CitizenM Opens Its Second Boston Property

The DJIA rose 125 points while Nasdaq jumped 370, the S&P 500 rose 59 points and the 10-year treasury yield was up .01 to 3.65%. It was a nice turnaround from a weak morning. Lodging stocks were modestly higher but the only mover of note was SOND, down -10% on the day.

JP Morgan has placed InterContinental Hotels & Resorts on “negative catalyst watch.” They have an Underweight rating on IHG and said it is their least preferred name among European hotel companies as it sees both company guidance and Street expectations as too ambitious into the second half of 2024 onwards. JPM believes ongoing RevPAR weakness across the US and China could be further exacerbated by tough China comps and US macro uncertainty.

STR reported US lodging data for the week ended September 7th. It looks like Labor Day timing had a bit of an impact as US hotel RevPAR was down -5.2% with occupancy down -4.2%. Group RevPAR fell -7.4% on a year-over-year basis.

Hilton and JM Hospitality Inc. announced the opening of the Spark by Hilton Toronto Markham, marking the brand’s entry into the Canadian market. The 72-room hotel joins eight other Spark hotels in various stages of development across Canada.

A new Hilton branded hotel is being planned for Central Florida. The new hotel would be built in the Horizon West area of Orlando proposed by Kelly, Collins & Gentry Inc. and Boyd Development Corp. The proposal is for a four-story, 124-room LivSmart Studios by Hilton hotel.

ERES, in partnership with O’Reilly Hospitality Management, LLC, announced the development of a Hampton Inn & Suites at Yellowstone Airport Plaza in Belgrade, Montana. Scheduled to break ground by the end of the year, the 125-room hotel is expected to be completed by Q2 2026. The four-story hotel will include an indoor pool, spacious meeting rooms, a fitness center, a treat shop, and a large lobby with a dedicated co-working lounge.

Hospitality America has been selected by Contender Development to manage the Element by Marriott Charleston Airport in North Charleston, South Carolina. Scheduled to open in the second quarter of 2025, the 123-room upscale hotel will feature a restaurant, a motion fitness center, a saline outdoor pool, and 500 square feet of meeting space.

Driftwood Capital announced the successful initial closing of its latest fund, Driftwood Florida Space Coast Portfolio, LP, focusing on the acquisition and development of existing and soon-to-break-ground hotel assets in Florida’s Space Coast. Anticipating future growth and demand along the Space Coast, the fund’s portfolio is projected to include more than 1,200 guestrooms, 166,000 square feet of meeting space, and 21 food & beverage venues on 36 beachfront acres, constituting a majority of the area’s hotel beachfront inventory. The fund’s portfolio is comprised of the following assets: The 502-guestroom Westin Cocoa Beach Resort, the 295-room Hilton Cocoa Beach, the 130-room Element by Westin Melbourne, and the 290-room Crown Plaza Melbourne.

citizenM has opened its second Boston-based property - citizenM Boston Back Bay. The 15-story tower is part of the mixed-use development Lyrik and is the company’s largest hotel to date. The hotel features 399 guestrooms, a curated selection of artwork, and a rooftop bar.

Choice Hotels International, Inc. announced the opening of the Radisson Hotel Fairview Heights - St. Louis, in Fairview Heights, Illinois. The four-story, 119-room hotel boasts nearly 10,000 square feet of meeting spaces and amenities including a heated indoor pool, a fitness center, and an onsite bar and restaurant.

A new $410 million upscale hotel project near Globe Life Field in Arlington, Texas, will soon begin. Loews Hotel submitted filings with the Texas Department of Licensing and Regulation for a planned 513-room hotel at 1300 Ballpark Way. Work is expected to start in November and be finished in June 2028. The hotel, which will replace the 311-room Sheraton Arlington Hotel, will also include 35,000 square feet of meeting space. A new parking garage that would serve the planned hotel and other venues in the area is already under development. Arlington is expected to contribute $40 million toward the development costs.

My Place Hotels of America has introduced My Place 3.0, featuring product enhancements alongside a new prototype designed to increase demand and improve the guest experience. Following extensive discussions with key stakeholders, such as developers, owners, operators, and municipalities and considering insights from market-based analytics, My Place has developed a four-story, 71-unit prototype. The prototype is available now, with the brand anticipating several installations to begin in 2025. The company will continue offering its four-story, 87-unit prototype with a few upgrades, including a soft half-booth in the guest lounge, the addition of another dryer in the house laundry, reconfigured guest laundry featuring stackable units; and an enlarged maintenance and mechanical area, which also provides additional storage and housekeeping space on the upper floors. My Place’s foundational three-story, 64-unit box is also still available. Finally, My Place is debuting the My Place Business Suite, a flexible option for the individual business traveler or small family.

The Intrepid Boutique Hotel, in the heart of Downtown Duluth, Minnesota, celebrated its grand opening. According to Titanium Partners, the hotel provides parking and has extended-stay capabilities and connectivity between the units to accommodate larger groups.

The Blockade Runner Beach Resort, in Wrightsville Beach, North Carolina, announced a renovation aiming to enhance its guest experience. Joining Trailborn, the resort will undergo comprehensive upgrades to the lobby, common areas, guestrooms and bathrooms, indoor and outdoor dining options, meeting and event spaces, and experiential offerings. Upon completion in early 2025, the Blockage Runner will emerge as Trailborn Surf & Sound. The 151-key resort will remain open during the renovation period.

Sunriver Resort, located in Sunriver, Oregon, and managed by CoralTree Hospitality, announced the expansion of its amenity offerings at Caldera Springs, the region’s premier residential resort community adjacent to Sunriver Resort. The Lake House at Caldera Springs, the resort’s 11th restaurant, has been re-imagined along with its al fresco lakeside companion venue called Shore Shack. Additionally, the resort debuted Forest House, with multiple outdoor pools, dual-racer slides, a fitness center, and a family recreation center. Forest Park, a four-season adventure park featuring pickleball courts, a dog park, dedicated play areas, and a sledding hill during the winter, is also included in the expansion.

A new multi-sport training complex with a football field, a 50-meter swimming pool, and an 80-room hotel is being proposed for 22 undeveloped acres across from Patriot’s Park in Grovetown, Georgia. Plans submitted by Dr. John Bojescul and property owner Susan Porterfield show other buildings on the blueprint, including a structure to house 10,400 square feet of retail space with 5,000 square feet for fast food and a structure for an 80-room hotel or retail.

JLL Hotels & Hospitality Group secured acquisition financing for the Residence Inn by Marriott Seattle East Redmond, a 180-room hotel located in Redmond, Washington. Working on behalf of the new owner, Clearview Hotel Capital, LLC, JLL secured a five-year, fixed-rate loan through a low-cost, life insurance-based lending group. The Residence Inn Seattle East Redmond provides a 600-square-foot meeting space, a grab-and-go market, a fitness center and an outdoor pool.

SH Hotels & Resorts announced the appointment of Jonathan Heath as Executive Vice President of Food & Beverage and Hotel Operations. Heath will collaborate with operational leaders across the company and contribute to all facets of SH Hotels & Resorts operations, enhancing both hotel and dining experiences as the brand continues its global expansion. Most recently, Heath was Corporate Head of Food & Beverage at Six Senses Hotels Resorts Spas.

FCM Consulting’s latest Global Trends Report said strong passenger demand, the desire for in-person meetings, conferences, and events, and positive travel industry momentum over the last six months continue to drive incremental growth for business travel. The IATA said global passenger demand was up 9.1% in June 2024 compared to the same month in 2023, with international passenger demand up 12.3%. Global hotel occupancy rose to nearly 70% by the end of the first half of this year. FCM is forecasting travel demand to grow steadily through the next quarter. Their business analytics team reported that the hotel average room rate across the top 100 corporate cities was US$182, down US$5 versus the first half of 2023.