CBRE: Hotel Performances Vary Worldwide

The DJIA fell 185 points while Nasdaq was down 7, the S&P 500 fell 10 points, and the 10-year treasury yield was up .07 to 3.85%. Lodging stocks were lower.
 
Key takeaways from CBRE’s 2024 Global Hotels Midyear Outlook include the United States: RevPAR growth is forecast to be 1.2% for 2024, with stronger performance in H2 driven by election-related events, easier prior-year growth comparisons, more inbound international travelers, and a slight uptick in both group and individual business travel demand. Northern Latin America: The region shows strong resilience, with Costa Rica surpassing pre-pandemic occupancy levels and Mexico attracting significant international visitors. Europe: RevPAR growth is anticipated to decelerate to around 5% in 2024, though luxury and resort locations should continue to outperform due to high-income travelers’ preferences. Middle East: Strong visitation growth in Saudi Arabia and the UAE underpins occupancy, and RevPAR increases in many key cities throughout the GCC. Asia Pacific: Significant growth in air travel has supported RevPAR growth in most markets, leading to increased occupancy levels.
 
Developer Dream Capital Management is planning an eight-story Marriott hotel in Nashville, Tennessee. According to hotelprojectleads.com, the 265-guestroom, dual-branded Marriott would include an outdoor amenity area with a pool, fire pit, and outdoor dining and seating areas. The ground level of the building will offer around 7,000 square feet of retail space.
 
Maverick Hotels and Restaurants announced the addition of the Renaissance Chicago O’Hare Suites to its portfolio. The hotel features 362 spacious suites, a fitness center, indoor pool, market-style deli, and three food and beverage outlets. The Renaissance Chicago O’Hare Suites also includes more than 15,000 square feet of total meeting space spanning 16 event rooms. In addition to the Renaissance Hotel, Maverick also announced the October 16th opening of the Hampton Inn & Suites Illinois Medical District, also in Chicago.
 
Construction of a five-story, 130-room AC Hotel by Marriott by Insignia Hospitality Group Inc. is expected to begin in Folsom, California’s Palladio retail destination. hotelprojectleads.com reported the hotel would have first-floor lobby/lounge spaces, a breakfast bar, fitness center, bar, and meeting rooms. Upper floors would have rooms with the executive suites on the top floor. The project is valued at $20.7 million.
 
Hilton Cabana Miami Beach Resort completed its multimillion-dollar renovation, unveiling transformed public spaces, 231 refreshed guestrooms and suites, a re-imagined signature dining experience, and more. Located in the exclusive Millionaire’s Row neighborhood of Mid-Beach Miami and part of the North Beach Resort Historic District, the boutique-style retreat is known for its outdoor pool deck and third-floor terrace pool. The resort has also freshened up its outdoor amenities, including deluxe cabanas and daybeds, new foliage, and wood panel flooring.
 
Hilton Garden Inn Bethesda Downtown has completed a four million dollar transformation, including the lobby, 1,662 square feet of versatile meetings and events spaces, bar and lounge, restaurant, and fitness center. Twin Bridge’s Hospitality is the asset manager of the 216-room property, and HHM Hotels operates the hotel.
 
Construction of a new six-story Hilton brand hotel in the Near Southside neighborhood of Fort Worth, Texas, is expected to begin in March. Records filed with the city this week, including a building permit, indicate that the Tempo by Hilton hotel will have 130 guestrooms, a bar and dining facilities, a fitness center, a patio, and access to the adjacent Magnolia Green Park. Parking will be in a nearby garage with valet service.
 
DoubleTree by Hilton, in Clarksville, Tennessee, has officially opened. The 156-room full-service hotel is owned by Oliver Hospitality and features a restaurant, meeting and event spaces, a lobby bar, fitness facility, and a grab-n-go market.
 
IHG Hotels & Resorts announced the opening of a newly converted and rebranded Holiday Inn Express & Suites hotel in Sulphur Springs, Texas. Holiday Inn Express & Suites Sulphur Springs operates under the ownership of JP Lodging LLC and features 66 guestrooms, a fitness center, and an outdoor pool.
 
A new conference center will add to the large list of amenities planned at the $1 billion VAI Resort in Glendale. The VAI Resort Conference Center will bring 150,000 square feet of meeting space, including 90,000 square feet of traditional conference space and other flexible meeting space, including rooftop and outdoor areas. The VAI Resort has been in the works for years and, once built out, will become one of the largest resorts in Arizona. The overall development is set for a phased opening starting in 2025. Other major features in the resort will include 1,100 rooms across four hotel towers, the Mattel Adventure Park, a large amphitheater and concert venue, a five-acre swimming feature, and luxury shopping and dining.
 
Capital Vacations announced its latest strategic partnership with Multi Resort Ownership Plan, Inc. (MROP). The collaboration aims to enhance MROP Members’ vacation experiences by offering access to a broader range of high-quality destinations, resort options, and benefits. Previously, Capital Vacationssolely provided management services for MROP’s resorts and Members. MROP Members who choose to opt-in will gain access, with no financial obligation, to an extensive portfolio of more than 90 Capital Vacations Club destinations and additional travel options to utilize their memberships. The combined network will offer a wide array of vacation experiences, from beachfront resorts to mountain getaways and cruises, encouraging MROP Members to enjoy the flexibility and freedom of Club Membership.
 
Developers say the largest family entertainment and residential destination in South Dakota is still expected to open in Rapid City. “Liberty Land” hasn’t broken ground yet, but plans are still in the works. Plans for the 300-acre property will include a themed RV Resort, amusement park, indoor/outdoor amphitheater, an indoor water park, a neighborhood with dining, housing, shopping, and a hotel and conference center. Phase one of construction is expected to be completed by 2030.

Choice Hotels International, Inc. announced the relaunch of Radisson Individuals in the Americas region as an upper upscale soft brand focused on full-service, boutique, and independent hotels that stand apart for their distinctive local character and superior guest service. Radisson Individuals is one of the fastest-growing soft brands globally. Since 2020, more than 30 properties have opened around the world, 15 of which are franchised by Choice in the Americas. Each hotel offers a guest experience that leans into three key areas: Hotels will bring the local culture to life through bold designs. Hotels will curate experiences that immerse guests in their destination, including a full-service bar and restaurant inspired by the region’s flavors and upscale amenities such as a pool, spa, and fitness center. Hotels will offer consistently outstanding service that guests expect from a Radisson property.

Personnel Moves

JLL’s Hotels & Hospitality Group announced two key additions to its New York City office: Carolina Bernal as Senior Director and Mackenzie Melikian as Senior Associate. Bernal and Melikian will focus on New York City hotel investment sales advisory while also contributing to national investment sales and strategic initiatives. Additionally, Bernal will join JLL’s Global Hotel Desk, which is responsible for directing global capital flows into hospitality opportunities. These appointments align with JLL’s expanded focus on the New York City hotel market. Kevin Davis, while continuing his role as Americas CEO, will now oversee day-to-day operations for New York City’s investment sales advisory, underscoring the firm’s commitment to this crucial market. Bernal joined JLL from Hodges Ward Elliott, where she was a director of the hospitality investment advisory practice. Melikian was previously an Associate in the Investment Sales and Capital Markets/Loan Sales group at Hodges Ward Elliott.

Europe Highlights

With conversion opportunities leading the way, Radisson Hotel Group delivered strong growth during the first half of 2024, with over 130 new signings and openings internationally. In the UK & Ireland, the Group signed 10 new deals with some 13,000 rooms over the past year and has opened five new properties in the UK so far this year. It has seen success within the sports and events hospitality segment, with exciting signings at Twickenham Stadium, the Home of England rugby, and Edgbaston Stadium, a leading cricket ground in the UK. Radisson Individuals, the Group’s soft affiliation brand, has now reached almost 90 properties trading and in the global pipeline. Radisson Individuals is leading the way for conversions. However, Radisson Blue, Radisson RED, Radisson, and Prize by Radisson also lend themselves to conversion opportunities. A new brand headed for the UK and Ireland is Prize by Radisson, offering a midscale lifestyle experience. The brand is currently present in Germany, Austria, Switzerland, and Belgium and includes around 20 properties in operation and under development, representing almost 4,200 rooms. The Group is rapidly becoming an expert in sports and events-related hospitality and is expected to announce further stadium properties in the coming months. 
 
Hilton announced the signing of two hotels under Hilton’s new premium economy conversion brand, Spark by Hilton, as part of a wider agreement with Verkehrsbuero Hospitality. The 198-room Spark by Hilton Vienna Donaustadt and the 243-room Spark by Hilton Vienna Messe Prater will both open later this year in Vienna, Austria. Both hotels will deliver bright public spaces providing multi-functional seating, a signature Hydration Cart, and a 24-hour retail market.