It was a rebound but not much of a rebound after last week’s horrible performance but the DJIA and Nasdaq both rose 72 points, the S&P 500 rose 12 points, the 10 year treasury yield was down .03 to 3.925% and lodging stocks were modestly higher. The biggest surprise of this earnings season is how bullish analysts seem to be coming out of it. They started 2023 somewhat lukewarm but the consistent theme of the C-Corps is that things are better than feared with some REITs making it clear that things are better than feared.
Lodging Econometrics released its Q4 year-end Global Construction Pipeline Trend Report. At the close of 2022, LE analysts state that the total global construction pipeline stands at 14,267 projects with 2,298,846 rooms. Throughout 2022, a total of 1,842 new hotels/284,814 rooms opened worldwide. LE analysts forecast 2,480 new hotels accounting for 380,736 rooms will open in 2023 and another 2,707 new hotels/416,173 rooms are forecast to open by year-end 2024.
Global Hotel Pipeline at Q422 Close
| Status | Projects | Rooms |
|---|---|---|
| Under Construction | 6,035 | 1,091,929 |
| Start in Next 12 month | 3,591 | 510,969 |
| Early Planning | 4,641 | 695,948 |
| Conversions | 1,751 | 214,880 |
| Renovations | 1,241 | 212,219 |
Top Countries for New Hotel Construction at Q422 Close
| Country | Projects | Rooms |
|---|---|---|
| United States | 5,465 | 650,626 |
| China | 3,581 | 675,074 |
| India | 383 | 47,539 |
| United Kingdom | 295 | 43,332 |
| Canada | 267 | 35,758 |
Top 5 Cities With Largest Construction Pipeline at Q422 Close
| City | Projects | Rooms |
|---|---|---|
| Dallas, Texas | 176 | 20,790 |
| Atlanta, Georgia | 145 | 18,100 |
| Chengdu, China | 132 | 26,891 |
| Los Angeles, California | 122 | 19,419 |
| Shanghai, China | 117 | 22,539 |
Top Hotel Companies in the Global Construction Pipeline at Q422 Close
| Company | Projects | Rooms |
|---|---|---|
| Marriott International | 2,646 | 429,007 |
| Hilton Worldwide | 2,661 | 384,498 |
| InterContinental Hotels Group | 1,736 | 257,145 |
| Accor | 932 | 163,955 |
| Wyndham Hotels & Resorts | 722 | 95,766 |
Top Hotel Brands in the Global Construction Pipeline at Q422 Close
| Brand | Company | Projects | Rooms |
|---|---|---|---|
| Hampton | Hilton | 770 | 100,246 |
| Holiday Inn Express | IHG | 598 | 74,729 |
| Fairfield Inn | Marriott | 349 | 42,596 |
| ibis brands | Accor | 254 | 31,657 |
| La Quinta | Wyndham | 135 | 11,363 |
The 473-room, La Concha Resort, in San Juan, Puerto Rico, has joined Marriott International’s Autograph Collection. The announcement comes as La Concha Resort prepares to embark on a major $45 million renovation that will include a refresh of the property’s 238 oceanfront suites and Beach Club and the addition of a spa. Also part of the revamp is Tekka Bar and a second F&B concept that will be housed within the resort’s event space. La Concha Resort is part of The Condado Collection of hotels, which are owned and operated by Paulson Puerto Rico. Previously a Renaissance Hotels property, La Concha Resort is now the first Puerto Rico property to join Marriott’s Autograph Collection.
Crestline Hotels & Resorts announced Big Horn Hospitality, LLC selected Crestline to manage the 263-guestroom Sheraton Denver Tech Center Hotel in Colorado. Located in Greenwood Village, the hotel has 13,340 square feet of event space in a combined 11 rooms and venues, multiple food and beverage venues, seasonal outdoor pool, a fitness center, and an outdoor patio with a fire pit.
A new hotel is set to open this year in Downtown Raleigh, North Carolina. The 13-story, 261-room, dual-branded property is the developer of the property. The hotel will open this fall and will offer 127 rooms in the Tempo along with a lobby “Fuel Bar”. The Homewood Suites will have 134 rooms. The development will have 4,000 square feet of flexible event space, a fitness center, an internal parking deck and the rooftop bar and restaurant. Upon completion, the hotels will be managed by McKibbon Hospitality.
Virgin Hotels’ latest property in New York City has opened as the brand’s seventh location. The 460-guestroom hotel, which is on Broadway, is still wrapping up final construction projects and ironing out kinks ahead of its grand opening in the spring. Virgin New York City offers 460 guest rooms and suites, 9,000 square feet of event and meeting spaces, an outdoor Conservatory, a multi-room hub filled with food, beverages and lounges, and a heated pool.
Rancho Bernardo Inn, located in San Diego, California, completed a refresh of its 286 rooms and suites. The room refresh follows Rancho Bernardo Inn’s recent enhancement of its 25,000 square feet of meeting spaces. The property is celebrating its sixtieth anniversary this year.
PMG, Lion Development Group and Marc Roberts Companies announced the commencement of sales for West Eleventh Residences. The 44-story tower will offer 659 turn-key, luxury residences in Miami’s District 11 as the first centrally managed luxury condo tower to grant owners the option to host 365 days on Airbnb. Amenities include a 30,000 square foot, tri-level experiential entertainment and food hall on the ground floor, a resort-style pool, private lounge area, fitness and wellness centers, a signature on-site restaurant and more.
Renovations of the historic Stewart Hotel in Jasper, Indiana, have not only added places to live, but themed rental rooms to enjoy. Recent renovations have modernized one- and two-bedroom apartments on the first two floors, but it’s the third floor that has everyone buzzing. Of the 18 units in total, six rental rooms, that take up the top floor, are all furnished for Airbnb, VRBO or Extended Stay, from one night up to six months.
Drury Hotels purchased a Sportsbarn location, at 301 Market Street in Chattanooga, Tennessee, and a parking garage across the street. The Sportsbarn location is closing at the end of the month. Company officials are exploring the next steps for the tract.
According to Dow Jones Newswires, Thomas J. Crocker will not be seeking re-election to Chatham Lodging Trust’s Board.
NOMAD Hotels Group announced the opening of its first hotel in Arequipa, Peru, under the name of NOMAD Urban AQP. The hotel has a modern style with 18 rooms, including 3 suites; work spaces such as the qASA Care co-working, spaces for events and other leisure spaces; a restaurant and a bar.
Europe Highlights
Aimbridge Hospitality EMEA has been selected by the Borealis Hotel Group to manage the Holiday Inn Eindhoven Airport, the Netherlands. The 180-key hotel is opening in Spring 2023 and is the sixth Netherlands-based property in the growing Aimbridge EMEA portfolio.
Highland Coast Hotels, Scotland’s newest luxury boutique hotel collection, announced the appointment of Guy Crawford as its new chief executive. As part of the leadership changes, current CEO Roddy Watt will step back from the involvement in day-to-day operations and focus on development of the business through investment and acquisition in his role as development director. Mr. Crawford will join Highland Coast Hotels from April 6, when he will start leading the business into the next phase of its development and expansion.
