Hyatt Appears More Likely to Acquire Playa Hotels

The DJIA fell 178 points, Nasdaq was down 375, the S&P 500 was down 66 points and the 10-year treasury yield ended at the highest level since April, up .06 to 4.68%. Lodging stocks were lower.

Truist downgraded Playa Hotels & Resorts to Hold from Buy, saying they now feel there is a greater likelihood than not that the transaction for Hyatt to buy them will be completed. Previously, they were skeptical as they didn’t think Hyatt wanted a real estate-heavy company. Truist believes that if H buys PLYA at 10x and sells the hotels at prices above 10x multiple, it will give them $3, which is a share price accretion. This could be even higher if H maintains a management and/or franchise contract on any sold properties. H would also grow its shares in key Caribbean/Mexico regions. As for the downgrade of PLYA, the stock has gotten close to its $13 price target.

Dreamscape Hospitality assumed management of Columbus Airport Marriott located in Columbus, Ohio. The hotel features 230 guestrooms and suites, over 14,000 square feet of versatile event space, a fitness center and an onsite restaurant and bar. Columbus Airport Marriott will soon undergo a full renovation.

Hyatt Centric South Beach Miami has completed a multimillion-dollar renovation. The renovation of the 10-story beachfront hotel focused on the redesign of 105 rooms and suites, lobby, lobby bar, and communal spaces. Robert Finvarb Companies oversaw the renovation project. Additional hotel amenities include an outdoor pool with cabanas, bike rentals, onsite restaurant and The WOOFTOP.

IHG Hotels & Resorts announced the opening of a newly-built Candlewood Suites in Orange, Texas. The hotel features 65 guestrooms, free laundry facilities, and a gym. Candlewood Suites Orange is owned by Bhanu Hospitality Inc. and managed by Palette Hotels.

JBG Smith Properties filed plans to convert two vacant Crystal City office properties into residential and hotel. The developer filed applications earlier this month to convert 2100 Crystal Drive into a 330-plus key hotel and 2200 Crystal Drive into a 200-unit multifamily building. The two towers are both 11 stories and are located in Arlington, Virginia.

The Hotel at Arundel Preserve in Hanover, Maryland recently kicked off the final phase of a $5 million renovation project to update its common areas and 150 guestrooms. The current and final phase, focused on updating the guestrooms, is expected to be completed in March and will cap off Southern Management Cos.’ project. Renovations began at the end of 2023 with the first phase, which included updating the lobby, meeting rooms, and pre-function spaces.

Sonesta International Hotels Corporation announced the opening of Sonesta Essential North Houston, a 71-room, upper-midscale hotel located in Houston, Texas.

A 68-room Comfort Inn & Suites hotel in DeLand, Florida sold for $7.3 million. The purchase was made by SHIVA 400 LLC, with funding provided by Banco do Brasil Americas. VSK Express LLC is the listed seller.

The Beach Club at The Boca Raton, located in Boca Raton, Florida, has reopened following an extensive $130 million redesign. The reimagined hotel features 210 fully renovated guestrooms and suites; new restaurants; a refreshed arrival experience and lobby with new cocktail lounge and café; a new fitness facility; and new oceanside event spaces. The property also features three pools, the Cabana Club by Vilebrequin, waterside adventures at Banyan Bunch Beachside and a Game Loft.

MB Resort Orlando, a $250 million hotel from developer MB Signature Properties, will begin construction in 2026 and open in winter 2028, according to a company spokesperson. Amenities at the Disney Springs-area MB Resort Orlando will include a spa, rooftop bar and restaurant, plus a fire pit area, a splash park and pool, as well as concierge service.

The Whitfield is back with a noteworthy redesign that incorporates condo units and makes the building taller by two stories. The Fort Lauderdale hotel will increase from 10 stories to 12 and will have fewer rooms, 81 instead of 138, to accommodate 17 upscale condos. If approved, The Whitefield would open in late 2026. The proposed hotel already sailed through approval in mid-2021, but the redesign will need a nod from the commission due to the height change and addition of condos. Amenities include restaurants, ground-floor retail, and a pool and cabanas. The condos will take up the top four floors, and the hotel rooms and suites will be on the lower seven floors.

New Waterloo announced the opening of the Albert Hotel in Fredericksburg, Texas. The 105-room hotel features four distinctive dining experiences, a full-service spa, and 3,600 square feet of versatile event spaces.

KSL Resorts has rebranded to Peregrine Hospitality and will continue to manage the 92-asset portfolio of hotels and resorts, including Mission Hill Hospitality, while being more active in its pursuit of global opportunities for growth across all asset classes within the hospitality sector.

Construction on a new downtown hotel in Greensboro, North Carolina is expected to get underway this year. RLF Communications confirmed the city has issued a building permit and the developers, the Elm Street Hotel Partners, intend to start building the new Westin hotel this year. Slated to open in 2026, The West Greensboro will have 180 rooms, 22,000 square feet of event space, 6,500 square feet of outdoor space, and a rooftop bar.

Avison Young had a flurry of upscale closings at the end of the year. As the lackluster transactional year came to a close, Avison Young closed twelve transactions, eight of which were Hilton or Marriott hotels and the balance were IHG and two independent assets. Four were full-service hotels with the remaining being select-service hotels. The dollar sales volume was just under $200 million for the 12 hotels.

RobertDouglas announced it represented, as exclusive advisor, TPI Hospitality on the refinancing of a Homewood Suites by Hilton Two-Hotel Portfolio, the 125-key Homewood Suites St. Louis Park and the 124-key Homewood Suites New Brighton in the greater Twin Cities MSA. RobertDouglas secured $33.1 million of floating-rate debt with highly attractive pricing with an institutional balance sheet lender.

Personnel Moves

Newbond Holdings announced the newest addition to its growing team. Christina Zimmer joins Newbond as SVP of Design and Development. Before joining Newbond, Christina was a member of Highgate’s Design and Construction team. Prior to this role, Christina was Senior Vice President of Design and Constructionat Ian Schrager Company.

Westgate Resorts announced a series of leadership appointments and executive promotions as part of a broader plan to position the company for future growth in 2025 and beyond. Mitch Less has been appointed Chief Operating Officer of Westgate Resorts. John Willman, a 30-year veteran of Westgate, has been promoted to Chief Financial Officer. Jared Saft, an 18-year veteran of Westgate, has been promoted to Chief Business & Strategy Officer. Dana Wadsworth, a 29-year veteran of Westgate, is being promoted to Chief of Staff while also retaining her role as Senior Vice President of VOA, Westgate’s timeshare trial program. Garrett Stump, a 24-year veteran of Westgate, has been promoted to Senior Vice President of Owner Services & Inventory Management. Chad Severance has been appointed Senior Vice President of Development & Design. Alex Velazquez has been promoted to Senior Vice President of Digital Marketing & Creative Services. Heather Tritchel & Sam King have been promoted to Senior Vice Presidents of Specialty Marketing. David Alexander Siegel and Daniel Siegel have been promoted to Co-Vice Presidents of Real Estate.

Sonder Holdings, Inc. announced that Erin Wallace was appointed to its Board of Directors on January 1, 2025. Nabeel Hyatt, who served on the Sonder Board since 2016, resigned from the Board on December 31, 2024. Additionally, Sonderhas transitioned to a structure with an independent director serving as the Board Chairperson, which is consistent with the Board's focus on enhancing corporate governance. Janice Sears, who previously served as Lead Independent Director of the Board, has been appointed as Chairperson of the Board.

Europe Highlights

The former InterContinental Prague is set to reopen as the Fairmont Golden Prague this spring. Situated on the banks of the Vltava River, Fairmont Golden Prague will feature 320 rooms and suites, six food and beverage options, and the Fairmont Spa.

Leonardo Hotels has taken ownership of the Crowne Plaza Berlin - Potsdamer Platz, effective January 1, 2025. Initially, the property will operate under the name Hotel Berlin Potsdamer Platz by Leonardo Hotels during a transitional phase dedicated to renovation and redesign. By spring 2025, the hotel will officially rebrand as The Posthouse Berlin and will join the Leonardo Limited Edition collection. The addition of The Posthouse Berlin marks a significant milestone for Leonardo Hotels, making it the group’s seventh property in the capital. It will also become the first Leonardo Limited Edition hotel in Berlin.