Ace Hotel Has a New CEO

Morgan Stanley downgraded their rating on IHG Hotels & Resorts to Underweight from Equal Weight. The firm cited valuation for the downgrade as they also upped their target price to 9,600 GBP from 8,700 GBP.

CBRE initiated coverage on Ryman Hospitality with a Buy rating. CBRE gave a price target of $130 on the stock.

Sage Hospitality Group, in partnership with Melville Holdings, announced the transformation of the W New Orleans - French Quarter into Hotel De La Poste - French Quarter, A Renaissance Hotel. Sage will oversee the management of the hotel and restaurant. The property, which underwent a dramatic, multi-million dollar renovation, offers 97 guestrooms and suites, a year-round heated pool, a private courtyard, and a fitness center. The hotel is also home to nearly 5,000 square feet of meeting and event space. Sage Restaurant Concepts will manage the hotel’s signature restaurant.

Noble Investment Group is planning to build a new four-story, 124-room Marriott StudioRes extended stay hotel in the Collins Town Center in Jacksonville, Florida.

IHG Hotels & Resorts announced the opening of a newly converted Holiday Inn hotel in Port Arthur, Texas. The new hotel features 165 guestrooms, outdoor pool, a bar, restaurant, 8,600 square feet of meeting space, and an onsite business center. Holiday Inn Port Arthur - Park Central is owned by Cheema Hospitality Inc. and managed by PAT Hotel Corporation.

Sonesta announced it added 37 new franchised hotels, totaling more than 3,300 rooms, to the company’s global portfolio during the second half of 2024.

CBG Real Estate announced the development of a dual-branded La Quinta and Hawthorn Extended Stay by Wyndham hotel in the northeast corridor of San Antonio, Texas. The project is a complete redevelopment of an existing hotel. The renovation will result in 165 newly designed guestrooms; inviting common areas; a patio with gas grills, seating, and a water feature; meeting rooms; and a fitness center. The new hotel is expected to open in the 4th quarter of 2025.

My Place Hotels of America announced the opening of My Place Hotel-St. Joseph, MO in St. Joseph, Missouri. The hotel is owned by Rimrock Companies, who also served as its developer. The property is managed by Hotel Management and Consulting. The 64-key My Place Hotel-St. Joseph, MO provides an onsite laundry, parking, onsite grilling pavilion, and a grab-and-go market.

Bluebird Lake Placid, in Lake Placid, New York, announced the additions of three new amenities this week: an expansive new 2,500 square foot conference and private event space; an onsite cocktail bar; and a heated pool. Bluebird Lake Placid features 90 guestrooms and suites, and multiple intimate venues.

Auro Hotels acquired an office building in the center of Greenville, South Carolina’s tourist district from Centennial American Properties. The company paid $31.3 million for the former headquarters of paper and pulp manufacturer Bowater. Auro Hotels said it will provide more details on its plans later. CBRE represented Centennial American Properties.

Drury Hotels is seeking approval for an eight-story, 196-room Drury Plaza Hotel in downtown Chattanooga, Tennessee. The company purchased the 301 Market Street site in addition to a parking garage across Market in 2023.

Schulte Hospitality Group announced a partnership with 34th Floor Hospitality, where 34th Floor Hospitality becomes a wholly owned subsidiary of Schulte Hospitality Group. 34th Floor Hospitality co-founders Olivier Zardoni and Alex Taylor will lead restaurant operations across the combined portfolio, supported by Schulte’s scale and resources.

Hodges Ward Elliott arranged the sale of the Home2 Suites Lewisville Dallas, a 122-room extended-stay hotel located in Lewisville, Texas. HWE facilitated the transaction on behalf of the seller.

HVS Brokerage & Advisory announced the sale of the 56-key Super 8 by Wyndham Jasper located in Jasper, Texas. The property was purchased by Ishan Devi Investment LLC from Jairam Enterprises LLC.

CooperWynn Capital arranged the $19.5 million floating rate non-recourse loan with Formida Capital, for the Wylder Windham Resort located in Windham, New York. Owned by Wylder Hotels, the 110-room property features a heated outdoor pool and hot tub, pickleball courts, a fitness center, two food and beverage outlets, and multiple indoor and outdoor event spaces.

Personnel Moves

Ace Hotel/Atelier Ace announced Chris Penn as their new CEO. Penn was the general manager/managing director of the Ace Hotel in London when it opened in 2013. He founded the lifestyle brand Birch in 2020 and has consulted on a diverse range of hospitality experiences, including longer-stay accommodations, eco-tourism, and urban lifestyle hotels, before rejoining Ace this month. Mostafa Abdella recently joined Ace as Chief Operating Officer. Mostafa worked with Penn at Ace Hotel London, first as Director of Finance and then as GM when Chris left the property. Meriem Soliman, who has been the General Counsel of Ace for more than a decade, was promoted to the newly created role of Chief Brand Officer.

Stonebridge Companies announced the appointment of Lee Palaschak as Executive Vice President of Operations. In his new role, Palaschak will oversee all aspects of Stonebridge’s operations and work closely with senior leadership to continue driving operational excellence. As part of his responsibilities, Palaschakwill also open a new Stonebridge Companies office in Dallas, Texas. Prior to joining Stonebridge, Palaschak served as Senior Vice President at Remington Hospitality.

Europe Highlights

Investors’ appetite for buying hotels in Spain has grown in parallel with the recovery of the tourism industry’s income statements, according to CE NoticiasFinancieras. Average rates have risen by an average of 42% over the last four years, reaching an all-time high of 163 euros per room per night in the first eleven months of 2024, while RevPAR has been growing at double-digit rates since September 2023. All this means is that hotel investment in Spain closed in 2024 with a transacted volume of 3.35 billion euros in 180 operations, according to a balance sheet drawn up by CBRE. This is the fourth-best year in history, behind 2018 (€4.81 billion), 2023 (€4.1 billion), and 2017 (€3.907 billion).

Mayfair Hotel Dukes London has temporarily closed to allow for extensive renovations to take place. The hotel is set to reopen in late 2025, but the property’s Dukes Bar will remain open as usual throughout the refurbishment project.