Red Roof to Add 50 Properties This Year
Skift Take
- Red Roof will open 50 properties, new builds and conversions, in 2023, representing 60% year-on-year growth.
- The Greater Las Vegas Short-Term Rental Association wants the Supreme Court to rule on the constitutionality of short-term rental regulations in Clark County, Nevada.
- The newly minted penny stocks, VCSA and SOND, both traded down to new lows, dropping another -4% and -7% respectively. SLNA hit a new low, down another -7%.
The DJIA rose 383 points, Nasdaq was up 45, the S&P 500 rose 35 points and the 10-year treasury yield was up .09 to 3.48%. Lodging stocks were mostly higher but the biggest movers were to the downside. The newly minted penny stocks, VCSA and SOND, both traded down to new lows, dropping another -4% and -7% respectively. SLNA hit a new low, down another -7%. Outside of the new age names, AINC traded down -9% to a new low but on just over 5,000 shares traded. AHT was down -5% on the day.
Midtown Redevelopment Partners LLC submitted a conditional use permit request for both hotel use and additional height, from 60 feet to 75 feet, for a 155-room AC Hotels by Marriott in Blacksburg, Virginia. Earlier this year, the developer successfully obtained town council approval for a conditional use permit allowing the maximum height of a planned Embassy Suites hotel to be raised to 73 feet.
A 100-room extended-stay hotel is slated for the Ferry Wharf development in Mount Pleasant, South Carolina. The Marriott-flagged property will be operated as the Residence Inn at Patriots Point, according to plans filed by Bennett Hospitality. The hotel will be equipped with typical guest amenities, such as a pool, fitness center, bar and patio area.
Red Roof will open 50 properties, new builds and conversions, in 2023, representing 60% year-on-year growth. New Red Roof PLUS+ properties will be in cities including Brooklyn, NY; Jamaica, NY; Virginia Beach, VA; San Antonio, TX; and Belleville, MI. Five additional locations are expected to open in 2024. In the last two years, Red Roof opened 11 HomeTowne Studios properties, with ten additional openings expected in 2023. As the Red Roof brand draws clos
