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Truist Bullish on Wyndham Hotels’ Growth and Economic Outlook

Alan Woinski and Kim Woinski
May 21st, 2024 at 5:43 PM EDT

Rendering of an exterior of a four-story motel

Skift Take

Truist is optimistic about Wyndham Hotels’ new developments, RevPAR growth, and brand launches, highlighting a strong positive outlook on the economy and travel spending, with franchisees highly confident.

The DJIA rose 66 points while Nasdaq was up 38, the S&P 500 rose 13 points and the 10-year treasury yield was down more than .02 to 4.41%. Lodging stocks were mixed. VCSA rose 11%, SOND was up 7%, and BHR fell -5% on the day.

Truist reported on investor meetings they held with Wyndham Hotels at their headquarters. Truist said they find W.H.’s new hotel pipeline/development and RevPAR moving in the right direction and find shares very attractive at these levels. They found W.H. to be very positive about the development and macroeconomic environment, including consumer spending on travel. W.H. is super bullish on the Economy, even if others are not. They find W.H. trying to fill in the remaining white space with new brand launches such as ECHO SuitesW.H. suggested its franchisees are very bullish, at an 8 or 9 out of a 10-point scale. Truist seemed particularly interested in ECHO Suites, noting how guests may have to pay for certain things that are typically free in extended-stay hotels, a trend for other extended-stay hotels if it works.

Image Hotels announced the acquisition of the Courtyard by Marriott North Charleston Airport/Coliseum in North Charleston, South Carolina. Hotel amenities include an outdoor pool, a fitness center, business service center, two meeting rooms, a courtyard area and the Bistro restaurant.

The Hotel Group, an affiliate of Hotel Equities, announced the addition of the Four Points by Sheraton Seattle Airport South to their portfolio. Located in Des Moines, Washington, the 225-room hotel offers a fitness center, heated outdoor pool, convenience store, onsite restaurant, and over 11,000 square feet of multifunctional meeting rooms.

Hyatt Hotels Corporation, in collaboration with Interlink and Vivo Beach Club, announced plans for the first Hyatt Centric-branded hotel in Puerto RicoHyatt Centric San Juan Isla Verde. The former Verdanza Hotel is currently undergoing an ambitious $25 million dollar enhancement project to renovate all guestrooms, suites, and public spaces. Once open, Hyatt Centric San Juan Isla Verde will offer 223 guestrooms, a signature restaurant & Bar, an open-air beer garden, a coffee shop, a fitness center, over 16,000 square feet of meeting space, a resort-style pool deck, a locally inspired restaurant and pool bar. Guests will have complimentary access to the facilities of Vivo Beach Club, an oceanfront private beach club featuring a free-form pool, three restaurants, four bars, an outdoor concert stage, 12,000 square feet of meeting facilities, and a microbrewery. Managed by Highgate HotelsHyatt Centric San Juan Isla Verde marks the sixth Hyatt hotel in Puerto Rico.

IHG Hotels & Resorts announced the opening of a newly-built Staybridge Suites hotel in Pigeon Forge, Tennessee. Owned by Jake Thomas 2 HP LLCStaybridge Suites Pigeon Forge – Smoky Mountains features 104 suites, an outdoor pool, and a fitness center.

Sonesta International Hotels Corporation announced the execution of 15 franchise agreements during the first quarter of 2024, spanning several of the company’s brands. The 15 new franchise hotels are distributed across Sonesta’s brands, including The JamesSonesta E.S. SuitesSonesta EssentialAmericas Best Value InnRed Lion HotelsRed Lion Inn & Suites, and Sonesta Hotels & Resorts.

The Tryst Puerto Vallarta, created by Tristan Schukraft, is now welcoming reservations for stays starting September 15. Set in the heart of Zona Romantica, the center of the LGBTQ+ community of Puerto VallartaTryst Puerto Vallarta offers 54 guestrooms and suites, a dazzling rooftop pool and bar, and a sophisticated restaurant.

Red Roof announced the opening of the Red Roof Inn Charlotte-Airport. Owner Shree Shradhaa Saburi LLC invested approximately $700,000 in renovations to the property, including painting the exterior, updating guestroom bathrooms, installing new guestroom seating, bedding, and a new coffee bar. The 108-room North Carolina hotel offers a coin laundry and a snack center.

Red Roof also announced the opening of the 108-room Red Roof Inn Doswell-Kings Dominion in Doswell, Virginia. The owner, S.J. Hotel LLC invested $1.2 million in renovations to the property including upgrading guestrooms and public bathrooms, installing new bedding and mattresses and a new coffee bar, new paint throughout the interior of the property and adding new vending machines.

StanCraft, in partnership with an investor group, announced the acquisition of Templin’s on the river in Post Falls, IdahoTemplin’s is a 167-room waterfront hotel with a bar and a marina. With new, supportive ownership, the hotel will be upgraded throughout 2024 and 2025 with updated amenities, landscaping, lighting, and guestroom enhancements. All food and beverage offerings will also be enhanced and relaunched with a strong guest service culture. Templin’s will operate under a new hotel management agreement, and property oversight will be provided by Harry Sladich, former COO of Red Lion Hotels CorporationMarina 33 Post Falls, a StanCraft Company, will operate the marina operations this summer with phased upgrades planned for the fuel system, the food and beverage stand, and the marina.

The historic Cornstalk Hotel in New Orleans’ French Quarter is back on the market with Sotheby’s after a sale of the property fell through earlier this year. The asking price for the hotel, which has been shuttered since the pandemic, is $5.2 million.

Mumford Company completed the sale of the Meridian, Mississippi dual-brand Mainstay Suites and Sleep Inn and SuitesMumford represented the seller, JTM Hospitality. The purchaser was an affiliate of Baron Hospitality. The buyers plan to complete extensive renovations and continue to operate under the existing flags.

Hunter Hotel Advisors announced the sale of the Hampton Inn Atlanta-North Druid Hills in Atlanta, GeorgiaAD1 Global sold the 111-key property to Skyland Trail for an undisclosed price.

RobertDouglas advised Ashford Hospitality Trust, Inc. on the sale of the 144-room Residence Inn Salt Lake City Cottonwood to the PEG Companies for $19.2 million. Located in the Cottonwood Heights submarket of Salt Lake City, Utah, the hotel includes an outdoor pool, sports court, fitness center, and meeting space.

Colliers announced its Hospitality Practice Group as part of U.S. Capital Markets closed on refinancing the EAST Miami Hotel, representing Trinity Investments and Certares Management. The 352-key urban resort is located in the heart of Miami’s Brickell neighborhood and offers a pool deck and world-renowned restaurants and lounges.

Rockwell Island Development Group announced Banyan Tree Bimini Resort & Residences in Bimini, BahamasBanyan Tree is overseeing resort management and the retail program for private residences. Situated on Rockwell IslandBanyan Tree Bimini Resort & Residences will offer 54 custom waterfront residences, a 50-key five-stay hotel, and Bonito Beach Club, all with bespoke services and amenities. A second phase will include a deepwater super yacht marina, private 18-hole golf course, and a member’s only clubhouse. The hotel will have 24 beachfront villas and 26 over-water bungalows.

IHG Hotels & Resorts announced three signings across its global luxury and lifestyle portfolio in Turks & Caicos for InterContinental Hotels & ResortsKimpton Hotels & Restaurants, and Hotel Indigo. Developed in partnership with owner Molo Hotel Group and Lighthouse Hotel Management, both Slominski family-owned companies, the resorts mark IHG’s debut on the Caribbean island and are all poised to open by 2027. The newly built InterContinental Turks & Caicoswill be comprised of 59 spacious suites, a ground-floor restaurant and bar, an outdoor pool, an onsite fitness center, and a signature Club Intercontinental lounge. The 192-room newly-built Kimpton Turks & Caicos will feature three outdoor pools as well as a spa and fitness center. An impressive seven dining options include a beachfront restaurant, rooftop bar, poolside bars, ice cream and coffee parlor, juice bar, and a ground floor restaurant and lobby bar. Hotel Indigo Turks & Caicos is a 56-room resort spread over one new building as well as two existing structures that will undergo a complete transformation. Amenities include an onsite restaurant, lobby bar, coffee shop, outdoor pools, and fitness room.

Europe Highlights

Merlin Entertainments will open the U.K.’s first LEGO woodland-themed holiday village at LEGOLAND Windsor Resort on May 24. The LEGOLAND Woodland Village marks the first operationally carbon-neutral accommodation built by Merlin Entertainments across its global theme park operations. The new development features 130 cozy lodges and 20 camping barrels across 10 acres, a restaurant and bar, new onsite play areas, and an enchanting LEGO nature trail.

IHG Hotels & Resorts announced its growth in Europe with the signing of Staybridge Suites Budapest – Parkside, HungaryStaybridge Suites Antwerp, Belgium; and Staybridge Suites Belfast, Northern Ireland. Set to open in 2027, signed under a franchise agreement with Mogotel Hotel Group and developed by UDI Group, the 152-room Staybridge Suites Budapest – Parkside, Hungary will form part of a mixed-use development project. Signed together with Borealis Hotel Group, the 99-room Staybridge Suites Antwerp is set to open at the end of 2026 and marks the brand debut in Belgium. The fourth IHG property owned by Andras HotelsStaybridge Suites Belfast, Northern Ireland will be part of the Bedford Yard development and will open towards the end of 2027 with 132 guestrooms.

Mandarin Oriental Hotel Group, and Merope Asset Management, announced the development of a luxury property in the center of Rome scheduled to open in 2026, bringing the Group’s Italian portfolio to five. Mandarin Oriental Rome will be housed in ten 19th-century villas accommodating 108 guestrooms and suites. The property will offer multiple dining operations, and The Spa at Mandarin Oriental will provide fitness facilities, indoor and outdoor pools, six treatment rooms, one VIP treatment suite, thermal rooms, and a dedicated sundeck.

Hotel and Lodging Performance

Daily Lodging Report subscribers get full access to insights from ST200 as part of their subscription.

The Skift Travel 200, a tool from Skift Research, makes it easy to track travel industry performance as a whole, as well as within specific sectors. The Accommodations sector includes public companies in these sub-sectors: 

  • Global Hotel Brands
  • Hotel Management and Operations
  • Hotel REITs
  • Regional Hotel Brands
  • Time Shares
  • Alternate Accommodations
Alan Woinski and Kim Woinski
May 21st, 2024 at 5:43 PM EDT

Companies: Wyndham Hotels & Resorts, Americas Best Value Inn, Banyan Tree, Baron Hospitality, Braemar Hotels & Resorts Inc., Certares, Courtyard by Marriott, East Hotels, Echo Suites Extended Stay by Wyndham, Four Points by Sheraton, Hampton by Hilton, Highgate, Hilton Hotels & Resorts, Hotel Equities, Hotel Indigo, Hyatt Centric, Hyatt Hotels Corporation, IHG Hotels & Resorts, Image Hotels, InterContinental, Kimpton, Legoland, Mainstay Suites, Mandarin Oriental, Marriott International, Mumford Company, Red Lion Hotels, Red Roof Inn, Residence Inn by Marriott, Sleep Inn, Sonder Holdings Inc., Sonesta ES Suites, Sonesta Essential, Sonesta Hotels & Resorts, Sonesta International Hotels Corporation, Staybridge Suites, The James, Vacasa

Photo credit: A rendering of the exterior of Wyndham's concept for an economy extended stay brand.  Wyndham

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