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 judgment against the Big Apple. A judge denied the city’s motion to dismiss a lawsuit brought by the hotel’s owners, who allege that stop-work orders issued by the city improperly delayed renovations to the historic property and cost them $100 million. The owners, hoteliers Ira Drukier, Richard Born and Sean MacPherson bought the struggling hotel in 2016 for $250 million from a group led by developer Joseph Chetrit and Ed Scheetz. The property received construction permits in 2012 and the new ownership group planned on continuing the work, which included renovating the lobbies and interiors. Between 2016 and 2018, they invested more than $200 million in the hotel. But in November 2018, the Department of Buildings halted construction because the building had been reclassified as a “single-room occupancy multiple dwelling.” The owners allege this change occurred after a long-time tenant at the hotel, annoyed by the construction work, emailed the department of Housing Preservation and Development, who then instructed the buildings department to make the change in classification. During the proceedings, the owners’ legal counsel discovered that the building was classified as a luxury hotel in 1997, which would qualify it for an exemption from the no-harassment certification. HPD dropped the case in January of last year, and construction resumed that October.
Selina announced the opening of its newest location in downtown Tulum, the second for the brand in the Tulum area. Selina Tulum Downtown marks the twelfth Selina hotel in Mexico, The hotel will offer an onsite coworking facility, bookstore, gym, pool, spa, rooftop bar, and restaurant, opening in phases in the following months.
Cushman & Wakefield Global Hospitality, as the exclusive advisory to Torchlight Investors, has arranged the sale of the Sheraton Panama City Beach Golf & Spa Resort. The Sheraton Panama City Beach features 320 guestrooms, four food and beverage outlets, 53,000 square feet of meeting space, three pools, and five tennis courts. The hotel occupies the most desirable waterfront location in Panama City Beach, FL.
Outrigger Hospitality Group announced Angela Murphy as Vice President of Sales – The Americas. Murphy will work to develop key sales strategies for the brand’s Waikiki Collection, Outrigger Kona Resort & Spa and other Hawaii properties. Murphy will also drive strategy and process refinement in the growing groups and wedding market segments; lead the Outrigger Expert Advisor and Outrigger Business Connection programs; serve as overall Delphi and Hubspot champion; and lead the company services sales and North America independent contractor network. Murphy was most recently a Global Director of Sales and Marketing Consultant for a portfolio of contracted clients in New York, Northern California, Portland and international destinations.
PM Hotel Group appointed Bob Frost as Senior Vice President | People + Culture. In his new role, Bob will lead PM Hotel Group’s human resources function and, envision and implement innovative systems and initiatives that align with the company’s strategic goals and foster its core values. Most recently, Bob served as the Senior Vice President and Chief People Officer for Lerner Enterprises and the Washington Nationals Baseball Club.
Hilton is opening a second hotel in Aruba at the beginning of next year. The new Embassy Suites by Hilton Aruba Resort will have 330 suites, a pool, three dining outlets meeting space and a fitness center. A spa at the resort is also under development.
Couples Resorts is set to relaunch one of its signature all-inclusive resorts in Jamaica, on December 1, following a major renovation. The company is nearing completion of a $12 million renovation project of its Couples Sans Souci resort in Ocho Rios. The 150-suite resort reopened in August after completing much of its upgrade work, which includes new culinary concepts, a number of room enhancements, and a new massage hut near the Lily Pond, upgraded spa gazebos and a new open-kitchen concept.
Europe Highlights
A Quality brand refresh launched as part of Choice Hotels EMEA’s ongoing brand re-energization strategy. This follows the EMEA relaunch of Comfort in April and Clarion in May, with the Choice hotels’ Sleep brand to enter EMEA for the first time alter this year, and plans for Ascend Hotel Collection to be revisited later this year. Choice Hotels EMEA owners will begin transitioning to the refreshed brand and its hallmarks over the next two years. Thoughtfully designed to attract guests who are creatures of comfort, hotel spaces will be warm and inviting, becoming the preferred place to relax, socialize, work or dine and brought to life by a caring team of service-driven Quality hosts. The Choice Hotels EMEA band proposition currently encompasses Clarion, Quality, Comfort and the Ascend Hotels Collection, with the Sleep brand on track to make its EMEA debut in the fourth quarter of 2022.
B&B Hotels announced plans to extend its operations into the United Kingdom, with the ambition of opening 100 new hotels by 2035. Backed by capital from owners Goldman Sachs, B&B Hotels’ entry into the UK market and its growth strategy will include a combination of leasing new hotels with development partners, takeovers and conversions. Kevin Murray has been appointed as Managing Director Development UK. The UK team is expected to grow significantly as the brand commences investment and delivering in the UK market, and B&B Hotels is looking to partner with existing hotel owners, developers, landowners, funds and real estate owners to deliver its expansion plans.
edyn announced the expansion of its lifestyle aparthotel brand Locke into Paris. The acquisition of a historic property in the city’s fifth arrondissement will be followed by its development into a 145-key boutique aparthotel to open in 2024. Currently an 18th Century mansion, the property will feature 145 studio apartments spread over seven stories, which will be housed in a new building to the rear of the site. The site has been purchased with planning permission and current development is expected to start October 2022 with a targeted opening date of Q3 2024.
Deutsche Hospitality announced the opening of the newly built IntercityHotel Herford located in Herford, Germany. The hotel has 135 guest rooms, a breakfast restaurant and bar, and three meeting rooms boasting 90 square meters. The hotel is operated by Scoop Hotels, a franchise partner of Deutsche Hospitality.
Investments in Lisbon, Bilbao, Seville, Porto, and Malaga are to seed the launch of Redevco’s Next Gen Stays joint venture platform. The intention is to initially build a €250 million portfolio in the Iberian markets with a JV partner, before expanding into a pan-European hotel vehicle with a target €500 to €700 million investment volume. The strategy is also targeting the strong sustainability and social returns that can be achieved through repurposing outdated buildings and upgrading their environmental footprints. The completed refurbished hotels will be compatible with Redevco’s mission of making its entire real estate portfolio net carbon neutral by 2040.