Canada’s Hotel Industry Grew Last Year

The DJIA was down 194 points but once again, Nasdaq took the brunt of the sell-off, down nearly -3% or 531 points. The S&P 500 was down 94 points, and the 10-year treasury yield was up .04 to 4.29%.

Pebblebrook Hotel Trust, Service Properties Trust, and Hilton Grand Vacationshad a very good response to their earnings reports. Marriott Vacations did not. This late in earnings season, investors usually brace for what will be in the reports, but Timeshare only had Travel + Leisure before these reports. Even with lowered expectations, VAC gave guidance that was less than expected. No share repurchases are not that out of the ordinary since they are focusing on their balance sheet. HGV beat 4Q estimates but also guided modestly lower than expectations. They did buy back $125 million worth of stock and said they expect to increase that in 2025 to $150 million per quarter. SVC was up 9%, VAC was down -9%, HGV was up 5%, and PEB rose 4% on the day.

Canada’s hotel industry reported positive performance year over year, driven by growth in room rates, according to January data from CoStar. January 2025 (percentage change from 2024): Occupancy: 49.8% (+0.3%) ADR: CAD180.04 (+2.7%) and RevPAR: CAD89.60 (+3.1%). Among the provinces and territories, British Columbia recorded the highest occupancy level (52.9%), which was 1.3% above 2024. Among the major markets, Vancouver saw the highest occupancy (60.7%), down 1.1% over January 2024. The lowest occupancy among provinces was reported in Prince Edward Island (28.5%), down 0.3% against 2024. At the market level, the lowest occupancy was reported in Calgary (-6.5% to 45.3%).

Fort Lauderdale Marriott Harbor Beach Resort & Spa announced the completion of a significant $32 million dollar renovation project. The renovation encompasses updates to all 650 guestrooms and suites, corridors, meeting and event spaces, and a re-imagined culinary concept. With the addition of six pickleball courts and programming with onsite pros, the 15-story oceanfront resort also expanded its selection of recreational offerings, which already included a tropical lagoon pool, tennis courts, fitness center, and outdoor lounge area. Fort Lauderdale Marriott Harbor Beach Resort & Spa offers seven onsite food and beverage venues, a full-service spa, and more than 100,000 square feet of indoor and outdoor event space.

Affirmed Corporation announced their new strategic collaboration with Crestline Hotels & Resorts, LC to oversee the management of the Courtyard Fort Lauderdale East/Lauderdale-by-the-Sea hotel. The 106-room hotel is in the final phase of a major renovation that includes all guestrooms and suites, indoor and outdoor public spaces, and the outdoor pool area. Located in Lauderdale-by-the-Sea, Florida, hotel amenities include the Bistro, a fitness center, a business center, an outdoor pool, and onsite parking.

Windwood Hospitality Group is planning to build a 134-room Residence Inn by Marriott in Parkside Town Center in Cary, North Carolina. The 6-story hotel will cost $12.45 million to build and will include an outdoor patio on the sixth floor.

A soft opening was held for a Hilton Garden Inn located in Greenville, North Carolina. The hotel features more than 100 rooms in an eight-story building and a rooftop bar.

IHG Hotels & Resorts announced the completion of a transformative renovation at Holiday Inn Express Hilton Head Island. The extensive renovation includes a five-story addition, a spacious porte-cochere driveway, and the consolidation of all hotel amenities into one convenient building. Guests can enjoy 153 newly upgraded rooms, a resort-style outdoor pool deck, and a new 800-square-foot meeting space. Additional enhancements include a new fitness center, an upgraded breakfast area, and electric vehicle charging stations.

IHG, in collaboration with owner Atul M. Patel, finalized the opening of a newly built Holiday Inn Express & Suites in Buford, Georgia. The Holiday Inn Express & Suites Buford - Mall of Georgia offers 93 guestrooms, 450 square feet of meeting space, an indoor pool, and a fitness center.

Kabani Hotel Group announced the sale of the 205-room Holiday Inn Express & Suites Florida City for $13.2 million.

Island House Newport announced its March 13, 2025, opening in Newport, Rhode Island. The newly built hotel was developed by Marshall Properties and operated by Main Street Hospitality.

The Great Wolf Lodge in Mashantucket, Connecticut, is set to open earlier than originally expected. The waterpark will open on May 9 and be located on 13 acres adjacent to the Foxwoods Resort Casino. There will be 549 rooms available at the lodge along with an indoor waterpark; a multitude of family-friendly attractions, experiences, and entertainment; and a zero-entry outdoor pool, hot tub, and cabana section.

Kalahari Development LLC is planning to build the $1 billion Kalahari Waterpark Resort & Convention Center in North Texas. Located in Allen, Texas, the facility would include 900 hotel rooms, an indoor and outdoor waterpark, a convention center, and a family entertainment center. The project would be complete by 2030.

Westgate Resorts signed a definitive agreement to purchase Vacation Ownership Sales, which has exclusive management sales and marketing rights for VI Resorts. The acquisition is set to close in 2025. As part of the acquisition, Westgate Resorts will assume management of VI Resorts’ Vacation Club, which has an expansive portfolio of over 40 domestic and international resorts and destinations. As part of its management agreement, Westgate Resorts has committed to investing over $4 million in marketing, branding, and technology improvements to enhance the VI program for its Owners, along with additional benefits. Upon the completion of the acquisition, Mike Vasey, Owner & President of Vacation Ownership Sales, will join the Westgate Executive Team and continue to lead the company forward.

The Float Luxury Spa has opened, adjacent to the pool, at the Hilton Santa Barbara Beachfront Resort located in Santa Barbara, California. According to the hotel’s general manager, the hotel has more to come regarding wellness. Pickleball is coming along with a new pool experience, which is set to open this spring.

Ashford Hospitality Trust, Inc. extended its mortgage loan secured by the 141-room Hotel Indigo Atlanta Midtown in Atlanta, Georgia. The loan had a final maturity date in December 2024. The extension provides for an initial maturity in February 2026 and a one-year extension option, with the final maturity date in February 2027. The loan has a current balance of $12.3 million and continues to bear interest at a floating rate of SOFR + 2.85%.

Personnel Moves

Turnberry announced the appointment of Mary Rogers as Executive Vice President of Hospitality Operations. Rogers will lead all aspects of Turnberry’s hospitality operations, ensuring that each destination delivers an unparalleled experience, and will oversee hospitality leadership teams across all properties. Rogers’ responsibilities will extend to strategic planning, budgeting, and sales and marketing initiatives, with a focus on repositioning assets with innovative service models, programming, and world-class dining and lifestyle experiences. Prior to this appointment, Rogers was the Managing Director and Area General Manager of Montage Laguna Beach, Montage Healdsburg, Pendry West Hollywood, and Pendry San Diego.

HRI Hospitality appointed Lior Sekler as the company’s first Chief Commercial Officer. In his new role, Sekler will lead HRIH’s newly formed Commercial Services Organization, driving revenue growth, expanding market presence, building strategic partnerships, streamlining marketing and sales, and optimizing distribution channels to ensure long-term profitability and competitive advantage. Sekler most recently served as the Senior Vice President of Revenue Management. 

Lodging Dynamics Hospitality Group announced the promotion of two key team members, reinforcing its commitment to cultivating top talent and driving organizational growth. Dan Appelgate has been promoted to Vice President of Finance, where he will oversee financial strategy, hotel and company reporting, forecasting, and owner relations to support the company’s expanding portfolio. Prior to this role, he served as Director of Finance and has held several key positions within the company. Nick Vitolano has been promoted to Director of Business Development, where he will lead the sourcing and evaluation of new management and acquisition opportunities, driving Lodging Dynamics’ expansion across branded and independent hotels.