Allegiant Air Delays Opening of Florida Resort

The DJIA fell 94 points, Nasdaq was down 110, the S&P 500 fell 27 points and the 10-year treasury yield was up .01 to 3.89%. Lodging stocks were mostly lower. MCG was the big gainer, up 8% while SOND was the big decliner, down -7%.

The parent of Allegiant Air said that damage from Hurricane Ian has caused the company to delay the planned opening of a resort north of Fort Myers, FL at Charlotte Harbor. Allegiant Travel Co. said its Sunseeker resort had been selling rooms for as early as next May 2023, but that hurricane-related delays caused the resort to push back the opening to next September. Allegiant said the extent of the damage is not yet known as access to the resort site has been limited since last week’s storm. The final damage assessment and the availability of construction resources could cause the new opening date to be moved up or back.

Royal Investments LLC, the developer of a proposed Downtown hotel in Louisville, KY, is seeking a new tax increment financing district for the project. The Dream Hotel Louisville is a 169-room development slated to be built on W. Main Street along Museum Row. The hotel will feature four original food and beverage options including a signature restaurant and a rooftop lounge. Construction on the Dream Hotel Louisville is expected to begin later this year with the grand opening slated for early 2025. 

Highline Hospitality Partners announced the acquisition of its ninth property with the purchase of the Residence Inn Norwalk, CT. The Norwalk hotel offers a seasonal rooftop Sky Bar & Café, an upscale Lobby Bar, convenience store and a fitness center.

The Hotel Chelsea’s owners have had a victory in their legal battle with New York City, but still have ways to go before securing a money judgme