Ashford Hospitality Trust Announces Reverse Stock Split

The DJIA ended Friday with a gain of 138 points but Nasdaq was down 71 while the S&P 500 fell 7 points. The 10-year treasury yield was down .04 to 3.75%. It was a mixed day for lodging stocks. HLT and IHG traded up to new highs while SHCO was up 10% but SOND was down -17%, AHT fell -15% on the day and VCSA was down -5%.

The drop in Ashford Hospitality Trust can be traced to their announcement of another reverse split. AHT said they received notification from the NY Stock Exchange that they were not in compliance with the minimum $1 bid price requirement. AHT said they will execute a 1 for 10 reverse stock split to regain compliance.

The Ritz-Carlton, Half Moon Bay, located in Half Moon Bay, California, unveiled its stunning property refresh with extensive updates to the guestrooms and suites, as well as The Spa, Signature Restaurant Navio, The Conservatory, and more. The 261-room hotel is the San Francisco Bay Area‘s only oceanfront resort.

A 200-room Marriott Courtyard near O’Hare International Airport traded hands earlier this month, according to therealdeal.com. Buyers Parag Patel and Kevin Patel bought the hotel in Des Plaines, Illinois for $21 million from NewcrestImage. The loan was secured from Midland States Bank. The investors are planning a $5 million renovation of the hotel, beginning in December and finishing in one year.

A Hilton Tru/Home2 Suites hotel is in the works for a site along Bromley Boulevard in Burlington Township, New Jersey. The full-service hotel is to have approximately 150 rooms, with conference and meeting facilities. A 500-unit multi-family development is also on the way and is expected to be completed in the first quarter of 2025. The entire project, rebranded as “Crossings“, is being executed by a partnership with MRP Industrial and Clarion Partners, with assistance from Moonbeam Capital Investments, according to ROI-NJ. By its completion, Crossings is to support more than 2.5 million square feet of warehouse/industrial space, approximately 135,000 square feet of retail space , the 150+ room hotel, in addition to the 500-unit multifamily community.

Grand Hyatt Deer Valley anticipates welcoming its first guests in November 2024. The resort marks the debut of Deer Valley East Village. It will feature approximately 400 luxury accommodations, multiple exciting food and beverage experiences, nearly 30,000 square feet of indoor and outdoor event space, a heated outdoor pool, three oversized hot tubs and a spacious pool deck, a modern fitness lounge as well as a serene retreat in the first phase of the hotel’s spa opening, and a Camp Hyatt Kids Club.

LHR Hospitality announced the completion of a $4 million property renovation to the Wyndham Garden Hotel in Otsego, Minnesota. The renovation touched all 125 guestrooms, three banquet spaces, hallways, the main lobby and the bar. In addition to updated accommodations, the property also boasts a 30,000-square-foot water park with three slides.

Sooke Harbour House announced its grand reopening after a four-year closure for a $14 million, extensive renovation. Located on the rugged west coast of Vancouver Island, the oceanfront boutique resort now offers 28 renovated rooms, unparalleled outdoor spaces, and the signature Copper Room Restaurant.

Local developers plan to transform the former Fidelity Trust Building, in Portland, Maine, into a historic hotel. Fathom Companies, in partnership with SwingPoint Development, will lead the renovation. The former office building will become an upscale boutique hotel with a full-service restaurant, a historic speakeasy bar, and approximately 92 rooms and suites on nine floors.

The Wildbirch Hotel is slated to open in early 2025 in the heart of the downtown Mushing District of Anchorage. The Wildbirch hotel is anticipated to be the first JdV by Hyatt property in Alaska and will feature 252 modern accommodations, including eight suites, multiple onsite food and beverage concepts, multiple communal outdoor decks with cozy firepits, and 4,800 square feet of meeting and event space. The multimillion-dollar property is a labor of love from two longtime locals and former public servants, Mark Begich and Sheldon Fisher. The businessmen and partners formed MASH, LLC to further spark the revitalization of downtown Anchorage with this project and several others in the works. MASH has collaborated with Springboard Hospitality to operate the hotel.

According to Star Beacon, the Riverbend Hotel hosted is grand opening celebration on Wednesday, in Ashtabula, Ohio. The property is owned by Riverbend Hotel, LLC and managed by Emerald Hospitality Associates.

Aparium Hotel Group announced that upon opening in Seattle‘s Pioneer Square, Hotel Westland will feature 120 guestrooms, a signature restaurant, and Pioneer Square’s first rooftop bar. The property will anchor the RailSpur micro-district in Pioneer Square. Developed by Urban Villages, the hotel preserves the original 1907 brick and Douglas Fir timbers of the Manufactures Exchange Building. RailSpur is a major adaptive reuse development by Urban Villages that includes Hotel Westland, Death & Co cocktail bar, three Sea Creatures restaurants, and 77,000 square feet of workspace with a rooftop event space. Additionally, RailSpur features 26 Sonder Suites and activated alleys hosting regular art, music and culinary events.

The Chickasaw Nation and OKANA Resort & Indoor Waterpark, Oklahoma City‘s newest tourist attraction, announced it is now accepting room reservations for stays beginning April 1, 2025. The $400 million resort and waterpark will be a world-class destination featuring 404 guestrooms and suites, 12 unique dining and beverage outlets, three outdoor event spaces, retail shops, a family entertainment center, an expansive indoor waterpark, and a 4.5-acre outdoor adventure lagoon.

El Cosmico, an existing hotel and campground on the outskirts of the city of Marfa, Texas, is expanding. It is building 43 new hotel units and 18 residential homes over 40 acres, all with a 3D printer by 3D printing company ICON. According to El Cosmico owner Liz Lambert, it is the world’s first 3D-printed hotel. The expansion of El Cosmico is set to be completed by 2026.

The first of the three Verano hotels to be developed in Puerto Rico will open its door during the spring of 2025 in Santurce, in San Juan, according to Verano Hotels and Resorts. The property will be the first to join the Leading Hotels of the World list. Verano San Juan which will offer 45 rooms, including 17 suites, is being developed on property that Island Paradise entity QOZB LLC purchased in 2021. Among its offerings will be a rooftop restaurant and bar. In addition, an exclusive membership will be available with selected events, community improvement projects, among others. The property will also have meeting spaces, while the lobby will be a social hub. In addition to Verano San Juan, Island Paradise is developing a hotel in the former La Fuente motel in San Juan’s Caimitio neighborhood. It is also planning to begin construction of a new hotel in the former Bahia Salinas Beach Resort and Punta Aguila resort in Cabo Rojo. The investment in the three projects amounts to $100 million.

Personnel Move

The American Hotel & Lodging Association hired Steven Okuley as its new senior vice president for conferences and events. Okuley will lead a seasoned team responsible for creating and executing high-value events for the association and the AHLA Foundation that drive member engagement and deliver value for sponsors and contributors. Okuley previously served at American Airlines as Director of B2B Customer Engagement & Communication. Prior to that, Okuley was Director of Global Meetings & Events for Starwood Hotels & Resorts.