A Supersized Roundup of Hotel Investment and Development News

The DJIA ended Friday with a drop of 87 points while the Nasdaq was down 40, the S&P 500 fell 6, and the 10-year treasury yield was up .15 to 4.43%.

STR reported US lodging data for the week ended 6/1. US hotel RevPAR was up 1% on a 0.9% rise in occupancy year over year. Group RevPAR was up 0.9%.

Marriott International, Inc. plans to convert three luxury properties in the U.S. to brands within the Marriott Bonvoy portfolio. The company's three planned luxury conversions include: a luxury hotel in New York, New York, is expected to join the Marriott Bonvoy portfolio on June 5, marking The Luxury Collection's return to New York City. The Resort at Pelican Hill, located in Newport Beach, California, is expected to join Marriott's luxury portfolio on July 1. The 504-acre resort includes the Pelican Hill Golf Club. Turtle Bay Resort, located on the North Shore of O'ahu, Hawaii, is anticipated to join The Ritz-Carlton brand portfolio later this summer. Host Hotels & Resorts' purchase of the property, as well as Marriott's assumption of management of the resort, is expected to occur later this summer.

Whitestone Capital, a division of Whitestone Companies, purchased the 275-room Le Meridien Atlanta Perimeter from Starwood Capital. The 12-story hotel boasts over 10,000 square feet of meeting space, an expansive public incorporating a restaurant, lounge, outdoor fire pit, and a great pool oasis with rental cabanas. Whitestone Companies has selected Shaner Hotels to manage the day-to-day operations of the hotel. Whitestone Companies is expected to re-imagine the public space and complete a soft goods refresh within the first 18 months of ownership. Hunter Hotel Advisors advised both Whitestone Companies and Starwood Capital on the transaction.

Vision Hospitality Group announced the opening of the Home2 Suites by Hilton Chattanooga/East Ridge, Tennessee. The 101-room property, developed in collaboration with Wolftever Development, offers an outdoor pool, fitness center, meeting space, and the Home2 MKT.

Ashford Hospitality Trust closed on the sale of the 90-room Courtyard located in Manchester, Connecticut for $8.0 million. The property was encumbered with a mortgage loan that had an outstanding balance of approximately $5.6 million. All remaining proceeds from the sale will be used for general corporate purposes, including the paydown of the Company's strategic financing. The Company also signed a definitive agreement to sell the 193-room One Ocean Resort, in Atlantic Beach, Florida, for $87.0 million. The sale is expected to be completed in June and is subject to normal closing conditions.

Virga Capital announced the acquisition of Residence Inn by Marriott Boise West, located in Boise, Idaho, in partnership with Resolute Road Hospitality. The business plan anticipates renovating the 104-room hotel's interior and exterior.

Moxy Banff, developed in partnership with Canalta Hotels, is now open in Alberta, Canada. The property, the result of a significant renovation to Banff's first commercial motor hotel, offers 109 rooms, multiple food & beverage venues, a heated courtyard with two hot tubs, and a fitness center.

Playa Hotels & Resorts announced an agreement with Marriott International to expand The Luxury Collection brand in the Mexican Caribbean with Paraiso de la Bonita, a Luxury Collection Adult All-Inclusive Resort, Riviera Maya. Set to open in late 2024, the resort will feature 100 suites, a spa, and three restaurants. There will be a separate building within the property that will act as a resort within the resort with 10 suites with private plunge pools and beach access, an intimate exclusive pool and two dedicated restaurants with a private chef.

Hilton, Easton's Group of Hotels, and The Gupta Group announced the opening of the Revery Toronto Downtown, Curio Collection by Hilton. The theatrically themed, 224-room hotel offers a bar, restaurant and a private space for meeting and entertaining.

Raines has entered into a joint venture with Atlantic Hotels Group that adds 16 properties to Raines' management portfolio and expands the company's operations into the Texas market. The new additions to the Raines management portfolio include Hilton, Marriott and IHG hotels in the Dallas and Waco markets.

Hyatt Hotels Corporation announced the planned rebranding of Hyatt Regency Indian Wells Resort & Spa to Grand Hyatt Indian Wells Resort & Villas, slated for September 2024. The rebrand will be timed to the culmination of a $64 million property-wide renovation including 531 redesigned guestrooms and luxury villas, an expanded lobby experience, elevated accommodations, 88,000 refreshed indoor and outdoor meeting and event spaces, two new dining concepts, a re-imagined pool complex with extended cabana offerings and the newly enhanced Agua Serena Spa.

Next year, the former Verdanza Hotel in San Juan, Puerto Rico's Isla Verde neighborhood, will be relaunched as the new Hyatt Centric San Juan Isla Verde, representing the first-ever Hyatt Centric in the Caribbean. The property is undergoing a $25 million enhancement project that will renovate all of the hotel's rooms, suites and public areas. The 223-room hotel will have a lushly landscaped pool deck, a large amount of event space and what Hyatt calls a locally-inspired eatery and a pool bar. Highgate Hotels is managing the resort; it will be the company's fourth in Puerto Rico.

Highgate opened the Romer House Waikiki, O'ahu's sole adults-only hotel. The 179-room Hawaiian property boasts Waikiki's newest restaurant and bar, IZAKAYA 855-ALOHA by TableOne Hospitality, The Backyard pool and bar by 855-ALOHA, and The Corner Store. The newly re-imagined Romer House Waikiki is the sister hotel to its neighboring hotel, Romer Waikiki at the Ambassador.

Hard Rock International announced development plans for REVERB by Hard Rock Scottsdale, featuring entertainment and outdoor spaces, 195 hotel rooms, an outdoor pool, a rooftop bar and more. The $60 million project in partnership with ERES Capital is expected to open in late spring/early summer 2026, in Scottsdale, Arizona, anchoring The Sydney, a mixed-use entertainment-focused development in the heart of Scottsdale's 101 Entertainment Corridor.

Pyramid Global Hospitality announced the management acquisition of four iconic resorts, including Arizona Biltmore in Phoenix, Arizona; Naples Grande Beach Resort in Naples, Florida; Chatham Bars Inn in Chatham, Massachusetts; and Inn at Perry Cabin in St. Michael's, Maryland.

SH Hotels & Resorts announced plans to take over Seattle's Pan Pacific Hotel, which will be transformed into 1 Hotel Seattle in 2025. The 153-room hotel will offer a culinary experience and a fitness center. The rooms and suites will undergo a comprehensive transformation.

Sonesta International Hotels Corporation announced the debut of its unified loyalty program, Sonesta Travel Pass, and combined website, ushering in a new era for its six million members around the world. The updated Sonesta.com brings all 13 of Sonesta's brands under one umbrella and into a centralized booking site.

TMGOC Ventures and Willow Street Capital announced the closing on the land site and construction financing for a new Extended Stay America Premier Suites in Jacksonville, Florida. The 124-key property will be co-developed with WSC on a prime two-acre site. The total project costs are expected to be just under $20 million. TMGOC expects an accelerated build-out of around 14 months. Once completed, the property will be managed by TMGOC partner, Lexima Lodging.

Sofitel New York announced a compressive refurbishment project, coinciding with the hotel's 60th anniversary this year. The refurbishment plan encompasses all facets of the hotel, including the 398 guestrooms.

My Place Hotels of America announced the opening of My Place Hotels-Grand Rapids, MN in Grand Rapids, Minnesota. The hotel is owned by Iron Range MP, LLC and was developed by Legacy Development, LLC. It is managed by Legacy Management, LLC. The 63-key property offers a market, laundry facilities, a grilling pavilion, indoor pool and gathering spaces. Legacy Development, LLC collaborated with local lender, Woodland Bank, and Legacy Builders, Inc. to bring the project to fruition.

DSRT Surf Resort, a 17-acre AO-designed destination in Palm Desert, California, developed by Beach Street Development & Operations, will be California's first facility to offer man-made surf waves open to the public. The resort's features include a cutting-edge surf lagoon; four-story, 92-key hotel; surf center; restaurant; boardwalk; and beaches; with construction expected to be completed in the spring of 2026.

Douglas Development launched 1901 Hospitality to oversee sales and programming. The portfolio includes Buffalo, New York sites such as the Mansion on Delaware; the Richardson Hotel; the Hyatt Regency Buffalo; and the Roycroft Inn and Restaurant in East Aurora. The rebranded hospitality division is also focusing on developing public programming at all of its sites to help introduce the community to what's available.

Longfellow Hotel, a brand-new, 48-room boutique hotel from Uncommon Hospitality has officially opened in Portland, Maine. The hotel features a café, lobby bar and Astraea, a Wellness Spa.

Smith Hill Capital and Bain Capital Special Situations announced the closing of an approximately $111 million first mortgage loan secured by a portfolio of four hotel properties. The 954-room portfolio includes the Marriott Bridgewater in Bridgewater, New Jersey; W Atlanta Downtown, in Atlanta. Georgia; Embassy Suites Walnut Creek in Walnut Creek, California; and Embassy Suites Flagstaff in Flagstaff, Arizona. The sponsorship group was represented by JLL Hotels & Hospitality.

People Moves

Minor Hotels appointed Gonzalo Aguilar as Minor Hotels Europe & Americas CEO beginning January 1, 2025. Aguilar will replace current CEO Ramon Aragones, who will retire and leave his chief executive role at the end of this year. Aragones will remain a member of its Board of Directors and serve as Non-Executive Vice Chairman. Aguilar joins Minor Hotels Europe & Americas on October 1 to begin a three-month handover period with Aragones. Aguilar joins the group from Marriott where he was Chief Operating Officer for EMEA.

Hotel Co 51 is promoting Wayne Androliakos as its new Chief Executive Officer. Androliakos succeeds Tobias Linder who stays within the Vastint Group as the new Head of Asset Management for Vastint Holding B.V.

Aimbridge Hospitality announced William Davenport as its new Chief Financial Officer, effective July 8. Davenport will sit on the organization's executive leadership team. As CFO, Davenport will oversee the financial management of the company and have direct responsibility for accounting, financial planning and analysis, compliance, tax, treasury and procurement. Davenport joins Aimbridge following his most recent role as CFO with Velvet Taco.

EOS Hospitality announced the appointment of Joe Pettigrew as Chief Commercial Officer. In this role, Pettigrew will be responsible for leading the company's commercial strategies on revenue, distribution and digital marketing to maximize efficiencies, increase profitability and accelerate growth portfolio-wide. Pettigrew joins EOS Hospitality from Starwood Capital Group, where he most recently served as Chief Commercial Officer in Hotel Asset Management.

Timbers Company appointed Brian Corbett as its new Chief Operating Officer. In this role, Corbett will oversee all aspects of operational management, hospitality and real estate sales, marketing partnerships, and human resources. Corbett most recently served as Atlantic Aviation's Chief Commercial and Sustainability Officer.

Richard Holtzman has joined The Athens Group as Principal and Vice President of Hospitality. In this role, Holtzman will be responsible for the company's core operations and asset management disciplines, as well as assisting in the growth and management of The Athens Group's portfolio of projects and its strategic partners and relationships, including capital partners and hotel operators. Prior to joining The Athens Group, Holtzman served as Vice President at Montage International.

Concord Hospitality announced the promotion of Farrah Staub to Regional Vice President of Sales and Marketing. Staub will support various independent and luxury properties, ranging from full- to select-service hotels across the Marriott, Hilton, and Hyatt brands. Staub joined Concord Hospitality in 2013.

Luminary Hotel & Co appointed Tyler Morrissey as its new Director of Engineering. Morrissey will oversee operations and maintenance at Luminary Hotel & Co., ensuring all facilities meet the highest standards of excellence and safety. Morrissey will also ensure compliance with all Fire Department requirements and maintain up-to-date certifications from all relevant federal, state, and local governing agencies.