U.S. Hotel RevPAR Goes Up

The DJIA ended Friday with a drop of 410 points while Nasdaq was down 437, the S&P 500 fell 95 points and the 10-year treasury yield was down .02 to 3.71%. Lodging stocks were lower.

Jefferies cut its price target on Airbnb to $120 from $125. They maintained their Hold rating on the stock.

STR reported U.S. lodging data for the week ended August 31. Overall US RevPAR was up 3.6%, with ADR up 1.6% and occupancy rising 1.9%. Group RevPAR was up 7.2% year over year on an occupancy rise of 7.1%.

Raines announced they added Hotel Theo, a Tapestry Collection by Hilton property, to its management portfolio. The former Hotel Magnolia is now Hotel Theo, part of Woven by Raines, the lifestyle division of Raines. The property is owned by TCOR Hotel Partners and TriGate Capital, located between the French Quarter and Warehouse District in New Orleans. The 101-key Hotel Theo includes an onsite restaurant, 600 square feet of meeting space and more. Raines said they have added more than 20 properties to its management portfolio since the start of this year, including 16 hotels in a deal with Atlantic Hotels Group.

The newest development in Jackson, Mississippi, was announced with ground expected to be broken on a $25 million, 111-room boutique-style Hampton Inn with first-floor retail and dining space along State Street during the first quarter of 2025. This project has been in the works for a while, delayed by the Jackson water crisis. Wealth Hospitality is spearheading the project. They also built the 125-room Homewood Suites down the street and in the Fondren District. The two hotels will combine for nearly 240 rooms and almost $50 million in investment.

Alakai Development said they plan to build a new $135 million, 240-guestroom dual-branded Hyatt Place and Hyatt House Hotel in West Oahu, Hawaii. The hotel will be in Ewa Beach, within the Hoopili master-planned community. It will include 108 Hyatt Place guest rooms and 132 Hyatt House extended-stay guest rooms, 19 with balconies and 86 with kitchenettes. The building will also include an outdoor swimming pool and spa, 3,009 square feet of meeting space, a dining room, a business center, and a fitness center.

The Hyatt Centric Midtown Atlanta announced its property-wide renovation. The renovations will include the guestrooms, meeting and event spaces, the lobby and market, the 24-hour fitness center, the indoor saltwater pool, and its on-site restaurant and bar. The restaurant was completely rebranded and renamed Author's Den. All 194 rooms have been renovated to reflect the 1970s, celebrating Atlanta's countercultural movement.

The Ronto Group announced that construction has commenced on Rosewood Residences Naples, a 42-unit luxury waterfront condominium development on the beach in Naples, Florida. Ronto is developing the project in partnership with Wheelock Street Capital, with residential services and operations by Rosewood Hotels & Resorts. Residences range from 4,266 to 9,673 square feet, and there are five penthouses.

The Boca Raton announced the debut of the reimagined Beach Club, with reservations available beginning December 2024. The Boca Raton, Florida property is undergoing $120 million in investment, and when it is complete, the luxury oceanfront escape will seamlessly connect to its golden beach backdrop through a redesign and curated experience. The Beach Club will offer new restaurants, a cocktail lounge and café, a new fitness facility, oceanside event spaces, and a transformation of the 210 guest rooms and suites overlooking a half-mile stretch of private beach along the Atlantic Ocean. A stay provides access to The Boca Raton's Harborside amenities. The resort offers golf, tennis, pickleball, and wellness experiences at Spa Palmera, as well as three pools, water slides, a "floating river," and more at the Harborside Pool Club. The first phase of Beach Club was completed in early 2023.

The Indianapolis Historic Preservation Commission approved a hotel and entertainment development across from the Gainbridge Fieldhouse. Boxcar Development Ltd., an investment group led by Indiana Pacers owner Herb Simon and the rest of the Simon family, will develop an upscale Shinola hotel and 4,000-seat entertainment venue on the site of the vacant CSX building. The $300 million development will include a 170-room hotel, the second Shinola-branded hotel, and a Shinola watch retail store on the ground level. They hope to break ground by the end of this year with a targeted opening date in late 2027.

Luxury Group by Marriott International announced a landmark collaboration with renowned international auction house, Sotheby's – "Iconic Pieces. Extraordinary Experiences" This collaboration will see the Luxury Group, which encompasses the portfolio of eight hotel brands, including The Ritz-Carlton, Ritz-Carlton Reserve, Bulgari Hotels & Resorts, St. Regis Hotels & Resorts, EDITION, The Luxury Collection, JW Marriott and W Hotels, pairing world-class hospitality with exceptional treasures from Sotheby's auctions. Sotheby's Luxury Sales showcase iconic collector's items across jewelry, fashion and handbags, watches, wine & spirits, and other objects d'art. The Luxury Group will bring incomparable travel experiences to Sotheby's global community of collectors, crafting imaginative, once-in-a-lifetime itineraries inspired by Sotheby's Luxury Sales. The inaugural experiences include Whiskey Reverie: Presented by Ritz-Carlton and Alexander McQueen Discovery: Presented by EDITION. Guests will be able to bid for these experiences through Sotheby's Sealed, an innovative online platform combining the discretion of a private sale with the competitive excitement of an auction.

Hotel Equities and innovative food and beverage pioneer, 34th Floor Hospitality, are teaming up to infuse hotel stays with unforgettable flavors and experiences, revolutionizing the culinary journey for guests across HE's portfolio with immediate integrations at new-build properties in the Caribbean and Latin America. 34th Floor Hospitality brings a blend of creativity, market savvy, and owner-centric operations to the table. Together with HE's best-in-class operators and corporate food and beverage team, the partnership aims to elevate dining experiences, tailoring F&B offerings to the unique demands of its markets and guests preferences. The initial phase of the collaboration kicks off by integrating 34th Floor Hospitality's F&B strategies into select HE properties in North America and its expanding footprint in the CALA region. 

Europe Highlights

voco hotels announced the opening of voco Stockholm – Kista, marking IHG Hotels & Resorts' re-entry into the Swedish market. Located in the heart of Stockholm's Silicon Valley, the brand new hotel offers 201 guestrooms, a restaurant, café, five meeting spaces, a fitness suite, a spa and pool, and underground parking.

Radisson Hotel Group announced the rebranding of prizeotel to Prize by Radisson, as well as the signing of two Prize by Radisson hotels across Central Europe. Prize by Radisson, Gdansk City, scheduled to open in 2026, is a newly built property featuring 126 guestrooms and a restaurant and a bar. Prize by Radisson, Berlin City, is scheduled to open in 2027 as part of a new mixed-use development in Berlin's Prenzlauer Berg district. The top floor of the 315-room property will house the hotel lobby, bar, social area with co-working space, and a breakfast restaurant. Currently the Prize by Radisson portfolio consists of 21 properties in operation and under development in Europe, including the highly anticipated opening of Prize by Radisson, Osnabruck City in 2025. The 170-room hotel will be part of a mixed-use development in central Osnabruck, offering convenient transport links and including residential, hotel, dining and retail spaces.