U.S. Lodging Stocks Rise, But Canadian Hotel Occupancy Declines

The DJIA ended Friday with a 462-point gain while Nasdaq was up 258, the S&P 500 rose 64 points and the 10-year treasury yield was down .05 to 3.81%. Lodging stocks were higher. AHT was up 14%, VCSA rose 11%, and SOND ended the day with a gain of 6%.

According to CoStar's July 2024 data, after three consecutive months of year-over-year increases, Canada's hotel industry recorded a decline in occupancy. July 2024 (percentage change from 2023): Occupancy: 75.2% (-0.4%) ADR: CAD236.12 (+1.1%) RevPAR: CAD177.62 (+0.7%). Among the provinces and territories, Prince Edward Island recorded the highest occupancy level (81.2%), 1.2% above 2023. Among the major markets, Vancouver saw the highest occupancy (85.7%), down 1.4% over July 2023. The lowest occupancy among provinces was reported in Saskatchewan (63.4%), up 0.2% against 2023. At the market level, the lowest occupancy was reported in Edmonton (+3.7% to 61.0%).

Wealth Hospitality Group is planning to begin construction of an Embassy Suites Hotel & Convention Centerproject at the Landers Center in New Southaven, Mississippi. When finished, the project will pair the only convention center to an onsite hotel in the state. Construction will commence at the end of 2024.

LBA Hospitality, in association with 3H Group, has acquired Hyatt Place Tampa Airport/Westshore in Florida. LBA Hospitality will assume management of the property on behalf of 3H Group. The hotel offers 124 guestrooms, an onsite bar, various dining options, event spaces, a fitness center and a pool.

White Lodging announced the August 29th opening of the Kimpton Santo Hotel in San Antonio, Texas. The property boasts 347 guestrooms, four food and beverage outlets, a rooftop pool and more than 13,000 square feet of event space.

IHG, in collaboration with ERES Companies, announced the grand opening of the EVEN Hotel in Belgrade, Montana. The four-story, 120-guestroom property will be managed by O'Reilly Hospitality Management, LLC and feature an indoor pool, full-service bar and restaurant, cozy lounge areas, versatile meeting rooms, an athletic studio and an outdoor courtyard with firepits.

The Venetian hotel-casino in Las Vegas, Nevada, unveiled the first phase of a $188 million renovation to its Convention Center. The Convention Center remodel is part of a $1.5 billion, multiyear reinvestment plan at The Venetian. The 2.25 million square foot Venetian Convention and Expo Center is being remodeled in stages, with the project expected to be complete by 2026. As part of the $1.5 billion reinvestment project, nearly 4,000 suites in the Venetian will be renovated. The resort will also host several new restaurants, some of which will be opening in the coming months. Other improvements include enhancements to the gaming offerings, such as a new high-limit slot room and the recently opened poker room in the Grand Canal Shoppes.

Last Week, Cowboy State Daily reported that the historic Plains Hotel in downtown Cheyenne, Wyoming, had a buyer for $5.85 million. Astrid, the owner of the Plains Hotel, confirmed she received that offer from 29-year-old Noah Rawlings, saying it was far below what she values the property at and is not entertaining negotiations with the buyer. Now, the building is not up for sale, but Astrid said she would consider offers closer to $10 million, if they came along.

The Residences at The Adelphia Hotel in Saratoga Springs, New York, are officially open.

The Kabani Hotel Group announced the sale of the La Playa Hotel redevelopment in Daytona Beach, Florida. The property is a 10-story building that, at the time of sale, was completely gutted and ready to be redeveloped into a new hotel. Kabani Hotel Group, represented the seller, 2500 North Atlantic Ave LLC, and the buyer, PRM Hotel Group, in the transaction.

West Virginia's Greenbrier Hotel, which partners with online casino operators on its gaming license, is not longer scheduled to be auctioned on August 27. Various publications reported that the family of Governor Jim Justice reached an agreement with the bank to avoid losing the property. The hotel cam under threat of auction after JPMorgan Chase sold a longstanding loan taken out by the governor to a credit collection company, McCormick 101 which declared it to be in default. The Justice family agreed to pay an unspecified amount to the bank by October 24. However, paying McCormick 101 may not end debts owned by the Greenbrier Hotel Corporation. Overdue property taxes for The Greenbrier Hotel and four related businesses are listed at $2.2 million with the county courthouse.

Placemakr announced in partnership with Jamestown, a new hospitality living concept, Scout Living. Located at the vibrant Ponce City Market campus in Atlanta, the newly constructed tower has 405 fully furnished units and is now available for booking. Amenities include a rooftop with a pool, wellness studio, terrace, reservable entertaining space, additional reservable meeting and event spaces, a chef's kitchen-all and 12,000 square feet of ground-floor retail.

The Dominican Republic's Riu Palace Bavaro is reopening this month after a large refurbishment and expansion project. The Riu Palace began the project with about 620 rooms in its Arena Gorda resort with amenities ranging from nine pools to one of Riu's signatures: a Splash Water World. The project actually included Riu's demolition of the adjacent Riu Naiboa hotel, meaning extra space on the property. The resort is adding an Elite Club service for adults, and with food being a big priority, launched a new "food court" that will offer a pizzeria, Asian food, ice cream and tacos, among other cuisines, along with a buffet. This is the first time Riu has undertaken this kind of culinary concept at one of its all-inclusive resorts. There's even a new chicken spot called RFC - Riu Fried Chicken. But most notably, the resort is adding an extra 380 rooms, largely in place of the old Naiboa.

Personnel Moves

Crescent Hotels & Resorts announced the appointment of Vanessa Claspill as its new Chief Commercial Officer. Vanessa will spearhead the Commercial Division, including Sales, Marketing + Digital, and Revenue Strategies. Prior to her new role with Crescent, Vanessa served as Senior Vice President of Sales at Pivot Hotels & Resorts.

Vacasa, Inc. filed a Form 8K with the SEC reporting that Craig Gracey notified the company he is resigning as their Principal Accounting Officer, effective September 6th. Bruce Schuman, the company's CFO, was appointed as Principal Accounting Officer and Chief Accounting Officer and will continue as CFO.

Europe Highlights

Hilton announced the signing of a new long-term agreement for Hilton Munich Park with a joint venture company of Commerz Real AG and Hines. Hilton will continue to manage the property following a visionary redevelopment by the owners as part of the mixed-use Tucherpark project in Munich. The innovative project will blend residential, retail, office and hospitality spaces. The redevelopment proposals for Hilton Munich Park's transformation include adding a new rooftop restaurant and bar, along with restaurants, central bar and retail space on the ground. The meeting spaces will be redesigned including a larger ballroom and a new unconventional city garden venue. Enhanced wellness facilities will also be part of the redevelopment.

DoubleTree by Hilton Sheffield City, located right next to the historic Bramall Lane stadium, has opened in Sheffield, UK. The hotel, the official hotel of Sheffield United Football Club, features 155 guestrooms, event space, a fitness center and a bar and restaurant. The hotel is owned by Sheffield United Football Club and managed by Leaf Hospitality.

Accor announced the market entry of its Handwritten Collection brand in Germany. In partnership with MUZE Hotels, the brand will open its first hotel in Dusseldorf in mid-November 2024, expanding its existing portfolio of currently 17 hotels around the world. The MUZE Hotel Dusseldorf offers 60 rooms, a bar, modern meeting room and an in-house art exhibition.