The DJIA surged 829 points on Friday while Nasdaq was up 310, the S&P 500 rose 94 points and the 10-year treasury yield was up .07 to 4.01%. While lodging stocks were higher, the action in Selina on Friday was just as ridiculous as on Thursday but in the other direction. SLNA plunged -63% on Friday after Thursday’s moonshot on its first day of trading.
Pebblebrook Hotel Trust reported sold 3Q22 earnings, but since they give monthly updates and pre-announced, there was no surprise. At first analysts were concerned as PEB gave lower 4Q22 guidance but that seemed to be offset by a couple of things. First, the lower guidance was mostly due to Hurricane Ian impacts. PEB also said they are looking for a boost from property tax assessments on some of its hotels and they expect “very significant wins.”
While Travel + Leisure’s stock price rebounded a little bit after Thursday’s earnings-induced decline, Credit Suisse lowered the boom on them. CS cut TNL to Underperform from Outperform and lowered their price target to $31 from $77.
Shen Zhen New World I LLC, an entity owned by developer Wei Huang, has been charged with bribing former Los Angeles City Councilman Jose Huizar related to the LA Grand Hotel project. Huang, who is charged in the case, is believed to be in China and has never appeared in a Los Angeles courtroom in connection with the case. The indictment charges the company with bribery in three forms: devising and participating in a scheme to defraud the city of Los Angeles and its citizens of Huizar’s honest services; interstate and foreign travel in support of bribery; and bribery itself. The case against Shen Zhen New World and Huang is part of the sprawling July 2020 racketeering indictment against Huizar and various associates. The 34-count indictment, alleging wide-ranging political corruption, was broken up into three trials.
SHA Wellness Clinic is a transformational healing retreat in Alicante, Spain. SHA’s founders recently launched real estate development firm, AB Living Group, to create hospitality and residential properties that specialize in health, wellbeing, design and sustainability. The group’s first project is The St. Regis Costa Mujeres
in Costa Mujeres, Mexico, marking the fourth St. Regis in Mexico and the first in the Cancun area. The hotel will have 160 rooms and suites, and there will also be 82 ultra-luxe residences for guests seeking a more permanent vacation. The resort will also host several restaurants, a spa, fitness room, pier, kids club, beach club and exclusive amenities and perks for owners.
The Renaissance Meadowlands Hotel has completed a $4.5 million renovation to its 167-room property located in Rutherford, NJ. The project includes updates to the hotel entrance, lobby, fitness center, meeting space, guest rooms, hallways, ninth floor concierge space, and back-of-house kitchens. Owned by AVR Realty Company and managed by Aimbridge Hospitality, the Renaissance Meadowlands hotel offers amenities, versatile event space, new fitness facilities and on-site available.
Brookfield has finalized its purchase of the Ritz-Carlton San Francisco and hotels in Wine Country and San Jose as part of its multibillion-dollar acquisition of Watermark Lodging Trust. Private funds managed by Brookfield Asset Management now control 1,072 hotel rooms across the Bay Area, including the Ritz (336 rooms), the San Jose Marriott (510 rooms) and the Fairmont Sonoma Mission Inn & Spa luxury resort (226 rooms).
An Arkansas hotelier may soon kick off its planned $73 million transformation of a 109-year old historic building in Kansas City, MO. Beechwood Pinnacle Hotels is expected to start construction on its conversion of the 13-story Rialto Building into a 240-room AC hotel by Marriott – the AC Rialto – late this year. The project then would be completed in 2023. The AC Rialto plans to include a first-floor restaurant and bar, meeting space and an exercise facility.
Hyatt Hotels Corporation and Grupo Presidente announced the opening of the 133-room Hyatt Place Monterrey Valle and 91-room Hyatt House Monterrey Valle / San Pedro, the first dual-branded Hyatt development in Latin America and the first Hyatt-branded property in Monterrey, Nuevo Leon, Mexico. The dual-branded development offers four flexible meeting and events spaces, the H Bar, 24/7 market, a heated outdoor pool, terrace, grills and a fitness center.
The debut of Andaz Mexico City Condesa is slated for December 2022, marking the first urban Andaz property in Mexico and the second Andaz hotel in the country. Located in the heart of Mexico City’s Condesa neighborhood, the hotel will have 213 guestrooms and suites, a 17th-floor rooftop pool, a spa, beauty salon, fitness center, and multiple culinary venues including a rooftop restaurant and bar, ground-floor bar, and the pet-friendly Wooftop Bar an indoor/outdoor beer garden and members-only dog park. The hotel will also include more than 12,674 square feet of meeting spaces, including three breakout rooms, an auditorium and a ballroom.
IHG Hotels & Resorts announced a new 25-year management agreement with Willard Associates for The Willard InterContinental Hotel, one of Washington, D.C.’s most iconic and storied hotels. The 12-story luxury hotel features 335 guest rooms, a French brasserie, a bar, media studio, co-working center, and 24,000 square feet of meeting and event space. Additionally, the organizations’ affiliate partner, Carr Companies, also serves as the managing member of two other nearby IHG-branded properties, the InterContinental Washington D.C. – The Wharf, and the 120-room Hotel Indigo Old Town Alexandria.
IHG Hotels & Resorts announced the opening of its newest Holiday Inn Express & Suites, located in Tomah, WI. The 85-room hotel features a fitness center and an indoor heated pool. The Holiday Inn Express & Suites Tomah is owned by Ruth Stump and managed by Hat Trick Hospitality.
Auberge Resorts Collection has been selected by Jo Ellard, president of Bowie Place properties, to manage Bowie House, a new urban retreat in Fort Worth, TX. Set to open in late 2023, the hotel will be located in the heart of the city’s Cultural District. The four-story, 106-room boutique hotel will feature 88 rooms and 18 suites, multiple dining options, a billiards room, Library, Fireplace Lounge, a dramatic grand ballroom, spa, fitness center and outdoor pool and bar. Bowie House, Auberge Resorts Collection will be the brand’s second property in Texas.
Maroma just announced it will reopen on the Mexican coastline by May 2023. The Belmond-owned hideaway closed last April to undergo renovations and will reopen next spring with 10 new waterfront suites and new gastronomic delights. The property’s tropical surroundings will be factored into the indoor-outdoor flow of its 72 rooms, suites and villas. The property’s three pools are being redesigned and Maroma will also reopen with the first Guerlain Spa in Latin America.
The Texas Rangers and The Cordish Companies celebrated the groundbreaking of One Rangers Way, a luxury residential community in the heart of the Arlington Entertainment District. One Rangers Way continues the momentum of a new development in the Entertainment District that began with the opening of Texas Live! In 2019. The project continues the next phase of over $1 billion of new development currently under construction that includes the forthcoming Loews Arlington Hotel & Convention Center, National Medal of Honor Museum and Spark Coworking. Slated to open in 2024, One Rangers Way will create an exciting first opportunity to live steps away from Globe Life Field, Choctaw Stadium land AT&T Stadium. Its integration with the Entertainment District and proximity to these three iconic stadiums, as well as Texas Live! Live! by Lowes, Loews Arlington Hotel & Convention Center and the Medal of Honor Museum. One Rangers Way will feature a 300-unit apartment community as well as a parking garage with 423 spaces. Building amenities include an expansive outdoor amenity deck, indoor and outdoor entertainment spaces, fitness facilities, outdoor pool with swim up bar, demonstration and entertainment kitchen, coworking spaces, private event room, game lounge, business center and conference room.
Skyview Partners and Tegethoff Development announced the submission of plans to Osage Beach, MO, for a new $300 million family resort and entertainment district to be developed along the Lakeport property, acquired by big Thunder Marine in 2021, adjacent to the Grand Glaize Bridge. Slated to break ground in 2023 and open in summer 2024, construction plans include the creation of a year-round entertainment destination offering 20 acres of amusement rides and attractions along with hotels, restaurants, amphitheater, marina, and boardwalk.
The architects and builders redeveloping Cambridge Suites Hotel at the edge of Toronto’s financial district say their plan is to take construction techniques in the city to a whole new level. The development proposal for the 21-story property starts with the removal of the 1990 postmodern building’s peaked roof. In its place will be an addition 50 stories, bringing the new project to a height of 757 feet. The site’s hotel, which currently offers 231 suites will be turned into 565 residential units with retail and commercial businesses at ground level.
The Chesterfield, an iconic, if dated, boutique hotel loved by Palm Beach, FL residents and celebrities alike, is undergoing a no-expenses-spared, yearlong interior transformation. Once reborn, the 100-year-old, pale-pink property will reopen under the management of the Oetker Collection and will be the luxury brand’s first-ever property in the US and its twelfth “masterpiece hotel.” The Chesterfield will be renamed the Vineta Hotels, the name it opened under during the Florida 1920s. The Chesterfield remake is Oetker Collection’s second project with the Reuben Brothers. The hotel is scheduled to reopen in late 2023 with transformed interior spaces such as the restaurant and rooms, as well as the courtyard and pool area. The most renowned space to be remained is the hotel’s iconic Leopard Lounge. In addition to the lounge redesign, there will be a new classic “America Bar” built for pre- or post-dinner evening drinks. Guests can also expect a new indoor-outdoor poolside restaurant to surround the hotel’s pool. The shaded, verdant courtyard is to transform into an outdoor dining space.
Lotte Hotels & Resorts welcomed Gustavo Sarago to the newly created role of Chief Development Officer, Americas. Sarago joins Lotte from AIG Global Real Estate Investments where he was Senior Vice President, head of Hospitality and Leisure Group.
Staypineapple announced the appointment of Casey Barks as Corporate Director of Marketing. In his new position at Staypineapple, Barks is responsible for developing, leading, and executing strategic marketing, public relations and media planning. Most recently, Barks was the Marketing & Communications Director for Willamette Valley Vineyards and the company’s subsidiary brands and labels.
Dorchester Collection announced the appointment of Arabella El Barkouki as global director of sales, effective immediately. Arabella is responsible for leading the brand’s global sales teams, developing sales strategies to support growth and spearheading policies, objectives and initiatives across the portfolio of current and future hotels. This appointment marks a return for Arabella to Dorchester Collection. She previously held the position of director of sales and marketing for Le Richemond, Geneva which was managed by Dorchester collection at the time. Her most recent position as with Mandarin Oriental Hotel Group as the brand’s vice president of global sales partners.
Europe Highlights
RIU Hotels & Resorts will open its first hotel in the United Kingdom in the spring of 2023. The Riu Plaza London Victoria is located in one of London’s premier neighborhoods and the building has been refurbished and turned into a 4-star hotel. The structure and the best aspects of the building have been kept and the interior has been completely transformed. The 435-room hotel has a bar and a restaurant.
