Orlando

North America

Latest Data on U.S. Hotel Performance

U.S. Hotel Industry Performance (Oct 2023): Shows mixed results with slight declines in occupancy (-1.8%) and EBIDTA PAR (-1.2%), but increases in ADR (+3.0%), RevPAR (+1.2%), TRevPAR (+4.0%), GOPPAR (+3.7%), and LPAR (+5.9%). Hyatt plans over 35 new luxury hotels by 2025 across its brand portfolio. Other notable openings include Auberge Resorts' Bowie House in Texas, Six Senses Xala in Mexico, Riu Palace Pacifico's refurbishment in Mexico, and new Universal Orlando resorts.
North America

Choice Hotels Lays off Corporate Staff

B.Riley Securities downgraded Ashford Hospitality Trust. US hotel RevPAR increased by 6.3%. Innisfree Hotels acquired Hampton Inn in Florida; Apple Hospitality REIT bought Embassy Suites in Utah. Quality Inn in Cincinnati to become a senior living facility. Ranchhod LLC acquired Country Inn & Suites in North Carolina. JMA Ventures and Machete Group developing a mixed-use project in Orlando. Prospera Hotel plans a new hotel in Seattle. The Charles Hotel in Massachusetts updated suites and dining areas. West Baden Hotel in Indiana undergoing roof repair. Park Hotel in Ireland sold to Bryan Meehan. Como Hotels & Resorts opening new resort in Italy. Host AB sold a majority stake in Swedish hotels. Marriott introduced a new design for Courtyard in Berlin. The Standard International launching The StandardX in Melbourne, Australia.
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

Choice Hotels Makes Hostile Bid for Wyndham

Choice Hotels made an offer to acquire Wyndham Hotels and Resorts, which was rejected. The situation may lead to a proxy fight. Marriott and MGM's partnership launch delayed to early 2024 due to a cyber attack on MGM and the complexity of the integration, which includes the creation of the MGM Collection with Marriott Bonvoy. Hyatt introduces the Wellbeing Collective, offering tailored wellbeing experiences at 30+ hotels globally, with plans to expand in 2024.
North America

Hotel-Branded Residential Developments Grow in Popularity

Stock market performance: DJIA up 66 points, Nasdaq up 97, S&P 500 up 19 points, and 10-year treasury yield down to 4.60%. Lodging industry updates: US hotel RevPAR increased 5.2%, Group RevPAR was up 29.5%. Stifel lowered target price on Wyndham Hotels & Resorts, while Exane BNP Paribas downgraded IHG Hotels & Resorts. International travel data: International visitors spent $19.0 billion on US travel in August 2023, with a trade surplus of $1.8 billion. Travel and tourism accounted for 7.4% of US exports of goods and services in August 2023.
North America

New York City Hotel Bookings Boom After Short-Term Rental Crackdown

CNBC discusses the repercussions of New York City's crackdown on Airbnb, suggesting that hotels will benefit from higher prices during the holiday season due to Airbnb's cancellation of bookings after December 1. Legacy Development & Management acquired the Albuquerque Marriott Pyramid North and plans a $22 million, two-year renovation, including room upgrades, new amenities, and exterior improvements. Various new hotel development projects are underway, including a Marriott Westin at the Indianapolis International Airport, a Hilton-branded hotel in Decatur, Georgia, a Four Seasons Hotel & Residences in Jacksonville, Florida, and a $2 billion theme park called American Heartland in Vinita, Oklahoma.
North America

Magna Buys Three Manhattan Hotels for $160 Million

Crescent Real Estate acquired the Element Orlando Universal Boulevard hotel, and the Delta Hotel in Wichita Falls, Texas, opened. Various hotel acquisitions and rebranding activities occurred, including the purchase of Hilton-branded hotels in New York, rebranding of properties as Trademark Collection by Wyndham, and the addition of Arlo Williamsburg to the Arlo Hotels portfolio. A $1.5 billion development plan for the Tennessee Titan's domed stadium area was announced, including a 40-story hotel, apartments, and retail spaces, with construction set to begin in 2025.
North America

JP Morgan Is a Bit More Enthused About Hyatt

Financial markets showed mixed performance with the DJIA, Nasdaq, and S&P 500 rising while the 10-year treasury yield also increased. JP Morgan expressed optimism about Hyatt's future, anticipating growth in RevPAR and an asset-light business model. Various hotel-related developments were reported, including property sales, renovations, and new openings, with several companies expanding their portfolios.
North America

London, Miami and Singapore Report Record ADRs

Demolition of Tahoe Biltmore Lodge to make way for Waldorf Astoria Lake Tahoe. Several new hotel openings and renovations announced across the U.S., including projects in Palm Beach, Milwaukee, Crowley, and Southwest Mesa. STR and Tourism Economics adjusted their 2023-24 U.S. hotel forecast, with a noted global ADR increase in 2022. Truist revised its target price for VAC but retained its Buy rating. Truist reduced its target price for VAC to $190 from $219 due to Marriott Vacations' subpar quarterly outcomes and revised guidance, yet kept a Buy rating.
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 .