite, and the Coca-Cola Suites. The hotel has officially changed its name from Omni Atlanta Hotel at CNN Center to Omni Atlanta Hotel at Centennial Park.
Whitestone Capital, a division of Whitestone Companies, joined forces with PJD Capital to purchase the 152-room Holiday Inn East Mountain in Wilkes Barre, PA. The acquisition marks the first joint venture between the two real estate companies. Phase one of a transformation will consist of a complete renovation to all areas of the hotel and a change in the brand. The property will convert to a very select class of DoubleTree Hotels by Hilton. Whitestone said the hotel will feel more like a soft brand with design centered around a community-focused light resort feel. The public area renovation will include a lobby redesign to better incorporate a more modern configuration of the restaurant and bar. The hotel consists of 152 guestrooms, an onsite restaurant and lounge, and over 6,000 square feet of event space. The igloos are the property’s signature feature during the winter months.
Developer William Jacome wants to build a 23-story mixed-use tower that includes the Babylon Racquet Club on the former Babylon Apartments site in Miami’s Brickell. The project would have 34 condos, 15 hotel keys, 13,700 square feet of restaurants, 4,400 square feet of offices, and a gym. The project is marketed as a potential racket sports hub in Brickell with 14 courts for tennis, pickleball, paddle, and racquetball.
Redstaff Investments said the LaQuinta by Wyndham Casper in Casper, Wyoming has rebranded as AmericInn by Wyndham Casper following a complete renovation. The renovation revitalized all 120 keys in a full redo of the property. The hotel is owned by Redstaff Hotels LLC.
The Super 8 on Arsenal Road in York, PA is getting a renovation and when completed, will be rebranded as a Ramada. The renovation is expected to close $1.5 million. Lotus Signature Hotels INC purchased the Super 8 on July 1, 2023, from A Sky Hospitality LLC. Renovations started in August and currently, the entire third floor of the hotel has been renovated, there will be a new lobby and breakfast area, a parking lot repair, new landscaping, and newly designed guest rooms. The full renovations are expected to be completed by the end of June.
The Orlando Business Journal reported the planned closure of the 633-room Wyndham Orlando Resort at 8001 International Drive on April 30. The hotel property is owned by an entity connected to Unicorp National Developments Inc. which owns more than 39 acres in the corridor. The developer had previously explored plans to redevelop the resort and add residential units at the site. There is no official word but the article said potential work at the property could include preserving some of the more recently renovated elements of the Wyndham, such as its 60,000 square feet of event space, while getting rid of its older buildings in favor of new development. The International Drive Resort Area Chamber of Commerce said the I-Drive corridor has more than $4 billion of new development planned.
Hunter Hotel Advisors announced the successful sale of the Residence Inn Savannah Midtown. HOS Management acquired the 66 suite property on April 24 with Hunter representing the institutional seller.
The Mumford Company said they represented the seller, PRBGP Hospitality LLC, in the sale of the Clarion Pointe of Greensboro, North Carolina to iCare Hospitality Greensboro, LLC. Both the Seller and Buyer are regional multi-unit hotel owners. The purchaser plans to continue to build market share after mainly cosmetic renovations and marketing.
Personnel Moves
Hospitality Ventures Management Group announced the company has named Linda Philp, CPA, Senior Vice President & Chief Financial Officer. She will be responsible for the company’s accounting, financial reporting, tax, systems optimization/technology, and risk management functions. Most recently Philp was CFO of Universal Turbine Parts, LLC and previous service industry CFO roles included Lodgian Inc and The Krystal Company.
JLL’s Hotels & Hospitality Group announced John Testerman has joined the Raleigh office as Senior Director. JLL did not say where he worked previously but said he has over 12 years of experience in the commercial real estate industry.
Europe Highlight
Radisson announced their art’otel contemporary lifestyle hotel brand opened art’otel London Hoxton on April 24. The hotel is located in the heart of Shoreditch and this is the second UK opening for the art’otel brand, following the opening of art’otel London Battersea Power Station in February 2023. The art’otel London Hoxton features 357 guest bedrooms and suites. There are 48 luxury suites including a 196 square meter D*Face Masterpiece Suite. The ground and first floor include The Brush, an all-day Grand Café, Lounge & Cocktail Bar with its own outdoor terrace. A destination restaurant will launch later in the year on the 25th floor with outdoor terraces. There also will be a number of flexible event spaces on the 24th floor launching later this summer. The hotel features an indoor swimming pool, sauna, steam room, and gym. A skyline gym on the 26th floor will follow in the summer as well as a luxury spa with four treatment rooms.
