The DJIA gained about 1%, or about 270 points, while Nasdaq rallied 2.4%. The S&P 500 added about 1.7%, erasing an earlier decline of 0.7%, and the 10-year treasury yield climbed to 3.58%. It’s been a wild week.
Baird upgraded their rating on Choice Hotels International to Outperform. They believe their earnings outlook is improving for 2023-2024 and uncertainties are moving to the rearview mirror. Baird upped their price target to $134.
Georgia World Congress Center is planning a topping-out ceremony on March 28 for the Signia by Hilton Atlanta hotel in Atlanta, Georgia. The 40-story, 975-room hotel is on schedule to open in mid-January next year. The Signia project, which will be owned by GWCCA, also calls for 100,000 square feet of meeting and event space, a restaurant, bar and wellness amenities.
Sims Patrick Studio has been tapped to rework the historic Terrace Hotel in Lakeland, Florida into a Hilton Tapestry property. Working within a tight eight-month scheduled, the firm modernized the space while preserving the property’s iconic architectural detailing.
Hotel Equities announced the grand opening of the Courtyard by Marriott Nanaimo, located in downtown Nanaimo, British Columbia. Hotel Equities partnered with PEG Companies and Petroglyph Development Group to manage the new hotel. The new hotel includes 172 guestrooms, a street-level café, large pool and a fitness center. The nine-story property is situated adjacent the Vancouver Island Conference Centre.
LHG Chillicothe LLC plans to develop a TownePlace Suites hotel in Chillicothe, Ohio on land it purchased from Chillicothe Bowling Lanes, Inc.
Hyatt Centric French Quarter New Orleans, Louisiana announced the completion of an extensive interior renovation including a redesign of the lobby, 254 guestrooms, 10,660 square feet of meeting space, fitness center and two food & beverage outlets.
The “Block 5” project in Rapid City, South Dakota is underway for a 10-story building that will have housing, a Hyatt hotel, and convention space. The first level will be the hotel lobby, retail space, and convention center. Floors two, three and four will be hotel rooms and then five through ten will be multi-family residential apartments.
Highside Companies formed a partnership with Westmount Park Investments, combining Highside’s robust United States footprint with Westmount Park’s capital formation and Canadian real estate market expertise. The result of this combination means more opportunities for Highside and Westmount Park’s extensive network and real estate holdings in ready-to-develop self-storage, light industrial, multi-family residential and others. The partners are already involved in the development and acquisition of extended-stay hotel, with more than 20 projects currently in their pipeline valued at more than $350 million.
Kalahari Resorts and Conventions will begin construction on a new building to expand the Wisconsin Dells resort location, in Baraboo, Wisconsin, this spring. The new 237-room endeavor will require more than $50 million in investments and is expected to open by Memorial Day weekend of 2024.
Hoteliers Nik Feldman and Hank Morris announced the Spring 2023 opening of The Manchester, located in the heart of the historic Distillery District in Lexington, Kentucky. The hotel boasts 125 guestrooms, a bespoke bottle shop and a spirited lobby bar and lounge alongside two unique dining and drinking spaces.
The site where a hotel was slated to be developed in San Jose, California is headed for a real estate auction and the possible foreclosure of a delinquent loan. Mirae-San Jose bought the 3.2 acres of land for a 200-room hotel site in 2019, paying $22.5 million for the land. At the time of the purchase, the group also landed a $26.4 million loan from Pine Tree Specialized Private Investment Trust and KEB Hana Bank. The lenders reported the loan was in default in October 2022, At that time, the total owed, including interest, late fees and penalties, had swelled to $34.4 million.
The Skamania Lodge, in Stevenson, Washington, will open a 2,100 square foot outdoor event space this spring. Set in a lush forest, the Moonlight Pavilion will serve as a venue for events and celebrations of all sizes. The pavilion, nestled in the lodge’s Backyard at Skamania, offers built-in firepits, heat lamps, an open-air grill. The Skamania Lodge is an all-season mountain resort and conference center featuring 254 guest rooms and six treehouses, with three additional treehouses opening in 2023. The resort is also home to 45 recreations options, including the Waterleaf Spa, indoor pool, hot tubs, fitness center, an 18-hole putting course, food and beverage venues and more.
3Sixty announced its partnership with Hotelbeds, unlocking access for 3Sixty clients to over 300,000 hotels in more than 195 countries worldwide. The integration marks a significant diversification of the 3Sixty network, which already comprises one million “alternative accommodation” options such as serviced apartments and aparthotels. 3Sixty will now access Hotelbeds’ global portfolio of hotels, joining the company’s strong network of 71,000 travel distributors across 150 global source markets.
DSH Hotel Advisors arranged the sale of the recently renovated 117-room Quality Inn Kennedy Space Center by Choice Hotels, located in Titusville, Florida for $7,400,000. DSH Hotel Advisors represented the seller, Frontier Hospitality LLCand the buyer, Jay Jagannath Hospitality LLC.
Lodging Partners arranged the sale of the Inn on the Square, a boutique hotel in Greenwood, South Carolina. The hotel has been acquired by an affiliated entity of Edgewater Group LLC. Edgewater plans to reposition the property to the Ascend Hotel Collection.
Jeffer Mangels Butler & Mitchell LLP announced the completion of $172 million in C-PACE financing transactions for the year 2022. This total includes over $97 million in hotels and condos, more than $58 million in multifamily, and $16 million in senior living facilities.
Hyatt Hotels Corporation announced a multi-property collaboration with Be Live Hotels that will include the growth of the Sunscape Resorts & Spas brand in the Caribbean. The deal is expected to expand Hyatt’s Inclusive Collection. Two Be Live Hotels properties in the Dominican Republic, owned by Globalia, will be renovated and transformed into Sunscape Resorts & Spas. The renovated hotels are expected to open in 2023.
Europe Highlights
IHG Hotels & Resorts continues to demonstrate the strength of its Holiday Inn brand family in Southern Europe, as it signs 13 hotels and opens a further two, including a brand debut, Holiday Inn Express & Suites Portimão, and a market debut, Holiday Inn Express Sofia Airport in Bulgaria. Growth for the Holiday Inn brand family (comprising of Holiday Inn, Holiday Inn Express and Holiday Inn Express & Suites) spans the width of Europe from the Atlantic Ocean to the Black Sea.
Grand Hotel Bristol Spa Resort in Italy will reopen on March 10, 2023 as a new member of Small Luxury Hotels of the World. The newly redesigned property is owned and managed by R Collection Hotels. Grand Hotel Bristol features 80 rooms including 11 suites, a tasteful selection of restaurants and bars, and Erre Spa feature a Turkish bath, emotional shower, and an outdoor pool.
Accor signed an agreement to open a new Mercure hotel in Chisinau, Republic of Moldova with local partner, Coriap SRL. The hotel will be the first Mercure brand in Moldova. The hotel will feature 74 guestrooms, restaurant and lively bar, three versatile conference rooms, a gym and sauna area and outdoor parking.
