Archipelago Expands Across Mexico and the DR

The DJIA fell 197 points, but the Nasdaq was up 109, the S&P 500 rose 5 points, and the 10-year treasury yield was up .02 to 4.44%. Lodging stocks were kind of stuck in the mud. SOND was the only mover of note, down 5%, while VCSA traded down to another new low and then bounced.  

Just over a year after changing hands, the Buffalo Niagara Marriott in Amherst, New York, is wrapping up a multi-million dollar renovation of all 356 guestrooms and getting ready to tackle a banquet center redo. Both are part of an investment by Visions Hotels LLC, expected to cost between $15 million and $25 million, more than the company paid to buy the hotel through its Amherst Lodging Partners affiliate in a $14.4 million deal. The company is now following through on a promise to invest heavily in the Marriott, one of the Buffalo region’s largest hotels. In addition to redoing the parking lot last year, the hotel is now finishing renovations on all guestrooms as well as bathroom renovations. The 12,000-square-foot banquet and meeting space will undergo a complete overhaul, and the lobby and front end will also see some changes as the hotel introduces the Marriott brand’s M Club to elite members. Additionally, there’s talk of revamping the existing bar/restaurant to bring in more outside business. Those projects should begin in the late fourth quarter.   

Construction recently started on a 215-room, dual-branded Courtyard by Marriott and Residence Inn by Marriott near Dallas Love Field Airport in Dallas, Texas. The hotel will be under the umbrella of Hirn Jetha and Kamlesh Kurani of a company called Dreamliner Global. G&G Hospitality will manage the hotel. Dreamliner Love Field LLC, an entity connected to Kurani, took out a $33.2 million loan from an entity connected with Peachtree Group. Site work on the vacant lot has started, and construction is planned to take about 18 months.   

Driftwood Capital confirmed the $40 million renovation of the 278-key Scottsdale Resort at McCormick Ranch and its relaunch under the Curio Collection by Hilton. Driftwood Hospitality Management will continue to assume operations of the resort.   

The owner of the vacant St. Charles Hotel in Winnipeg, Canada, changed his plan to conve