Mandarin Oriental Plans Miami Project

The DJIA surged 1508 points on the day after Election Day, Nasdaq was up 544, the S&P 500 was up 146, and the 10-year treasury yield jumped .14 to 4.43%. Despite the uptick in treasury yields, lodging REITs had a solid day led by SVC with a 12% rebound. Lodging stocks all around had a great day, with the biggest gainers including PEB up 8% and then VAC, WH, H, HGV, INN, and APLE each up 7%, and MAR, CLDT, XHR and DRH with gains of 6% today.

Jefferies initiated coverage on Ryman Hospitality Properties with a Buy rating and $130 price target. Their positive view on RHP is based on unique hospitality assets with the long-booking-window group market with post-Cover recovery room and incremental asset growth likely. In addition to real estate, Jefferies sees long-term value in the growing media/entertainment business and its spin/unlock potential. Jefferies said RHP is their top pick in the REIT group.

STR reported US lodging data for the week ended 11/2. US hotel RevPAR was up 3.1% for the week year over year. Occupancy was up 1.9%, while ADR rose 1.2%. A timing shift with Halloween boosted results. The Taylor Swift effect in New Orleans boosted RevPAR there by 53% and Tampa was up 45%, most likely due to the impact of Hurricane Milton.

According to an investigation by the Attorney General’s Office (FGE) of Quintana Roo, the tourist development SLS Hotels Playa Mujeres was secured. In addition, all access to the resort was restricted, thus preventing its opening, scheduled for November 10. State authorities are investigating SLS Hotels, owned by Accor, for alleged acts of dispossession and corruption related to the construction of its new tourist development, SLS Hotels Playa Mujeres, which has 498 rooms and is located in Cancun, Quintana Roo. According to the FGE, the complaint was filed after an investigation revealed that the foreign company illegally dispossessed land adjacent to its property, allegedly to correct deficiencies in the infrastructure of its project and comply with the legal requirements necessary to its operations. Without these requirements, the operating permits would be flawed and would lack legal validity. The FGE of Quintana Roo, in addition to the investigation for dispossession, is also investigating the possible responsibility of SLS Hotels in several patrimonial crimes related to the construction and operation of the tourist development in Playa Mujeres.

Aimbridge Hospitality has been selected to manage the new Bloom Tulum, the first Apartments by Marriott branded residences in Mexico. Owned by BCG Realtor Trust, the hotel will total 137 keys in 95 units, offering options for travelers of all kinds with 1-4 bedroom apartments just minutes from the Caribbean Sea and 35 minutes from Tulum International Airport.

Hyatt Hotels Corporation plans to rebrand the Thompson Playa del Carmen Main House and Beach House as Hyatt Centric Playa del Carmen. The hotel is expected to reopen under the new brand by the end of 2024, becoming Mexico’s second Hyatt Centric property.

Atwell Suites Henderson – at the Pass, an IHG hotel, marks the arrival of the first major hospitality brand on Water Street in Henderson, Nevada. Built on the historic site of the Pass Casino, Atwell Suites is the latest addition to DeSimone Gaming‘s expanding hotel portfolio.

Mandarin Oriental Hotel Group is enhancing its presence in the United States with the Group’s latest project on Miami‘s prestigious Brickell Key, The Residences at Mandarin Oriental Miami. MOHG also has planned projects in Mexico and Grand Cayman, emphasizing its commitment to luxury and sustainable hospitality. Also, Mandarin Oriental International Limited announced the appointment of Scott Woroch to its Board as an Independent Non-Executive Director, effective November 4, 2024. Scott has more than 30 years of experience in the luxury hospitality sector. He is the co-founder and managing director of Kadenwood Partners, and prior to that, he worked at Four Seasons Hotels and Resorts for 15 years.

Peachtree Group announced a long-term partnership with Group 10 Management, expanding its managed portfolio with 14 new hotels totaling 1,648 rooms, pushing Peachtree’s total managed operations beyond 100 hotels. The properties are primarily Marriott, Hilton and IHG-branded hotels and are predominately located in the metro Detroit area.

Edgewater Group TM LLC announced the acquisition by an affiliate, 120 North Lee QOZB LP, of a historic bank building in Americus, Georgia. Edgewater Group will transform the circa 1900 building into a distinctive upscale extended-stay property, Alluxsuites at the Vault.

Desmond Bell, owner of Bell Vue Properties, has taken the Southern Queen Hotel, located in the historic Shake Rag District of Bowling Green, Kentucky, under its wing.

JLL Hotels & Hospitality group arranged the refinancing for the 254-key Hilton Garden Inn Seattle Bellevue Downtown. JLL worked on behalf of the borrower, West 77 Partners, to secure a fixed-rate, five-year loan through a national life insurance company.

Paramount Lodging Advisors announced the sale of the Radisson Hotel and Conference Center located in Ames, Iowa. The 75-key, lender-owned property allows new ownership the potential to convert to one of several flags.

Paramount Lodging Advisors has also announced the sale of the Marriott Flint Michigan Portfolio. The properties included in the transaction are the 87-key Residence Inn and the 102-key Courtyard by Marriott. 

The Waldorf Astoria Costa Rica Punta Cacique, located along Costa Rica‘s northern Pacific coast, is accepting bookings for stays starting March 13. The 188-room property will be home to six dining outlets, including a signature restaurant and an outpost of the brand’s Peacock Alley venue.

Personnel Moves

Mandarin Oriental announced the appointment of Amanda Hyndman to the position of Chief Operating Officer, effective Nov. 1, 2024, following the retirement of Christoph Mares.

Premier Inn owner Whitbread has started the search for a new chairman to replace Adam Crozier, who is expected to step down within the next year, according to Sky News.

Europe Highlight

Bob W has signed a lease in Sweden, marking a major step in its European expansion and completing its presence across all four Nordic capital cities. The seven-story property, a former hotel located in Stockholm‘s city-center district of Norrmalm, will undergo comprehensive refurbishment works to transform its into a Bob W building. The operator has partnered with Altira to convert the site into a design-led, tech-powered space, with practical completion expected in the summer of 2025. Bob W Stockholm City Centre is the company’s first venture into the Swedish market.