Fontainebleau Miami Beach's $1.2 Billion Debt Package

The DJIA was down 123 points on Friday while Nasdaq was up 159, the S&P 500 rose 15 points and the 10-year treasury yield was down .03 to 4.15%. Lodging stocks were modestly higher with new highs again from HLT, MAR, WH and H. SOND was up 7% and SOHO rose 5% on the day.

Deutsche Bank upped their price target on Wyndham Hotels to $115 from $97. They reiterated their Buy rating as they continue to see upside to shares at current levels and believe the current stock momentum will continue.

Hilton Milwaukee announced an extensive renovation project, expected to be completed by the summer of 2025. According to Marcus Hotels & Resorts, the project will cost over $40 million and will include a complete transformation of guestrooms, the hotel's lobby, and its 34,000 square feet of meeting and event spaces. 544 guestrooms in the hotel's original footprint will be renovated. However, due to current market conditions and project room supply and demand, the remaining 175 rooms in the west tower will not be renovated. The hotel, formerly Hilton Milwaukee City Center, has officially remained Hilton Milwaukee to align with the upcoming transformation.

LBA Hospitality and BPR Properties revealed the newly renovated spaces at the TownePlace Suites Goldsboro, in Goldsboro, North Carolina. The hotel renovation includes updated guestrooms, refreshed public areas and enhanced amenities such as a fitness center. TownePlace Suites Goldsboro is one of two local properties owned by BPR and managed by LBA, alongside the newly opened Homewood Suites Goldsboro.

According to North Point Hospitality, AC Hotel by Marriott Savannah Historic District is set to open in early 2025 in Savannah, Georgia. The 170-room hotel will feature a rooftop kitchen and bar as well as a restaurant and meeting space.

Park Hyatt New York unveiled the Manhattan Suites, located on the hotel's 25th floor. Representing a $10 million investment, this suite, complemented by two additional connecting suites, forms an expansive 3,500 square foot retreat with three bedrooms, three bathrooms, two powder rooms, and two balconies accommodating up to 10 guests. The 211-room Park Hyatt New York also features Spa Nalai, with its indoor saltwater pool, eucalyptus steam rooms, oversized hot tub, and a fitness center.

Hyatt Hotels broke ground on a new Hyatt Studios hotel in Marysville, California. The property will offer a lobby marketplace and EV charging stations.

Coast Hotels Limited announced the opening of its latest franchised property in Whistler, British Columbia. Listel Whistler, a Coast Hotel offers 98 guestrooms, multiple food and beverage venues, ski and snowboard valet service, bike storage in summer, sauna, hot tub, guest laundry facilities, and a meeting and conference room for up to 40 people.

This year, global real estate development company Matthews Southwest celebrates 30 years of global impact. In celebration of this milestone, the company has rebranded to "Matthews". The updated company structure includes the following four divisions, including offices in Texas, Canada, and the Middle East.

IHG Hotels & Resorts is unveiling a variety of new properties. These properties include: Kimpton Santo Hotel in San Antonio; voco Seoul Myeongdong; Crowne Plaza Penang Straits City in Butterworth, Malaysia; Holiday Inn Nashville Downtown - Stadium; Hotel Indigo Irving - Las Colinas; Staybridge Suites Malaga in Andalusia; Kimpton Las Mercedes in Santo Domingo; Hotel Indigo Bandung Dago Pakar; and Hotel Indigo Jabal Akhdar Resort & Spa in Omani Mountains.

Weekender Hotels' next hospitality project is the former St. Charles Motel in Saratoga Springs, New York. The company is renovating the two-story, 18-room motel, which will be rebranded as The Ambler. The plan is to open under the new branding before next summer's track season.

Weyland Ventures and its Common Bond Hotel Collection have expanded to Kentucky's capital. The group opened The Delegate Hotel in Frankfort inside a historic building. That opening proceeds the unveiling of The Ashbrook Hotel, another historic building-turned-hotel from Common Bond and Weyland that opened in early December. The two new hotels are part of Common Bond's strategy to create a collection of hotels throughout Bourbon Country, beginning with Louisville, Bardstown and Frankfort. The Delegate is a 48-room hotel including a bourbon tasting room, an outdoor terrace and a high-end steakhouse. The Ashbrook is a 14-room hotel featuring an event space, a bourbon bar and lounge and a restaurant. Weyland and Common Bond are looking for additional opportunities to expand the hotel collection, particularly in Lexington.

OKANA Resort & Indoor Waterpark has moved up its opening date from next spring to the end of this winter. Reservations are now open for stays starting February 21, with the grand opening scheduled for March 6. Located in downtown Oklahoma City, Oklahoma, the resort features the 11-story OKANA Resort Hotel, which will feature 404 rooms, a spa, and diverse dining options. The resort's conference center will feature 27,000 square feet of event space. An amphitheater will offer a venue for outdoor events. Additionally, a 10,000-square-foot First American retail art gallery is set to open in 2025 and features a multi-use space and rental studios. The indoor waterpark will span 100,000 square feet, and the outdoor waterpark, open from Memorial Day to Labor Day, will feature a 4.5-acre lagoon.

Blue Water announced Jetstream Resort at Stone Oak Ranch is celebrating the grand opening of its newly expanded facilities on December 11, 2024. The property has undergone a significant expansion, adding 200 new RV spaces and 27 home spaces. The resort now features upgraded amenities, including a lazy river, beer garden, outdoor cabanas, and enhanced pool.

Fontainebleau Miami Beach sold a US$975 million commercial mortgage-backed security to refinance debt. The CMBS is part of a broader US$1.2 billion debt package that includes a mezzanine loan of as much as US$225 million. The almost 1,600-room hotel is also expected to get a US$105 million equity infusion from Jeffrey Soffer, the indirect majority owner of the hotel, marking the total money raised to about US$1.3 billion, according to deal documents. The proceeds will mostly go toward refinancing around US$1.8 billion of prior debt, comprised of a CMBS and a mezzanine loan. The hotel has a spa and saloon, pools, retail and a nightclub.

Nekajui, A Ritz-Carlton Reserve Resort, is expected to open in 2025 in the 1,400-acre Peninsula Papagayo complex in Costa Rica. The 107-key property will boast several dining options, a signature spa, a fitness center, three different outdoor pools, beach access and much more.

Europe Highlights

W Hotels announced the grand opening of W Prague, marking the brand's debut in the Czech Republic. W Prague offers 161 guestrooms, including 23 suites, a variety of dining venues, the AWAY Spa, and FIT gym.

A Hilton Garden Inn is preparing to make its debut in Moldova's hospitality sector with the launch of its first hotel in Chisinau. The project will breathe new life into the historic Dacia Hotel building. The grand unveiling of the revamped hotel is slated for 2026.

Park Hall Hotel & Spa Lancashire joins Radisson Individuals in England. Housed within the ground of the former Benedictine monastery from the 7th century, Park Hall Hotel & Spa Lancashire, a member of Radisson Individuals, has opened following an extensive transformation. The 64-room property's ongoing transformation includes a newly-opened spa, gym facilities, four event spaces, and renovated interiors, with its 54 cottages set to debut in the spring of 2025.