Las Vegas' Mirage Hotel and Casino to Close

The DJIA fell 39 points while Nasdaq was down 44, the S&P 500 fell 11 points and the 10-year treasury yield was up 0.02 to 4.38%. Lodging stocks were lower. VCSA traded down to a new low and the only mover of note was SOND, down -6% on the day.

Mizuho raised Hyatt’s price target to $204 from $195. They maintained their Buy rating on the stock.

Evercore ISI Group upped their rating on Park Hotels & Resorts to Outperform from In-Line. They raised their price target on PK to $20 from $19.

In response to yesterday’s coverage on the potential foreclosure of the Waldorf Astoria Washington DC, owner CGI Merchant Group gave us a statement regarding the situation. They said "CGI is engaged in productive discussions with the property's manager, Hilton, and several other parties who want to reach a consensual financing solution that reflects the realities of today’s challenging, rising rate environment. MSD’s unilateral decision to file a foreclosure notice is inconsistent with the discussions and possibly invalid. Although our goal is to continue advancing constructive negotiations with all parties, including MSD, we're prepared to take all necessary steps to protect the rights of CGI and its partners."

Not surprisingly, Blackwells Capital had a different take on the Ashford Hospitality Trust shareholders meeting. First, they said AHT refused to give them a stockholders list, giving an excuse for only getting 7% of the votes on their proxy. Then they said the board members that were reelected only received a narrow passage and Monty Bennett and Kamal Jafarnia were the ones who tendered their resignations as Board members. Blackwells said they did not receive enough votes to be nominated. Blackwells described the Board’s reappointment of Bennett and Jafarnia as a shameless maneuver. It should be a fun Braemar shareholders meeting.

Travel + Leisure Co announced their Board of Directors approved an increase in the company’s share repurchase authorization. They upped it by $500 million.

The $90 million Hotel Cleveland, Autograph Collection monumental restoration is complete. Formerly Cleveland Renaissance Hotel, the property reopens with 491 new guestrooms, bar, new lobby, 59,000 square feet of meeting space, and two new restaurants. Hotel Cleveland, Autograph Collection is owned by Skyline Investments and managed by Aimbridge Hospitality.

PTM Partners, DoveHill Capital Management, and Wurzak Hotel Group announced this summer, Moxy St. Pete will open its doors as the new social hub of the city. Located in St. Petersburg, Florida, the newly built lifestyle hotel will feature 163 guest rooms and suites, 1,000 square feet of flexible meeting space, a fitness center, a large open-air bar and premium coffee café, work areas, and the neighborhood’s first rooftop pool deck with a poolside bar. This fall, the hotel will also open the second location of Sparrow, a Florida-favorite rooftop dining and nightlife experience.

The Sheraton Princess Kaiulani announced the completion of the Ainahau Tower room refresh. Highlights of the refresh include six new Junior Suites and 658 refresh guestrooms.

Turnberry is planning to build a St. Regis Hotel in downtown Nashville, Tennessee. The 46-story St. Regis Hotel will feature 173 hotel guestrooms, 73 furnished residences, and 100 condo units. The project includes three levels of underground parking, food and beverage concepts, a full-service spa, and multiple event spaces. The project is expected to break ground in 2025.

The TownePlace Suites Philadelphia Horsham was put up for auction with a starting bid of $1.4 million. Online bidding for the property will take place on digital real estate platform Crexi starting June 24. Paramount Lodging Advisors is representing the owner, Highgate, in the auction. The 94-key, extended-stay TownePlace Suites Philadelphia Horsham spans two three-story buildings and offers a fitness center and a laundry room.

Rentyl Resorts and Davidson Hospitality Group have partnered on a first-of-its-kind condominium project with Embassy Suites. Embassy Suites by Hilton Orlando Sunset Walk is a five-building condominium project being developed by Sunset Walk Residences, LLC. Rentyl and Davidson will be responsible for the onsite management, sales, marketing, revenue, and call center management of the 317 units. The first two buildings are scheduled to open in May 2024 with the remaining three to open by the end of the year.

Brandt Hospitality Group announced the opening of their first hotel in New York, the Home2 Suites by Hilton Poughkeepsie. The property offers extended-stay suites, free parking with EV charging available, an indoor pool, and a fitness center.

The Embassy Suites by Hilton Huntsville has completed a two-phased, multi-million dollar renovation. The 295-key Huntsville, Alabama hotel is connected by a sky bridge to the Von Braun Center and sites adjacent to Big Spring International Park. Operated by Atrium Hospitality, the Embassy Suites Huntsville offers two-room guest suites, an onsite restaurant with indoor and outdoor seating, lounge and café, 11,500 square feet of flexible event space, business center, fitness center, indoor saltwater pool, and a sundry/gift shop.

Sage Hospitality Group will be taking over management of Hotel Vandivort located in Springfield, Missouri. Part of the Sage Independent Hotel Collection, the property features 97 guest rooms across two buildings, 3,900 square feet of meeting space, a full-service restaurant, and a rooftop bar.

In Fire Island, New York, Tryst Hospitality is expanding its iconic LGBTQ+ venues with the acquisition of 75% of the Fire Island Pines commercial district, one of the most celebrated community hubs in the U.S. The currently non-operational hotel will be renovated and transformed into The Tryst Fire Island, the third location for Tristan Schukraft’s budding luxury hotel brand for gay travelers. Included in the acquisition are ten buildings with a variety of businesses. All the businesses will operate as planned for the 2024 season. This fall, Tryst Hospitality will invest in thoughtful enhancements to these properties with the most significant investment being the hotel which will open in time for the 2025 season.

Four Seasons Private Residences Las Vegas announced over $400 million in sales to date and continues to make construction progress ahead of its late 2026 debut. Since launching sales in May of 2023, the two-tower project is 45% sold. This milestone presents a demanding year for Azure Resorts & Hotels, Luxus Developments, and Two Roads Development who have joined forces with Four Seasons to introduce this exclusive offering in the heart of the esteemed community of MacDonald Highlands in Clark County, Nevada.

On July 17, Hard Rock International will cease operations of The Mirage Hotel & Casino to begin transforming the venue into the Hard Rock Hotel & Casino and Guitar Hotel Las Vegas. The new resort will feature a guitar-shaped hotel nearly 700 feet in height.

Carolina Resort Company announced the completion of a major renovation project of the Beach House Motel & Suites, in Oak Island, North Carolina. The motel is now a fully renovated hybrid hotel/vacation rental property consisting of 22 rooms and suites. The property has onsite management and services.

A new hotel could be headed to West Austin, Texas. The Champion Commercial Development, as the project is called received unanimous approval for the project. The developer, East VH 2222 LLC, is planning a four-story, 114-room hotel along with a single-story restaurant.

Maverick Hotels and Restaurants is now managing The Last Hotel STL, located in St. Louis, Missouri. Located in a former shoe factory, the chic hotel features an upscale restaurant and snack shop, a rooftop with an adults-only pool and a bar, a fitness center, and meeting and event space.

CBL Properties, the developer and owner of the Cool Springs Galleria mall in Franklin, Tennessee, and RaganSmith Associates have proposed a new development on the mall property. The two firms are planning to add new retail and restaurant buildings, 600 apartment units across two buildings, and a 120-room hotel in the parking lots to the west of the Galleria.

Outbound Hotels is set to hold a soft opening at the Outbound Stowe, in Vermont, in early July. The property will offer 73 rooms and an outdoor pool. Eastside, Outbound Stowe’s signature bar and kitchen concept developed in partnership with Folkart Management, will have its soft opening in late August.

Lopota Lake Resort & Spa, in Telavi, Georgia, announced its expansion with a brand-new, two-story building housing 80 new premium rooms and suites.

Rusk House Serviced Apartments, located in the heart of downtown Houston, Texas, has officially opened. Hotel amenities include onsite dining, housekeeping, coffee, and same-day dry cleaning.

Hunter Hotel Advisors announced the successful sale of the Staybridge Suites Tysons-McLean. SAK Developers acquired the McLean, Virginia property for an undisclosed price. Hunter represented the institutional seller. The five-story Staybridge Suites property offers 142 extended-stay keys, a fitness center, 360 square feet of meeting space, outdoor amenities, and laundry service.

Cronheim Hotel Capital secured $15.4M to refinance the existing debt on the Hyatt Place Chicago South University Medical Center. The non-recourse financing originated with a Southeast-based bank.