IHG and RUI Announce Plans for Yucatan Peninsula

The DJIA was up 418 points while Nasdaq was up 93, the S&P 500 was up 45 points while the 10 year treasury yield was up another .02 to 4.23%. Lodging stocks were mixed. AINC was up 5% while the biggest mover was to the downside with VCSA falling -14%.

Morgan Stanley lowered their price target on Airbnb to $105 from $125. MS maintained their Equal Weight rating.

Xenia Hotels & Resorts sold the 115-room Celebration Hotel to Vision Hospitality Group. The Orlando, Florida Marriott-brand hotel sold for at least $19.4 million, based on deed taxes on the public record. The deed shows the deal closed on October 20 with IA Lodging Celebration, an entity tied to Xenia Hotels & Resorts.

According to the property’s website, The Yorktowne Hotel, Tapestry Collection by Hilton in Pennsylvania plans to open on November 17. Yorktowne was closed in November 2016 for major renovations and due to budget problems, the pandemic, supply chain issues, etc, the opening date had been pushed back multiple times. Michael Blum at GF Hotels & Resorts said the hotel had not secured a tenant for the first-floor restaurant, but the hotel can operate as full-service with the on-site chef and kitchen. An update on the restaurant has not been provided. Aside from the restaurant, Yorktowne will include a fitness center, rooftop lounge and guest laundry as well as two retail shops. When the hotel closed, original estimates for total reconstruction were around $30 million. The project is now expected to cost around $54 million when completed.

The owners of San Francisco’s 131-room Buchanan Hotel plan to reopen the property later this fall following a renovation and rebranding into the Kimpton Hotel Enso. Owner KHP Capital Partners&nbs