Ritz-Carlton Expands to Mexico’s Caribbean Coast

Following STR/CoStar materially lowering its 2024 US RevPAR forecast by 210 bps to +2% at the NYU Conference, Truist hosted a conference call with them. STR finds the wide spread of RevPAR performance between Economy chain scale and full service reflective of the bifurcation of customer trends (group strong/domestic leisure soft). For 2025, STR is forecasting RevPAR growth of 2.6%. Real RevPAR growth remains below 2019 levels at -6.2% for 2024 and -6.1% for 2025. Truist said STR’s numbers suggest modest growth at best for the industry for the rest of the year.

Sage Hospitality has signed an agreement with IMH Columbia to oversee the management of Merriweather Lakehouse Hotel, Autograph Collection in Columbia, Maryland. Located on Lake Kittamaqundi, the property will join Sage’s rapidly growing Premier Collection. Merriweather Lakehouse Hotel is home to 212 spa-inspired rooms, a lakefront fitness center, a rooftop pool and multiple dining options.

Davidson Hospitality Group has been selected by InSite Development Groupand Quadrum Global to manage the newly opened Renaissance Orlando Resort. Centrally located in Disney Springs, Florida, the property is an official Walt Disney World Hotel and is comprised of 394 newly re-imagined rooms; more than 20,000 square feet of indoor meeting space; a zero-entry pool and hot tub; and a signature farm-to-table restaurant.

Island Hospitality Management assumed management of the 120-room Residence Inn Boca Raton. Located in Boca Raton, Florida, the hotel offers an outdoor pool and a fitness center.

Montgomery County’s newest hotel is being constructed just west of the Austin Boulevard interchange. The 111-suite Residence Inn by Marriott has a construction cost of $12.1 million, according to permit records with the city of Miamisburg, Ohio. Construction began in spring 2023 and is expected to be finished in the fourth quarter of 2024. The hotel will feature a patio with firepit grills, a fitness center, a lobby area for work or socializing and a pickleball court.

Hotel Ardent, under the Tapestry Collection by Hilton Hotels, will welcome its first guests this fall. The $15 million boutique hotel will open in downtown Dayton, Ohio’s historic Barclay Building. The 10-story hotel will offer 118 rooms and will include amenities such as a fitness room, a restaurant and lounge, patio and valet parking. For business, the Ardent holds a designated meeting space with a 580-square-foot, 16-person boardroom.

Aligned Hospitality Management has added the Holiday Inn Express & Suites Globe in Globe, Arizona, to its portfolio, marking the company’s presence in the Arizona market and the first IHG-branded hotel to join Aligned’s portfolio. Located at the foot of the Pinal Mountains, the 72-key hotel has an outdoor pool and a business center.

Two new hotels are coming to the heart of Southaven, Mississippi. A Staybridge Suites is currently under construction on Airways Boulevard. The four-story building will hold 107 guestrooms. Additionally, Staybridge’s owner will be constructing another hotel, Element by Westin, the first in the Memphis area.

IHG Hotels & Resorts recently opened a newly rebranded and converted Staybridge Suites hotel in suburban Boston, Massachusetts. The property features 141 suites, The Dip (a seasonal pool area) and The Mat (fitness facility). Staybridge Suites Burlington - Boston operates under the ownership of Shivam Ma Hostels LLC and management of All Stay Management.

Desarrolladora Arca, together with its esteemed sales team, IMI Worldwide Properties, announced The Ritz-Carlton Residences, Riviera Maya and The Ritz-Carlton, Riviera Maya, marking a significant milestone as The Ritz-Carlton brand’s entry into Mexico’s Caribbean coast. The Ritz-Carlton Residences, Riviera Maya will be comprised of 127 furnished residences. Sales and construction will begin this year, and the first phase of the community is expected to debut in 2026 with 29 completed residences and The Ritz-Carlton, Riviera Maya.

Pendry Hotels & Resorts announced the development of Pendry Mexico City and Pendry Residences Mexico City, opening in 2026. Slated to debut in the Roma Norte District, Pendry Mexico City broke ground earlier this year and will be a joint venture between Grupo TGT, Grupo MRP and Central de Arquitectura. Pendry Mexico City will feature 114 guestrooms and suites and 20 Pendry Residences. The hotel will be home to multiple food and beverage concepts, a rooftop pool and sundeck, Spa Pendry and fitness center and indoor-outdoor meeting and event spaces.

Plans to renovate and redevelop the historic Hotel Niagara in Niagara Falls, New York, have re-emerged four years after the proposal stalled because of the Covid-19 pandemic. Hotel Niagara Development LLC has revived its renovation plans for the 12-story, long-shuttered landmark. Hotel Niagara is proposing to invest $50,799,500 in the project that will turn vacant rooms into 160 hotel rooms, plus a pair of ballrooms, five meeting rooms, a full-service restaurant, and a rooftop lounge.

CapitaLand Ascott Trust has acquired the remaining 10% stake in Standard at Columbia, a freehold student accommodation property in South Carolina. CLAS acquired Standard at Columbia in phases over three years. In June 2021, CLASand its sponsor, The Ascott Limited, jointly invested to own 90% of the student accommodation property on a 50:50 basis and to develop the property. CLAS subsequently acquired Ascott’s 45% stake in November 2022. The 678-bed Standard at Columbia serves over 35,000 undergraduate and graduate students from the nearby University of South Carolina.

The Martin by Greydon House, a 15-room historical, boutique property located on the island of Nantucket, Massachusetts, has officially opened following a complete refresh. The property joins the Greydon Hotel Group roster following the success of their namesake property, Greydon House. The Martin is set within a newly re-imagined historic inn, which was originally constructed in 1803.

Quarterdeck Resort, located on Gull Lake in Nisswa, Minnesota, just finished a large overhaul and expansion project by its new owners. In 2022, the resort was bought by Jamie Tatge, president of Leisure Hotels & Resorts, and Sanford Hoff of F.I. Salter Real Estate. The just-finished renovation project cost over $20 million and included the addition of multiple lodging options, such as six new lake houses, six lake lofts and sixteen cabins. The owners also added a new outdoor social and entertainment area with heated pools, a 20-person sauna and fire tables. They also created an indoor community area with a fireplace, large-screen TVs, arcade games, a gym and pub tables. Quarterdeck’s restaurant was also renovated and revamped.

After years of planning and preparation and a few roadblocks, Two Kings Casino broke ground on its permanent casino resort in Kings Mountain, North Carolina. The $700 million resort will be completed in two phases, with the first phase being an introductory casino at ground level, which is anticipated to be completed in early 2026, and the full casino resort will be completed in the second phase with additional slots, table games, restaurants, a players lounge, bars and a 400-room hotel in a separate structure. During the construction of the first phase, the Catawba Nation will continue to operate its temporary casino, which features 1,000 slot machines, electronic table games, a retail sportsbook and a restaurant. The temporary casino is set to add 12 live table games and 56 additional slot machines in early summer, along with additional surface parking.

Personnel Moves 

Hotel Equities announced Aik Hong Tan has been appointed to Chief Investment Officer. Tan serves as a Principal for Greenwood Hospitality which joined HE through a strategic partnership in March 2022. As CIO, Tan will oversee strategic investments, feasibility, acquisitions, and financial planning to ensure the continued growth and success of Hotel Equities and its stakeholders.

Concord Hospitality announced the promotion of Kristie Byrd to Divisional Vice President of Sales and Marketing. In her new position, the 13-year Concord Hospitality veteran will work in tandem with each hotel’s general managers to implement divisional sales and marketing strategies at the property level to increase the revenue of each asset.

Europe Highlight

The Mandarin Oriental Hotel Group has confirmed plans for a new hotel in Rome, Italy. The luxury property is scheduled to open in 2026 in the heart of Rome. The hotel will be housed in ten 19th-century villas, surrounded by lush landscaped gardens, steps away from the city’s major attractions and archaeological sites.