Trump Organization in Talks to Buy Back Washington, D.C. Property
Skift Take
he DJIA rose 359 points but Nasdaq was down another 74, while the S&P 500 rose 9 points. The 10-year treasury yield march to 5% continued with a rise of .03 to 4.80%. Lodging stocks were mixed. AHT was the only real mover of note, down -6% on the day.
Deutsche Bank upped their price target on Playa Hotels & Resorts to $15 from $13. They did not ascribe any probability of a deal with Hyatt being completed, but they maintain their Buy rating because of their revised view the stock should be trading at $15. They do understand why Hyatt is looking at a potential acquisition of PLYA and why PLYA would sell, given the lack of upward movement in their stock price, no matter how positive their business climate has been in the past couple of years.
Ashford Hospitality Trust, Inc. reported that the company expects to report an occupancy rate of approximately 66% for the fourth quarter of 2024, with an ADR of approximately $190, resulting in RevPAR of approximately $126. This Comparable RevPAR reflects an approximate increase of 3.0% compared to the fourth quarter of 2023. Additionally, for the month of October 2024, Comparable RevPAR increased approximately 4.5% compared to October 2023. For the month of November 2024, Comparable RevPAR increased approximately 0.4% versus November 2023, and for the month of December 2024, Comparable RevPAR increased approximately 3.8% compared to December 2023.
Donald Trump's real-estate company is in talks to reclaim its former Washington, D.C. hotel, according to The Wall Street Journal. Eric Trump discussed purchasing the lease, though the talks are still preliminary and may not lead to any sale. The former Trump International Hotel in Washington, D.C., is now a Waldorf Astoriaand operating in the Old Post Office building, which is owned by the federal government and was leased to the Trumps. Reacquiring the hotel rights could cost more than $300 million, according to people familiar with the property's operations and revenue. Hilton, which owns the Waldorf Astoria brand, has a long-term management agreement with the hotel. The arrangement would continue under a new leaseholder. However, the Trumps might be able to negotiate a new deal and resume operation of the property as a Trump hotel.
The Nobleman, a 153-room hotel expected to open April 1 in Fort Worth, Texas, is part of Hilton's Tapestry Collection. The hotel has over 2,400 square feet of event space and meeting rooms, an outdoor pool, a fitness center, a restaurant, and a cocktail bar. Bedford Lodging is the hotel's developer.
Dimension Hospitality announced that the 100-room Hampton Inn and Suites in Snellville, Georgia, has joined the company's portfolio of managed hotels.
Moxy Hotels announced the Moxy Allentown Downtown, the brand's first hotel in Pennsylvania, will open January 15 at 949 W. Hamilton Street. The 133-room hotel will be operated by Gulph Creek Hotels. The $27 million, five-story boutique hotel features several public gathering spaces, including the brand's signature Bar Moxy, a lounge, a library, a courtyard with games, and a yet-to-be-named restaurant.
A reimagining of a former property from Davenport Hotels, The Louie at Davenport, is set to open in February with 48 residential-style rooms. Located just steps from The Davenport Hotel, in Portland, Oregon, The Louie will be the first hotel in town to offer butler service. It will also join Marriott's Autograph Collection. Almost like a hotel-within-a-hotel, guests at The Louie can take advantage of what The Davenport Hotel offers, including multiple bars and restaurants, a spa, an indoor heated pool, and a gym.
Construction of a luxury Hyatt hotel in Niagara-on-the-Lake, in Ontario, Canada, is to be completed by the spring of 2026. The Village Developments Inc. said the four-story, 1202-room building will be a high-end hotel. To be named The Clayfield, it will be part of Hyatt Hotel's Unbound Collection of luxury properties. Hyatt will not own The Clayfield Hotel, but it will be operated as a franchise. The hotel will have 60 guestrooms, 42 vacation apartments, and a restaurant.
IHG Hotels & Resorts recently opened a newly-built Holiday Inn Express & Suites hotel in Stevensville, Michigan. Featuring 90 rooms, a business center, and more than 1,300 square feet of meeting space, Holiday Inn Express & Suites Stevensville - Benton Harbor is owned by Stevensville Hotels, LLC and managed by Amerilodge Group.
First Hospitality assumed management and operations of The Abbey Resort & Avani Spa on Lake Geneva in Wisconsin. The resort features 334 guestrooms, including 13 suites, spread across 90 acres. Resort amenities include both indoor and outdoor pools, onsite boat rentals, the Avani Spa, and multiple food and beverage venues. The Lake Geneva Conference & Event Center, located onsite, features over 40,000 square feet of versatile meeting space, including ballrooms, executive boardrooms, and scenic lakeside venues.
A new hotel could be coming to South Magnolia Drive in Tallahassee, Florida. Early permit documents show a Country Inn & Suites hotel being proposed on Simpson Avenue off South Magnolia Drive. Pending permit approval, the five-story hotel would feature 79 guestrooms and 25 parking spaces on 1.15 acres. Country Inn & Suites is part of the Radisson Hotel Group.
In Albuquerque, New Mexico, the property formerly known as Hotel Blue will open as Arrive Albuquerque sometime this spring. According to Palisociety, Albuquerque was a perfect market for them. The hotel will offer more than 130 rooms and seven suites, a restaurant, a pool, and a poolside cocktail bar.
The owners of a run-down and long-vacant hotel in Times Square, cited as America's filthiest hotel, are allegedly hundreds of millions of dollars behind on loans linked to the property. Joseph and Meyer Chetrit were reportedly sued by Mack Real Estate Credit Strategies for failing to pay $223 million in mezzanine loans secured on the Carter Hotel. According to Crain's, Mack wants a quick payoff on the loans issued in 2022 that came due in September. If the Chetrits can't put up the money or negotiate new terms by a February 20th Manhattan Court hearing, Mack could move to foreclose on the hotel. The Chetrits also owe more than $420,000 in state and city fines on the building's dilapidated state.
Personnel Moves
Hotel Equities announced the addition of new leadership and several key promotions within the organization, reflecting the company's dedication to cultivating top talent and driving innovation as it continues to expand its portfolio and enhance operational excellence. Clint DeLee joins Hotel Equities as Vice President of Operations. Karen Mendez has been promoted to Vice President of Operations. Lindsay Meadows has been promoted to Senior Vice President of Accounting & Procurement. Brad Read has been elevated to Senior Vice President of Finance. Michaelanne Colarelli steps into the role of Procurement Manager, and Angela Phillips has been promoted to Regional Director of Sales.
Europe Highlights
Dalata Hotel Group plc announced it has completed the sale of the Clayton Whites Hotel Wexford, located in Wexford, Ireland, to Neville Hotels for €21 million.
Mövenpick announced the upcoming opening of Mövenpick Grand Hotel Wroclaw and Mövenpick Resort & Spa Karpacz, the brand's first hotels in Poland, which are both slated to open later this month. Located in the heart of Wroclaw, Mövenpick Grand Hotel Wroclaw is situated in a fully renovated historic building featuring 180 upscale guestrooms, an onsite restaurant and bar, a hotel terrace, a dedicated wellness area, and versatile space for corporate events as well as private gatherings. In southwest Poland, Mövenpick Resort & Spa Karpacz offers 126 guestrooms, heated outdoor pools, and a wellness area with a spacious spa and eight treatment rooms.
Bob W has signed long-term lease agreements to convert two former hotels and an aparthotel in Munich into Bob Ws as it accelerates its expansion across the DACHregion. Bob W Münchner Freiheit, Bob W Munich Old Town, and Bob W Munich Schwabing will bring the total number of the operator's buildings in Germany to 15, adding 198 units to Bob W's portfolio. The prime locations deliver a mix of serviced studios, larger apartments, penthouses, and rooms, all showcasing Bob W'sbespoke hospitality technology. Formerly H'Apato Schwabing, Bob W Munich Schwabing offers 71 serviced apartments, a social lounge, and coworking space. Bob W Münchner Freiheit, formerly H'Otello Schwabing, offers 71 rooms, and Bob W Munich Old Town, formerly the H'Otello Lehel, offers 56 contemporary Bob Ws. The three new properties are owned by a private landlord.