Four Seasons Hotel New York to Reopen

The DJIA was down 65 points, but the Nasdaq rose 59, the S&P 500 was up 13 points, and the 10-year treasury yield continued its decline, down another .06 to 4.24%. Lodging stocks were mixed. The biggest mover was to the downside with SOND down -7%. AHT traded down to a new low.

Atrium Hospitality announced the Renaissance Phoenix Glendale Hotel & Spa in Arizona has completed a nine-month renovation project. The multimillion dollar refurbishment has upgraded the hotel’s 278 rooms and 46 suites, lobby, common areas, conference center, restaurants, bars, fitness center, pools and meeting space.

Wurzak Hotel Group announced the August 6, 2024 opening of the Moxy St. Pete in the EDGE district of St. Petersburg, Florida. The new hotel will feature 163 guestrooms and suites, a coffee café, work areas, and the neighborhood’s first rooftop pool deck with a poolside bar.

Johnson Hospitality assumed management of the recently renovated Four Points by Sheraton Tucson Airport hotel in Tucson, Arizona. The hotel is owned by Tucson Airport Resort II LLC and features 150 guestrooms, an onsite restaurant, approximately 3,000 square feet of meeting space, a fitness center and an outdoor pool and hot tub.

Bridgeport, Connecticut could be getting a new Residence Inn by Marriott, which would become a centerpiece of the Steelepointe Harbor development under an agreement between the city, Bridgeport Landing Development and Tru North Hotel Group. The developers aim to start construction on the new 135-room hotel next year.

Ashford Hospitality Trust, Inc. closed on the sale of the 90-room SpringHill Suites and the 86-room Fairfield Inn located in Kennesaw, Georgia for $17.5 million. The hotels were encumbered with a mortgage loan that had an outstanding balance of approximately $10.8 million. All remaining proceeds from the sale will be used for general corporate purposes, including the paydown of the company’s strategic financing.

Ty Warner Hotels and Resorts, along with affiliate entities, and Four Seasons have completed agreements with plans to reopen Four Seasons Hotel New York in September of 2024 and Four Seasons Resort The Biltmore Santa Barbara in the spring of 2025. Both properties are currently undergoing enhancements.

A 129-key hotel in King of Prussia has been put up for auction with a starting bid of $3.5 million. An online auction for the Hyatt Place Philadelphia King of Prussia will take place July 22-24 on RI Marketplace. The select-service property features a bar, fitness center, pool and 1,065 square feet of meeting space. Berkadia is representing the sellers, Gehr Hospitality and Oakhurst, in the transaction.

Harris Bay’s boutique hotel project on San Antonio’s Riverwalk has been put to rest, with its lender acquiring the downtown site via foreclosure auction. Equity Secured Investments has taken control of the property where Harris Bay planned to deliver an eight-story, 112-room Arista Hotel.

Plamondon Hospitality Partners purchased the Holiday Inn Express & Suites Johnstown in Johnstown, Pennsylvania. The acquisition marks the beginning of Plamondon’s transition into the region’s market. The Holiday Inn Express & Suites Johnstown has 93 guestrooms, a meeting space, business center, expansive fitness center and an outdoor pool. During the ownership transition, Plamondon will be renovating the guestrooms and public spaces. The hotel will also remain affiliated with the Holiday Inn Express brand by IHG Hotels & Resorts.

Developers Benny Kim and Sang and Keum Wood are planning to build a 127-room Holiday Inn Express and 88-guestroom Candlewood Suites in downtown Tacoma, Washington. Construction is expected to start in the first quarter of 2025.

The Ace Hotel in Downtown Los Angeles is reopening with a new name. Aju Continuum, the U.S. branch of the South Korean firm that owns the 182-key hotel, has tapped Kasa Living to operate and manage the hotel under a new brand called Stile.

The Ace Hotel in Downtown Portland, Oregon has also been rebranded. The former Ace Hotel was relaunched as The Clyde. SOHI Brand, which formerly operated as Sortis Holdings, has left the Ace Hotel group, hence the name change. SOHI is now partnering with Kasa to revitalize the site.

Lotte Hotels & Resorts held a grand opening for L7 Chicago by Lotte, the first L7-branded hotel in the U.S. The 14-story hotel, formerly Kimpton Hotel Monaco Chicago, has undergone a renovation of all 191 guestrooms, the lobby and the restaurant, which is expected to open later this summer.

A 122-room WoodSpring Suites hotel is expected to open in Newington, Connecticut later this summer. It will be the brand’s first location in the state.

Hunter Hotel Advisors announced the sale of the 104-key Residence Inn Boise Downtown University. An institutional seller sold the Idaho property to Obie Companies Incorporated for an undisclosed price. Crystal Investment Property, LLC assisted the buyer throughout the transaction.

Viva Resorts by Wyndham announced the December 11, 2024 grand opening of its latest resort, Viva Miches by Wyndham, a Trademark All-Inclusive Resort. This brand-new resort marks Viva Resorts by Wyndham’s ninth all-inclusive property in the Caribbean and sixth in the Dominican Republic. With an investment of $80 million for the first phase, Viva Miches boasts 538 accommodations, five distinct restaurants and an expansive pool with a swim-up bar. A second phase is planned to bring the resort to approximately 750 rooms, with a total investment of $130 million.

Personnel Moves

After nearly two decades as a key figure in the Canadian hotel industry, Mark Sparrow will be moving to New York City to run CBRE’s institutional hotels group in the Tri-State Area. He had most recently served as Head of Alternative Assets for CBRE in Canada.

Misty Ross has joined OTO Development as Vice President of Sales & Marketing. In this new role, Ross will oversee business development, revenue generation, and profit maximization across OTO’s owned and managed hotel properties. Ross most recently served as Regional Vice President of Sales at Concord Hospitality.

Europe Highlights

Accor and LVMH announced they entered into a strategic partnership to develop the Orient Express brand. LVMH will team up with Accor through a strategic investment in the Orient Express brand, in the company that will operate the future hotels and trains, and in the entity that will own the two sailing ships. The first ship is under construction in France, and the two are looking for a third partner for the venture.

The Luxury Collection, part of Marriott Bonvoy’s portfolio of over 30 hotel brands, announced the highly anticipated opening of Koenigshof, a Luxury Collection Hotel in Munich. Situated in the heart of Munich’s historical Stachus Square, this property marks The Luxury Collection brand’s debut in Germany. The hotel features 106 guestrooms and suites, multiple food and beverage venues, and two private event spaces.

Virgin Hotels announced its first London hotel to open on August 1, 2024 in the heart of Shoreditch. The hotel will form part of a long-term agreement between Virgin Hotels and Reuben Brothers, bringing Virgin’s iconic trademark and unrivaled personalized hotel experience to one of London’s most vibrant neighborhoods. The 120-bedroom hotel offers a glittering rooftop bar, pool restaurant, private members club, gym and treatment rooms, managed by Ibiza’s Blue Marlin