Ryman, Summit and Apple Report Growth

The DJIA rose 427 points while Nasdaq was up 259, the S&P 500 rose 70, and the 10-year treasury yield was down .02 to 4.29%. Lodging stocks were modestly higher. SVC traded down to a new low, but VCSA was up 15%.

Ryman Hospitality Properties reported a 3Q modest EBITDAre and AFFO beat. While they modestly cut 4Q EBITDA and 2024 guidance, they upped their dividend by 4.5% to $1.15 per share for the quarter. Summit Hotel Properties beat estimates but had recently been lowered due to the impact of the hurricanes. INN reported that they sold the 101-room Four Points San Francisco Airport for $17.7 million in late October. Apple Hospitality reported an earnings beat on strong margins. They also tightened guidance which was basically an increase. APLE bought back 1.4 million shares for $19 million, which pretty much shows that anything below $14.50 is being bought by them. APLE has four hotels in the process of being sold for $31.1 million.

Hilton announced a franchise agreement for the transformation of The Sens Cancun Adults Only All-Inclusive Resort into Tapestry by Hilton, marking one of the more than 10 new agreements secured by Hilton in Mexico for 2024. Oasis Hotels & Resorts, the current owner, will continue managing The Sens Cancun. The resort will undergo a comprehensive renovation, enhancing all guestrooms and public spaces with modern, artistic design elements. Guests can look forward to nine diverse dining options alongside a newly designed rooftop bar and restaurant offering.

Davidson Hospitality Group has been selected by Lennox Capital Partners to manage two distinctive properties: The Highland Dallas, Curio Collection by Hilton in Dallas, Texas, and The Westin St. Louis in St. Louis, Missouri. The Highland Dallas offers 204 guestrooms, 11,420 square feet of meeting and event space, The Spa at The Highland, and a steakhouse restaurant. The Highland Dallas will soon undergo a comprehensive $13 million renovation of its public spaces and guestrooms.

Sonesta International Hotels Corporation announced the opening of the 40-room Canadas Best Value Inn Kapuskasing in northeastern Ontario.

IHG Hotels & Resorts celebrated the opening of a newly converted and rebranded Holiday Inn Express hotel in Oklahoma City, Oklahoma. The hotel offers 75 guestrooms, 265 square feet of meeting space, a fitness center and an indoor pool. Holiday Inn Express & Suites Oklahoma City Northwest is owned by RSM Hospitality LLC and managed by Champion Hotels.

Garner Hotels, the latest midscale conversion brand from IHG Hotels & Resorts, announced the opening of its 62-room Garner Hotel Aiken South in South Carolina. The hotel features the Garner Shop, a business center and an indoor pool. Garner Aiken South operates under the ownership and management of Shree Ganesh Hospitality, LLC.

Hyatt Hotels announced Grand Hyatt Scottsdale Resort had completed its highly anticipated $115 million property-wide renovation. The property, formerly known as Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch, marks the first Grand Hyatt hotel in Arizona. The newly re-imagined luxury resort offers 496 updated accommodations, including the resort’s 18 luxury Casitas and the two-story Gainey House; six elevated dining experiences; upgraded 10-acre destination pool complex and expanded cabanas; the new Spa Avania; and 27 holes of championship golf at the adjacent Gainey Ranch Golf Club.

The Miami Beach Redevelopment Agency has given the green light for $92.5 million in funding for the long-anticipated Grand Hyatt Miami Beach Convention Center Hotel project. The funding will support MB Mixed Use Investment, LLC, a partnership between Terra Group and Turnberry Associates, in developing the $600 million, 800-room Grand Hyatt hotel.

The Millennium Hotel in downtown Minneapolis closed on Monday for a $40 million renovation and rebranding project. Following the renovation, which is expected to be completed in the spring, the hotel will reopen as the Sheraton Minneapolis Downtown Convention Center.

The value of a 289-room hotel owned by Oakland Alameda Hotels near a teamless Oakland Stadium has plunged 80%, putting it at risk of foreclosure. The valuation of the Radisson Oakland Airport in Oakland, California, fell to $15 million last month, from $75 million in January 2018, Bisnow reported, citing figures from Morningstar.

Griffin Hotel Management LLC has merged into Meyer Jabara Hotels. Effective immediately, Griffin will transition 14 assets to the MJH umbrella, and when combined with other deals currently in the 2024 pipeline, the hotel ownership and management company will reach 50 hotels by Q1 2025. Griffin executives James Kirkland and Jay Fishman are taking on new roles at Meyer Jabara Hotels. Kirkland, Griffin CEO, is assuming the role of Senior VP of Operations – Western Region and will oversee that region from Austin, Texas. Fishman, the majority owner of Griffin, will take on a business development role with MJH based out of the Chicago area.

Casetta, a boutique luxury hotelier, is redefining small-batch hospitality with its masterful collection of architecturally significant boutique hotels and exciting new launches on the horizon across Southern California and the Southwest in Q1 2025, set to double the portfolio’s size. Casetta has already made its mark with its stunning portfolio of boutique properties, including Surfrider Malibu; Casa Cody in Palm Springs; and The Pearl Hotel in San Diego. Now, with three major hotel openings set for Q1 2025, Casetta continues its legacy of transforming historic spaces into bespoke retreats across these new regions: Hotel Willa in Taos, New Mexico; Hotel Lucile in Silver Lake, California; and Hotel Marina Riviera in Big Bear Lake, California.

Weekender Hotels will seek financial assistance from the Warren – Washington Industrial Development Agency to develop a year-round resort hotel in North Creek, New York. The proposal calls for Weekender to renovate the Phoenix Inn, a classic colonial-style hotel.

Yellowstone Real Estate Investments has acquired the defunct Midtown East Maxwell hotel, adding another distressed property to its real estate portfolio. The firm picked up an outstanding debt of $233.56 million on the hotel, a 697-room property in Manhattan. LoanCore Capital first provided the $233.5 million loan. Capstone Equities and Highgate Hotels bought the building in 2018 for $183 million, Dune Real Estate Partners and Aynsley Capital covered the acquisition portion of the loan.

The Cleveland Browns released more details on what they plan to do with the 16 acres they have accumulated next to their training complex in Berea, Ohio, and their partners for the mixed-use development. District 46 at Cross Country Mortgage Campus will include sports-centered features like community fields for multiple youth, high school and adult sports, a community field house, and a sports medicine facility operated by University Hospitals. There will also be an upscale hotel operated by Shaner Hotel Group, a parking garage, and 30,000 square feet of retail space. Plans call for a 2027 opening. The Haslam Sports Group is partnering with Berea City Schools, the city of Berea and University Hospitals. District 46 will be developed by DiGeronimo Companies.

Mumford Company is pleased to have represented Littlefield Enterprises Mt. Pleasant, LLC in the sale of the Comfort Suites of Mount Pleasant, South Carolina, to Dhara Hospitality Group.

Pebblebrook Hotel Trust announced the extension of $787 million in debt maturities. PEB extended the maturity of $185.2 million of its recently reduced $200 million 2025 term loan to 2029 and extended the maturing of $602 million of its $650 million senior unsecured revolving credit facility to 2029.

Personnel Moves

Commonwealth Hotels announced the appointment of Shawn Kvernen as its new vice president of development. Before this appointment, he held the position of senior vice president of operations and senior vice president of business development at Aimbridge Hospitality.

Europe Highlights

Hyatt Hotels Corporation announced the opening of Hyatt Centric Malta, marking the brand’s debut in Malta. The 170-room hotel features 1,808 square feet of event space, including three meeting rooms, a restaurant, a rooftop pool, and a wellness center offering an indoor pool, treatment room, hot tub, Finnish sauna and a gym.

Hyatt Hotels Corporation announced the grand opening of AluaSoul Costa Adeje in Tenerife, marking a new milestone in its brand expansion across the Canary Islands. Part of Hyatt’s Inclusive Collection portfolio and the Alua Hotels & Resorts brand, AluaSoul Costa Adeje features 226 renovated guestrooms, diverse dining options, a newly updated outdoor pool with sun loungers, an onsite spa, and three versatile meeting rooms.

Pyramid Global Hospitality announced the strategic merger of the company’s European division, Hamilton Pyramid Europe, with Axiom Hospitality to create the UK and Continental Europe‘s hotel and resort management company of choice for the region’s leading hotel sector investors. Following a period of integration into early 2025, the European business will be led by Axiom’s Jamie Lamb and Alex Pritchard and supported by a best-in-class team of integrated hospitality professionals from both organizations.