The DJIA fell 74 points but Nasdaq was up 88 and the S&P 500 was up just less than half a point. The 10-year treasury yield resumed its upward move to 5%, up .11 to 4.68%. Lodging stocks were modestly lower. SOHO traded down to a new low.
A Hilton-branded hotel in Old Town Scottsdale, Arizona, has been sold roughly three years after it opened in one of the year’s largest hospitality deals. The 177-room Canopy by Hilton Scottsdale Old Town hotel was acquired by Dynamic City Capital for nearly $102 million, according to Vizzda. Miller Global Properties was the seller. The seven-story hotel features thousands of square feet of meeting space, a pair of restaurants and a rooftop pool and bar.
The Home2 Suites by Hilton in Colonie, New York has sold for $12.75 million. Crosswinds Metro Development LLC sold the extended-stay hotel to Visions Hotels, according to Marcus & Millichap who brokered the deal. As part of the deal, Visions Hotels assumed a $7.7 million mortgage, which is now held by Canandaigua National Bank and Trust Co.
The Floridian Palace Hotel, in Tampa, Florida, is undergoing a $30 million renovation and will soon have a new name. The hotel will soon be called “The Flor” with the bar inside named “The Dan”. The nearly two-year renovation has completely redone the hotel’s 210 guestrooms. The Dan Bar and Restaurant is open and The Flor Hotel is scheduled to open in a few weeks. When it opens, the hotel will be part of Hilton’s Tapestry Collection.
Kimpton Hotels & Restaurants announced the ground-breaking of its first hotel on California’s Monterey Peninsula. The Kimpton Pacific Grove Hotel is expected to open in late 2025. Owned and developed by Cypress 16, LLC in conjunction with Interport Capital, LLC and L&B Realty Advisors, the four-story hotel will be a newly built, boutique hotel featuring 101 guestrooms including six suites and a hospitality parlor, expansive 3,650 square foot courtyard, an onsite restaurant and a fitness center. When it opens in 2025, Kimpton Pacific Grove will become the tenth Kimpton hotel in California.
Located right in the heart of Montreal Canada, Fairmont The Queen Elizabeth is already regarded within the brand and within the country as among the leading hotels in the “Augmented Hospitality” movement. When it came to designing the latest au courant campaign, Fairmont Hotels & Resorts immediately earmarked this property for the creation of the Barbie Dream Suites and accompanying marketing program. The beginning stages of this year-long collaboration between Mattel and Fairmont Hotels and Resorts began several months ago. Stays in the former St-Henri Executive Suites can immerse themselves in the pink and playful world of Barbie with a selection of Barbie Dream Experiences to choose from including a tea party, spa day, birthday celebration or even a slumber party. Alternative Barbie Dream experiences accessible to all are available throughout the hotel. These include: Barbie Afternoon Tea at Roselys restaurant every Saturday, Barbie-themed cocktails/mocktails at Nacarat Bar and sweet treats from the Barbie Sweets Shoppe at Marche Artisans. A selection of Barbie Dolls and accessories with a culinary or travel theme completes the Barbie offering at Marche Artisans.
Aligned Hospitality Management has expanded its presence in Arizona by adding two properties to its portfolio. The first property is the 64-key Wingate by Wyndham Chandler/Phoenix in Chandler, Arizona. The second addition is the 93-room, dual-branded Motel 6/Studio 6 in Wilcox, Arizona.
Charlestowne Hotels announced its continued expansion in the Midwest with the management takeover of The H Hotel in Midland, Michigan, its first property in the state and seventh in the region. Formerly a Dolce by Wyndham and now an independent property, The H Hotel offers 139 guestrooms, 25,000+ square feet of indoor/outdoor meeting space and multiple food and beverage venues.
A county judge reviewed the actions of South Carolina’s Mount Pleasant Board of Zoning Appeals and reversed some of the board’s decisions on off-street parking. The same judge recently issued an order dismissing motions filed by the town to reconsider and allowed the Shem Creek Boutique Hotel to resume approvals needed to move forward. The project picks up where it left off in the hands of the Design Review Board. The developer, CKC Properties, expected to break ground back in 2021. When the project was pitched to the town, it consisted of 27 one-to four-room units spread among three buildings, with a rooftop pool and a small parking garage.
WaterWalk announced the opening of its newest LIVE | STAY property in Jacksonville, Florida. Nestled in the Deerwood neighborhood southeast of downtown, WaterWalk Jacksonville boasts 126 rooms – 76 fully furnished “Stay” units and 50 ready-to-furnish “LIVE” units. The common areas of the property include “The Living Room” in the lobby, a lending library, workstations, fitness center, an outdoor pool and spacious back patio with lounging furniture, firepits, lawn games and a grilling area.
A legal fight alleging high profile online travel companies avoided paying hundreds of millions of dollars in hotel room taxes in Nevada can move forward. The companies tried to get the Nevada Supreme Court to drop the lawsuit. The 2020 complaint is that the companies negotiated with the hotel to rent a room at a wholesale rate and then marked it up for the consumers to a retail rate. The travel companies allege their tax obligations are at the wholesale rate but collected taxes at the retail rate and pocketed the difference. The suit seeks damages on behalf of the state against some of the biggest online booking businesses including Orbitz, Travelocity, Expedia, Priceline and Hotels.com. The Supreme Court ruled the civil suit could go forward because it was brought on behalf of the state, while Clark County, who filed a similar suit, did not include the state’s involvement. The County case was dismissed. The estimate is more than $1 billion in lost revenues and damages could be recovered if the plaintiffs win a judgment at trial with the money split between state and county governments.
Personnel Moves
Sage Hotel Management announced the latest addition to its Commercial team, Priya Chandnani, who stepped into the role of Senior Vice President, Revenue & Distribution Strategy for the organization. In her new role, Chandnani will partner with leaders across the organization, both at the property and corporate level, to ensure alignment and a shared vision on revenue optimization. Prior to joining Sage, Chandnani held the position of Vice President of Revenue & Distribution Strategy at Pyramid Global Hospitality.
Europe Highlights
Accor announced a hybrid bond refinancing transaction. The tender offer price in respect of the existing bonds will be 100% of the principal amount of the existing bonds accepted for purchase. New hybrid bonds are scheduled to be admitted to trading on Euronext Paris. Accor’s intention to issue new Euro-denominated undated non-call 5.5 year deeply subordinated fixed to reset rate bonds for an expected amount of €500,000,000 with a first call date at the option of the Company in April 2029. The tender offer will commence on October 2, 2023 and will expire at 5:00 P.M. Paris time, on October 9, 2023. Settlement is expected to take place on October 12, 2023. At the same time, the Company also announced the launch of an any and all tender offer on its EUR 500,000,000 undated deeply subordinated fixed to reset rate NC 5.25 bonds issued on January 2019, admitted to trading on Euronext Paris.
Aimbridge Hospitality signed its first property in Spain, underscoring the company’s investment in the Iberian Peninsula and throughout greater Europe, Middle East, and Africa. Aimbridge EMEA has been named the first third-party manager of the 402-key Costa Blanca Resort Grand Luxor Hotel & Village, in Costa Blanca, independently owned by Santa Maria Group. The resort houses a 300-guestroom hotel, including two Presidential Suites, five food and beverage outlets and 102 villas. The resort also offers a spa, gym, three outdoor pools, mini golf, a kids’ club, and more than 1,500 square meters of meetings and events space. Costa Blanca Resort Grand Luxury Hotel & Village is located adjacent to the Terra Mitica theme park.
Warner Leisure Hotels announced the continued expansion of its portfolio with the acquisition of two high-quality hotels, Dalmahoy Hotel and Country Club near Edinburgh, and Forest of Arden Country Club, near Birmingham. Dalmahoy Hotel and Country Club, Warner Leisure Hotels’ first hotel in Scotland is a Grade A manor house set in over 1,000 acres with 215 bedrooms, two golf courses, two restaurants, two bars, a leisure club, tennis courts and conference facilities. The Forest of Arden Country Club is located in the Midlands set over 10,000 acres of woodlands boasting 214 bedrooms, multiple lounges and bars, two golf courses, tennis courts, a leisure club and conference facilities. Bourne Leisure has committed over £100m in the acquisition and redevelopment of these two properties in what will be an extensive refurbishment program ahead of their reopening as Warner Leisure branded hotels.
