IHG to Expand Lifestyle Luxury Portfolio

The DJIA rose 65 points while Nasdaq was down 152, the S&P 500 fell 18 points and the 10 year treasury yield was up .01 to 3.82%. Lodging stocks were modestly lower. SOND was up 23% and VCSA was up 7% on the day.

The Courtyard by Marriott Los Angeles in Old Town Pasadena has completed an extensive $12.8 million renovation. The refurbishment included updates to the hotel’s 314 guestrooms, the bar, and the gym. The hotel, owned by Dauntless Capital Partners, also features nearly 6,000 square feet of event and meeting space, a convenience store, and an outdoor pool area with fire pits and a hot tub.

Butler University in Indianapolis, Indiana, is teaming up with Hilton to restore and transform a historic residence hall into a boutique hotel. Curio Collection by Hilton is expected to open during the 2026-2027 academic year, with 105 rooms and suites, a signature restaurant, and meeting spaces. The hotel, the first Curioproperty located on a university campus, will preserve the legacy of Ross Hall.

The Hilton hotel on Hegenberger Road, next to the Oakland airport in Oakland, California, will officially shut down on Wednesday, but workers said Sunday was its last day of operation. Hilton did not say why they’re closing after 56 years, but workers believe it is the result of the COVID pandemic and ongoing crime in the area. The hotel sits on about 20 acres with multiple buildings, 15,000 square feet of event space, and 350 rooms. The Port of Oakland owns the Hilton property and will take some time to decide what to do with it.

IHG Hotels & Resorts and Six Senses announced the signing of Six Senses Telluride, the first in the IHG Luxury Lifestyle portfolio in North America’s Mountain West Region. The new property will have 77 rooms and 24 branded residences, extensive ski concierge services, multiple food and beverage spaces, and a rooftop pool. A buzzy retail, market hall, and conference space will be open to the surrounding community. Six Senses Spa Telluride will offer a sauna, steam and hammam, a cryotherapy bath, and sensory single and double treatment rooms. Six Senses Telluride is set to open in 2028.

Pier Sixty-Six Resort is set to reopen to the public in the fall after a major makeover. The historic waterfront hotel, which is the centerpiece of a $1 billion redevelopment project in Fort Lauderdale, Florida, will showcase its transformation in mid-November. Tavistock Development Company led the 10-figure redevelopment project. Set on 32 acres, Pier Sixty-Six Resort will return with 325 guestrooms and suites. Pier Sixty-Six’s star amenity is its 13,000-square-foot super yacht marina, which features 164 deepwater slips for yachts up to 400 feet. Other attractions at the resort include a spa set to open in the winter, a fitness center, a multi-level pool, a snow room, and twelve culinary venues. The Residences at Pier Sixty-Six is projected to be completed around the time the resort opens. It will have 92 private residences across two 11-story condominium towers.

A local real estate developer has proposed a 25-story, 106-room “skinny” hotel in Boston’s Chinatown neighborhood. Sing Ming Chan is seeking to build the hotel on a parcel of less than a tenth of an acre that is currently home to a vacant, long-dilapidated five-story building. Chan took a $4 million mortgage on the property last year from Newburyport Bank. The filing pitched the hotel as the first in the neighborhood owned by a local Chinese-American businessperson, a “feature that is common in America’s other great urban Chinatowns.”

An old shipyard on Atlantic Boulevard near the Intracoastal Waterway in Jacksonville, Florida is set to get redeveloped. Jacksonville Intracoastal LLC is planning to turn the site into 560 multifamily residential units, along with office, hotel, retail, and restaurant uses, according to the civil plans submitted to the city. The project called The Harbour is also supposed to bring a marina with up to 650 slips along with a two-lane public access boat ramp with 30 dedicated boat trailer parking spaces, staging docks, and certain other related improvements.

HVS Brokerage & Advisory announced the sale of the 63-key La Quinta Inn & Suites by Wyndham Pasadena North. The property was purchased by Satguru Investments from 225 Pasadena Hospitality.

Playa Hotels & Resorts N.V. has entered into a binding agreement with a third party to sell the Jewel Palm Beach in Punta Cana, Dominican Republic, for a total consideration of $68 million in cash. The company expects the transaction to close in the third quarter of 2024.

Personnel Moves

EDITION Hotels announced George Fleck as Senior Vice President and Global Brand Leader. In this role, Fleck will guide the brand through its extensive growth, overseeing all aspects of the brand’s culture, training platforms, hotel openings, design evolution, marketing strategy, nightlife programming, and food and beverage concept development. Prior to his current role, Fleck was Vice President and Global Brand Leader for St. Regis Hotels & Resorts. EDITION Hotels recently debuted its 20th property in Jeddah. New properties in Lake Como, Dali, and the Red Sea will follow in 2025.

Twenty Four Seven Hotels named Brian Hughes executive Vice President of Business Development and promoted Damien Abrams to Vice President of Lifestyle Brands to accommodate recent business growth. Hughes most recently served as managing director of JLL. Prior to this promotion, Abrams served as Regional Director of Operations for the company with a key focus on food & beverage operations.

Europe Highlights

After nearly three incredible years of recovery and expansion for the Europeanhospitality industry, investors have underlined their faith in the sector this year with record hotel deal volumes. CBRE research finds that investment into European real estate reached €86.5 billion in the first half of 2024, with year-on-year growth led by hospitality and living. The hotel sector’s Q2 2024 performance was its strongest quarterly performance since Q4 2021, as investment reached €5.4 billion in Q2. For the first half of the year, hotel volumes rose 62% to €9.9 billion, whilst the living sector saw volumes increase 6% to €18.3 billion.

Singapore-listed ProsperCap is actively seeking to refinance its hotel portfolio as existing loan terms mature at the end of the year. The company is also securing capital to refurbish and possibly increase room counts and/or add new facilities at some of the hotels. ProsperCap’s 17 hotels are located in key U.K. regional cities, including Manchester, Birmingham, and Liverpool. They are managed by Valor Hospitality Europe, with ProsperCap acting as asset manager.

InterGlobe Enterprises, the biggest shareholder of IndiGo airline, has opened its boutique lifestyle hotel Miiro in Paris and Barcelona and is looking to add more properties in Europe over the next couple of years. The fully renovated Le Grand Hotel Carye in Paris opened in July with 123 guestrooms. The Borneta in Barcelona opened this month with 92 rooms and suites. The entry-level luxury lifestyle hotel brand will continue back-to-back launches into 2025 with London and Vienna. Templeton Garden in London will offer 156 rooms, complemented by a café-deli, a neighborhood restaurant, a vibrant bar, and an outdoor F&B experience in an expansive garden oasis in the Spring of 2025. The two hotels in Vienna, with their strategic location boasting over 200 rooms, will be the next destination for Miiro.