Grand Hyatt Is Having a Global Moment

It was another interesting day in the financial markets with the DJIA down 121, Nasdaq up 196, the S&P 500 was up 23 points and the 10-year treasury yield was down .04 to 4.38%. Lodging stocks were mixed. SOHO and SVC both traded down to new lows on the day.

STR and Tourism Economics gave their final U.S. hotel forecast revision for 2024, and it is to the downside. Both ADR and RevPAR projections were downgraded by -0.5 percentage points to +1.5% and -0.6 percentage points to +1.4%, respectively. Occupancy for the year was lowered by -0.1 ppts to 62.9%. For 2025 they lowered the occupancy forecast by -0.4 ppts and the forecast for ADR and RevPARincreases were lowered to +1.6% and +1.8% respectively.

The Grand Hyatt brand continues to expand its global footprint in key destinations that matter most to guests, World of Hyatt members, customers, and owners. Building on the latest openings of Grand Hyatt Deer Valley, Grand Hyatt Barcelona, and Grand Hyatt Kuwait Residences, more than 10 new Grand Hyatt hotels are expected to open through 2027 in new markets around the world, including Grand Hyatt Grand Cayman Resort & Spa, expected to open in 2025 with 382 guestrooms. Grand Hyatt The Red Sea is expected to open in Q4 2025 with 420 guestrooms; Grand Hyatt Cancun Beach Resort opening in 2026 with 500 guestrooms; Grand Hyatt Jaipur, the first Grand Hyatt hotel in the state of Rajasthan, is expected to open in 2026 with 409 guestrooms. The Grand Hyatt Los Cabos, expected to open in 2026 with 300 guestrooms, will mark the first Grand Hyatt hotel in Mexico‘s Baja California Sur. Grand Hyatt St. Lucia, debuting as the first Grand Hyatt hotel in St. Lucia, is expected to open in 2026 with 345 guestrooms; and expected to open in 2027 with 400 guestrooms is the Grand Hyatt Bangalore. Additional anticipated hotel openings through 2027 include Grand Hyatt Suzhou Bay (2026), Grand Hyatt Hohhot (2027), Grand Hyatt Yantai Laishan (2027), and Grand Hyatt Madinah (2027). Several Grand Hyatt hotels across the globe are enhancing offerings to meet the evolving needs of today’s high-end travelers. These include the Grand Hyatt Indian Wells Resort & Villas in California, which was recently rebranded from the Hyatt Regency brand following an extensive $64 million property-wide renovation. Grand Hyatt Scottsdale Resort is the first Grand Hyatt hotel in Arizona, following its rebranding from Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch and $115 million renovation. Grand Hyatt Washington in Washington, D.C., is undergoing a multi-million-dollar transformation. Grand Hyatt Atlanta Buckhead‘s phased renovation efforts will continue through February 2025. Grand Hyatt Singapore reopened its doors in July following its renovation, and Grand Hyatt Beijing underwent extensive renovations. Grand Hyatt hotels continue to deliver unforgettable guest experiences globally with inventive restaurants, luxurious spas, and sophisticated meeting spaces. Some of these hotels include Grand Hyatt Vail, Grand Hyatt Goa, Grand Hyatt Nashville, Grand Hyatt Baha Mar, Grand Hyatt Playa del Carmen, and Grand Hyatt Berlin.

Wimmer Communities and Crescent Hotels & Resorts announced the opening of a new dual-branded property, known as The Marriott Center, which is located within the Poplar Creek Town Center in Brookfield, Wisconsin. The Marriott Center comprises the 104-suite Residence Inn by Marriott Milwaukee Brookfield at Poplar Creek and the 121-room Courtyard by Marriott Milwaukee Brookfield at Poplar Creek. The amenity-rich property offers an onsite restaurant, fitness center, pool, rooftop patio with a fire pit, and additional outdoor gathering places with lawn games and grills. The hotel also offers complimentary covered parking.

Highline Hospitality Partners announced the acquisition of the dual-branded Hyatt Place/Hyatt House Charleston Historic District, marking HHP’s 13th and 14th hotels and the company’s first entry into the Charleston, South Carolina market. The 304-room hotel is part of a mixed-use development that includes retail, restaurant, and office space and a 398-space parking garage. The property features 113 extended-stay Hyatt House rooms and 191 Hyatt Place rooms; 8,600 square feet of meeting space; Charleston’s tallest rooftop bar; a heated indoor pool; a fitness center; and a business center. Highline Hospitality Partners has selected Avion Hospitality as the hotel’s third-party manager.

IHG Hotels & Resorts announced the Atlanta debut of voco The Darwin Hotel. The newly converted, four-story, 111-room property is located in the city’s Old Fourth Ward district and features a central courtyard, onsite dog park, and multiple food and beverage venues, including a rotating pop-up local chef program. voco The Darwin Hotel also marks the first IHG-branded Atlanta area property for owner Global SCR. HVMG will oversee the hotel’s operations.

IHG Hotels & Resorts, owner of Today’s Hotel Seattle Corporation, and management company Aimbridge Hospitality recently completed the first phase of a planned full-scale renovation of the Crowne Plaza Seattle – Downtown hotel. Scheduled to be completed before the end of 2024, the project began with a remodel of the hotel’s exterior and public spaces, including a new front desk and lobby and a redesign of its bar, restaurant, and market offerings. The later stages of the renovation will see a re-imagination of the hotel’s 418 guestrooms. The hotel boasts more than 10,000 square feet of meeting and event space.

Sofitel announced the complete renovation of its Canadian flagship, Sofitel Montreal Golden Mile, coinciding with the brand’s 60th anniversary. The renovations will begin with the reception, restaurant, bar, and entrance hall, followed by the common areas, including meeting rooms and the fitness center, by the end of 2024, and finally, the guestrooms, which will be completed in the spring of 2025. Throughout the process, the hotel will remain open to the public. In addition to the hotel itself, Renoir will undergo a major transformation, reflecting the restaurant’s ambiance.

Extended Stay America announced the opening of the Extended Stay America Premier Suites – Asheville, located in Asheville, North Carolina. The four-story, 108-room newly constructed hotel features a fitness room, onsite guest laundry, dedicated pet area, outdoor patio area, and the Extended Stay America Premier Suites’ signature spacious lobby with vending options. TGC Group developed the property.

Equinox Hospitality announced the opening of two Sonesta Simply Suites hotels in the Dallas-Fort Worth area. The 122-suite Sonesta Simply Suites Dallas Richardson and the 98-suite Sonesta Simply Suites Fort Worth Fossil Creek will operate as Sonesta franchises, owned and managed by Equinox Hospitality. Each recently renovated property offers spacious suites, an outside patio/gazebo with a barbecue grill, a fitness center, and laundry facilities.

Brick Hospitality announced the opening of the 108-room Cambria Hotel Imperial-El Centro located in Imperial, California. As with all Cambria hotels, the Imperial property offers a restaurant and bar, meeting and event room, and a fitness center.

Arlo Washington D.C., Arlo Hotels’ seventh location and first in the nation’s capital, has officially opened. The hotel boasts 445 guestrooms and 4,287 square feet of event space, including five private meeting rooms, an interior courtyard, and the ARTDC rooftop, which includes a bar and lounge and a resort-style pool.

My Place Hotels of America has opened My Place Hotel-Tucson North Marana/Cortaro in Tucson, Arizona. Owned by Opwest Partners and managed by Legacy Management, the 86-key property received an upgraded façade and offers the standard My Place amenities, kitchenettes, lobby coffee service, and a grab-and-go market.

MainStay Suites opened in Chesapeake’s Greenbrier area of Virginia. The extended stay property, owned and managed by Ganesh 1959 June LLC, is the first in South Hampton Roads. The hotel offers apartment-style amenities, an exercise room, laundry facility, and a marketplace.

X-Caliber Holdings LLC closed a $26.3MM financing with its first Rural PACE-Xtransaction for the ground-up construction of a new hotel in Silverthorne, Colorado. Upon completion, the 111-room hotel will be a Holiday Inn Express and is being developed by REV Development. The financing consists of $20MM of conventional senior-secured financing through an affiliate of X-Caliber Rural Capital and $6.3MM of C-PACE financing through CastleGreen Finance. Silverthorne’s new Holiday Inn Express is anticipated to open in 2025.

Personnel Moves

Hospitality Ventures Management Group announced that the company has expanded its executive team with the promotion of Cory Chambers to executive vice president and chief commercial and analytics officer and its leadership team by promoting Maggie Rosa to vice president of operations. In their respective new roles, Chambers will work with the team to build and drive cross-functional strategies to better serve hotel general managers, their teams, and hotel owners, and Rosa will spearhead the operational performance of a portfolio of full-service and select-brand hotels while fostering relationships with owners. Chamberspreviously worked with White Lodging, and Rosa comes to HVMG from Marriott International.

The U.S. Travel Association announced that Tyler Gosnell has joined in a newly created role as managing director of international inbound travel. In his new role, Gosnell will coalesce with the leading players in the international inbound segment, identify new opportunities to grow the market, and seek methods to enhance U.S. Travel’s value to its members. Gosnell will also leverage his expertise to continually strengthen U.S. Travel’s IPW international trade show, among other opportunities to increase this market segment. Gosnell most recently served as chief brand and marketing officer at Visit Salt Lake.

Luxury Frontiers announced the appointment of Guy McGregor as Managing Director. McGregor brings over 21 years of expertise from his tenure as General Manager for Group Development, Projects & Procurement at Singita. McGregor is preparing the firm for continued growth by refining systems and processes to support larger-scale projects while also advancing procurement and logistics to boost efficiency and creative output.

Europe Highlights

Marriott International announced its accelerated growth in its branded residential portfolio in Europe, the Middle East & Africa region, with 70 projects in the portfolio, including 43 projects in its signed pipeline and 27 open properties. In the past two years, the company has signed 26 agreements to bring branded residences to iconic destinations in the region, more than double the amount from the preceding two years. From breathtaking Mediterranean Sea views to luxury urban residences, recent projects for which the company has signed agreements and/or launched include The St. Regis Residences, Casares, Costa del Sol; The Ritz-Carlton Residences, Dubai, Creekside; Highgate, in collaboration with Marriott, announced plans to rebrand several of its properties in the Algarve, Portugal, to co-located hotels and residences expected to open in mid-2025; The Ritz-Carlton Residences Diriyah; The St. Regis Residences, Financial Center Road, Dubai. By the end of 2024, Marriott expects to celebrate the opening of highly anticipated projects across the region, including Nujuma, a Ritz-Carlton Residence, marking the first Ritz-Carlton Reserve in the EMEA region. Located in the heart of Al Mouj, one of Oman’s neighborhoods is The Residences at the St. Regis Al Mouj Muscat Resort. The Residences at the St. Regis Belgrade, the first St. Regis Residences in Southeast Europe; and The Ritz-Carlton Residences, Baku in Baku, Azerbaijan.