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North America
Acapulco Hotel Owners Vow to Reopen After Hurricane
Apple Hospitality REIT reported a modest beat in 3Q results but lowered 4Q guidance due to higher expenses, offsetting improved RevPAR guidance. STR reported that for the week ending November 4, US RevPAR was down by -2.1%, with a -4% decrease in occupancy, and a -7.4% drop in Group RevPAR. Latin America’s hotel construction pipeline shows growth with 579 projects and 95,144 rooms in Q3 2023, up 6% in projects and 5% in rooms year-over-year, with Mexico leading the way. -
North America
$133 Million Margaritaville Hotel Approved in Kentucky
HSBC initiates stock coverage in the leisure and travel sector, including Buy ratings for Hyatt, Marriott, Hilton, and Host Hotels, along with Hold ratings for Park Hotels, Choice Hotels, and Service Properties Trust. Several hotel projects and acquisitions are highlighted, including the opening of the Ritz-Carlton Hotel in Portland, a new property by Maverick Hotels and Restaurants in Rockford, and North American Properties’ approval for a Margaritaville hotel in Newport, Kentucky. Notable developments and changes in the international hotel industry, such as Adrian Messerli’s promotion at Four Seasons, Hilton’s plans to open Italy’s first LXR Hotels & Resorts property, and Riu Hotels and Resorts opening a new all-inclusive resort in Jamaica next year. -
North America
SVC Likely Done Buying Hotels This Year
Major stock indexes and several lodging stocks experienced declines. Service Properties Trust signaled a shift away from hotel acquisitions after buying the Nautilus Hotel in Miami. New hotels opened in Cincinnati , Yuba City , Orange , TX, and Pennsylvania . Notable construction and restoration projects are underway in Houston, Hastings, and Longmont. Several properties announced upcoming renovations or management changes. RobertDouglas managed a $60 million sale of three properties; Cronheim Hotel Capital refinanced Hotel Phillips in Kansas City. Key personnel changes occurred at Valor Hospitality Partners and the Rosewood Hotel Group . -
North America
IHG to Launch a 19th Brand
Choice Hotels and IHG saw new 52-week highs after reporting their earnings. Service Properties Trust also had a positive day with a 4% stock increase. IHG introduced a new conversion-focused brand in the mid-market. Marriott acquired and integrated the City Express brand. Hilton introduced a new hotel in Times Square. Several other hotel groups, including Charlestowne Hotels, 21c Museum Hotels, and Six Senses, announced new properties or renovations. Tru by Hilton opened in Mississauga, Ontario. TUI is actively expanding its hotel portfolio. Mandarin Oriental and Six Senses revealed new luxury resorts in Italy and Greece, respectively. Personnel news highlighted new appointments at LBA Hospitality and Barriere. -
North America
Hawaii Gets a Rosewood Luxury Resort
Stock market decline: DJIA and Nasdaq both down, S&P 500 fell, causing investor anxiety due to rising interest rates. Hotel acquisitions and auctions: Apple Hospitality acquires Courtyard by Marriott in Cleveland, Sheraton Bucks County Langhorne hotel up for auction, Holiday Inn in Charleston to become Live Oak in Marriott’s Tribute Portfolio. Hotel developments: Hampton Inn & Suites in Manistee near completion, Resorts World Las Vegas opens private members’ club, Virgin Hotel in Dallas changes ownership, Kona Village in Hawaii opens as a Rosewood Resort. -
North America
Marriott Doesn’t See Price Sensitivity Yet
Stock market: DJIA fell 233 points, Nasdaq rose by 53 points, and S&P 500 increased by 4 points Federal Reserve: Paused interest rate hikes but anticipates at least two more in the next 6 months, causing confusion in the financial markets Lodging industry: SOND experienced a notable decline of -7%, while other lodging stocks were modestly lower. Various hotel companies reported on post-pandemic themes, opportunities for rate growth, and potential impacts of a recession scenario. -
North America
Less Caution, More Optimism: The State of the Hotel Industry
The hospitality industry is experiencing optimism and cautiousness, with hotels considering divesting assets and anticipating a potential distressed sale boom. Hoteliers are optimistic about increasing demand, but face challenges such as high-interest rates, labor shortages, and decreased construction activity. The U.S. hotel forecast shows improvements in occupancy, ADR, and RevPAR, while hotels are offering incentives to combat staffing shortages. International visitor arrivals to the U.S. continue to rise, with Mexico and Canada leading the way. -
North America
Market Surges and Airbnb Lawsuit
Market surge: DJIA and Nasdaq experience significant gains, with the DJIA surging 701 points and the stronger-than-expected jobs report contributing to the rise. Airbnb lawsuit: Airbnb files a lawsuit against New York City over a new law that the company claims will limit short-term rentals and make it more difficult for hosts to do business. Hotel openings and acquisitions: Several hotel brands announce new openings and acquisitions, including WoodSpring Suites, Sonesta, and Margaritaville, expanding their presence in different cities and states. -
North America
Service Properties Trust Completes Sale of TravelCenters to BP
Last week BP plc completed the acquisition of TravelCenter of America Inc . Service Properties Trust received $379.3 million in cash as part of the transaction. Sonder Holdings was cut to Perform from Outperform by Oppenheimer and InterContinental Hotels Group was upgraded to Neutral from Sell by Redburn. The Baird/STR Hotel Stock Index rose 1.4% in April from March. The Hotel Brand sub-index rose 2.5% from March while the Hotel REIT sub-index was down -2.6%. -
North America
Hyatt to Expand in Upper-Midscale Through Luxury
Hyatt Hotels held an Investor Day today. They are forecasting $650 to $850 million of free cash flow by 2025 and will be 80% asset-light for their earnings mix. Effective Thursday, the Board of Directors of Louvre Hotel Group has appointed Federico J. Gonzalez as Group CEO. Hilton announced the signing of a management agreement for the first all-inclusive Curio Collection by Hilton property in the Dominican Republic , the new build Zemi Miches All-Inclusive Resort, Curio Collection by Hilton.