Boston May Get 15-Story Hotel Near Convention Center

The DJIA rose 418 points while the Nasdaq was down another 24, the S&P 500 rose 31 points, and the 10-year treasury yield was down .01 to 4.25%. Lodging stocks were mixed. REITs still had a long list of new lows, but the good news is we finally saw some buying, with most finishing nicely off their lows. The 52-week low list included PK, RLJ, CLDT, SHO, RHP, PEB, HST, HXR, and APLE. If you have the confidence that these companies can maintain their dividends, there are some very juicy yields in the lodging REITs as well as in the Preferred securities.

Jacobs Real Estate Advisors celebrated the grand reopening of the Holiday Inn Express in Pell City, Alabama, after a full-scale renovation.

Dimension Hospitality expanded its portfolio by welcoming the Homewood Suites by Hilton Mobile Airport-University located in Mobile, Alabama. The property boasts 86 guestrooms, versatile meeting space, and an outdoor pool.

The Hampton Inn & Suites on Pitkin Street in East Hartford, Connecticut, was sold for $15 million, according to a deed that was signed on March 6. The hotel’s new owner, Vinay Patel, plans to do some major renovations over the next 15 months. Among the renovations will be new carpets, new TVs, new beds, new bathrooms, a repainted exterior, and a new sign. Patel said that the renovations are expected to cost around $7 million and that the hotel will remain a Hampton Inn & Suites. During renovations, one floor will be done at a time, and the hotel will remain open during construction. The East Hartford Hampton Inn & Suites has a total of 121 rooms, an indoor pool, and a gym.

Renovation work is underway on 1605 Broadway, a 46-story hotel tower in Times Square, Manhattan. Most recently operated as the 800-room Crowne Plaza Times Square before closing at the end of 2024, the property is planned to reopen later this year as the Hyatt Regency Times Square with 795 guestrooms, a fitness center, business services, and 159 enclosed parking spots. Argent Ventures under the Times Square JV, LLC, is listed as the owner of the development. The anticipated completion date is slated for this summer. The Hyatt Regency Times Square is currently accepting reservations for rooms starting September 1, 2025.

Hyatt Hotels Corporation and Princes Gates Hotel Limited Partnership announced that Hotel X Toronto will join the Destination by Hyatt brand, marking the brand’s entrance into Canada. Nestled on the shores of Lake Ontario, Hotel X Toronto features 404 guestrooms and suites, a year-round heated rooftop pool, the first Guerlain Spa in Canada, and 10XTO, an athletic club with tennis courts, squash courts, and fitness studios. The hotel will also offer a 250-seat cinema, a private screening room, a selection of exceptional dining venues, and 60,000 square feet of flexible event space.

The iconic Don CeSar Hotel on St. Pete Beach, Florida, has reopened following back-to-back hurricanes last year. According to the property’s general manager, the hotel is reopening in three phases. The hotel welcomed back guests on March 28. In mid-May, the hotel will welcome back its retail stores, Uncle Andy’s ice cream parlor, and its second pool. And in July, everything will return, including its fine dining restaurant and bar.

DGH Hotel Partners, which owns the adjacent Aloft and Element hotels in Boston’s Seaport district, filed a letter of intent with the city’s planning department to build a 438-key hotel at 391 D Street. The site of the proposed 15-story hotel is next to the Boston Convention and Exhibition Center and is owned by the Massachusetts Convention Center Authority, from which DGH leases its existing two hotels. The city has been looking to add up to 1,000 rooms to the area to support plans to expand the convention center. The joint venture behind the hotel proposal includes Global Hospitality Investment Group, according to Banker & Tradesman. Should the proposal be approved, the hotel would dwarf the size of each of the other two hotels DHG operates in the area. Together, the two hotels offer 510 rooms—though this proposal would also add another 20 rooms to the properties. The new hotel would be the 13th-largest in the entire city.

Aby Rosen, Michael Fuchs, and their company RFR Holding are battling with landlord Commerz Real in three separate lawsuits over the Soho luxury hotel 11 Howard. The asset manager filed a petition in February to evict RFR from the 211-room hotel. A new lawsuit filed this week by the landlord claims RFR owes more than $18 million in back rent, taxes, insurance, and other costs. Meanwhile, RFR alleges in another complaint filed in January that Commerz violated its lease agreement by shopping the property around to potential buyers despite RFR’s contractual right of first offer to buy the building, according to a separate lawsuit filed by RFR.

Hallmark Inns & Resorts announced the grand opening of The Allred Hotel in Newport, Oregon. The newly opened hotel now features 102 guestrooms, three renovated vacation home rentals, and a lobby-level eatery.

Hunter Hotel Advisors announced the sale of the Hilton Garden Inn Louisville East in Louisville, Kentucky. HBS Investment Group purchased the property from an institutional seller. The 112-key Hilton Garden Inn Louisville East offers a fitness center, indoor pool, full-service restaurant, and a full bar.

Personnel Moves

Harvey Hanna & Associates, Inc. announced a strategic corporate realignment designed to strengthen leadership, enhance governance, and position the company for long-term growth. The realignment includes the formation of a Board of Directors, leadership promotions, and a renewed focus on strategic oversight and operational excellence.  A Board of Directors has been established to provide strategic oversight and financial stewardship of the company. The Board consists of John Harvey, E. Thomas Harvey IV, William Harvey, and Thomas Hanna, with E. Thomas Harvey III serving as Chairman of the Board.  With unanimous support from the Board, John C. Fannin III has been promoted to President of Harvey Hanna & Associates.  In this role, he will oversee daily operations, personnel management, financial performance, and the implementation of strategic goals. Marge Billingsley has been promoted to Lease Administration Manager within the Portfolio Management Group. Angela Riddell has been promoted to Administrative Services Manager in a newly established Administrative Management Group. 

Europe Highlights

IHG Hotels & Resorts has debuted nine of its individual hotel brands in 3 countries across Europe since the start of 2024, with the opening and signings spanning brands across its four segments: Luxury & Lifestyle, Premium, Essentials, and Suites. This growth comes as IHG’s Europe business, which includes the UK and Ireland, surpasses 1,100 open and pipeline hotels. IHG’s six brands in the Luxury & Lifestyle segment, Six Senses, Regent, InterContinental, Kimpton, Vignette Collection, and Hotel Indigo, continue to expand across Europe, representing 12% of current Europe open hotels (103 properties) and 27% of its development pipeline (71 hotels), demonstrating promising runway for future growth. Last year saw record conversion activity for IHG globally, and in 2024, conversions to IHG brands represented more than 80% of the openings in Europe. This increased activity is led by brands such as voco, Crowne Plaza, and Ruby. Almost 70% of IHG’s Europe footprint is made up of Essentials brands, from the world’s largest hotel brand Holiday Inn Express, to the new midscale conversion brand, Garner Hotels. 2024 marked the European debut for Garner, with 56 initial signings taking place in April, and the first opening in November. The increasing demand for extended stays is reflected in IHG’s Europe pipeline for its Suites portfolio of brands, including Candlewood Suites and Staybridge Suites, which stands at 15 hotels, larger than the current system size of 11 properties, underlying healthy future growth prospects.

The Sheraton Park Tower, in London’s Knightsbridge, has submitted a proposal for a multi-million-pound redevelopment that would add two extra floors to its iconic circular tower, build eight luxury residential flats, and construct a new two-story podium at the ground level. The plans also include removing the existing underground car park to create a grand new hotel entrance with a canopy-covered terrace, converting space previously occupied by a casino into over 1,000 square meters of retail and dining space, and reducing the total number of hotel rooms from 271 to 240 while significantly increasing accessibility features. 

River Rock Hotels has officially introduced the La Quinta by Wyndham brand to Batumi, Georgia. This launch represents the company’s flagship hospitality project for 2025. 

Accor, Invel Real Estate, and Prodea Investments revealed the signing of Hotel Bellevue Cortina d’Ampezzo, Emblems Collection, marking the brand’s debut in Italy. The property, scheduled to open by the end of 2026, will include 80 rooms, 27 suites, a spa, curated wellness experiences, and dynamic culinary options.