Marriott’s New Milestones in the Caribbean and Latin America

The DJIA was up 223 points on Friday while Nasdaq gained back 127, the S&P 500 was up 32 points and the 10-year treasury yield was up .03 to 4.32%. Lodging stocks were higher led by a 5% gain by AHT.

Truist Securities upped their price target for Hilton Grand Vacations to $63 from $51, post earnings. They also upped their target on Travel + Leisure to $72 from $61 but lowered Marriott Vacations target price to $140 from $142.

In 2024, Marriott International, Inc. achieved significant milestones in the Caribbean and Latin America region, recording its highest-ever number of rooms signings and adding numerous properties to its portfolio. The company signed 67 agreements, representing around 8,000 rooms, and opened 30 new properties, expanding its CALA presence to 528 properties across 37 countries and territories by year’s end. Approximately 32% of these signings were conversion, involving 36 properties and nearly 2,600 rooms. The company’s CALA pipeline at the end of 2024 included 183 properties with 27,817 rooms. Marriott’s luxury segment saw substantial growth with 11 new luxury deals, increasing the luxury pipeline to 38 properties and 5,889 rooms. Costa Rica and the Dominican Republic were prominent growth areas within CALA. In 2024 alone, Marriott signed agreements for over 1,000 rooms in Costa Rica and nearly 1,000 rooms in the Dominican Republic.

Conrad Punta de Mita announces Casa 5, the ultimate retreat for up to 36 guests to reconnect in total exclusivity with personalized services and experiences. Casa 5 offers a blend of six Beachfront Suites and five Beachfront Rooms in a private standalone, multi-story building located just steps away from the luxury oceanfront resort. The resort offers 324 guestrooms and suites, four culinary concepts, three bars, Conrad Spa, and multiple pools.

The Curtis hotel, located in downtown Denver, Colorado, is embarking on a multimillion-dollar renovation. The destination is undergoing a complete redesign of its 15 hyper-themed floors, including all guestrooms, suites and meeting and event spaces. The Curtis will be ready to reintroduce itself when the renovation is complete in late spring 2025. The vision for this re-imagination was created by Sage Studio, Sage Hospitality Group’s in-house creative team.

Sonesta Los Angeles Airport LAX announced the completion of a $42 million renovation introducing 614 redesigned guestrooms, a modernized lobby, 14,000 square feet of re-imagined event spaces including the Sonesta Work Suite, and four distinctive dining venues. The property also features an outdoor pool and a fitness center.

La Quinta Resort & Club near Palm Springs, California, announced the completion of its transformative resort-wide renovation. Key highlights include a renewed lobby; brightened guestrooms; outdoor enhancements; and the re-imagined PLUNGE at the Renker Pool featuring a sleek bar, a grab-and-go café, two adjacent pools, a hot spa, and cabanas. In spring 2025, the resort will also unveil a renovation of its signature steakhouse.

Princess Mundo Imperial in Acapulco announced its grand opening following a strategic investment of over $120 million. The iconic Pyramid Tower has been re-imagined and now features an Executive Lounge on the twentieth floor. The Princess Tower has now evolved into Princess Tower Vacation Club, offering a luxury apartment-style concept. Additionally, the hotel’s lobby has been redesigned. The reopening also marked the launch of Princess Mundo Imperial’s revolutionized dining scene with the debut of two internationally renowned restaurants.

An unknown buyer has snapped up the $725 million in debt on two of San Francisco’s largest hotels, according to servicer commentary. Park Hotels walked away from the 1,921-room Hilton San Francisco Union Square and 1,024-room Parc 55 San Francisco in 2023 and Eastdil began marketing the debt for sale last July. Offers have been reviewed and a buyer has been selected. A non-binding term sheet has been executed and a draft purchase and sale agreement is being negotiated, according to servicer comments to CMBS bondholders.

A developer is floating plans to build a new boutique hotel on the site of the former Sizzler restaurant in Salt Lake City, Utah. Magnus Hotel Management pitched initial designs for an upscale 141-room hotel standing seven floors tall located at the edge of Sugar House Park. The plans call for two floors of underground parking and select ground-floor spaces for leasing to restaurants and shops. The structure would also include spaces for a library and banquet room, as well as a rooftop eatery and bar on the top of the building.

AutoCamp announced the opening of AutoCamp Sequoia, located in Three Rivers, California. AutoCamp Sequoia offers 85 accommodations including the brand’s signature Airstream Suites, Cabins, and BaseCamp Suites. The property’s 3,350-square-foot Clubhouse serves as the heart of the property. The space features lounge areas, games, indoor and outdoor fire pits, and a bar. Other amenities include a heated outdoor pool, complimentary bikes, access to nearby outdoor adventures; The Kitchen serving breakfast, lunch, and dinner; and the Clubhouse’s General Store. AutoCamp Sequoia is an ideal setting for retreats, weddings, celebrations, and reunions, offering a variety of customizable event spaces including The Clubhouse, The Ponderosa Lawn, The Cedar Room, and The Pine Room.

The historic Western Hotel & Bingo Parlor in Las Vegas, Nevada might finally have a new owner. After being put up for sale in March 2024, an update was given about the long-closed property owned by the Tony Hsieh estate. According to a representative, they have a purchase and sale agreement with a potential buyer.

Grand Geneva Resort & Spa, in Lake Geneva, Wisconsin, announced the upcoming addition of its new short-course golf course, Wee Nip, which is set to welcome players in the 2026 season. While the new short course is planned to open in spring 2026, the resort will unveil its new golf practice facility in June of this year. Grand Geneva’s golf courses are scheduled to open in late March 2025, weather permitting. The resort is currently home to two championship golf courses, 358 guest accommodations, and the WELL Spa + Salon.

JLL’s Hotels & Hospitality Group arranged $43 million in financing for a portfolio of five premium select-service and extended-stay hotels located across five states. The portfolio totals 554 rooms and consists of Marriott and Hilton branded properties. The JLL Capital Markets team represented the borrower, American Hotel Income Properties REIT LP, to secure the five-year, fixed-rate loan through J.P. Morgan. The hotels are situated in strong secondary markets including Hanover, Maryland; Neptune, New Jersey; Milford, Connecticut; Titusville, Florida; and Pittsburgh, Pennsylvania and feature modern guestrooms, fitness centers, and business centers. Several properties also offer meeting space.

The TUI Global Hospitality Fund and Royalton CHIC Resorts announced a major hospitality investment in Jamaica, unveiling plans for Royalton CHIC Jamaica Paradise Cove, An Autograph Collection All-Inclusive Resorts - Adults Only. The 345-suite luxury resort in Runaway Bay will undergo a complete redesign, with an expected opening in late 2026.

Margaritaville and Karisma Hotels & Resorts, in partnership with Island Shipping, S. de R.L., broke ground on the Margaritaville Island Reserve Resort Roatan in Honduras.

Personnel Move

OYO announced the appointment of Sonal Sinha as Chief Executive Officer of G6 Hospitality. OYO recently acquired the U.S. budget hotel company from Blackstone Real Estate.