Hyatt Unveils Plans for Luxury and Lifestyle Expansion

The DJIA was up 61 points, Nasdaq rose 26, the S&P 500 was up 16 points and the 10 year treasury yield was up .01 to 3.74%. Lodging stocks were mixed with the big movers to the downside. INN traded up to another new high but AHT was down -9% while SOND and VCSA both fell -7% on the day.

Vision Hospitality Group celebrated a major milestone by topping out the new $57 million Embassy Suites hotel located in the heart of the Riverfront District in Downtown Chattanooga, Tennessee. Once completed, the seven-story, 184-suite hotel will offer 5,000 square feet of meeting and event space, a rooftop restaurant, and 3,000 square feet of ground-floor retail space.

The Sheraton Grand Nashville Downtown, owned by Dreamscape Companies and Centerbridge Partners, announced the completion of a comprehensive property renovation. Managed by Aimbridge Hospitality, the 28-story, 494-room hotel boasts upgrades to nearly 29,000 square feet of event space; a redesign of all guestrooms and suites; the addition of new communal spaces; and elevated food and beverage experiences.

Peachtree Group announced the launch of its fifth hotel property structured as a Delaware Statutory Trust following the completed acquisition of the 128-key Residence Inn Tampa Wesley Chapel in the greater Tampa, Florida area. The hotel is situated in Pasco County with proximity to the Wiregrass Ranch Sports Campus.

Raines has partnered with the City of York, South Carolina, to accelerate the economic expansion of York's flourishing downtown. Anchoring the development will be Downtown York's first hotel, a 97-room Hampton Inn & Suites. Owned by York Hotel Group, LLC, and to be managed by Raines, Hampton Inn & Suites - York, South Carolina, is scheduled to open between late 2025 and early 2026.

Hyatt Hotels Corporation continues the strategic expansion of luxury and lifestyle hotels with a significant development pipeline of more than 20 recent and planned openings across the U.S., Canada, Mexico, Latin America, and the Caribbean through 2025. Recent and upcoming 2024 openings and renovations include: The Legend Paracas Resort, located on the coast of Peru, joined the Destination by Hyatt brand on June 18, 2024. The Grand Hyatt Indian Wells Resort & Villas opened September 9, 2024 in California. Hyatt Centric Delfina Santa Monica opened September 18, 2024, marking the Hyatt Centric lifestyle brand's sixth hotel in California. Thompson Palm Springs is expected to open on September 30, 2024. Hyatt Centric San Jose Escazu is expected to open in October 2024 and will mark the Hyatt Centric brand's first hotel in Costa Rica. Hyatt Centric Santo Domingo is expected to open in October 2024 and will be the first Hyatt-branded hotel in Santo Domingo, Dominican Republic. Grand Hyatt Scottsdale Resort will be the first Grand Hyatt hotel in Arizona and is expected to rebrand in October 2024. Grand Hyatt Deer Valley, expected to open in November 2024, will mark the debut of the Grand Hyatt brand in Utah. Andaz Miami Beach, expected to open in December 2024, has been transformed from The Confidante Miami Beach to the first Andaz hotel in Florida. Maison Metier is expected to join The Unbound Collection by Hyatt in 2024 and is located in the heart of New Orleans. New openings planned for 2025 include Thompson Miami Beach, early 2025; Cas En Bas Beach Resort St. Lucia, Destination by Hyatt, early 2025; Secrets Baby Beach Aruba, February 2025; Park Hyatt Los Cabos at Cabo del Sol, Spring 2025; Secrets Playa Esmeralda Resort & Spa, Dominican Republic, April 2025; Dreams Playa Esmeralda, Dominican Republic, April 2025; Dream Valle de Guadalupe, Mexico, July 2025; Grand Hyatt Grand Cayman Resort & Spa, 2025; Secrets St. Lucia Resort & Spa, 2025; Hyatt Centric Queretaro, Mexico, 2025; Hyatt Centric Isla Verde San Juan, 2025; Breathless Puerto Vallarta Resort & Spa, 2025; and Dreams Grand Island, 2025.

The Schenectady Metroplex Development Authority approved tax incentives for a $23 million Hyatt House Hotel at Mohawk Harbor in Schenectady, New York. The five-story, approximately 100-room hotel will be built by The Galesi Group along the riverfront to the east of where the company is building a $50 million, 3,600-seat sports and events center. BBL will build and co-manage the hotel with The Galesi Group. Community Bank is financing the hotel. The Galesi Group is also partnering with the city of Schenectady on a new dock that will be able to accommodate larger boats than can dock within the harbor. The hotel will have a pool, outdoor patio, fitness facility, and services for boaters.

Playa Hotels & Resorts NV announced reservations are officially open for Kimpton Tres Rios, its newest managed all-inclusive property, for stays in early 2025. Kimpton Tres Rios is the first all-inclusive resort for the renowned boutique luxury brand. Set on a white sand beach in Mexico's Riviera Maya, Kimpton Tres Rios has undergone a significant transformation since early 2023. The property boasts 335 accommodations, seven diverse restaurants, five premium bars and lounges, Kej Spa, and a fitness center.

Playa Hotels & Resorts NV has closed on the sale of the Jewel Palm Beach resort for a total consideration of $68 million in cash. The Company expects total net proceeds of approximately $64 million. Proceeds from the transaction will be utilized for general corporate purposes.

The Benjamin Royal Sonesta Hotel New York unveiled the first phase of its transformation. The New York City hotel features elegant new public spaces, including a refreshed lobby and luxurious renovation of the hotel's 209 residential-style guestrooms, including the renowned Benjamin Suites and the introduction of the brand-new Beverly Suite. Future enhancements at the 26-story hotel include new signature food and beverage concepts and additional amenities to be unveiled later this year.

The Otonomus Hotel is opening in Las Vegas, Nevada, in January 2025 and will be controlled by Kee, the proprietary app that lets you book the units, check in, unlock its front door, and control its temperature through your phone. You can also use the Kee to order room service for your 'e-butler,' which has a two-sided door that allows for contactless delivery. Referred to as an aparthotel by developer Growth Holdings, the Otonomus features 303 units with a full kitchen and living space, 40,000 square feet of retail and restaurants, a pool, fitness center, and a business center.

Founded by brothers Dipesh and Manish Gupta, Shashi Hotel, officially opened three years ago in Mountainview, California, but held its grand opening celebration this past Thursday. Shashi Hotel features 200 rooms, two meeting pods, three traditional meeting rooms, and three restaurants. Shashi Hospitality Group manages the urban-themed hotel.

The Long Lake Hotel on Long Lake in Valparaiso, Indiana, is being sold for an asking price of $1.45 million. The hotel was renovated and turned into a single-family home. It’s being marketed as either a residence or for use as a bed-and-breakfast inn. The property is still zoned for commercial use from its days as a hotel. The hotel had 10 rooms and is now a six-bedroom, six-and-half-bath property.

Two hotels along the coast in York, Maine, are both due to be sold in foreclosure auctions next month. The hotels, the 52-unit York Beach Surf Club and the 82-room Sea Latch Inn, were bought in the last few years by limited liability corporations registered to the same address on Cape Cod.

HREC Investment Advisors has arranged the sale of the 61-room Fairfield Inn & Suites Green Bay Southwest located in Green Bay, Wisconsin, on behalf of Legendary Capital. The buyer, Nandini Tiwari, plans to convert the hotel into a Comfort Suites later this year. The asset was sold through the online auction and marketing platform, RI Marketplace. HREC Investment Advisors exclusively represented Legendary on the transaction.

CIM Group announced its CIM Real Estate Debt Solutions business, on behalf of a CIM-managed fund, has closed a $31 million whole loan to an affiliate of CarrAmerica to refinance the Hotel Indigo Old Town Alexandria, in Alexandria, Virginia. Developed by Carr, the five-story, 120-room compact full-service hotel offers an all-day restaurant, lounge, fitness center, meeting space, and parking garage.

Hyatt Hotels Corporation entered into a Purchase and Sale Agreement with the Margot and Tom Pritzker Foundation, pursuant to which the company agreed to purchase an aggregate of 1,642,251 shares of Class B Common Stock of the company owned by the foundation at a price of $152.23 per share, which represents the Volume Weighted Average Price for the Class A Common Stock of the company for the three trading-day period ending September 20, 2024. The aggregate purchase price for this repurchase transaction is $249,999,869.73. The closing of such a repurchase transaction is expected to occur on September 24, 2024. Upon closing of this repurchase, the 1,642,251 shares of Class B Common Stock will automatically convert into 1,642,251 shares of Class A Common Stock. All 1,642,251 shares of Class B Common Stock converted in the repurchase will be retired in accordance with the company's Amended and Restated Certificate of Incorporation, and the number of authorized shares of Class B Common Stock will be reduced by 1,642,251 shares. All 1,642,251 shares of Class A Common Stock into which the shares of Class B Common Stock converted will also be retired and will resume the status of authorized but unissued shares. The shares repurchased were repurchased under the company's previously announced repurchase program. Following this repurchase, the company will have approximately $982 million remaining under its repurchase authorization.

Personnel Move

Aethos, the next-generation, experience-led boutique hotel & member club brand, announced the appointment of Christophe Thomas as the new Chief Operating Officer, effective immediately. In his new role, Christophe will be responsible for providing strategic direction and overseeing the daily operations of Aethos to ensure seamless functioning across all departments and locations. Prior to joining Aethos, Christophe served as General Manager of several prestigious properties across the United States.