The DJIA fell 349 points while Nasdaq was down 233, and the S&P 500 fell 56 points. Amazingly enough, that was a recovery of more than half what the declines were earlier in the day. The 10-year treasury yield was down .02 to 3.67%. Lodging stocks were mostly lower with a long list of new lows, many of them REITs. New lows were set by PEB, PK, AHT (down -6%), SHO, XHR, ABNB and VCSA (down -5%).
Marriott International announced that long-time executive Stephanie Linnartz is leaving the company, effective February 24, 2023. Ms. Linnartz has been appointed President and Chief Executive Officer of Under Armour. Ms. Linnartz, who began her Marriott career in 1997, has worked in a number of capacities over the ensuing 25 years, from finance and business development to revenue management and sales and marketing. Her current position with MAR is President, since 2021.
Yesterday, Pebblebrook Hotel Trust lowered guidance for 4Q results and shook up the industry a bit. Today, Ryman Hospitality did the opposite, saying their hospitality segment is on track to achieve record ADR and significant increases in RevPAR as compared to pre-pandemic levels. Now granted, RHP has properties that are geared to business and probably the biggest positive, they are not in San Francisco. While PEB took hits from the two hurricanes, RHP barely got grazed at their Orlando property. So PEB warned, RHP said everything is great, so Park Hotels followed that up with a little of both. Their top line was lowered, their bottom line guidance was raised. Their group performance is better than expected, their leisure transient business is showing some signs of softness. The end result for PK was RevPAR guidance was lowered but EBITDA guidance was increased. Yesterday, PEB’s blow was cushioned by a rising stock market. Today, RHP’s positive and PK’s not that bad update occurred while the stock market was taking a savage beating.
Braemar Hotels & Resorts Inc. announced its preliminary expectations for net income and Adjusted EBITD are for the fourth quarter ending December 31, 2022. The company reported a preliminary estimated range of net income of approximately $0.5 million to $3.5 million and a preliminary estimated range of Adjusted EBITDA of $36 million to $39 million. As previously announced, the company’s RevPAR for the month of October was $280, reflecting an increase of approximately 14% compared to October 2019 and the company’s RevPAR for the month of November was $253, reflecting an increase of approximately 15% compared to November 2019. The company currently expects its RevPAR for the month of December to be at a similar premium to 2019.
JS Capital Group is proposing to build a four-story Marriott Tribute Hotel in Traverse City, Michigan, which includes 99 rooms, a spa, rooftop bar and restaurant, meeting space, a fitness center, a retail boutique, and a 1,950 square foot outdoor plaza. The majority of construction is expected to take place in 2023 with a targeted 2024 opening date.
The St. Joe Company closed on the purchase of The Pearl Hotel in Rosemary Beach, FL. The luxury 55-room hotel is located in Northwest Florida’s Scenic highway 30A corridor. The St. Joe Company has managed the hotel’s day-to-day operations. The Pearl Hotel features an on-site restaurant and spa. In 2023, St. Joe expects to open five new hotels in Florida, including the 85-room The Lodge 30A in Seagrove Beach, the 255-room Embassy Suites in Panama City Beach, the 75-room Camp Creek Inn and adjacent Watersound Club amenity expansion, the 107-room Home2 Suites in Santa Rosa Beach, and the a124-room Hotel Indigo in downtown Panama City’s historic marina district.
IHG Hotels & Resorts announced the opening of Hotel Indigo Minneapolis Downtown in Minneapolis, Minnesota. The 218-room property offers a business center and is owned by Northstar Hotel Master Tenant LLC and managed by Great Lakes Management Group.
Kirkwood Collection recently acquired the Centrella Hotel in Pacific Grove, California. This is the second property Kirkwood Collection has acquired in Monterey Bay.
Hall Group has topped out construction on its new $500 million high-rise complex in the Hall Park mixed-use development in Frisco, Texas. The developer is building a 16-story office tower, a 224-room boutique hotel and a 19-story, 214-unit residential building as the next phase of the 162-acre Hall Park. The three new buildings are scheduled to open late next year and surround a 5.7 acre park.
Century Golf Partners and HKI America have teamed up again to acquire the Four Seasons Golf & Sports Club of Las Colinas in Dallas, TX. The Club will be managed under Century Golf’s Arnold Palmer Golf Management brand. The acquisition includes two golf courses – the Cottonwood Valley Course and the TPC of Las Colinas Course. The adjacent Las Colinas Resort (formerly the Four Seasons Resort Dallas at Las Colinas), a 431-key luxury hotel, was recently acquired by a joint venture between Partners Group and funds managed by Trinity Fund Advisors LLC. The new owners plan to undertake a multi-million-dollar capital improvement plan that will establish the resort as the premier group and leisure destination in the Dallas Metroplex. The renovated resort will be operated by The Ritz-Carlton Hotels Company LLC. The Sports Club will maintain a close relationship with the Resort.
Sarah Wetenhall, the owner of the Colony Hotel in Palm Beach, FL, is giving the hotel an updated look. The makeover of the beloved hotel includes 4 different room schemes; the lobby, and a fresh set of whimsical outdoor furniture by the pool.
Aimbridge Hospitality revealed the concept for the second resort that will open at Frenchman’s Reef, in St. Thomas, Virgin Islands, as part of an extensive $425 million rebuild project on the property. Named Morningstar Buoy Haus Beach Resort, an Autograph Collection, the brand-new resort will feature 94 guestrooms including two suites, multiple food and beverage venues and 13,000 square feet of meeting and event space. Guests will have full access to the amenities as The Westin Beach Resort & Spa, at Frenchman’s Reef, slated to open in 2023. The Westin offers an expansive pool deck featuring a pool bar and cabanas, Heavenly Spa by Westin with 12 treatment rooms, WestinWORKOUT health club, and 72,000 square feet of additional meeting and event space. The two resorts will be connected via a shared stretch of Morningstar Beach. Managed by Aimbridge Hospitality, Buoy Haus is slated to debut in spring 2023.
Soul Community Planet acquired the 189-acre Casa Corcovado Jungle Lodge on Costa Rica’s Osa Peninsula, marking its first international expansion. The oceanfront property will be renamed SCP Corcovado Wilderness Lodge. The lodge was purchased in partnership with Hovde Properties from its developer, naturalist Steven Lill. The property comprises a main lodge, along with 14 garden villas; a three-bedroom beach house; a restaurant; two bars; a beach club; a large communal lounge; three pools and a myriad of eco-adventure facilities. The entire facility will undergo a multi-phase renovation and repositioning program. Planned upgrades include a full spa, upgrades to the property’s solar, water and broadband systems, along with renovations to the existing restaurant, guest rooms and beach house, which will be used for events and small groups.
