Marriott Boosts Quarterly Dividend 21%

The DJIA was up 125 points on Friday while Nasdaq was down 5, the S&P 500 rose 9 points and the 10 year treasury yield was up .06 to 4.50%. Lodging stocks were mixed. VCSA traded down to a new low, down -8% but SOND was up 11%, AHT was up 7% and BHR rose 6%.

Vacasa and Soho House reported 1Q results with SHCO clearly having the better report. SHCO came in modestly above expectations while VCSA missed on the top and bottom line. They announced another round of layoffs, this time affecting 13% of their workforce, mostly on the corporate and central operations side.

Marriott International upped their quarterly dividend by 21% on Friday. MAR shareholders will now receive a quarterly cash dividend of $0.63 a share.

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St. Regis Hotels & Resorts announced reservations are open for The St. Regis Longboat Key Resort, slated to open in Summer 2024 in Longboat Key, Florida. Marking the only St. Regis opening in the U.S. in 2024, the resort offers 168 guest rooms and suites, 800 feet of private beach, multiple pools and luxurious cabanas, a private sanctuary, under the sea lagoon wildlife reserve, Reef Rangers Children's Club, the St. Regis Spa, a fitness center, seven culinary venues, and over 34,000 square feet of flexible meetings and events space.

NewcrestImage is planning a $100 million renovation project that would convert a three building office complex in downtown Cincinnati, Ohio to a mixed-use hotel. The company plans to have a dual-branded hotel, to include a Canopy by Hilton and Hilton Garden Inn, a grocery store, fitness center, a few floors of office space, and a potential parking garage.

The Regent Santa Monica Beach has opened bookings for stays beginning September 17, marking the return of the Regent brand to the U.S. The Santa Monica, California property is slated to feature 143 guestrooms and 24 suites, a restaurant, Guerlain Spa, an oceanfront pool deck and beach butler service. Following a more than $150 million gut renovation to the former Loews hotel, Regent Santa Monica Beach is expected to be Regent's flagship in the Americas region.

South Carolina's first Four Seasons-flagged luxury resort has the full green light from Charleston's Board of Architectural Review to proceed. Strategic Property Partners is planning to develop the property calling for 150 hotel rooms, 40 residential condominiums, commercial space, restaurants and amenities in three buildings reaching as high as eight stories. In all, Pinnacle Mountain Holdings LLC, the landowner, has invested $72 million to date in the area to pull together the real estate Strategic Property needs for the project.

Sonesta International Hotels Corporation announced the opening of Red Lion Gillette and Sonesta Grand Rapids. Red Lion Gillette is a 159-room, select service value hotel located in Gillette, Wyoming. The upscale, 183-room Sonesta Grand Rapids Airport is located in Grand Rapids, Michigan.

In Key West, Florida, the Southernmost Beach Resort unveiled its $12.5 million transformation of The Guesthouses. The retreat, comprising four meticulously restored 19th century styled Victorian homes, La Mer, Dewey, Avalon, and Duval Gardens, is an adult-only sanctuary within 243-room resort. Guests of The Guesthouses enjoy full access to Southernmost Beach Resort's extensive amenities including three pools, bars, a spa, retail spaces, a private beach and restaurant.

Mountain View Grand Resort & Spa, in Whitefield, New Hampshire, has completed a multi-million dollar renovation of the lobby, guestrooms and restaurants. The elegant refresh also extends beyond physical improvements with a new Tower Spa menu and wellness offerings, and family-friendly programming.

The Ace Hotel, in New Orleans, Louisiana, will become a Hyatt-branded property amid a broader pullback by the Ace Hotel ownership group across the U.S. The downtown hotel property, which is part-owned by Domain Cos, will be turned into a Jdv by Hyatt. A sister hotel across the street, Maison de la Luz, will become part of the Unbound by Hyatt collection. It is unclear when the changes will take place and whether the changes will affect Ace's flagship restaurant, Josephine Estelle, or its coffee shop, Lovage.

Rio Guadalupe Resort, a premier RV park and campground in New Braunfels, Texas, announced a series of significant improvements and additions. Over the past 12 months, the resort has undergone extensive renovations and introduced new amenities. As part of its exciting upgrade, the resort has added six new premier RV sites which will accommodate monthly-stay guests year round and the pool area has undergone an extensive renovation, featuring fresh furnishings and a large TV with a sitting area. The resort has also made significant improvements to its dog park and the front office and store have been revamped to provide a more welcoming and efficient experience for guests. Additionally, to enhance accessibility for guests staying in the New Braunfels RV resort's cabins, a new road has been constructed. Last but not least, the resort has welcomed two new office pets who are always ready to greet guests of the New Braunfels' cabin rentals.

Placemakr announced a major expansion across Texas with four new property launches, bringing the company's total operations to over 800 units in the state. The expansion includes the acquisition of Placemakr Downtown Austin, formerly named 3Waller, a 259-unit property in the heart of downtown Austin. The expansion also includes Placemakr's first smaller property launch (24 units) as part of a new brand concept, "Hosted by Placemakr." Lastly, Placemakr will also manage its first two exclusively residential properties in Texas, located in San Antonio.

Hyatt Hotels Corporation announced Hyatt's expected growth trajectory with 30+ planned openings through 2027. Upcoming openings in Latin America & the Caribbean enhance Hyatt's leadership in luxury, resort and lifestyle, creating unforgettable experiences in destinations that matter most to guests and World of Hyatt members. The Destination by Hyatt brand is expanding its footprint in Latin America & the Caribbean with the introduction of properties in two new markets: The Legend Paracas Resort, Peru, expected to open in summer 2024 and Cas En Bas Beach Resort, St. Lucia, expected to open in early 2025. Hyatt's Inclusive Collection is expanding its brand footprint with planned openings in key Latin America & Caribbean resort destinations such as: Dreams Curacao Resort, Spa & Casino adults-only expansion, expected to debut 2024; Dreams Bahia Mita Surf & Spa Resort family-friendly expansion, expected to open in summer 2024; Dreams Sapphire Resort & Spa family-friendly expansion, expected to open in 2024; Secrets Playa Esmeralda Punta Cana, expected to open in 2024; Dreams Playa Esmeralda Punta Cana, expected to open in 2024; Secrets Baby Beach Aruba, expected to open in 2025; Secrets St. Lucia Resort & Spa, expected to open in 2025; and Breathless Puerto Vallarta Resort & Spa, expected to open in 2025. Boundless Collection hotels are each shaped by the distinctive culture of their locale and replete with rich and immersive lifestyle experiences. Upcoming openings in the region include: Dream Valle de Guadalupe, expected to open in 2025; Hyatt Centric San Jose Escazu, expected to open in 2024; Hyatt Centric Santo Domingo, expected to open in 2024; and Hyatt Centric Queretaro, expected to open in 2025. Hyatt's Timeless Collection properties deliver the comforts of home away from home with a consistently elevated experience. Upcoming openings in the region include: Grand Hyatt Grand Cayman Hotel & Residences, expected to open in 2025; Grand Hyatt Mexico City Santa Fe, expected to open in 2025; Grand Hyatt Cancun Beach Resort, expected to open in 2025; and Park Hyatt Los Cabos at Cabo del Sol, expected to open in 2025.

Catalonia Hotels & Resorts signed a binding agreement with East Bay Management to buy the 512-room Holiday Inn Resort Montego Bay in Jamaica.

Personnel Moves

Ashford Hospitality Trust, Inc. has closed on the refinancing of the mortgage loan for the 673-room Renaissance Hotel in Nashville, Tennessee, which had a final maturity date in March 2026. The new, non-recourse loan totals $267.2 million, and has a two-year initial term with three one-year extension options. The loan is interest only and provides for a floating interest rate of SOFR + 3.98%. The previous loan totaled $240.0 million and included the 296-room Westin Hotel in Princeton, New Jersey. As part of this refinancing, the Westin Princeton is now unencumbered and the Company has listed the property for sale. The Company plans to use the excess proceeds from the refinancing for general corporate purposes including paying down the Company's strategic financing.

Aimbridge Hospitality named Eric B. Jacobs as its incoming Chief Global Growth Officer, joining the executive leadership team on June 2, 2024. In his role as Chief Global Growth Officer, Jacobs will be in charge of all growth and development activities and will help expand Aimbridge's hotel portfolio and support its owners and brand partners in achieving their expansion objectives both domestically and globally. Jacobs comes to Aimbridge Hospitality from Marriott International where he most recently served as Chief Development Officer for Marriott Midscale Brands in North America and Marriott Brands in Canada. Jacobs takes over for Allison Reid, who served as Chief Global Growth Officer from July 2022 to May 2024 and has already stepped down. Also leaving Aimbridge will be Global President Mark Tamis. He will leave the company on May 17th.

Oliver Hospitality announced the appointment of Chett Abramson to President. Previously serving as COO, Abramson will be responsible for leading the overall strategic direction of Oliver Hospitality, overseeing operations and driving growth initiatives.

Europe Highlight

Siblings Daniel and Jennica Shamoon have taken over the 80-room GHM Monachil hotel, located in Sierra Nevada, Spain. The Shamoons plan to carry out a thorough repositioning work.