MGM Resorts CEO Named U.S. Travel Association Chair

The DJIA was down 188, but Nasdaq managed a 49-point rise while the S&P 500 was up a point. The 10-year treasury yield continued its decline, down another .05 to 4.25%. Lodging stocks were mixed.

STR reported U.S. lodging data for the week ended 2/22. U.S. hotel RevPAR was down -0.3% year over year. Rates were up 2.5%, offset by occupancy down -2.7%. Group RevPAR was up 2.2%.

RLJ Lodging Trust reported an earnings beat while 2025 guidance was less bad than their peers. RLJ did not buy back any stock in 4Q besides the $3 million worth they noted during 3Q earnings season. RLJ said year-to-date they have bought back $1.2 million worth of stock. Chatham Lodging Trust reported a good 4Q with RevPAR up 4% with higher margins. CLDT said they expect to close the sale of two hotels in March for $39 million.

Jefferies lowered their price target on Ryman Hospitality Properties to $118 from $130. They maintained their Buy rating. Jefferies also lowered their price target on Xenia Hotels to $18 from $20. They also maintained their Buy rating on XHR.

In Florida, the DoubleTree by Hilton Fort Myers at Bell Tower Shops officially opened following nearly two years of renovation and conversion. The former Crowne Plaza Hotel’s 225 guestrooms were renovated in 2023. Since then, upgrades have been made to the hotel’s lobby, 6,196 square feet of meeting space, and its restaurant. Additionally, the lobby features a new front desk location, seating, restrooms, and more. The hotel gym also received an upgrade, and a dedicated Peloton Suite has replaced the business center.

A Tru by Hilton is projected to open in late summer 2026 in north Laredo, Texas. According to a permit filed with the Texas Department of Licensing and Regulation, the Tru Laredo location will begin construction on April 1 and is projected to be completed by August 1, 2025. The four-story hotel will feature 114 guestrooms and is estimated to cost $7,044,137. The Tru hotel will be next to the 107-room Home2 Suites by Hilton Laredo North, which opened last summer.

Oliver Hospitality is adding two hotels and expects to double its portfolio size from seven hotels and nine restaurants in the next two years. The historic Andrew Johnson building is returning to its hospitality roots as a soon-to-open boutique hotel in Knoxville, Tennessee. The renovations are expected to be completed in early 2025, when it will become a 192-key hotel. The company is also converting a historic building into a hotel in Detroit that is scheduled to open in 2027 and is in the final stages of solidifying other development and third-party management projects in Florida, Georgia, and South Carolina.

Waldorf Astoria Washington D.C. is celebrating spring with its first-ever Cherry Blossom Suite. This re-imagined 1,500-square-foot retreat offers a spacious living room, an executive desk, an in-suite massage area, and a spa-inspired bathroom. On February 27, Waldorf Astoria Washington D.C. will unveil a stunning transformation of its grand lobby and restaurant.

The Ritz-Carlton Residences, South Beach, developed by Flag Luxury Group, on behalf of ownership, Sobe Sky Development, initiated sales for 30 custom-designed beach houses. These residences offer luxury living with resort-inspired amenities and exclusive access to the Ritz-Carlton South Beach hotel. The residences are expected to welcome homeowners in 2027.

McSam Hotel Group, through its entity Brisam JFK, sold the former 201-key Holiday Inn hotel, located near Queens’ John F. Kennedy International Airport, to Liberty One Group for $42 million.

The former DoubleTree by Hilton property in Monroeville, Pennsylvania, was purchased last year by Grace Life Church. The old Hilton will be named The Legacy Hotel and Conference Center. The Legacy Hotel will be run by MBE Hospitality Management, which is looking to transform the 14-story space into a premier destination hotel in the region. The hotel will feature amenities like a restaurant, a high-end spa and fitness center, and updated and spacious guestrooms. The hotel doesn’t have an official opening date yet, but everyone is hopeful it will be up and running in the next 10 to 14 months.

The OKANA Resort & Indoor Waterpark has officially debuted in Oklahoma City, Oklahoma. Managed by Benchmark Resorts & Hotels, the $400 million resort and waterpark features 404 guestrooms and suites, 13 unique dining and beverage outlets, retail shops, a family entertainment center, an expansive indoor waterpark, and a 4.5-acre outdoor adventure lagoon.

Wequassett Resort and Golf Club, located in Harwich, Massachusetts, announced the second phase of its extensive, multi-year renovation. Following the successful first phase completed last summer, the entire project represents a $12 million investment. This next phase focuses on the refresh and renovation of 113 guestrooms, villas, and cottages, with completion slated ahead of the summer 2025 high season. The first phase of the renovation, completed in early summer 2024, includes updates to the main lobby, signature dining venues, meeting rooms, and the redesign of eight private poolside cabanas. Additionally, the resort introduced three new suites in the Hydrangea Cottage.

The owners of Donald Trump’s former hotel in the Washington area are quietly shopping the rights to the property, which has reemerged as a hot watering hole for the MAGA crowd and those looking to influence it. Investment bank BDT & MSD Partners has been sounding out potential buyers for the lease to the old Trump International Hotel as it continues to negotiate with the Trump Organization, according to people familiar with the matter. CGI Merchant Group paid $375 million in 2022 for the rights to operate the property before defaulting on the loan.

The Jamul Casino, located in Jamul, California, will soon be renamed Jamul Casino Resort with its 16-story hotel tower that is set to open this spring. The new hotel includes 200 rooms and 52 suites, a restaurant, meeting and banquet facilities, a spa and salon, a fitness center, and an 11,000-square-foot rooftop pool deck.

The Pines at West Bay, a brand-new resort condo project coming to Panama City Beach, Florida, is opening for stays starting August 1, 2025. This 42-unit property will offer 12 pickleball courts, an expansive zero-entry pool, fitness & outdoor activities, water recreation & fishing, and a 6,000-square-foot conference center.

Following a six-month hiatus due to a legal dispute, the Bent Inn & Lounge Bar, owned by Greg Kafka and Mark Hunter, is set to reopen in Las Vegas in early April 2025. The Bent Inn, owned by Escape Resorts, Inc., was the first adults-only gay/locally owned boutique hotel and pub in Las Vegas. Following a favorable court ruling and securing a major investor, the owners have refinanced their construction loan and are now set to reopen the 33-room establishment.

Following a year of significant growth, Remington Hospitality is reinforcing its presence in the Caribbean and Latin America with the introduction of ONE | GT in Grand Cayman, Cayman Islands. Set to open in November 2025, ONE | GT will stand 10 stories tall and feature 177 accommodations, including suites, residential-style units and penthouse lofts. ONE | GT will also introduce an exclusive rooftop experience featuring an infinity-edge pool, a rooftop bar, and a signature restaurant. Complimenting this, the hotel will house a fine dining restaurant and an artisanal pastry café. 

Nekajui, a Ritz-Carlton Reserve, has officially opened in Peninsula Papagayo, Costa Rica. The resort boasts 107 ocean-facing rooms, suites, and three treetop tents; secret gardens and hidden pathways; central courtyard; multiple dining options; Nimbu Spa & Wellness; and guests can enjoy Peninsula Papagayo’s private 18-hole, par-72 Arnold Palmer Signature course, clubhouse and Racquet Center.

Personnel Moves

The U.S. Travel Association announced that MGM Resorts International CEO and President Bill Hornbuckle was selected as national chair of the association’s board. His appointment for a two-year term was formalized with a membership vote. Hornbuckle will work with association leaders on industry priorities including events such as the 2025 Ryder Cup, the 2026 World Cup, and the 2028 Summer Olympics. Hornbuckle succeeds Hilton President and CEO Chris Nassetta.

EOS Hospitality has appointed Patrick Berwald as Senior Vice President of Food and Beverage. In this role, Berwald will oversee all food and beverage operations across EOS Hospitality’s portfolio, focusing on innovation and strategic growth. Berwald joins EOS Hospitality from Pyramid Global Hospitality where he most recently served as Senior Vice President of Food & Beverage. 

Europe Highlights

One Aldwych, London’s first five-star B Corp hotel, welcomes guests back with enhanced design and installation elements across is most iconic areas, namely the Lobby Bar, Indigo restaurant and its Signature Suites. Other facilities include The Library, and Health Club with a chlorine-free pool, spa and gym.