The DJIA rose 398 points while Nasdaq was up 97, the S&P 500 was up 38 points and the 10-year treasury yield was up .06 to 4.21%. Lodging stocks were mixed. Choice (CHH) was the big loser, down -9%, while MCG was down -7% and AINC fell -6%. SLNA had a big rebound day in the morning, up 50% but ended the day up only 7%. Something tells us SLNA is going to have a lot of wild swings over the rest of the year.
Choice Hotels received a mixed response to their 3Q earnings report from analysts and a big thumbs down from investors. They missed estimates but whether it justified the pummeling their stock took depends on whether you think the stock already being down nearly 20% from its highs was enough to foreshadow the miss. CHH did buy back $230 million in shares during 3Q and said October RevPAR was up 20% versus October 2019. Investors seemed to have stopped reading/listening after the earnings miss part.
Hilton announced the opening of its two-hundredth hotel in the Caribbean and Latin America, Waldorf Astoria Cancun, a 173-room luxury resort set on 100 acres of coastline. The beachfront resort boasts five dining concepts, and a spa with eight indoor and 13 outdoor treatment rooms, along with a steam room, sauna, salon, spa-only pool and an ice fountain.
Hilton Greenville, SC, managed by Crescent Hotels & Resorts, unveiled its most extensive renovation since 2012. The hotel features newly refreshed guest rooms and, in January 2023, a new restaurant is set to launch on the property.
Four Seasons Hotels and Resorts and Paralelo 19 announced the opening of Four Seasons Resort Tamarindo, Mexico. The resort features 157 liffside and beachfront accommodations, authentic dining options, three pools, Casa Terrazas pop-up spa, and a David Fleming-designed El Tamarindo 18-hole links golf course.
On October 31, the Radisson Hotel Dayton Convention Center in Ohio abruptly shut its doors. Owner, LW Dayton LLC, an affiliate of Lockwood Development Partners LLC, says the closure is temporary and the 13-story building will undergo significant renovations. When completed, the renovated building will reopen as a Hard Rock Hotel.
Hotels Unlimited sold the Ramada Hotel by Wyndham in Toms River, NJ, for more than $22.3 million. The Toms River Planning Board approved a plan by Westwood Two LLC to convert the Ramada into an office building with 104 high-end office suites. The office building includes 969 square feet of meeting rooms and a restaurant. An existing tent area, two extended-stay buildings, containing 52 units, and a ballroom will remain.
Cape Coral, FL’s city council approved the sale of the Seven Islands properties to Gulf Gateway Resort and Marina LLC for nearly $13.5 million. Seven Islands is planned as a resort marina village with mixed-use developments such as a hotel, restaurants, and a community center on 47 acres. Forest Development, a team of real estate development professionals, is the manager of Gulf Gateway Resort and Marina. Within 30 days the developers will have to provide a $1 million deposit in an escrow account, which will be applied toward the purchase price at closing. The city and the buyer will need to enter into a development agreement within 12 months after that, and the developer will pay all pre-development and permit costs.
Mii Amo, a destination spa in Sedona, AZ, announced plans to reopen on February 2, following a two-year closure, and revealed details of its $40 million renovation and expansion. Upon the destination spa’s reopening, the spa footprint will increase by 40% and will now include 21 treatment rooms. In addition to a full renovation of Mii Amo’s existing 16 Casita guest rooms and suites, three new Casita buildings have been added. The Crystal Grotto is being refreshed, there are new fitness and movement studios, and a new signature restaurant. Additional new spaces include the Relaxation Lounge and Garden, Journey Plunge Pool and Garden, a Sensory Garden with a reflexology path and expanded outdoor dining, an outdoor lounge and fireplace. The Mii amo Pool has been refresh and includes a new pool deck, new furnishing and accessories, while the re-imagined Mii amo Boutique will support the guests wellbeing journey at Mii amo and at home.
Bass Pro Shops is expanding its outdoorsy resort empire into Florida. The Valhalla Island Resort, a new nature-based fishing resort in the Florida Keys, is situated on 175 acres, boasts more than a mile of beachfront property in Marathon, FL. The resort will be the largest resort property anywhere in the Florida Keys. Accommodations consist of a collection of one-, two-, three-, and four-bedroom cottages, in addition to a master lodge and a general store. Additional amenities include restaurants, a spa, pools, fishing marina, and gathering spaces. Construction of the Valhalla Island Resort is scheduled to be completed within the next two years.
In the last few years, San Luis Obispo County, California has seen the opening of many new boutique properties, adding to the region’s varied accommodation options spanning historic hotels, beachfront resorts, trendy motels and cozy B&B’s. Looking ahead to the New Year, there are a few more exciting developments across this Central Coast region, with three new Nomada Hotel Group properties set to open in 2023. January 2023 will bring the opening of the 26-cottage Farmhouse, Downtown Paso Robles; The River Lodge, Paso Robles will open in May 2023 with 27 accommodations; and Pozo, Santa Margarita Lake will open in August 2023 with 30 total accommodations including airstreams, upscale tents and RV hookups.
Hodges Ward Elliott arranged the sale of the Artmore Hotel in Midtown Atlanta. HWE represented the seller in the sale of the 103-room renowned boutique hotel.
Six Senses Grand Bahama will offer hotel, villas and branded residences with a focus on sustainability and regeneration. The resort village will comprise 45 waterfront and canal villas, a signature restaurant, beach venue, boathouse, and pool bar. Future development of the 36-acre site will see direct access to a new marina. The resort village will host an Experience Center along with artist studios, relaxed meeting spaces, a fitness center, and Six Senses Spa. In addition to the Earth Lab, there will also be a Marine Research and Dive Center. The development and investment team, led by Weller Development Partners and Pegasus Capital Advisors, has a proven track record of environmental sustainability. The development will receive an investment from the Global Fund for Coral Reefs to provide capital and technical assistance leading to increased resilience of reefs and the communities that depend on them. Six Senses Grand Bahama will include approximately 20 branded residences. The resort is slated to open in 2026.
Hoken, a travel startup, has raised $9 million for its event-focused lodging marketplace. The round was led by Streamlined Ventures, with BY Venture Partners and individual financial and family investors also participating in the raise. The Hoken marketplace will be launching in the coming days. Lack of hotel room availability during major events is an ongoing challenge. Through Hoken, consumers can purchase rooms well in advance of an event with incredible flexibility and trade that room if unable to attend or simply to make a profit. Secondary buyers benefit from booking availability of highly desirable rooms that sell out quickly. Hoken enables forward-selling of inventory, and as the room is traded, real-time market pricing and insights, ensuring the hotel a higher RevPAR through a revenue share on the trading fees earned. Hoken also charges no commissions or distribution costs and covers transaction fees, providing only upsides for hotel partners.
Way takes brand activations in a new direction, leading companies into the Experience Economy, while closing $20 million Series A raise. Way announced its expansive global launch as part of its commitment to re-imagining how consumers and brand connect. This commitment is fueled by the company’s $20 million Series A round led by tiger Global, with participation from a broad range of hotel executives and ownership groups, including MSD Capital, and several new hires across Way’s leadership team. Way supports hundreds of customers throughout the world and has averaged 20% month over month growth, reaching millions in annual recurring revenue in just 18 months. Iconic independent hotels, lifestyle brands and management companies make up the growing customer base. The platform seamlessly helps these businesses curate and offer immersive experiences, local events, and brand activations. Alongside the funding, Way added several key hires, including Matthias Berahya-Lazarus, as Managing Director for France; Riley Graham, formerly of Blackstone Real Estate, also joins Way as VP of Strategy & Operations; and Jacquelyn DeBonville Styles as Head of Customer Success. The new team will focus on supporting Way’s growing network of customers and development of go-to-market plans as Way continues to lead the introduction of brand activation technology to companies across the globe.
Personnel Moves
Davidson Hospitality Group appointed Michael Travers as Vice President, Acquisitions & Business Development, based in the Atlanta corporate office. Most recently, Travers served as Vice President at a startup real estate fund, Scarp Ridge Capital Partners.
Vail Resorts, Inc. announced Kenny Thompson Jr. would join as the company’s first Chief Public Affairs Officer. In the newly created role, Thompson will oversee government relations, community relations, communications, sustainability, and the company’s social responsibility platform, EpicPromise. Thompson brings two decades of public affairs experience to Vail Resorts, including four years with the Obama White House.
Europe Highlight
Savills announced the sale of The Dunstane Houses, situated in Edinburgh’s West End offering 35 guest bedrooms and suites set across two villas. The property has a bar and restaurant, lounge, garden conservatory and private gardens.