Marriott Confirms Corporate Layoffs

The DJIA fell 306 points on Friday, while Nasdaq was down 2.4% or 428 points. The S&P 500 was down 79 and the 10-year treasury yield was up .01 to 4.43%. Lodging stocks were lower. SOND fell -12%, BHR was down -7%, and SHCO fell -5% on the day.

Evercore ISI cut their rating on DiamondRock Hospitality to In-Line from Outperform. Their price target is $10.50.

It was first reported by Skift, the parent company of this publication, and then picked up by others that Marriott International has started a company-wide restructuring that includes layoffs in all parts of the corporate business. MAR had hinted at something going on during past conference calls but has confirmed that their review of all aspects of their business has resulted in job reductions companywide.

LuxUrban Hotels Inc announced it will effectuate a one-for-seventy reverse stock split. Stockholders approved this at their special meeting of shareholders on November 12. It will be effective at the opening of trading on November 20. You could spend a lot of time researching how many reverse splits wound up benefiting shareholders. It would be a waste of time since a very tiny percentage of reverse splits actually turned out better for existing shareholders.

Four Seasons Hotel New York, IM Pei's majestic Art Deco masterpiece in Midtown Manhattan, has reopened. The 52-story hotel features multiple food and beverage venues, and more than 15,000 square feet of versatile event options. In 2025, Four Seasons Hotel New York will unveil an enhanced spa.

DiamondRock Hospitality Company has acquired the fee simple interest in the 245-room AC Hotel Minneapolis Downtown for $30 million. JLL's Hotels & Hospitality group handled the sale of the hotel.

Keystone Group will soon start construction of a 109-guestroom Home2 Suites by Hilton at the site of the historic former Chong building at 614 and 616 Race Street in downtown Cincinnati, Ohio. The project will add two new stories at 616 Race Street and four new stories at 614 Race Street. The building will be 84,000 square feet when completed, including 2,000 square feet of commercial space.

PM Hotel Group has been selected to assume management of three properties in the greater Washington DC area, including Crowne Plaza Dulles Airport, Hotel Arboretum and Fairfield Inn & Suites Washington, DC/New York Avenue, further expanding its portfolio to 86 hotels in 22 states. Crowne Plaza Dulles Airport boasts 324 guestrooms, over 10,800 square feet of event space, a fitness center, free parking, EV charging stations and a restaurant and bar. Hotel Arboretum in northeast Washington, DC, is a 126-key property will meeting rooms, a fitness center and an indoor pool. The recently renovated Fairfield Inn & Suites Washington, DC New York Avenue features 126 guestrooms and suites and a fitness center.

Sonesta International Hotels Corporation announced the opening of Sonesta Essential Columbus, an 88-room, upper-midscale hotel located in Columbus, Georgia.

Hotel Polaris at the U.S. Air Force Academy has opened in Colorado Springs, Colorado. Managed by CoralTree Hospitality, the 375-room resort-style hotel offers six food and beverage experiences, a boutique spa and wellness center as well as signature guest services, including the only flight simulators at a hotel in the United States.

GEM Real Estate Partners has sold the 97-room Kimpton Palladian hotel in downtown Seattle to TGH Palladian LP for $36 million.

Hard Rock Hotel & Casino Bristol celebrated its grand opening Thursday morning. Located in Bristol, Virginia, the resort features nearly 1,500 slot machines, more than 50 table games, a sportsbook, 300-plus hotel rooms and seven unique dining options. The venue also offers a 2,000-plus seat Hard Rock Live, Rock Shop and designated non-smoking and high-limit gaming areas, authentic music memorabilia and more.

Crescent Hotel Group is planning to build a new hotel in Los Angeles, California that would replace the existing Tradewinds Hotel, according to HotelProjectLeads. Plans call for the construction of a new 13-story building that would consist of 11 condominiums, 118 extended-stay hotel rooms, 175 guestrooms, event space, lobby, bar and restaurant. The proposed project will take approximately 26 months to complete.

Developers broke ground on the seven-story Hotel Tristan in Pensacola, Florida. Located in the heart of the East Garden District, the hotel will have shops, an event venue space, and a rooftop restaurant and bar. The hotel expects to open in 2026.

LivAway Suites has opened its second location nationwide, located in Richland, Washington. The hotel was developed by West77 Partners, who plan to develop 10-15 LivAway Suites in the state of Washington over the coming years.

Hyatt Hotels Corporation, in partnership with Shebandowan Holdings, S.A., has unveiled plans to open Hotel La Compania del Valle in Valle de Anton, Panama, with a scheduled opening in early 2025. Hotel La Compania de Valle will be part of The Unbound Collection by Hyatt. Designed as a sanctuary for both art and wellness, the hotel will feature a striking sculpture park with over 200 works of art displayed throughout the property, along with healing spa treatments and immersive wellness experiences. The hotel will feature 70 spacious rooms and suites across four distinct wings; three distinctive dining concepts; and the Elysium Spa, spanning 18,000 square feet, will feature a Roman bath, a saltwater pool, chocolate and wine therapies and a sundeck.

The 52-room Peter Island Resort, the largest private island resort in the British Virgin Islands, is officially opening on December 1, 2024. Since its closure in 2017, the resort has undergone a re-imaging that has transformed the property to a new level of luxury. In addition to relocating the heart of the resort to the island's spectacular stretch of Deadman's Beach, a guest of the new Peter Island Resort will find new beachfront rooms and suites, two redesigned villas, an extensive Yacht Club, a seaside spa and an expanded events and meetings area. Formerly Sprat Bay Marina, the Peter Island Yacht Club boasts new offerings including a Yacht Club swimming pool, a recreational area featuring lawn games and pickleball, bocce ball and basketball courts, a bar and grill, boutique and a commissary. The resort also features beachfront fine dining and a new, oceanfront 3,000 square foot Conference Center flanked by two event lawns and a large, open-air veranda. The Spa boasts seven treatment rooms, a fitness center, a meditation sanctuary, manicure/pedicure salon, outdoor pool, and oceanfront hot tub.

Personnel Move

Nexpoint Hospitality Trust announced the resignation of Brian Mitts as Chief Financial Officer & Corporate Secretary, effective December 31, 2024. In connection with Mr. Mitts' resignation, the board of trustees of the REIT appointed Paul Richards, who currently serves as NHT's Vice President, Asset Management, as Chief Financial Officer & Corporate Secretary, effective January 1, 2025.

Europe Highlights

InterGlobe's new lifestyle hotel brand in Europe, Miiro, continues its expansion with the addition of The Mansard, Gstaad, to its growing portfolio, marking the brand's entry into Switzerland. The 29-room hotel offers a rooftop bar, a sauna, Miiro's signature Refresh Room, as well as ski storage facilities. The Mansard has been operating as an independent hotel since May 2024. It will reopen as a Miiro hotel later this month, in time for the start of the winter season, following the rollout of a comprehensive brand training program and a series of thoughtful enhancements to elevate the hotel and guest experience.

KE Hotels announced the expansion of its UK portfolio with the addition of three Hampton by Hilton hotels under new Hotel Management Agreements as of October 2024. The properties now under KE Hotels' management are Hampton by Hilton Newcastle, Hampton by Hilton Birmingham Broad Street, and Hampton by Hilton Sheffield, all located in the U.K.