Hyatt Expands Select Service Pipeline in Americas

The DJIA ended Friday with a jump of 341 points while Nasdaq was up 219, the S&P 500 rose 51 points and the 10-year treasury yield rose .13 to 3.98%. Lodging stocks were higher. VCSA was the big winner, up 9%, SVC was up 5% but SOHO was down -6%.

Hyatt Hotels Corporation announced significant growth in its select service pipeline, with a ~25% increase in the Americas over the past three years. As of June 30, 2024, this segment represents over 50% of Hyatt's total pipeline in the Americas. Hyatt's contemporary upscale select service brand, Caption by Hyatt, has launched a refreshed approach with increased market flexibility, a more efficient food and beverage model and an evolved prototype design. With two recent openings in Asia Pacific in 2024 and more locations expected to open across the U.S. in 2025, the Caption by Hyatt brand is poised for continued global growth. In just 18 months since first being announced, Hyatt's first upper midscale extended stay brand, Hyatt Studios, has experienced impressive growth, rapidly expanding with over 4,000 pipeline rooms and 250 deals in various stages of negotiations. The brand's momentum includes two recent groundbreakings and four hotels under construction, with openings slated for 2025 and 2026. Hyatt Studios Harrisonburg broke ground on September 5 in the Shenandoah Valley, one of three executed deals by Suburban Capital in Virginia, with plans for additional locations in Chesapeake and Charlottesville. Hyatt Studios Texarkana, developed by DPN Properties, broke ground on September 26, located on the Texas-Arkansas border and a new market for Hyatt. Newly executed deals include: Hyatt Studios Venice, Florida; Hyatt Studios Madison, Alabama; Hyatt Studios Mechanicsburg, Pennsylvania; Hyatt Studios St. George and Hyatt Studios La Verkin, both in Utah. Hyatt House and Hyatt Place are undergoing exciting upgrades driven by owner and guest feedback. Hyatt House now features a new generation of elevated guestrooms. Updates include refreshed kitchen and living space, with new kitchen islands, media consoles and hard surface flooring. The Hyatt Place brand is currently in a test-and-learn phase, focused on reducing build costs and improving operational efficiency. This includes analyzing all aspects of the prototype, like room mix, exterior and interior materials, and simplifying the interior design.

The highly anticipated Thompson Palm Springs is now open in Palm Springs, California, spanning two and a half city blocks along the iconic Palm Canyon Drive downtown. The new Thompson Hotels property is the first project between Hall Group and Hyatt. Thompson Palm Springs features 168 guestrooms including 18 suites. The property is set to debut an exclusive adults-only tower, Upper Stories, later this year. Situated in a private enclave at the hotel's edge, Upper Stories will house a separate collection of 42 guestrooms with five suites, bolstered by the added advantage of a private pool and lounge reserved for Upper Stores' guests. Thompson Palm Springs is home to multiple food and beverage venues, a skyline pool and swim club, more than 30,000 square feet of retail space, a fitness studio, and more than 20,000 square feet of flexible indoor and outdoor event space.

Peachtree Group celebrated the groundbreaking of a new 19-story, dual-branded hotel development featuring an AC Hotel and Moxy Hotel, in the heart of uptown Dallas, Texas. The development will boast 264 upscale hotel rooms, 110 rooms for the AC Hotel and 154 rooms for the Moxy Hotel, and is expected to open in Summer 2026. The signature Moxy Bar and Restaurant will greet guests at street level. An exclusive highlight of the property will be the custom-branded bar and lounge on the 8th floor, to feature an elevated amenity deck with an outdoor terrace and water features. The property will also include a fitness center and a 261-stall onsite parking garage.

Downtown Kansas City, Missouri's newest hotel, the AC Hotel Kansas City Downtown, will open its doors on October 10, in the historic Rialto Building, following a $73 million renovation by Beechwood Pinnacle Hotels. According to the local Business Journal, the property will feature 239 rooms, including 11 suites, six event spaces, meeting space, AC Kitchen & Café, AC Lounge and valet parking. Greenwood Hospitality Group, an affiliate of Hotel Equities, will manage the hotel.

The Four Points Sheraton Hotel in Kelowna, BC, celebrated its 55-room expansion, bringing the total number of rooms to 175. Argus Properties stated the expansion includes a number of suite options as well as an increased corporate meeting space and enhanced food and beverage offerings.

Hilton Worldwide wants to bring a new hotel brand to a Downtown district where an Atlanta hospitality giant has been expanding. Hilton recently confirmed it would flag the project as a Motto by Hilton, which is not yet in Atlanta. Some 221 units would be branded as part of the Motto, and another 140 units are also planned, but it's not clear if they are for hotel or residential use. Horizon Hospitality Management Inc.is the developer of the project.

NewcrestImage announced the addition of The Beeman Hotel, which features 296 guestrooms and suites across nine floors, in Dallas, Texas. The hotel's amenities include a heated indoor pool, a fitness center, 12,000 square feet of flexible conference space, lounge with video games, coffee shop, and a Texas BBQ restaurant. NewcrestImage has selected Coury Hospitality to manage the property.

Aimbridge Hospitality has expanded its specialized Select Service operating division with the addition of seven properties owned by Starwood Capital. The seven hotels add 724 keys in Illinois, Louisiana, Michigan, and Ohio to the third-party operator's managed portfolio, representing select and extended stay verticals within the Hilton and Marriott family of brands.

The Fairmont Breakers returns as Long Beach, California's luxury hotel, following an extensive renovation. X-Caliber funding and its affiliate, CastleGreen Finance, provided $122.2M in capital for the hotel in February. About $64.5M of that total comes from bridge loans from a first mortgage and historic tax credits, with the remainder coming from CPACE financing. Upon opening, the Fairmont Breakers will offer some 185 boutique rooms and 22 suites. There will be a rooftop pool and terrace and an open-air rooftop lounge. A two-story spa, wellness and fitness center will be on the ground level. There will be multiple food and beverage venues, a live jazz club and just under 10,000 square feet of indoor and outdoor function space.

One of Syracuse's biggest hotels closed abruptly on Wednesday, several months after its owners announced plans to convert it into an apartment building. The 279-room Crowne Plaza is owned by TJM Properties and a partnership led by Buxton Development Group is proposing to convert the hotel's pie-shaped rooms into 287 fully furnished studio apartments. Work on that conversion was scheduled to start in June, with completion targeted for the fall of 2025.

After sitting vacant for over 40 years, Hotel Fresno, in Fresno, California, is now re-opening. The hotel was transformed from a dilapidated concrete and brick structure to a fresh, white building that now houses 81 mixed-income units, which are all fully leased.

A massive two-tower hotel, commercial, and residential redevelopment is planned for the Oaks Hotel property in Niagara Falls, Ontario. Niagara Falls city council approved Hennepin Realty Holdings Inc. and Hennepin's View Inc.'s official plan and zoning bylaw amendment request to facilitate two 58-story, mixed-use towers atop a seven-story podium with 1,140 hotel units, 126 residential units and various commercial uses. A nearby property, occupied by a restaurant, the Days Inn by Wyndham Fallsview Hotel and associated surface parking will be used to accommodate a six-level parking structure to support the Fallsview development.

The Albert Hotel in Fredericksburg, Texas, is officially accepting reservations for January 3, 2025 and beyond. Part of the New Waterloo hospitality family, the Albert occupies two acres right in the heart of Fredericksburg's historic shopping and entertainment district. From cozy bunk rooms and luxury suites to the exclusive multi-bedroom Albertina House, the hotel features 105 guestrooms in total, four culinary concepts, a sunken limestone pool, and a full-service spa with seven private treatment rooms.

Signaling a significant stride in economic and cultural development within the Navajo Nation, President Buu Nygren has ratified a pivotal lease for a $700 million resort development at the famed Horseshoe Bend in Arizona. The agreement paves the way for the Navajo-owned Horseshoe Bend Holdings, LLC to foster local heritage but also to attract considerable investment, eliciting a notable occasion for the tribe. Horseshoe Bend will soon see the advent of a 300-room resort and conference space, whose groundbreaking is anticipated in about 18 months.

Blue Chip Casino Hotel Spa, in Michigan City, Indiana, recently completed the renovation of 302 guestrooms and an update of amenities. The hotel renovation headlines a recent reinvestment campaign throughout the property. Two new restaurants have been added to the property while future plans include an update of the resort's spa which is set to debut in fall 2025. Blue Chip Casino Hotel Spa is a property of Boyd Gaming Corp. The property features a casino, two hotel towers and three restaurants. The facility also offers The FanDuel Sportsbook, a spa, salon, fitness center and an event center.

Mumford Company completed the sale of the Best Western Plus in Sweetwater, Texas. Mumford represented the seller, West Lone Star Ltd, in the transaction. The purchaser, Ram Ji Enterprises, LLC, plans to complete capital improvements to the property and continue to operate as a Best Western Plus.

Europe Highlights

Hyatt Hotels Corporation announced the opening of the family-friendly, all-inclusive Dreams Madeira Resort, Spa & Marina, marking Hyatt's Inclusive Collection's entry into Portugal. The new resort boasts 366 guestrooms and suites, seven restaurants, five bars, event space, multiple entertainment areas and four pools, including a children's splash park and a freshwater pool. Scheduled to open in January 2025, the Dreams Spa will offer a variety of treatments and amenities such as a heated indoor pool, Jacuzzi, hammam, sauna, cold water plunge, diathermic showers and seven treatment cabins.

The Park Hyatt London River Thames announced its October 8 opening ceremony. The 18-story hotel is located in a 22-story skyscraper next to the St. George Wharf Tower. The 203-room hotel, including 34 suites, occupies all of the floors up to the 18th level with service-branded apartments above. There will be four restaurants, a 20-meter pool on the wellness floor, and a ballroom with the capacity for up to 820 guests.

A planned new Hilton Hotel in Liverpool's famous Mathew Street will be nearly double its initial size after the amended proposals were signed off. Craig Greenwood previously had plans for a 150-room hotel within the Cavern Walks shopping center approved, but this will now be extended to 283 rooms after new proposals were given the green light by the city council's planning committee. Mr. Greenwood acquired Cavern Walks in a joint venture with JSM Company Group in October 2022. As part of an agreement between the firm and Hilton, the hotel brand will bring its new line Motto by Hilton to the city. Plans for the venue also include cinema rooms, function rooms and a bar