Wyndham Debuts Registry Collection Hotels in the U.S.

Truist slashed estimates for Hilton Grand Vacations and Marriott Vacations, saying they hope these cuts are enough for a Vacation Ownership sector that just reported a quarter with macro-related issues and/or idiosyncratic problems. Their estimates for Travel + Leisure are basically unchanged. They slashed target prices as well, with HGV going down to $52 from $71, TNL to $60 from $65, and VAC to $136 from $159. Truist did not downgrade HGV and VAC as they do not believe their business models are broken and still have high potential free cash flow returns at the trough levels. They believe the management teams are aware of what needs to be done to iron out idiosyncratic issues and are keeping Buy ratings predicated on the assumption that management will act effectively on that knowledge.

According to JLL, the average H1 2024 RevPAR recovery for the top 10 most liquid hotel markets has outperformed the global average by 460 basis points as investors inject increased capital into high-growth markets. Look for transaction activity to accelerate further in high-performing markets over the balance of 2024 and into 2025, with urban gateway cities likely to be the largest beneficiaries of capital as group, corporate, and international travel continue to strengthen.

DiGeronimo Development, the company behind the Valor Acres development, a mixed-use residential, retail and industrial development in Brecksville, Ohio, has signed an agreement with Marriott International to build an AC Marriott hotel as part of the Valor Acres project. According to hotelprojectleads.com, the six-floor, 136-room hotel will include a rooftop bar and fitness center. Construction will begin in early 2025. Project partners include Crawford Hoying and Shaner Hotel Group.

The Hyatt Regency Clearwater Beach Resort and Spa has sold for $137 million, according to a report from the Tampa Bay Business Journal citing Pinellas County, Florida, property records. The 286-room property in Clearwater Beach, Florida was bought by Blackstone and sold by Westmont Hospitality Group.

Remington Hospitality announced its new role managing Hotel Miramar, a boutique property located in the vibrant Miramar district of San Juan, Puerto Rico. The hotel’s amenities include a rooftop terrace, a fitness center and soon-to-reopen M Café & Bar. Remington Hospitality will also work to modernize the property, aligning with ownership’s vision of updating and preserving the hotel as a key player in San Juan’s rapidly evolving hospitality landscape.

Radisson Salt Lake City Downtown announced the completion of the property’s multi-million dollar renovation featuring upgrades to its 381 guestrooms, dining outlets, more than 15,000 square feet of meeting and event space and the lobby. The renovation also includes a new executive club lounge and a ski closet. With the first phase complete, the second phase of the renovation will focus on updating the pool and hot tub areas and completing the 215 West coffee shop, with these enhancements slated for early 2025.

Wyndham debuts Registry Collection Hotels in the U.S. with the newly renovated The Mining Exchange, a Registry Collection Hotel. The 128-room hotel, nestled in the heart of downtown Colorado Springs, Colorado, offers multiple onsite culinary outlets, a full-service spa and an onsite art gallery. The Mining Exchangealso houses expansive functional space with 15,000 square feet of conference, event, and wedding space, including a ballroom, two meeting rooms, an outdoor terrace and a boardroom. The re-imagined property is managed by Practice Hospitality.

South Street Partners and TPG Real Estate formed a joint venture to acquire The King and Prince Beach & Golf Resort, the largest beachfront resort on St. Simons Island, Georgia. South Street and TPG Real Estate acquired the resort and golf club from MMI Hospitality Group. The King and Prince will continue to be operated by MMI Hotel Group. Other terms were not disclosed. The 142-key resort includes multiple bars and restaurants, resort-style pools and sports courts, an 18-hole golf course, and 10,000 square feet of meeting space, along with a tented lawn for events and celebrations. The property includes developable land and beachfront condos for purchase.

Extended Stay America announced the opening of Extended Stay America Suites Buffalo, located in Buffalo, New York. The two-story property features 100 guestrooms and an onsite guest laundry room.

A proposal for twin towers for residences and hotel rooms where the Riviera once stood sailed through a Clark County Zoning Commission review. Commissioners voted unanimously to approve the plan for the mixed-use development featuring two 600-foot towers and a 439-foot amusement ride on 10 acres south of Fontainebleau Las Vegas, proposed by Brett Torino. The towers would include a 750-room non-gaming hotel and 425 condominium units. A 3,310-seat domed performance venue is also tabbed for the easternmost 5 acres, which Fontainebleau is considering buying for $112.5 million. The site is in the process of being purchased by Torinoand his BPS Partners LLC for $125 million from the Las Vegas Convention and Visitors Authority.

The Southern Breeze Oceanfront hotel, in Myrtle Beach, South Carolina, is for sale on the commercial real estate platform LoopNet. The asking price is $4.9 million for the 42-room hotel.

The Nittany Lion Inn, a joint partnership with Rockbridge and Scholar Hotels, celebrated its official reopening on September 3. The hotel’s lobby, 230 guestrooms, and over 12,000 square feet of meeting and public spaces have been re-imagined. Located in State College, Pennsylvania, the Nittany Lion Inn opened several new eateries and a fine clothing store featuring exclusive Penn State-branded apparel.

Personnel Moves

Jean-Yves Minet has been appointed Global Brand President for Accor’s Midscale & Economy brands. In his new role as Brand President, Jean-Yves will focus on driving brand growth by leading the brand vision, positioning, and operating models of Accor’s economy and midscale brands, catering to a vast and varied audience of travelers worldwide.

Atlantis Resorts welcomes Paul Baker as President, overseeing the iconic Atlantis brand. In his new role, Baker will manage the operations of Atlantis, The Palm, Atlantis, The Royal, and soon Atlantis Sanya in China. Baker will guide all aspects of Atlantis Dubai, including Administrative, Commercial, Retail, Food and Beverage, Banqueting and Events, Marine and Waterpark, and Recreation Services. Baker’s distinguished career includes pivotal roles such as President of Grand Lisboa Palace in Macau and Deputy Chief Operating Officer at Genting Malaysia Berhad.

NOVUM Hospitality has appointed Samira Said (born Etmenan) as the new Chief Executive Officer, sharing the role with her brother, David Etmenan, who is the current CEO and owner. Previously, Samira served as Chief Brand Officer, where she was instrumental in developing the upper-midscale brand, the Niu. As co-CEO, Samira Said will focus on managing the changes required to integrate and implement the co-branding and rebranding initiatives related to this partnership. She will oversee onboarding and integration processes, particularly in relation to the co-branded Holiday Inn - the niu and the European launch of IHG’s Garner and Candlewood Suites brands.

Europe Highlights

Hilton announced the signing of the 225-room Hilton Frankfurt Gravenbruch as part of a management agreement. The property will go through a conversion to Hilton’s flagship brand, with an opening set for October 2024. The hotel, which will undergo a renovation across all rooms and public areas over the coming months while the hotel continues to operate, has elements that date back over 100 years. Hilton Frankfurt Gravenbruch hosts a range of conferences and events with its 18 meeting spaces, including two ballrooms and an executive lounge. The hotel features an impressive range of leisure and spa facilities, including indoor and outdoor pools, multiple saunas, seven treatment rooms, a gym, two tennis courts, and a children’s playground. Four restaurants are also part of the hotel’s amenities.

Hilton also announced the signing of DoubleTree by Hilton Derry-Londonderry, marking the brand’s debut in Northern Ireland’s second biggest city, as part of a franchise agreement with the longstanding owners of the City Hotel. The hotel (formerly the City Hotel), which will be managed by Focus Hotels, is set to open in 2025 following an extensive £7m refurbishment. The 158-room hotel will feature a bar and restaurant, a ballroom, seven meeting rooms, onsite parking and a wellness club with a pool.

Handwritten Collection from Accor continues its growth trajectory in Europe with a series of upcoming openings that will mark the brand’s debut in Albania (Tirana), Cyprus (Nicosia), Germany (Dusseldorf), Romania (Bucharest) and Benelux (Zeeland and Vielsalm). Some of the upcoming openings in Europe include The Classic Hotel Nicosia - Handwritten Collection, opening this month in Cypruswith 54 rooms. Adorn Tirana - Handwritten Collection slated to open this autumn in Albania with 25 stylish guestrooms. MUZE Hotel Dusseldorf - Handwritten Collection debuting in Germany this November with 60 rooms. Hotel Ter Zand - Handwritten Collection (The Netherlands) is opening later this month with 53 rooms and 32 garden suites. Fort Saint-Laurent Hotel & Spa - Handwritten Collection opening in France with 36 rooms. Tecadra Bucharest Hotel Handwritten Collection will open in 2025 in Romania with 100 keys. Expected to open in 2026, La Maison Fraiture - Handwritten Collection will open in Belgiumwith 120 guestrooms.

Riu Hotels & Resorts announced the reopening of the Riu Palace Bavaro in Punta Cana after a watershed refurbishment. Following the demolition of the Riu Naiboa on an adjoining plot, the Riu Palace Bavaro has spread over to the former site to include new spaces for its own facilities. The hotel has a family area with all kinds of water and outdoor activities, its own food and beverage spots, another exclusive area for Elite Club customers and an all-new food court for everyone. The hotel boasts a total of 994 rooms, 32 places to eat, nine pools, and eight bars.

The new Casa de las Artes, Member of Melia Collection has made its debut in Madrid’s literary heart, Barrio de las Letras, marking the arrival of The Melia Collection brand to the Iberian Peninsula. The hotel boasts a number of leisure spaces including a restaurant, private cinema room, a thermal pool and a fitness center.