IHG Plans to Double Hotel Indigo Portfolio 

The DJIA was up 300 points but Nasdaq was down 141 points and the S&P 500was flat while the 10-year treasury yield was up .04 to 4.25%. Lodging stocks were mixed. VCSA’s rally from the other day resulted in some give back with the stock down -19% today. SOHO traded down to a new low.

Jefferies held their Nantucket Consumer Conference, which included hotel companies. Across lodging, Jefferies said companies spoke about experiencing moderation in leisure demand, strength in group business, and an uneven recovery of business transient that is market dependent. Jefferies said Lodging REITs see supply remaining well below the historical average, where C-Corps are looking for growth internationally. C-Corp management teams are bullish on their business models and pipeline growth/NUG growth despite RevPAR volatility and limited demand visibility. Low supply growth among upper upscale and above properties should benefit incumbent owners with well-capitalized assets like Host Hotels and Xenia Hotels and is mixed for C-Corps on NUG potential.

STR reported U.S. hotel data for the week ended June 15. U.S. Hotel RevPAR was up 0.3% year over year, with rates up 0.9%. Group RevPAR was up 4.6%.

IHG Hotels & Resorts plans to double the Hotel Indigo portfolio in the next three to five years in locations ranging from the stunning shores of the Cayman Islands to the breathtaking peaks of Oman’s mountain ranges. The newest properties include the 115-room Hotel Indigo La Paz Puerta Cortez, the first of two resorts to open in Mexico in 2024. The 282-room Hotel Indigo Grand Cayman opened in May 2024 adjacent to the Kimpton Seafire Resort + Spa. Perched on the Saiq Plateau within Oman’s Hajar Mountain Range, the 173-room Hotel Indigo Jabal Akhdar Resort & Spa marks the debut of Hotel Indigo in Oman. Hotel Indigo Bintan Lagoi Beachis set to open in Fall 2024. Opening by the end of 2024, Hotel Indigo Palau is located on Malakal Island, one of over 300 remote islands in the Micronesia region. Hotel Indigo Beidaihe will open this month on the Gold Coast with 90 guestrooms. Scheduled to open in July 2024, Hotel Indigo Lagu Lake will feature 138 guestrooms and a range of amenities. Opening in late fall 2024 in Lilin’s Golden Belt of Snow and Ice, Hotel Indigo Beidahu is a 121-guestroom ski resort, the first for the brand.

Ennismore and Our Habitas have entered into a strategic partnership where Ennismore will take over the management and growth of Our Habitas, which will join Ennismore’s global collective of entrepreneurial and founder-built brands. Our Habitas currently operates ten resorts across a range of locations across four continents, including Tulum, Mexico; AIUla, Saudi Arabia; Atacama, Chile; and the Kalahari Desert in Namibia. The brand currently has multiple projects in the pipeline, including a significant number within Saudi Arabia and with further expansion plans into Asia.

StonePark Capital announced Hotel Cerro had joined the Autograph Collection Hotels by Marriott and is now open following a multimillion-dollar renovation. Hotel Cerro marks Marriott’s first Independent Collection hotel in San Luis Obispo, California. The landmark hotel features 65 re-imagined guestrooms and suites, redesigned public spaces and elevated culinary offerings at two onsite restaurants, including a new signature restaurant and a new rooftop pool bar. Hotel Cerro, Autograph Collection by Marriott offers a total of four restaurants and bar options, as well as a spa and a fitness center. The property is managed by Azul Hospitality Group.

Fairfield Inn & Suites Madison South announced its opening in Madison, Wisconsin. Located adjacent to the Sheraton Madison Hotels, the 89-room hotel offers a fitness center, indoor pool, market and an inviting outdoor patio. Sheraton Madison Hotel is owned by DeFoor Brothers and operated by Legacy Ventures.

The 246-room Embassy Suites by Hilton Orlando International Drive Icon Park sold for $37.7 million. LEO 8250 Orlando Hotel LLC, an entity related to Leo Capital Group Management, bought the property from HIT Portfolio I Owner LLC, an entity related to Hospitality Investors Trust.

PM Hotel Group has assumed management of the Holiday Inn Wilsonville, situated in the Portland Metro Area. As the sole full-service hotel in Wilsonville, Oregon the property features a restaurant and bar, a fitness center, indoor heated pool and 14,000 square feet of flexible event space.

3H Group, Inc. submitted site plans to the City of Jacksonville, Florida, through Jax Village Lodging, LLC, to build a four-story, 122-room Hyatt Studios off Village Crossing Drive. The project will open in late 2025.

TPG Hotels & Resorts announced the completion of a transformative guestroom refresh project at the Newport Beach Hotel & Suites in Newport, Rhode Island. The interior design makeover encompasses re-imagining the guestroom experience while the property’s onsite restaurant returns with a revitalized, curated menu. Additional property amenities include a heated indoor pool, spa services, bicycle rentals, and Rhode Island’s only hotel with a hot tub on its rooftop deck. The property is part of TPG Hotels & Resorts’ INTERA Collection.

Eastdil Secured and A&G Real Estate Partners said they have successfully marketed The William Vale Hotel in Brooklyn’s Williamsburg neighborhood. The transaction, which followed a three-year ownership restructuring and litigation process led by All Year Holdings Ltd., resulted in full payment of all outstanding secured bonds. Stalking horse bidder EOS Hospitality closed on the luxury lifestyle hotel on June 18. The $177 million transaction was approved by the U.S. Bankruptcy Court for the Southern District of New York on May 29. The 21-story, 183-key tower boasts top-shelf eateries, 7,300 square feet of high-end indoor and outdoor function spaces and multiple storefronts and offices. EOS Hospitality has taken over management of The William Vale Hotel, marking the company’s first property in the New York City market.

According to public records, RLJ Lodging Trust purchased the eight-story, 110-room Hotel Teatro for $35.5 million. The seller of the downtown Denver, Colorado property was a joint partnership of DiNapoli Capital Partners and Tamarack Capital Partners.

James and Jessica Whitley have purchased the assets of Old Edwards Hospitality Group from Art and Angela Williams. The assets in the transaction include Old Edwards Inn and Spa, 200 Main, Half-Mile farm, Four65, Highlands Burrito, Old Edwards Club, GlenCove, and Norton Ridge.

Oxford Capital Group surrendered four hotels in San Francisco’s South of Market and Nob Hill neighborhoods to its lender. Oxford gave Acore Capital control of the properties in a deed-in-lieu transaction. The portfolio includes the 152-room SoMa House, 121-room Hotel Garrett, the 48-room Hotel Fiona and the 107-room Hotel Julian.

A PMG-led joint venture scored $668 million from Bank OZK and Related Fund Management to complete the Waldorf Astoria Hotel & Residences Miami. The Waldorf Astoria partnership, which includes Hilton, Greybrook, Mohair Hospitality and S2 Development, broke ground on the development in 2022. The 100-story Downtown Miami development will house a 205-room luxury hotel and 387 condo units, of which 90% have been sold, according to a representative for PMG. JLL brokered the debt.

Personnel Moves 

Remington Hospitality has promoted Ted Peters to senior vice president of beverage & food. In his new role, he will continue to advance Remington Hospitality’s B&F strategy. Mr. Peters was previously vice president of beverage & food at Remington.

MMI Hotel Group announced the appointment of Chris DeMers as the new Corporate Director of Food and Beverage. In this new role, DeMers will be responsible for overseeing the Food & Beverage operations across MMI Hotels Group’s portfolio of properties, driving excellence in guest experiences, culinary selection, Food & Beverage offerings and spearheading strategic initiatives to enhance the company’s food and beverage operations.