The DJIA rose 27 points, Nasdaq was down 75, the S&P 500 was down 3 points and the volatility was back in the treasuries with the 10-year Treasury yield up .10 to 2.89%. Lodging stocks were higher. VCSA and SOND responded well to earnings, up 33% and 7% respectively. SOHO was up 8% ahead of their earnings report but already gave back some of that in after hours.
Choice Hotels International, Inc. has completed the acquisition of the franchise business, operations and intellectual property of Radisson Hotels Americas for approximately $675 million from Radisson Hotel Group, inclusive of the real estate value of three owned hotels. With the close of this transaction, Choice Hotels International has added approximately 67,000 rooms. Radisson Hotels Americas comprises the Radisson franchise agreements, operations and intellectual property in the United States, Canada, Latin America and the Caribbean. The transaction adds nine brands, including Radisson Blue, Radisson, Radisson Individuals, Park Plaza, Radisson RED, Country Inn & Suites by Radisson, Park Inn by Radisson, Radisson Inn & Suites and Radisson Collection. Choice Hotels will independently own and control the brands in the Americas and looks forward to working with Radisson Hotel Group to drive the growth, continuity and success of these global brands. Credit Suisse Securities (USA) LLC served as financial advisor to Choice Hotels International on the transaction.
Selina filed with the U.S. Securities and Exchange Commission a registration statement on Form F-4, in connection with its previously announced proposed business combination with BOA Acquisition Corp. “The proposed SPAC merger, which has been approved by the board of directors of BOA, is expected to be completed as soon as practicable, subject to approval by the shareholders of BOA, the effectiveness of the registration statement, and other customary closing conditions.”
The Gulf Coast’s first beachfront Hyatt Place hotel is now open in Panama City Beach. Located in the heart of the Florida Panhandle, the 11-story hotel tower was developed and is managed by OTO Development. The property offers 224 guestrooms and suites; a pool complete with a lazy river, hot tub and private cabanas; waterfront fitness center; and 1,316 square feet of flexible waterfront meeting and event space extending onto a covered balcony overlooking the Gulf. Hyatt Place Panama City Beach/Beachfront is the third location to feature Coconut Charlie’s, OTO’s proprietary beach restaurant concept.
MainStay Suites by Choice Hotels International, Inc. has welcomed the largest hotel in its system with the opening of the MainStay Suites Orange County John Wayne Airport. Making its brand debut in the greater Los Angeles market, the 176-room hotel is one of several MainStay Suites opening in California, with properties planned in Beaumont, Fresno, Rancho Mirage, Oceanside, Riverside and Victorville. Located in Santa Ana, CA, the MainStay Suites Orange County John Wayne Airport includes a courtyard in the center of the property, a fitness center, business center, meeting rooms, marketplace and guest laundry facility.
Scholar Hotel Group recently purchased two more local hotels, for nearly $25 million, to further expand its footprint in Happy Valley. The group bought both Residence Inn by Marriott State College for $15.6 million and Courtyard by Marriott State Collect for $9.1 million. Apple Hotels LLC was the previous owner of the State College, PA hotels. Scholar Hotel Group is committed to keeping the recently purchased hotels as Marriott Properties. Renovations to the Courtyard’s rooms, public spaces, the exterior and the bistro/bar will occur later this year and renovations will start at Residence Inn either later this year or in 2023.
According to TheRealDeal, Hartz Mountain Industries acquired a Newark Liberty International Airport hotel, but has no plans to add the structure to its portfolio. The Company bought the Wyndham Garden Newark Airport hotel, located in Newark, NJ, for $34 million with plans to tear down the building. Demolition could begin as soon as early next year. Marcus & Millichap represented Hartz and the seller, a private California-based investor, in the transaction. A source told TRD that Hartz valued the hotel’s parking lot and could eventually turn the property into a warehouse.
IHG Hotels & Resorts announced the opening of the new Holiday Inn Piscataway-Somerset in Piscataway, NJ. Owned and managed by Star Hotels, LLC, the property includes 206 guestrooms, more than 12,000 square feet of onsite meeting space and a cocktail lounge.
In Cincinnati, OH, developers are slated to begin work on the $250 million second phase of The District at Clifton Heights. The plans include a seven-story, 171-room hotel called Hotel Celare. Developed by Crawford Hoying, the hotel will feature a rooftop bar and 18,000 square feet of dining and entertainment space. A 14-story residential tower comprising 380 units will be constructed. Dubbed the Hub, the building will include student housing units, a 169-space parking garage and street-level commercial space. The Hub is being developed by Core Spaces. The buildings are expected to open in summer 2024. The District’s master developer, Trinitas Ventures, announced the development’s second phase is moving forward but didn’t provide official groundbreaking dates. When complete, The District is expected to be home to more than 3,000 residents.
The SureStay Hotel by Best Western Spicer has opened in Spicer, MN. The hotel features 31 guestrooms, including 10 suites and an indoor pool and spa.
Dwelle Brothers are buying the 11-story Hotel Melby in downtown Melbourne, FL for $59 million. The Company is bringing in a new, larger firm to manage operations, food and beverage.
A proposal to transform a parking lot next to City Hall in Portland, ME, into a complex of condos, shops and a 156-room hotel has been approved by city officials. A 12-story hotel is the first of four buildings that would ultimately create Herald Square, three interconnected buildings and 667,000 square feet of residential and commercial space. The project is proposed by Dasco Properties and would also include 297 condominium units, retail space, a restaurant and 337 parking spaces in an underground garage. There would also be an amenity deck. Construction costs are estimated at between $200 million and $300 million.
HVS Brokerage & Advisory announced the sale of the 100-key Hilton Garden Inn Beaumont, in Beaumont, TX. The property was purchased by Capital One Hotel Group from Epic Hotel Group.
Jeffrey Soffer’s Fontainebleau Development refinanced its JW Marriott-branded resort in Aventura’s Turnberry Isle with a $412 million loan. Bank of China New York Branch is financing the Fontainebleau affiliate that owns the JW Marriott Turnberry Resort Hotel & Spa, in Aventura, FL. The loan refinanced $339.5 million in debt, while taking on another $72.6 million. Newmark arranged the financing.
Colliers Hotels acted as exclusive advisors in the sale of the 71-key Le St-Martin Bromont Hotel & Suites located in Bromont, Quebec, Canada. The property was purchased by a Quebec-based private hotel investment company, adding to their regional portfolio of hotels in the Province.
Accor announced it is opening a new luxury hotel inside the original Orient Express locomotive. The “dream on wheels” will consist of 17 cars that used to be part of the Nostalgie-Istanbul Orient-Express. The convoy has been meticulously restored and now includes 12 sleeping cars, one restaurant and one caboose. The railroad icon is expected to enter service in Paris in 2024.
Azora purchased Sheraton Rhodes Resort from Lampsa Hellenic Hotels for $44.8 million. The Sheraton Rhodes Resort, located in Rhodes, Greece, which will continue to be operated by Marriott, offers 401 keys and a range of facilities, including five F&B outlets, three exterior pools, a spa, 15 meeting rooms and +3,000 square meters of MICE facilities. The acquisition represents the firm’s first hotel acquisition in Greece. Its current portfolio comprises 34 hotels across Spain, Italy, Portugal and Belgium. The acquisition is on behalf of the Azora European Hotel & Lodging fund.
Club Med will unveil three new ski resorts – Club Med Tignes and Club Med Val d’Isere in the French Alps and Club Med Kiroro in Hokkaido, Japan. All three are scheduled to debut in December 2022. The three new properties are part of the all-inclusive resort pioneer’s plan to open 17 new resort and finalize 13 renovations or property expansions by 2024. Club Med Tignes in Tignes Val Claret will be equipped with 430 rooms including 25 Exclusive Collection 5-Star suites, ski-in/ski-out access, two restaurants, full service spa and wellness salt wall, what could be the largest indoor pool in the Alps, a childcare program and a ski domain suitable for every level. Club Med Val d’Isere is in the middle of a top to bottom refurbishment transforming the resort into an Exclusive Collection property. It will reopen in December with 216 new luxury rooms, Champagne service each night, ski-in/ski-out access, gourmet dining, childcare programs, a spa and a yoga program. In Japan, the 400 room Club Med Kiroro is a four season resort. It will offer unlimited ski-in/ski-out access to a ski domain with 23 courses, indoor nature centers, a kid’s zone and much more. Club Med owner Fosun Group purchased the Kiroro Resort along with two hotels in 2021 from Property Perfect. The first hotel, Club Med Kiroro Peak, will open in December. Their other hotel offering, Club Med Kiroro Grand, will open in 2023.