Blackstone and AAHOA Invest in M3 Hotel Software

The DJIA rose 97 points on Friday, Nasdaq was up 37, the S&P 500 rose 11 points, and the 10-year treasury yield was down .03 to 3.89%. Lodging stocks were higher. The big mover of note was SOND, up 15%.

Hotel Equities announced the grand opening of the SpringHill Suites by Marriott Phoenix West/Avondale. The newly constructed hotel is owned by Virtua Avondale Hospitality and features a market, an outdoor fire pit, and a pool.

Four Seasons Hotel Miami, located in Brickell's cosmopolitan setting, revealed four new Presidential and Penthouse Suites, marking the completion of the redesign of all guestrooms and suites at this South Florida destination. The Penthouse is 2,830 square feet, while the Bayfront Presidential Suites are 2,190 square feet.

IHG Hotels & Resorts announced the opening of a newly renovated Holiday Inn Express in San Jose, Costa Rica. The hotel features 100 guestrooms, 1,022 square feet of meeting space, a fitness center and a pool. The Holiday Inn Express San Jose Forum is owned by Rocca Portafolio Comercial, S.A. and managed by Rocca Development Group.

In conjunction with ownership, First Hospitality is proposing a 134-room Kimpton-branded boutique hotel for the West End neighborhood of downtown Greenville, South Carolina. It would also include 26 condos and 9,500 square feet of retail space. Construction of the project is expected to begin in October 2024 and be completed in December 2026.

Daryon Hotels announced the grand opening of the newly renovated Wingate by Wyndham Fort Jackson. Located in the heart of Columbia, South Carolina, the hotel features updated guestrooms; redesigned public spaces including the lobby, breakfast area, and fitness center; and enhanced amenities such as a business center and newly upgraded meeting space.

MetLife Investment Management and Loews Hotels & Resorts have put their Hollywood hotel up for sale, with a steeply discounted price tag. The firms have listed the Loews Hollywood Hotel with a guiding price of $125 million, about $40 million less than what Loews paid for the property in 2012. Eastdil Secured holds the listing for the 625-key hotel.

The Langham Huntington in Pasadena, California, celebrated the grand opening of its new resort pool, the Royce Pool. The hotel's new contemporary resort pool complements its existing historic Lanai Pool, both of which are now open to non-hotel guests with limited availability on weekdays and selected weekends. The Royce Pool offers amenities like poolside dining, TVs, mini refrigerators, and ceiling fans.

Rebel Hotel Company announced that the 17-room White House Napa has completed its redesign. The renovation introduced fully redesigned guestrooms, a variety of new amenities and a revitalized outdoor pool area.

B&B Hotels has picked up The Onyx Hotel Miami Airport for $16.2 million and will rebrand it. The six-story hotel, which is currently a Holiday Inn Express, will be rebranded as the B&B Hotel Miami Airport. Onyx sold the 110-room property located at 5125 N.W. 36th Street. Bluebird Credit provided an $11 million loan to the buyer.

The Rio Las Vegas has completed its renovation, encompassing over 220,000 square feet of conference space. The design includes multiple ballrooms and convention spaces centralized on one level. The property is nearing the completion of phase one of the renovations. The installation of new carpeting, newly redesigned Ipanema Tower suite-sized guestrooms, and the complete renovation of the entire pool complex are already completed.

Appellation joined forces with Leal Hospitality to announce Hotel MOHI by Appellation. Set to debut in fall 2025 in Silicon Valley's Downtown Morgan Hill, the opening will mark the first full-service luxury boutique hotel in the destination. The hotel will offer a signature restaurant and bar, a serene terrace pool and deck with a pocket bar, a marketplace and flower shop lounge, a café and baker that transitions into a cocktail and wine bar in the evening, a spa and fitness club, and a 7,730 square foot ballroom.

The demolition of the former Applebee's location on Frederick Avenue in St. Joseph, Missouri, began this week and plans have emerged on what could become of the old restaurant. The City is actively working with the current owner to assist with the redevelopment of the 7 ½ acre site for the proposed use of a $58 million hotel and conference center, fulfilling the need for additional hotel rooms and meeting space.

Valencia Hotel Group, Division Hotel Management, LLC and the City of Arlington, Texas, celebrate the groundbreaking of the Caravan Court Hotel redevelopment project. Formerly the site of the Caravan Motel, the 145-room upper upscale boutique hotel will feature a unique luxury retro-style motor court concept and mid-century aesthetic.

M3, LLC, founded by hospitality industry veteran John McKibbon, has signed a definitive agreement for a majority investment from Blackstone Growth and affiliated funds. The investment will help to accelerate the company's growth by enhancing new project expansion and supporting the adoption of M3's software, which enables hotel operators to run more efficiently and effectively. AAHOA, representing nearly 20,000 hotel owners and 60% of hotels across the U.S., will make its first-ever strategic investment alongside Blackstone.

HVS Brokerage & Advisory announced the sale of the 82-key Hampton Inn & Suites by Hilton Houston North IAH Airport in Houston, Texas. The property was purchased by RVS Hospitality Group LLC from XE Hospitality. HVS Brokerage & Advisory collaborated with Ten-X to sell the hotel.

Europe Highlights

In the Q2 2024 Europe Hotel Construction Pipeline Trend Report from Lodging Econometrics, analysts report the region's total pipeline stands at 1,680 projects and 249,454 rooms at the quarter's close. Notably, renovation and conversion projects in Europe reached an all-time high of 825 projects and 95,519 rooms in the second quarter. Here are the rest of the numbers:

Europe Hotel Construction Pipeline Overview (Q2 2024)

Europe Hotel Pipeline by Chain Scale (Q2 2024)

Top Countries in Europe's Hotel Construction Pipeline (Q2 2024)

Top Cities in Europe's Hotel Construction Pipeline (Q2 2024)

Forecasted Hotel Openings in Europe

Private equity firm TPG is among a pack of suitors vying to buy the easyHotel chain for about £400m. Sky News has learned that TPG has been short-listed alongside several other bidders who are interested in buying the business. Proprium Capital Partners is also understood to have expressed an interest in easyHotel, although it is unclear whether it has made it through to the second round of the auction. easyHotel trades from 50 sites in 11 countries, including 19 in the UK. easyHotel is 79.1% owned by ICAMAP Investments and Ivanhoe Cambridge. The chain comprises more than 4,000 rooms and has plans to grow to 120 hotels in the next four years. It recently announced an expanded lending facility with Santander UK as it seeks to accelerate its pipeline of new openings.

Sebastian Lang and Marcus Schwander, founding partners of Miami-based Lang & Schwander, have acquired the Hotel Engadinerhof in Pontresina, Switzerland. Terms of the sale were not disclosed. The Lang & Schwander team, which will take over property management, will conduct a comprehensive renovation of the common areas and 85 guestrooms. The Hotel Engadinerhof will remain open throughout its phased renovation, with completion expected in 2026.

PPHE Hotel Group has been granted planning permission for a mixed-use, hotel-led development in London's vibrant South Bank area. Under the approved plans, PPHE will bring a 15-story, mid-scale concept to 7987 Westminster Bridge Road comprising up to 186 rooms as well as two floors of office and light industrial floorspace, activated by a flexible use ground floor public space featuring an all-day dining bar and café.