Riviera Nayarit

BofA Securities says the lodging sector beat Q1 earnings by about 5% on average, but high expectations muted investor reactions. Plus, more hotel deal and development news.

MCR informed partners it can't deliver its $200M equity commitment by the expected closing date for Soho House's take-private deal. Plus, more hotel deal and developmen news.

Service Properties Trust sold five hotels for a combined sales price of $75.5 million. New World is selling the Rosewood London. And other hotel deal and development news.

Kam Sang bought Edition Clocktower for $250 million while Cain acquired Dominick Hotel for $175 million in separate Manhattan deals. Plus, more hotel deal and development news.

Late last week, hotel REITs in the U.S. released an avalanche of earnings and investors were in a good mood again.

Hotel industry analysts at Baird expressed caution about softening March demand trends, noting that U.S. RevPAR growth is tracking over 200 basis points below initial expectations.

Soho House dissolved its Independent Special Committee after rejecting an offer for strategic transactions, causing discontent among shareholders due to the stock's low trading price.

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.

U.S. hotel industry saw positive growth in RevPAR and rates for the week ending September 30, with Group RevPAR showing significant improvement. Rosewood Hotels & Resorts is expanding its branded residence portfolio especially in Europe. Various hotel projects and developments are underway in different locations, including downtown Springfield, Norfolk, San Antonio, Beaufort, and Las Vegas, with a range of amenities and timelines.

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.