Companies Assess Their Strength in Possible Downturn

The sell-off in stocks accelerated Friday after a failed attempt in the morning for a rebound. All three indexes fell nearly -6%, the DJIA down 2,231, Nasdaq down 963, and the S&P 500 fell 322 points. At least the 10-year treasury yield finally saw the 3% range again, down .07 to 3.99%. Lodging stocks continued to get hit, but the big declines slowed with only INN, PEB and SHCO showing double-digit percentage drops on Friday.

Truist reported on meetings held with Marriott management "as Rome continued to burn," as they noted. MAR said all this could (but not certainly would) lead to a recession, but it is not like they have not been through that before, and they are not predicting one or saying there won't be one. They just acknowledged what others were saying. They will give new guidance in their 1Q report, not pull guidance like everyone did during Covid and other times of uncertainty. While they acknowledged potential impacts to the business from tariffs, government cutbacks and other things, they reminded investors how strong they are financially. Government business represents 3% of MAR's US business and government-related represents another 1%. For more context, read Skift's story: "Tariff Impact on Hotels: Higher Costs, Delayed Renovations, Less Demand."

Developer Shailendra Devhdara plans to build a 117-room TownePlace Suites Marriot in Oakley, California. The four-story hotel will include meeting rooms, guest and commercial laundry, food preparation areas, a fitness center, outdoor patios, and an outdoor pool area. The project is expected to begin construction in Q4 of 2025 and take 14 months to complete.

The Vanguard Hotel, which is part of Marriott Bonvoy's Autograph Collection, will open at 201 Glen Avenue, Ann Arbor, Michigan, in May. Developed and owned by Robert Finvarb Companies and Milford Singer & Company, the 188-room hotel will feature an onsite restaurant and five event rooms spanning a total of 11,062 square feet.

Highline Hospitality Partners announced the acquisition of the Hilton Atlanta Airport, marking the 15th hotel in Highline's growing portfolio and its second property in Atlanta, Georgia. The Hilton Atlanta Airport boasts 510 guestrooms, approximately 40,000 square feet of versatile meeting space, a market, restaurant, two pools and a modern fitness center.

The Franklin Country Convention Facilities Authority, which owns the Hilton Columbus Downtown hotel, has sued Cooper Carry, claiming the architect's delays led to $26 million in additional costs. The 28-story hotel tower opened in September 2022 after delays. The contract called for the tower to be completed by June 30, 2022, for $199.7 million. According to the suit, Cooper Carry was to be paid a fixed fee of $8.5 million to produce complete drawings by September 27, 2019. The suit claims that complete construction drawings were not delivered until January 29, 2021, for the building and March 31, 2021, for the interior, grossly behind its agreed-upon schedule. The hotel's contractors, Turner Construction Company and Smoot Construction Company, had no choice but to begin construction before the drawings were complete, the suit states. To compensate, the contractors issued requests for information from Cooper Cary. By the end of the project, Turner and Smoot had sought 2,344 requests for information. Much of the hotel opened September 16, 2022, well after the contracted date, while the remaining guest floors, the conference space, and the rooftop lounge weren't finished until January 5, 2023. The authority is suing Cooper Cary for breach of contract and seeking damages in excess of $11.5 million.

Brandt Hospitality Group's Downtown Fargo, North Dakota Radisson Blu hotel debuted new exterior signage as part of the Radisson Blu rebrand. The property is undergoing a rebrand featuring updated logos, colors, and typefaces. Radisson Blue Fargo offers a range of unique dining experiences, including a steakhouse, coffee shop and a bar.

Braemar Hotels & Resorts Inc. plans to transition the 415-room Sofitel Chicago Magnificent Mile to a franchise structure. Under the franchise structure, the hotel will continue to be the Sofitel Chicago Magnificent Mile. Still, it will be managed by Remington Hospitality under the existing terms of its Master Hotel Management Agreement with Braemar. The conversion is expected to be effective in May 2025. There is no required property improvement plan associated with the conversion, but the company plans to renovate the lobby, restaurant, and meeting space over the next two years.

Ennismore, parent company of the Hoxton brand, reached an agreement to open a second Chicago location as part of a planned 47-story tower at 193 North Columbus Drive, CoStar reported. The project, led by Magellan Development Group and Hanwha Engineering & Construction, would rise on a vacant parcel in the Lakeshore East neighborhood. The location is expected to include about 240 rooms. More than 500 apartments are also planned for the development. The project, known as Parcel O, has been in planning for years and still requires a construction loan to move forward, a major hurdle amid ongoing challenges in the capital markets.

The Indigo Hotel in Myrtle Beach went on sale on the commercial real estate website LoopNet in late March 2025 for $7.9 million. According to the listing, the 54-room hotel has a pool and received a renovation in 2025.

Midtown Inn, located in downtown Baltimore, Maryland, is up for sale for $199M after a recent renovation that gave its 20 rooms a bold, new look. Other features of the renovation include a brand-new lounge near the entrance, set to open soon. Midtown Inn is owned by Pramukh Swami Maharaj LLC.

Belden House & Mews has opened in Litchfield, Connecticut. The 31-key property features a locally driven dining room and bar, a bathhouse, a treatment and fitness center, and an outdoor pool and lawn club. In mid-2025, the property will open a third space for social gatherings, an area to work, a quick bi, or an events space.

WDAM & has been following the progress of the renovation of the Laurel Kress building in Laurel, Mississippi, since 2023. That's when the City of Laurel approved a plan to help with the development of the building with tax revenue for its infrastructure. Construction is underway for The Heirloom Hotel. Co-owner Jim Rasberry hasn't given many specifics on the project, except that it will feature dozens of hotel rooms with suites. Rasberry said the hotel wants to continue to support the businesses and restaurants in Laurel and Jones County. They are planning to open the hotel this summer.

HREC Investment Advisors arranged the sale of the 70-guestroom Hampton Inn Glenwood Springs and the 64-guestroom Holiday Inn Express Glenwood Springs, both located in Glenwood Springs, Colorado. Nightcap Management acquired the properties. HREC Investment Advisors exclusively represented the seller, Terrapin Investments, on this transaction.

Paramount Lodging Advisors announced the recent sale of the historic 279-key Ambassador Hotel Downtown in Chicago, Illinois.

Paramount Capital Advisors announced the closing of a $11,300,000 loan for the acquisition of the Courtyard by Marriott at the Indianapolis Airport. The five-year loan was funded by a local community bank at a rate of 7.25% with a loan to cost of 70% and 25-year amortization.

People News

David Siegel, founder and owner of 22 resorts across the US and the Central Florida Investments & Westgate Resorts hotels and timeshare business, passed away at the age of 89.

Langham Hospitality Group named veteran DJ and events specialist Andrew Grant as its Group Director of Music. The newly created post will see Grant composing a full-spectrum strategy that includes live performances, collaborations, and signature sounds capes, all designed to strengthen LHG's family of hotel brands and the distinctive guest journeys they foster.

Around the Americas

TOOR Hotel, the latest venture from Manga Hotel Group, is finally open for business, bringing brand-new lodging to Toronto's downtown core. TOOR occupies the lower levels of a 32-story tower, boasting 232 guestrooms topped by a rental component with 181 suites known as 203 Residences on Jarvis. The hotel offers an in-house restaurant, a fitness and yoga center and a 3,000-square-foot terrace.

Hyatt Hotels Corp said two neighboring all-inclusive resorts in the Dominican Republic will open this summer: The Secrets Playa Esmeralda and Dreams Playa Esmeralda. The 500-room adults-only Secrets Playa Esmeralda boasts 6 bars and 10 dining venues, and a spa with 12 treatment rooms, hydrotherapy facilities and a beauty salon. The adjacent Dreams Playa Esmeralda will house 500 guestrooms as well as three pools, an onsite waterpark, Explorer's Club and Core Zone. The Dreams will also be home to nine restaurants and seven bars. The two resorts will join 15 Dominican all-inclusive in Hyatt's Inclusive Collection. The resorts will be Hyatt's first in the Playa Esmeralda area.

Europe Highlights

The historic Lutetia in Paris was taken over by Mandarin Oriental. Israeli real estate group Alrov will retain ownership of the building. The 184-room hotel will be renamed Mandarin Oriental Lutetia. Financial details of the management contract were not disclosed, and no major changes to the recently renovated establishment have been planned.

Z Hotels has put its Leicester Square property on the market at a guide price of £42 million. Located at Garrick House 3-5 Charing Cross Road, the building has undergone conversion from an office and comprises 95 boutique bedrooms across four floors and a basement restaurant. It is set to be fully operational by June 2025. Structured as a sale and leaseback, offers are invited at a guide price of £42 million for the freehold interest, with a guaranteed 25-year leaseback to Z Hotels. Avison Young UK and JLL have been jointly appointed to handle the sale.

The reopened Mannheimer Hof has taken on a new appearance as part of the Leonardo Limited Edition brand following a complex renovation. As part of the program of works, the hotel's 192 rooms and suites and bathrooms have been completely updated and redecorated as well as the spacious lobby and the restaurant and bar. The sauna area and modern gym facilities have been enlarged, and its nine meeting rooms have been given a full makeover, including the latest conferencing equipment.