Wyndham and Accor Post Earnings Updates

The good news is the response to the earnings reports last night were better than the one from Travel + Leisure yesterday. Wyndham went back to the basics with an earnings beat (read more on Skift), mostly on expense containment, a pipeline at record levels, and higher share repurchases. WH said they bought back 1.8 million shares for $131 million in 2Q24. The past four quarters had dollar amounts of repurchases ranging from $57 million (1Q24) to $127 million (4Q23).

The response to Pebblebrook Hotel Trust’s earnings report was either strange or showed investors understood what was going on. First, PEB beat 2Q24 estimates, which is good considering they give everyone monthly updates. They reduced their RevPAR outlook for the full year 2024, despite the beat, and issued a statement saying, “Leisure consumers have become increasingly price-conscious, particularly within the lower-priced segments, and this trend is beginning to impact some higher-end segments.” They now expect continued pressure throughout the remainder of the year, but they did say luxury and upscale travelers have remained resilient, and they are on track for a successful summer season across their portfolio. The lack of a negative reaction in PEB and in other lodging stocks was quite impressive.

Accor reported a 6% RevPAR rise for the first half of 2024 compared to 2023 (read more on Skift). Their net unit growth rose to 4.1% over the past year. As for EBITDA, it was up 13% year over year. Accor is quite excited about the Paris Olympics, as well as they should be.

Turnberry is a step closer to breaking ground on The St. Regis Nashville and The Residences at The St. Regis Nashville. The Metro planning agency approved a concept plan for the project, which would be 46 stories tall. The building is expected to break ground in 2025. It’s planned to consist of 179 hotel rooms, 40 furnished residences, and 141 condo units. The development will have a fine-dining restaurant, a lobby bar, a three-meal restaurant, a spa, and two amenity decks, one for hotel guests and one for residents. The tower will feature around 25,000 square feet of retail space and a 230-space parking garage. The hotel is adjacent to the $250 million JW Marriott Nashville, which was also developed, owned, and operated by Turnberry.

A $100 million development that will include a hotel, shops, and restaurants began construction in Gilbert, Arizona, with the first phase planned to open in late 2025. The project, called Northside at SanTan Village, will contain six retail and restaurant buildings that could be occupied by about 12 businesses in total. The next piece, a 134-room Marriott SpringHill Suites hotel, will begin construction in August and is expected to open after the shops and restaurants. The developers of the project are Oakland Capital Group and San Tan Development Group.

The Hilton Garden Inn Charleston (S.C.) Mt. Pleasant has completed a comprehensive renovation and enhancement to all hotel guestrooms and suites, public areas, and meeting and event spaces. The hotel has 133 guestrooms and suites; more than 5,000 square feet of flexible meeting and event space, including indoor and outdoor areas; a business center; fitness center; laundry facilities; an outdoor pool; rooftop pool deck and fire pit.

Sandpiper Hospitality is managing the new ECHO Suites Extended Stay by Wyndham Spartanburg in Spartanburg, South Carolina. The 124-suite property opened earlier this month and is the first property to open in Wyndham’s new brand of extended-stay hotels.

LivAway Suites announced the grand opening of its inaugural hotel in the Salt Lake City metropolitan area. Breaking ground in June 2023, the 126-suite hotel in West Jordan, Utah was constructed in just over 12 months. The hotel was developed by West77 Partners.

The Hotel Yellowstone at Jackson Hole claims to be the first adults-only hotel in Jackson Hole, Wyoming. The hotel offers 36 accommodations spread across four acres, a heated indoor pool, a spa, and a restaurant and bar.

The suspense has been building in Pine Bluff, Arkansas, as Saracen Casino Resort’s new 323-room hotel and event center draws closer to completion. According to Saracen Casino Resort, work should be completed in the fall of 2025.

Lexington Partners is planning to redevelop a shopping center in Westbrook, Connecticut. The plan would include revamping the outlets and building hundreds of new apartments, townhomes, hotels, shops, and restaurants. Lexington Partners will partner with the retail center to invest $425 million for the new development.

Mumford Company represented John Skidmore Development, Inc. in the sale of the Days Inn & Suites and KOA Campground in Sutton, West Virginia. The purchasers have plans to make cosmetic renovations to the hotel and continue the Days Inn affiliation. Mumford represented the Seller in this transaction.

Civitas Capital Group closed a $150 million senior loan to finance a 210-room hotel, Hale Malana, a Curio Collection by Hilton Hotels & Resorts in Kauai, Hawaii. Civitas is providing the senior loan to Silverwest Hawaii Holdings, a joint venture backed by affiliates of Silverwest Hotels, Blackstone Strategic Partners Real Estate VII, and a Goldman Sachs affiliate. Situated on approximately 8.5 acres within a master-planned, 450-acre oceanfront luxury resort community, Hale Malana will include a restaurant, pro shop for the 18-hole golf course at Hokuala, an outdoor pool, 2,000 square feet of meeting space along with substantial outdoor venues, and a fitness center. This will be Hilton’s second branded hotel on the island. The Sponsor is prepared to break ground in Q3 2024 and complete construction in Q3 2026.

On the heels of selling the 1 Hotel Central Park to Host Hotels & Resorts for $265 million, Starwood Capital Group has sold the 276-room Yotel in Edinburgh, Scotland, to Millemont Capital Partners for an undisclosed price. As part of the acquisition, Millemont has exercised a pre-existing right to convert the Hotel Management Agreement with Yotel to a franchise and has appointed Troo Hospitality to operate the property.

Blue Diamond Resorts announced the highly anticipated Overwater Suites at the newly opened Royalton CHIC Antigua, An Autograph Collection All-Inclusive Resort - Adults Only, are set to be unveiled in September 2024 and are now available for booking. Royalton CHIC Antigua’s 12 Overwater Suites come in three distinct categories and all feature a captivating crystal glass floor.

Europe Highlights

Radisson Hotel Group announced the opening of the Radisson Hotel Graz, introducing the upscale Radisson brand to Austria. The newly built property features 232 rooms, a restaurant with an adjacent bar offering co-working space as well as lounge seating, and three meeting rooms spanning 150 square meters and directly connected to the restaurant and bar.

In Ireland, Cork city’s booming hotel market shows no sign of a slowdown, with two new Marriott-brand hotels due to open in September as part of a €40m riverside development. Developed by JMK Hospitality Group, the 153-bedroom Moxy Hotel and 53-bedroom Residence Inn are co-located at Camden Quay and mark the arrival to the city of one of the world’s most recognizable hotel brands. The group also has plans for an Adagio-aparthotel on South Terrace.