3 Large Texas Hotels Secure Refinancing

The DJIA rose 244 points but Nasdaq was down 40, the S&P 500 was down less than a point and the 10-year treasury yield was up .03 to 3.87%. Lodging stocks were modestly higher. The only mover of note was VCSA, up 7%.

Bernstein upped their rating on Marriott International to Outperform from Market Perform. Their price target is $262.

Springwood Hospitality is planning to debut a Fairfield Inn & Suites by Marriott hotel and SpringHill Suites by Marriott hotel in Northampton County, Pennsylvania next month. Pending inspections, the Fairfield Inn & Suites in Bethlehem Township is tentatively scheduled to open on September 4. The four-story hotel will feature a fitness center, laundry facility, and convenience store. The Springhill Suites hotel is tentatively scheduled to open on September 19 in Lower Nazareth Township. The hotel will feature a fitness center, business center, lobby market, lobby bar, and a fire pit area with sofas and table seating. The new Springhill Suites will be adjacent to a Home2 Suites by Hilton and Tru by Hilton, a dual-branded hotel location that Springwood opened in 2020.

The Hotel Group, an affiliate of Hotel Equities, in partnership with co-owners Hogback Development Company, has acquired land to develop a Marriott StudioRes in Moses Lake, Washington. Public spaces in the hotel will include a fitness center, laundry facilities, a communal table, an outdoor covered patio, and a vending area. The Marriott StudioRes Moses Lake is the 5th hotel development project that THG and Hogback have partnered to build. Construction is set to begin in early 2025, with an anticipated opening in Spring 2026. The hotel's site is located adjacent to the co-owner's already open and operating Fairfield Inn & Suites Moses Lake.

Gaylord Rockies Resort & Convention Center wants to expand by adding hundreds of rooms and some new amenities to its hotel property near Denver International Airport. The hotel submitted plans to the city of Aurora calling for an additional 450 rooms and a 47,000-square-foot indoor addition to its water park. The expansion would increase the hotel's capacity from 1,501 rooms to 1,950 rooms. The new water park, called Soundwaves, will sit to the west of a new guestroom tower and connect to Gaylord's current indoor pool building. Plans call for building a concourse and joining the expansion with the hotel's main lobby and registration desk. The new concourse is expected to feature a retail space for Soundwavesmerchandise, a coffee shop with a terrace, and some seating. Plans suggest even more may get built eventually. The additional 450 rooms and new indoor water park are just phase one of a potential two-phase expansion, according to the documents submitted to Aurora. A second phase being considered will include another 550 guestrooms.

According to hotelprojectleads.com, developers are planning to redevelop the Yarrow Hotel site in Park City, Utah and build a DoubleTree by Hilton at 1800 Park Avenue. The redevelopment plan is being proposed by the property owner, Singerman Real Estate, which would transform the site into a mixed-use development with 234 units and additional commercial space including retail, office, and restaurant spaces.

IHG Hotels & Resorts recently opened a newly converted and rebranded Staybridge Suites hotel in Ontario, Canada. The 62-suite hotel boasts 19,974 square feet of meeting space, a rooftop bar, heated indoor pool, full-service restaurant, and Parkway Social which includes 30 bowling lands, an arcade, and laser tag. Staybridge Suites St. Catharines Conf Ctr is owned by 1218776 Ontario Limited and managed by Heart of Niagara Hotels.

The Staybridge Suites, currently under construction in northwest Ocala, Florida should open next summer at 4627 NW Blitchton Road. The five-story, 132-room, extended-stay hotel is situated on a parcel owned by Shelijen, LLC, a company registered to Navroz F. Saju, the founder and principal of Hotel Development and Management Group (HDG). Staybridge Suites marks the company's ninth project in Ocala, while an AC Hotel by Marriott, a new project planned for downtown Ocala, will be the company's tenth in the area.

A brand new 500-suite Great Wolf Lodge is set to open in Naples on September 25. Inside, there are 13 water slides, bowling, an arcade, and a barrel that fills with a thousand gallons of water and tips over every 5 minutes. The indoor water park alone is the size of two football fields. This is the 22nd Great Wolf Lodge and the first one in Florida.

Realstar Hospitality announced the opening of its newest Motel 6 location in Niagara Falls, Ontario. The property offers modern guestrooms, free parking, an outdoor pool, and an onsite restaurant.

LIVE! AT THE POINTE, opening at Pointe Orlando, announced it will open to the public on Thursday, September 19, 2024, at 9 pm. The 73,000 square-foot indoor/outdoor destination is bringing an unmatched food and beverage, social, nightlife, and special event experience to Orlando's tourism corridor, creating a unique block party atmosphere for locals and tourists alike. The multi-concept district will showcase nationally acclaimed and new-to-market brands when it debuts this September, including Sports & Social, PBR Cowboy Bar, Houndsmen Lounge, and Shark Bar. The recently announced Palm Tree Club, a two-level restaurant and nightlife concept, will open in October.

My Place Hotels of America has opened My Place Hotel-Randolph, VT in Randolph Center, Vermont. It is the first My Place property to open in Vermont and the 74th open and operating My Place property in the U.S. My Place Hotel-Randolph, VT is owned by Randolph Hospitality, LLC, developed by Realty Development Services LLC, and managed by Cornerstone Hospitality. The 64-key property boasts a communal TV and business center, laundry facilities, a grilling pavilion, and a grab-and-go market.

Sonesta International Hotels Corporation announced the opening of the dual-branded 90-room Signature Inn Danville and 37-room Americas Best Value Inn Danville in Danville, Illinois.

The Stockade Inn, in Schenectady, New York, has gotten a makeover that features a new coffee bar and yoga studio. According to the Times Union, John Samatulski also plans to open a restaurant at the inn.

JLL Capital Markets announced the successful refinancing of three large hotels in Texas: Sheraton Dallas, Marriott Marquis Houston, and Fairmont Austin. In April, JLL advised Chartres Lodging Group on refinancing the Sheraton Dallas. The hotel offers 1,841 guestrooms, including 283 suites, over 230,000 square feet of flexible meeting space across 70 rooms, and multiple food and beverage outlets. The JLL Hotels and Hospitality team arranged a $300 million floating rate loan, which was comprised of a $270 million SASB CMBS loan originated by a syndicate led by Goldman Sachs and a $30 million mezzanine loan originated by Driftwood Capital. The two-year, floating-rate loan includes three one-year extension options. In May, JLL facilitated the $325 million loan to refinance the Marriott Marquis Houston, a 1,000-key hotel in the heart of Downtown Houston, Texas. This property includes an iconic rooftop pool, as well as an infinity pool, fire pits, a whirlpool, cabanas, and daybeds. Additional amenities include Pure Spa, a fitness center, and six onsite food and beverage offerings. JLL represented RIDA Development Corporation to secure the five-year, floating-rate SASB CMBS term loan through Goldman Sachs and Bank of America. In July, JLL represented Manchester Financial Group in securing a $430 million refinancing for the Fairmont Austin. This 37-story luxury hotel in Downtown Austin features 1,047 keys, a full-service spa, five curated food and beverage outlets, and an outdoor resort-style pool deck. JLL successfully arranged a five-year, interest-only, fixed-rate SASB CMBS loan, with Goldman Sachs acting as the lead manager and sole bookrunner.

Aspen One, the parent organization of Aspen Hospitality, Aspen Skiing Company, and Aspen Ventures, announced the appointment of Jeff Toscano as the Chief Executive Officer of Aspen Hospitality. Toscano will officially join the team on September 16, succeeding the current leader, Alinio Azevedo. Toscano most recently held the position of Executive Vice President of Luxury & Lifestyle Hotelsat Highgate.

Hilton announced the signing of the dual-brand Hilton Georgetown and DoubleTree Suites by Hilton Georgetown, which are the company's first hotels in Guyana. Owned by an affiliate of Assets Group and managed by Hilton, the properties' combined 411 keys will form part of an oceanfront, mixed-use business and entertainment complex in the country's capital. The new-build, 11-story Hilton Georgetown will feature 253 guestrooms and suites, a lobby bar, a signature restaurant, and an outdoor pool with all-day dining options. The brand-new DoubleTree Suites by Hilton Georgetown will offer 158 contemporary suites with spaces where guests can relax, connect, and feel at home. The complex also features a conference center with a 25,900-square-foot ballroom and meeting rooms that extend across 10,800 square feet.

Europe Highlights

Hyatt Hotels Corporation announced the opening of the Brunfels Hotel at the center of the enchanting Old Town area of Mainz, Germany. The hotel is the newest addition to The Unbound Collection by Hyatt brand and is the third Hyatt property in the city. The five-story hotel has 127 guestrooms; vibrant, community spaces including a hidden courtyard with its own bar; a central bar; and a restaurant.

Dusit Hotels and Resorts has formed a strategic alliance with Generator and Freehand Hotels, a developer and operator of experiential hostels and boutique hotels across Europe and the United States. The collaboration aims to combine their development resources to foster sustainable international growth for both brands. As part of the partnership, Generator and Freehand Hotels will utilize their network and expertise in creating lifestyle hybrid accommodation models within the affordable lifestyle sector in Europe and the U.S. The initiative will focus on identifying opportunities to introduce Dusit Hotels and Resorts in major Europeancities such as London, Paris, and Rome as well as in U.S. destinations such as New York, Miami, and Los Angeles. Dusit intends to capitalize on its established presence in Asia and the Middle East to explore opportunities for introducing Generator and Freehand's boutique hotel-hostel hybrid model in key urban locations, including Bangkok, Manila, Kyoto, Dubai, and Abu Dhabi, as well as in island destinations, including Phuket and Bali.