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North America

U.S. Hotels Report Gains in May 2024

Alan Woinski and Kim Woinski
June 23rd, 2024 at 2:14 PM EDT

Skift Take

The U.S. hotel industry showed improved performance in May 2024, with notable increases in occupancy, ADR, and RevPAR, especially in New York City.

The DJIA rose 15 points on Friday but Nasdaq was down 32, the S&P 500 fell 8 points and the 10 year treasury yield was up nearly .01 to 4.26%. Lodging stocks were modestly lower. Both SHCO and AHT fell -5% on the day.

Susquehanna initiated coverage on some C-Corps with lukewarm Neutral ratings on all five. They put an $80 price target on Wyndham, $160 PT on Hyatt, $215 on Hilton, $255 on Marriott and $125 on Choice Hotels.

After the close, Blackwells published another swipe at Braemar Hotels & Resorts and Monty Bennett. In a letter, Blackwells claimed they have the support of shareholder Campbell Capital Management for their proxy fight and campaign to get their proposed directors voted onto the board of BHR.

The U.S. hotel industry reported improved performance results from the previous month, according to May 2024 data from CoStar. May 2024 (percentage change from May 2023): Occupancy: 65.7% (+1.5%) ADR: $160.40 (+2.4%) RevPAR: $105.46 (+4.0%). Among the Top 25 Markets, New York City experienced the highest levels in each of the three key performance metrics: occupancy 88.9%, ADR $339.25, and RevPAR $301.57. Markets with the lowest occupancy for the month included Detroit (61.0%) and Minneapolis (61.5%). The Top 25 Markets showed higher occupancy and ADR than all other markets.

The Baltimore Marriott Waterfront announced the grand opening of its newest addition, the Skyview Terrace. Located on the fifth floor, the Skyview Terrace offers sweeping panoramas of the Inner HarborChesapeake Bay and the Baltimore City skyline and provides a versatile space for a variety of events. The Baltimore Marriott Waterfront boasts 754 guestrooms and 80,000 square feet of event space.

Apple Hospitality REIT, Inc. announced the opening and acquisition of the 262-room Embassy Suites by Hilton Madison Downtown, in MadisonWisconsin, for approximately $79.5 million. In addition, the Company announced the recent disposition of the 82-room Springhill Suites by Marriott Greensboro in GreensboroNorth Carolina, for approximately $7.1 million. As previously announced, the Company continues to have one additional hotel under contract for purchase, a 260-room Motto by Hilton that is under development in downtown Nashville, for an anticipated total purchase price of approximately $98.2 million, which the Company anticipates acquiring in late 2025 following completion of construction.

MDSA Properties announced their new Tru by Hilton hotel development, in Park RidgeIllinois, has cleared the final zoning hurdles as the Park Ridge City Council voted to approve its Special Use permit application.

Four Seasons Hotel Toronto announced the debut of its outdoor patio, d|azur, at d|bar. This season’s launch aligns with the hotel’s extensive room and suite renovations, which feature multimillion-dollar upgrades and newly integrated art collections.

The largest shareholder of Hall of Fame Resort & Entertainment Co. is talking with advisors and other stakeholders about potentially doing an “extraordinary corporate transaction” at the company. Such a move could include a merger, reorganization, debt restructuring or go-private deal. Stuart Lichter and his affiliates regularly review Hall of Fame Resort’s mounting debt and the effects the debt is having on the company’s liquidity, capital resources and financing plans. While the potential for any extraordinary transaction at Hall of Fame Resort is in a preliminary stage, an April 24 filing was the first public indication of taking such a step. Meanwhile, the resort company continues to complete the financing for the two assets in its second phase of construction, an indoor waterpark and hotel.

Coast Hotels Limited, a subsidiary of APA Hotel Canada, Inc., celebrated the completion of an extensive, multimillion-dollar guestroom renovation at the Coast Bastion Hotel in NanaimoBritish Columbia. The newly re-imagined rooms and suites offer guest an elevated “Refreshingly Local” experience while incorporating modern technology, allowing guests to enjoy seamless connectivity during their stay. In addition to the guestrooms and suites, Coast Bastion Hotel has previously renovated public spaces ensuring a cohesive and seamlessly updated experience throughout the property.

Ascot Suites, a boutique hotel in the heart of Morro BayCalifornia, announced the grand opening of its new rooftop, offering views of the iconic Morro Rock and featuring a cozy firepit. The new rooftop completes the hotel’s recent full renovation which transformed the entire property, including the lobby and guestrooms, with a modern and timeless look.

Red Roof announced the opening of the Red Roof Inn Stroudsburg, in StroudsburgPennsylvania. Owner 100 Park Ave LLC invested $500,000 into renovations at the property which encompassed new exterior paint; updated guestroom bathrooms; renovated guestrooms and new lobby furniture. The 58-room hotel offers a coin laundry and a snack center.

Personnel Moves 

Main Street Hospitality announced a key appointment to their Executive Management team, with the promotion of Scott Williams, as Chief Development and Brand Officer. Scott will be responsible for leading enterprise-wide brand architecture and positioning, development, marketing and communication initiatives and experience design for the independent hospitality group and its portfolio of storied properties located across the Northeast. Scott joined Main Street Hospitality in 2021.

Dreamscape Hospitality announced the appointment of Austin Bucholtz as Vice President of Operational Strategy & Transitions. In this pivotal position, Bucholtz will spearhead the coordination of all transition functions for properties joining the Dreamscape portfolio to ensure seamless integrations and operational excellence. Bucholtz most recently served as the Director of Transitions at Aimbridge Hospitality.

Barriere Group announced the appointment of Pierre Moglen as its new Director of Sales for North America. In his new role, Moglen will expand the brand presence in North America and its strategic positioning with the North American markets. He will also drive and implement the sales strategy among key accounts with a major focus on the luxury leisure and consortia agencies by reinforcing relationships with the group’s travel industry peers.

International Highlights 

Hyatt Hotels Corporation and El Pardo Hospitality announced the debut of The Legend Paracas Resort in Ica, Peru, joining the Destination by Hyatt brand. The 124-suite resort unveiled a fully renovated reception deck and lobby along with a number of enhancements designed to enrich the guest experience. The Legend Paracas Resort is home to three onsite culinary concepts, a spa, fitness center and pool. The resort has a multifunctional banquet space complemented by an outdoor terrace, along with extensive gardens on the beach, ideal for events of any kind.

Covivio signed a memorandum of understanding with AccorInvest for the reorganization of the ownership of jointly-owned hotel properties, which should be finalized in the last quarter of 2024. The memorandum covers the acquisition by Covivio Hotels of 24 properties in return for the transfer to AccorInvest of the properties of 10 other hotels, which will then be owned by AccorInvest. Covivio Hotels and its partners will also acquire 19 business assets for two joint ventures (with Credit Agricole Assurance and CDC), in exchange for the transfer to AccorInvest of the operating facilities of six other hotels. All in all, the value of the hotel properties sold by Covivio Hotels and its partners amounts to 393 million euros, equivalent to the value of the business assets owned and operated by the companies whose shares will be acquired.

Alan Woinski and Kim Woinski
June 23rd, 2024 at 2:14 PM EDT

Companies: Wyndham Hotels & Resorts, Accor, Apple Hospitality REIT, Ashford Hospitality Trust, Blackwells Capital, Braemar Hotels & Resorts Inc., Choice Hotels International, Coast Hotels Limited, Covivio, Destination by Hyatt, Dreamscape Hospitality, Embassy Suites by Hilton, Four Seasons, Hyatt Hotels Corporation, Main Street Hospitality, Marriott Hotels, Marriott International, Motto by Hilton, Red Roof, Soho House and Co Inc., SpringHill Suites, Tru by Hilton

Locations: Baltimore, British Columbia, California, Chicago, Detroit, Minneapolis, Nashville, North Carolina, Pennsylvania, Peru, Toronto, Wisconsin

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