Four Seasons Expands Portfolio of Luxury Private Residences

The DJIA fell 159 points while Nasdaq was down 199, the S&P 500 fell 34 points and the 10-year treasury yield was up .01 to 3.84%. Lodging stocks were lower. SOND and VCSA were the big movers, down -12% and -8% respectively.

Jefferies upped their price target on Hyatt Hotels to $152 from $132. They maintained their Hold rating.

STR reported US lodging data for the week ended 8/24. U.S. hotel RevPAR rose 4.5% year over year with Chicago (DNC Convention) leading with a 51% jump. Group RevPAR was up 10.1%.

Singapore-based Collective Hospitality announced the acquisition of the majority of the business of Selina Hospitality PLC, a company that is in administration. Collective Hospitality said with this transaction, it is now one of the largest lifestyle hospitality owners/operators in the world. Selina's board approved FTI Consulting LLP as the company's administrator on July 22. Collective acquired the majority of the operating subsidiaries from the administrators on August 22. This includes approximately 100 hotels in 22 countries which target the Gen Z and millennial markets. Newmark Group's Lodging Capital Market teams are advising Collectiveon the acquisition. Collective Hospitality is owned by Destination Group.

Four Seasons Resort and Residences Vail teamed up with Frasca Hospitality Group to launch Tavernetta Vail in Winter 2024. The space, formerly Flame Restaurant, is undergoing a major renovation. When complete, Tavernetta Vail will showcase multiple indoor and outdoor areas, including a new bar and lounge and a revamped private dining room. Tavernetta Vail is part of a series of updates at Four Seasons Vail, which also includes a re-imagined spa, a comprehensive wellness program, renovated suites, and an upgraded Ski Concierge.

Four Seasons is expanding its portfolio of luxury Private Residences. Since entering the residential market nearly 40 years ago, the company has grown to manage close to 6,000 units across 54 properties in 29 countries. Currently, 65% of the hotel and resort development pipeline at Four Seasons includes a residential component, and the Four Seasons standalone portfolio is growing at an exceptional rate, with a projected 100% increase in these offerings to open in less than six years. Moving forward on this ambitious path of strategic growth, Chris Meredith has joined Four Seasons as the company's first Group Head of Residential. Responsible for implementing the company's residential strategy, Meredith is tasked with the expansion of Four Seasons standalone portfolio, marketing, sales, refining front-end development, and leading innovation across design, property management, and the resident experiences. Four Seasons standalone private residences have already made grand entrances in London, Los Angeles, San Francisco, Marrakech, and Dubai, with new ventures on the horizon in Las Vegas, Lake Austin, and Istanbul. Upcoming mixed-use residential developments by Four Seasons are also set to launch in some of the most in-demand locations around the world. Recently announced opened properties include the Dominican Republic, Bahamas, Cabo Del Sol, Bahrain Bay, and AMAALA at Triple Bay in the Red Sea.

IHG Hotels & Resorts announced the recent opening of a newly-built Staybridge Suites hotel in the heart of Eastvale, California. Owned by Eastvale Palace LLC, Staybridge Suites Eastvale - Norco features 119 suites, a rooftop bar, 530 square feet of meeting space, and a banquet and event center.

Red Roof announced the opening of the HomeTowne Studios Tampa - Airport in Tampa, Florida. Developed in conjunction with owner and operator Dhruv Management, the newly built hotel offers 124 extended-stay suites, a guest laundry, an exercise room, a marketplace, and a business center. Dhruv Management and its construction partner Dhruv Development are also building a HomeTowne Studios property in Bradenton, Florida, with four more HomeTowne Studiosproperties in various stages of development.

Aerie Resort announced its grand opening in the Sand Hollow region of Utah. The resort offers vacation homes that accommodate up to 54 guests, large pools, a splash pad for children, and a world-class hot tub.

Royal Palm Cos. is working on plans for a branded condo hotel in the Arts & Entertainment District of Miami. Elevate 13th Street Holdings, an affiliate of RPC, recently refinanced its 0.49-acre property with an $8.36 million bridge loan from FC Miami Ave Land LLC via Forman Capital. The developer previously secured three loans for a combined $6.5 million on the property. It bought the site for a combined $10.65 million in 2022. According to Forman Capital, the site is entitled to up to 245 residential units, but RPC is working with the city to add more density. According to RPC, a major brand behind the hotel is Morgans Original, run by Ennismore, which is owned by Accor Hotels.

The Nittany Lion Inn announced its grand reopening will be held on September 3 with an official ribbon-cutting ceremony. Located on Penn State University's campus in State College, PA, the inn is unveiling a refreshed lobby, renovated guestrooms and meeting spaces, and an array of dining options.

New hotel uses are planned for a large portion of a heritage building of significance in the Gastown district of downtown Vancouver. A new development application by RH Architects calls for a change of use at the three-story building of 211 Columbia Street. Nearly 11,600 square feet of hotel uses, replacing offices, will be introduced. No changes are planned for the ground and basement levels. There will be up to 19 hotel rooms, and the property will be a digital hotel featuring self/online check-in services.

Citadel is planning a mixed-use tower, including a full-service hotel in the financial district of Miami, Florida. The 54-story tower would include 1.29 million square feet of office space, 414,485 square feet of hotel space with 212 guestrooms, a health spa, fitness club, ballroom, event space, and restaurant and retail. Construction would begin in the 3rd quarter of 2025 and take 5 years to complete.

The Gabriel Hotel in downtown Miami has been transferred to its lender, an affiliate of Madison Capital Group, through a deed in lieu of foreclosure valued at $62 million. CGI 1100 Biscayne Management, which was previously controlled by CGI Merchant Group but was transferred to Madison Realty Capital through a UCCforeclosure action over an allegedly defaulted loan, voluntarily relinquished ownership of The Gabriel to 1100 Biscayne Propco LLC, an affiliate of Madison Realty Capital Debt MA I Holdings B LLC. Madison Realty Capital authorized the deed in lieu of foreclosure on behalf of the seller. The Gabriel is located within the Marquis Residences skyscraper and contains 129 guestrooms.

Stratus Development Partners and Choice Hotels International secured bridge financing valued at $48.8 million for the 212-room Cambria Hotel Austin Downtown. The recapitalization is aimed at repaying the hotel's construction loan and funding an upfront interest reserve, as well as paying off closing costs. Hunter Hotel Advisors represented Stratus in the deal.

In yesterday's publication, we covered articles by The Real Deal and others which said Lowe Enterprises Investors were close to selling the Hotel De Anza in downtown San Jose. We have been advised by Lowe Enterprises that they do not own or manage Hotel De Anza. A former affiliate, Lowe Enterprises Investors, was previously involved with the hotel, however, that ended in 2018. They have no knowledge of who owns the Hotel De Anza today.

While Roy Carroll has changed the name of his large-scale mixed-use project slated for downtown Greensboro, North Carolina, the details have remained largely the same as he moves forward with the development's next steps. Formerly called Carroll South of Ballpark, the project's anchor will be a nine-story, 159-room AC Hotel that will include a lobby bar and a rooftop restaurant. Carroll Cos. is in the process of updating its feasibility study on the project and may have to adjust pricing, but it will start construction soon. The project will also include 337 upscale apartments, retail space, and a 4,500-square-foot event space.

Europe Highlights

Hyatt Hotels Corporation announced the opening of Hyatt Place Rouen in Rouen, France. The new, 85-room hotel features a modern design; three meeting rooms; a restaurant with an outdoor terrace and garden; and wellness facilities featuring a fitness center, heated pool, and a lavish spa with four treatment cabins.

Pandox AB has completed the acquisition of three aparthotels with a total of 503 rooms in central London. Total transaction value amounts to approximately MGBP 230. The hotels are branded Residence Inn by Marriott and are operated by Axion Hospitality under a management agreement. The acquisition is financed by available cash funds and a new green bank loan.