Omni Signs $575 Million New Orleans Hotel Deal

The DJIA ended Friday with a drop of 337 points while Nasdaq was down 54, the S&P 500 was down 31 points and the 10 year treasury yield was up .06 to 4.57%. Lodging stocks were modestly lower. IHG traded up to another new high.

Playa Hotels & Resorts and Marriott International unveiled their latest collaboration - Paraiso de la Bonita, a Luxury Collection Resort in Riviera Maya. Following an extensive multimillion-dollar renovation, this adults-only, all-inclusive retreat features 100 oceanfront suites, multiple restaurants and bars, Thalasso Spa Center, and exclusive experiences.

MHG Hotels announced the acquisition of the Homewood Suites by Hilton Indianapolis Downtown in Indianapolis, Indiana. The 92-suite property is housed in the historic Weber Building and offers flexible event spaces, a heated indoor pool and a fitness center.

The Hotel Continental, a historic Miami Beach property, has reopened as part of the Tapestry Collection by Hilton. The revitalized hotel, purchased by Spot On Ventures for $44 million and managed by Highgate, now boasts 100 newly renovated rooms, a pool, Mixer Lounge and Divebar and an onsite pizzeria. A unique feature of the Hotel Continental is its 34-foot luxury Chris-Craft Launch, available as an add-on for guests.

Hilton's Hampton by Hilton announced the opening of its newest property, Hampton Inn & Suites in Cottonwood, Arizona. Managed by Sunridge Hotel Group and developed by Sunridge Properties, Inc., Hampton Inn & Suites Cottonwood features 80 guestrooms, an outdoor pool, a fitness center and meeting space.

The Downtown Memphis Crowne Place will undergo a $9 million renovation. The new owners Nirav Patel of CNP DT Hospitality LLC and Jay Patel will spend $9 million over the next three years to improve the hotel. The ownership group won the 230-room hotel at auction in December for $7.5 million.

The Shelborne by Property in Miami beach, Proper Hospitality's first entry into the Florida market, launched its reservations for May 1, 2025, following a $100 million renovation.

Omni Atlanta Hotel at Centennial announced its comprehensive renovation and rebranding. The centerpiece of the renovation is the complete refurbishment of 600 rooms housed within the North Tower. The Ernest N. Morial Convention Center board moved forward Thursday with its long-planned $575 million "headquarters" hotel, approving a deal with operator Omni Hotels & Resorts for a design that would include a 300-foot tower in the Warehouse District of New Orleans, Louisiana.

Kasa continues its expansion in New Orleans with The Frenchman by Kasa. The historic hotel features 27 guestrooms, an outdoor courtyard pool, hot tub and a theme bar opening soon.

The Asticou, an iconic Maine hotel dating back to 1884, will reopen its doors in June 2025 following a year-long, $28 million renovation. Under the leadership of Tim Harrington, the property will debut a fresh new look and feel.

Four Seasons continues to expand its portfolio of Villa & Residence Rentals in destinations with seaside villas, snowy escapes and vibrant cities. This year, Four Seasons will introduce new Villa & Residence Rentals in historic Cartagena, Colombia. In 2026, Four Seasons will debut Villa & Residence Rentals on Florida's Gulf Coast, a beachfront resort in Naples, and introduce a sustainable luxury property in the Dominican Republic at Tropicalia. In 2027, Belize will be added to the portfolio of Villa & Residence Rentals on the private island of Caye Chapel, located next to the Belize Barrier Reef.

Demolition is getting underway on West 57th Street in Midtown, Manhattan that is planned to give rise to a 63-story mixed-use skyscraper. Developer Sedesco acquired the 13-story office building in 2023.

A $90 million redevelopment, highlighted by housing and a hotel, is set to breaking round this year in Manistee, Michigan. The two-phase project also includes a parking deck, retail spaces, a restaurant, an event center and a heritage center. Phase two of The Gateway Project by Little River Holdings, the development arm of the Little River Band of Ottawa Indians, is expected to begin construction in 2026.

Developer Mark McNabb, of Treadwell, LLC, is seeking to change the use of the former Treadwell mansion in downtown Portsmouth, New Hampshire from business/office to a 40-room hotel, according to documents filed with the city.

Marcus & Millichap Capital Corporation arranged $5 million for the refinancing of the El Dorado Hotel, a boutique hotel located in Sonoma, California. MMCC's Orange County office secured the financing with a national bank on behalf of the client, a California-based hospitality management and development group.

According to the latest World Tourism Barometer from UN Tourism, an estimated 1.4 billion tourists traveled internationally in 2024. The Middle East, 95 million arrivals, remained the strongest-performing region when compared to 2019. Africa, 74 million, welcomed 75 more arrivals than in 2019. Europe saw 747 million international arrivals in 2024. The Americas, 213 million, recovered 97% of pre-pandemic arrivals. Asia and the Pacific, 316 million, continued to experience rapid recovery in 2024.

Personnel News

Method Co. announced the addition of two real estate industry veterans, Dan Mullen and James Nozar to its leadership team and head its development. Dan Mullen joins Method Co. as its Chief Business Officer and President of Method Concepts. Mullen was the former President and CMO of Bedrock Detroit. James Nozar joins Method Co. as its Chief Development Officer and President of Method Development. Most recently, Nozar was the Managing Partners of East+Main.

Marriott International has appointed Johan Cronje as the new Regional Vice President for Sub-Saharan Africa. Based in Cape Town, Cronje will oversee Marriott's managed and franchised operations across the area.

Global Highlights

January 31, 2025 marks a milestone for the Danish hotel industry as the Danish branch of Zleep Hotels is officially rebranding to Four Points Flex by Sheraton in partnership with Marriott International.

The Palace des Neiges in Courchevel will be relaunched as Monte-Carlo One - Courchevel in France in the 2026-27 winter season, under new owner Monte-Carlo Society des Baines de Mar Group.

Group Pinero plans to invest some EUR 180 million in the renovation of its hotels in 2025. Some EUR 124 million of the investment will go to the Bahia Principe Sunlight Tenerife hotel in Costa Adeje, Spain, which will be transformed into the Adults Only Bahia Principe Luxury Hotel.

Preferred Hotels & Resorts announced the addition of 11 new member properties to its global portfolio between October 1 and December 21, 2024. Highlights include: Gamboa Rainforest Reserve, Gamboa, Panama; Hotel Magnolia, Santiago, Chile; Aurika Udaipur - Luxury by Lemon Tree Hotels, Udaipur, India; Hotel Kitzhof of - Mountain Design Resort, Kitzbuhel, Austria; Cesar Lanzarote, La Asomada - Lanzarote, Spain.