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Soho House Rejects Takeover Offer

Alan Woinski and Kim Woinski
June 1st, 2024 at 10:47 AM EDT

people milling around and in an outdoor pool

Skift Take

Soho House dissolved its Independent Special Committee after rejecting an offer for strategic transactions, causing discontent among shareholders due to the stock’s low trading price.

The DJIA surged 575 points Friday, but the Nasdaq bounced back from a close to 300-point drop in the morning to only be down 2 points at the close. The S&P 500was up 42 points, and the 10-year treasury yield was down .04 to 4.51%. Lodging stocks were mostly higher. Among the big movers, SOND was up 7%, but VCSAwas down 6%.

Marriott Vacations Worldwide issued a press release that effectively was telling everyone they would miss 2Q24 estimates. The update included that their 2Q contract sales growth target is 2% to 4%, below consensus of nearly 7%. Whether this means they are going to make it up in the second half of the year, we don’t know but analysts were already pointing to Maui as the reason for the shortfall.

Barclays said they believe Apple Hospitality’s 2Q trends are looking positive, despite the stock falling to new lows. They believe the underperformance of their shares is due to APLE not having as much exposure to group and more perceived risk to any consumer weakness. Barclays does not see much relative RevPAR softness, and their April RevPAR was among the best in the group, with May looking solid as well.

Soho House made a bit of a strange announcement. They said that the Independent Special Committee, which evaluates certain strategic transactions, including going private, was being dissolved. They said the committee evaluated an offer received from a party that was conditioned on certain Class B holdings rolling over their equity interests in the company as part of the transaction. The offer reflected a substantial premium to the current trading price, but the committee concluded that the offer did not adequately reflect the value of the company and that it was rejected. With the stock trading less than a dollar from its lows, this explanation probably is not sitting well with some shareholders.

Now in its final phase, Realty Capital’s more than $2 billion Lakeside Villagedevelopment in Flower MoundTexas, includes about 2,500 residences, offices, 40 shops and restaurants, and entertainment options across its 160 acres. Lakeside Village will also include an Autograph Collection Hotel and Residences called Hotel Miramar. The property will rise 12 stories with 181 guestrooms and suites, a rooftop pool and terrace, a yacht, spa, restaurant and bar, ballroom, lakefront wedding chapel, lakefront restaurants, and an outdoor amphitheater. It is set to feature 21 condominiums on the top three floors. Coury Hospitality will manage the hotel, which will be connected to a six-story office building on its first and second floors. The office building will include social club Eden Rock and will also share amenities with the hotel. JLL will lead financing efforts for the hotel and office properties. Realty Capital recently announced plans to expand the project to include additional restaurants with patios, shops, services, 350 luxury residences with structured parking, a four-story office building and a hotel.

Dynamic group held a ribbon cutting ceremony for a Courtyard by Marriott hotel in ClevelandTennessee. The new $21 million, 118-room hotel is the first hotel with a built-in bar design in its conception and the only Courtyard by Marriott between Chattanooga and Knoxville.

Providence Hospitality Partners has been appointed as the operator of the 93-suite Springhill Suites by Marriottand the 93-room and suite Hampton Inn & Suites, both in RidgecrestCA.

HEI Hotels & Resorts added The American Hotel Atlanta Downtown Tapestry Collection by Hilton to its portfolio, bringing the total number of hotels managed in the metropolitan Atlanta market to 15. The 315-key Tapestry Collection hotel is in the downtown Fairlie District and features an outdoor pool, fitness center, onsite restaurant and bar, and more than 20,000 square feet of meeting space. The property, owned by RADCO Companies, recently completed a transformative renovation and conversion to the Tapestry Collection brand.

The Hampton Inn & Suites Newport-Middletown closed to the public in December for major renovations and recently reopened with plenty of new features. The renovation of the Rhode Island property includes a new lobby, new furniture, flooring, and a refreshed layout; a modernized fitness center; and a renovation of every guestroom, including new bathrooms, fixtures, tiles, carpeting, furniture, bedding, and artwork. First, Bristol Corporation owns and manages the hotel. The renovation is part of a $7.5 million investment in the Hampton Inn & Suites property and its neighboring sister hotel, Homewood Suites by Hilton, which is receiving interior updates to common spaces, guestrooms, and bathrooms.

Raj Krupa LLC purchased 2-acres of land in LouisvilleKentucky, for $1.35 million, with plans to build a 101 guestroom Hyatt hotel.

A new voco hotel in New York City’s Times Square has begun construction, which will be the first new-build property for IHG Hotels & Resorts’ conversion-friendly premium brand. Projected to open in mid-2025, the 30-story voco Times Squarewill boast 424 guestrooms and multiple dining options. The project will operate under the ownership of AC Developers and Atlas Hospitality.

The new beachfront Sandbourne Santa Monica has opened in Santa MonicaCalifornia. The unique 175-room coastal retreat boasts 10,000 square feet of event spaces, a restaurant and bar, and an onsite dog park, and in 2025, will bring the addition of a full-service wellness spa.

The Horseshoe Bay Resort, in the heart of Texas Hill Country, announced the debut of the only Floating Pool in North America. Floating perfectly on the edge of the constant-level Lake Lyndon B. Johnson, the groundbreaking pool spans over 2,850 square feet with an elevated sundeck with lounge chairs, private cabanas and poolside service from various food and beverage outlets. The 70,000-gallon Waterfront Floating Pool is the latest project in a multi-year, $150-million capital improvement program elevating the resort and amenities of the property. The Waterfrontbeach area offers lakeside dining at a full-service restaurant. New this year is Splash Safari Aqua Park, with a floating obstacle course. The resort also offers a full-service marina.

Mandalay Bay Resort and Casino in Las Vegas announced the completion of a $100 million redesign of its 2.1 million square foot convention center. Mandalay Bayimplemented technology upgrades, including cutting-edge Cat6A Ethernet cabling throughout the convention center, doubling the frequency of data transmission. The convention center now boasts 11 dynamic digital walls spanning up to 24′ x 13′, 20 double-sided 55″ mobile flexible display units. RFID locks were installed on all meeting room doors, and over 200 motion detection cameras have been placed throughout the space. In addition to the convention center, Mandalay Bay is in the midst of a new wave, enriching its integrated resort experience through a series of dynamic upgrades and new venues. Developments include the recent remodel of all 424 rooms and suites at Four Seasons Hotel Las Vegas; restaurant openings; and the introductions of Swingers, a 21 and over mini golf and cocktail concept, and Bob Marley Hope Road, an immersive experience honoring Bob Marley, both opening in late 2024.

The Inn at Stonecliffe, an iconic property in Mackinac IslandMichigan, is set to open Monday, June 17, 2024 after two years and a more than $40 million property-wide transformation, including brand new common spaces, guestrooms, multiple food & beverage offerings, event spaces, an expansive lawn, apple orchard and more. Sitting in the center of the 15-acre property, the 18,500 square foot mansion has been restored and features 18 updated guestrooms and the new Straits Suite. The 26,000-square-foot Summer House building boasts 30 guestrooms, and new to the report are three impeccably designed private cottages. Three new on-property dining concepts feature local products from Michigan and the Great Lakes. The new Sunset Pavilion boasts 3,000 square feet of flexible event space, including floor-to-ceiling window walls and a 900 square foot patio. Additional amenities include a family-friendly pool and an adults-only pool; the expansive Straits lawnwith a firepit, solo stoves and classic lawn games; a Wellness & Fitness center; and a Bike Pavilion. The Inn at Stonecliffe is owned by The Pulte Family Charitable Foundation.

Ellwood Commercial Real Estate is planning to redevelop an edge part of the Sunrise Mall property in Citrus HeightsCalifornia into a hotel. Plans call for a 2.8-acre part of the mall property at 6100 Greenback Lane. The proposal is for a 120-room hotel on a .38-acre piece for a new retail or restaurant development, and a remainder .93-acre parcel that includes an existing U.S. Bank brand. A brand has not been selected for the hotel. Ellwood Commercial purchased the property in 2021 for $8.68 million.

Personnel Moves

Stonebridge Companies, LLC appointed Rob Smith as President and Chief Executive Officer. Smith will join the company in July to oversee the operations of StonebridgeSmith will lead the development and executing of the organization’s long-term strategies and report to Stonebridge’s Board of Directors. Smith will succeed Navin Dimond, who founded Stonebridge in 1991, and will, upon Smith’sappointment, be elevated to the role of Chairman. Smith most recently served as Division President for Aimbridge Hospitality.

Rosewood Hotels & Resorts announced the appointment of Edouard Grosmangin as Regional Vice President, Mexico and South America. This strategic move comes after Edouard’s leadership as Managing Director of Rosewood Sao Paulo, where he has played a pivotal role in the continued success of the hotel since its launch in 2022. In his new role, Edouard will oversee the operations and strategies of Rosewood properties across the region, including Rosewood MayakobaLas Ventanas al Paraiso, A Rosewood ResortRosewood San Miguel de Allendeand Rosewood Sao Paolo; as well as the upcoming Rosewood Mandarina in Riviera Nayarit and Rosewood Mexico City.

Grand Cayman Marriott announced the completion of a re-imaging of its rooms and suites. As part of the renovation, totaling a $20 million investment by London and Regional Group Hotel Holdings, Ltd, the property’s inventory has increased from 299 to 301 guestrooms. Additionally, the hotel presents four brand-new Family Suites.

Europe Highlights

Accor will bring the Swissotel brand to the urban project Central District Lagoon City in Budapest, following a partnership with Forty Management. The property is set to open in 2028, becoming Accor’s first Swissotel in HungarySwissotel Budapest Lagoon will feature 200 rooms and apartments as well as two restaurants, a lobby bar, spa, wellness and fitness facilities, a conference venue and a car park with 200 spaces.

Avani Hotels & Resorts, the upscale lifestyle brand of Minor Hotels, continues its European expansion with the launch of Avani Museum Quarter Amsterdam. Housed in a refurbished mid-century building, the 163-room canal-side property offers an airy lobby lounge; The PantryAvani’s grab-and-go dining concept; and the AvaniFit gym.

One of London’s most anticipated new hotels, The Newman, has joined Preferred Hotels & Resort’s prestigious Legend Collection ahead of its opening in Spring 2025. The first hotel under Kinsfolk & CoThe Newman will fit effortlessly into the creative village of Fitzrovia in central London. The contemporary hotel will feature 81 guestrooms and suites, a European brasserie, a cocktail bar, and two private event and dining rooms. One floor of the building will be occupied by a spa with hot and cold experience cabins, an active salt therapy room, a hydrotherapy pool, in addition to treatment rooms, a meditation studio and a gym.

Leonardo Hotels UK and Ireland has expanded its portfolio with the acquisition of the Hotel Gotham in ManchesterUK, for an undisclosed sum. The purchase was facilitated by the Fattal Partnership Fund. The property will become a part of the Leonard Limited Edition collection. A change in the hotel’s branding is anticipated. However, a new name for the property has yet to be announced. The hotel has 60 rooms and offers multiple dining options, meeting facilities, and valet parking.

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
June 1st, 2024 at 10:47 AM EDT

Companies: Soho House and Co Inc., Accor, Aimbridge Hospitality, Apple Hospitality REIT, Autograph Collection, Avani Hotels & Resorts, Courtyard by Marriott, Coury Hospitality, Dynamic Group, Four Seasons, Hampton by Hilton, HEI Hotels & Resorts, Homewood Suites by Hilton, Hyatt Hotels Corporation, JLL, Marriott Hotels, Marriott Vacations Worldwide, Minor Hotels, Preferred Hotels & Resorts, Providence Hospitality Partners, Rosewood Hotels & Resorts, Sonder Holdings Inc., Stonebridge Companies, Swissotel, The RADCO Companies, Vacasa, Voco

Locations: Amsterdam, Atlanta, Budapest, California, England, Grand Cayman, Las Vegas, London, Los Angeles, Louisville, Michigan, New York City, Rhode Island, Riviera Nayarit, Sao Paulo, Tennessee, Texas

Photo credit: The pool area of the Soho Farmhouse outside Oxfor, England.  Soho House and Co.

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