The DJIA ended the short session on Friday up 153 points while Nasdaq was down 59, the S&P 500 was down a point and the 10-year treasury yield was down .02 to 3.69%. Lodging stocks were modestly higher on the day.
STR reported US lodging data for the week ended 11/19. US hotel RevPAR was up 20.1% year over year while up 19.3% for the same week in 2019.
Following weeks of preliminary groundwork, construction has finally begun on the new Moxy Asheville – North Carolina’s first Moxy Hotel. Upon completion in early 2024, the hotel will feature 115 guest rooms, Bar Moxy, and an independent rooftop bar and restaurant. Moxy Asheville will connect to the existing Aloft Asheville Downtown to form a new dual brand offering. The hotels will boast separate lobbies and elevators and will share a pool deck, fitness center and meeting space. McKibbon Equities is developing the hotel with the development arm, McKibbon Places, overseeing construction and design as project manager. McKibbon Hospitality will be charged with operating the hotel and establishing the property’s leadership team upon opening.
Hilton Worldwide Holdings Inc. is partnering with Proof & Co.’s beverage consultancy arm to revamp the bar experience at all of its Waldorf Astoria properties. Terms of the deal were not disclosed. Peacock Alley is the name of the bar concept at Waldorf Astoria properties. The deal marks Proof’s first entry into the U.S. market and it includes remaking the offerings at the Peacock Alley location in the renowned Waldorf Astoria New York, which is expected to reopen in 2023 after a lengthy renovation. The work will include an elevated bar concept. The work on remaking the Peacock Alley offerings and experience is expected to be complete in early 2024. There are more than 30 Waldorf Astoria properties worldwide.
Cambria Hotels announced the opening of the Cambia Hotel Minneapolis Downtown in Minnesota. The new six-story, 121-room hotel offers multi-purposed indoor spaces, onsite dining, multi-function meeting and event spaces and a fitness center. The Cambria Hotel Minneapolis Downtown was developed by Hawkeye Hotels and JR Hospitality.
Fitz Casino & Hotel, located along the Mississippi River in Tunica, Mississippi, announced the completion of a renovation to become the newest member of the Trademark Collection by Wyndham hotel chain. The property also includes a full-service casino with over 850 slots, table games and a sports book. Scheduled to transition in November 2022, the 9-story, 506-room hotel features several notable upgrades including an indoor pool and exercise facility, multiple dining options and a general store.
Heritage Hotel Group purchased the 168-room La Quinta Inn by Wyndham Sacramento Downtown hotel for $15.8 million. The seller was a limited partnership, Cavalier California LP, affiliated with CorePoint Lodging.
Ala Moana Hotel by Manta in Honolulu, Hawaii, has made more upgrades, most recently refreshing its rooms, as part of a multi-year, multimillion-dollar renovation. The hotel announced that its 1,200 rooms recently received new bedding, pillows, and mattresses. The full renovation of the rooms will begin in late 2023 at which point all of the furniture, wall coverings and carpets will be replaced. Upon full completion of the projects, the two hotel tower lobbies will be fully renovated, as well as all common areas, entry doors and the porte cochere. The fitness center will also be upgraded and the exterior of the building will be repaired and repainted and new furniture and fire pits will be in place at the pool deck.
More than a year after Sandcastle Motel’s $13.2 million sale and $5 million renovation, new owners Harvey Hanna & Associates, have presented official plans for the Coast Hotel in Rehoboth Beach, Delaware. Plans for the 60-room hotel include a Mediterranean-style restaurant. TKO Hospitality will take over the management of the property, which is set to open sometime in the spring. Coast Hotel will be an extension of Hilton Hotel’s Tapestry Collection brand.
Mountain Modern announced the completion of its property-wide transformation and expansion which comes following the acquisition of Jackson Hotel Lodge. The Jackson Hole, Wyoming property has doubled its footprint to cover a full city block with 59 new guest rooms and suites including two-story, residential-style Teton Townhomes; an outdoor pool and Jacuzzi; and The Triple M, a contemporary social hum featuring unconventional après-ski offerings and 19,000 square-feet of new indoor-outdoor space, co-working and lounge areas, fire pits and more. Mountain Modern’s 59 new guest rooms bring its total room count to 194.
The Mondrian Mexico City Condesa is accepting bookings beginning December 15, 2022. With 183 rooms and 18 suites, meeting and event facilities and four unique food and beverage venues, the property is located in-between two of Mexico City’s trendiest neighborhoods, La Roma and La Condesa.
The city of Peoria, Illinois moved forward with a development agreement needed for a new mixed-use project called Stadium Point. The project will comprise more than 1 million square feet of space across 17 acres owned by the city. Stadium Point is expected to start construction in 2023 and comprise 645,000 square feet of class A office space between two buildings, a 220-room hotel, 357 multifamily units, 65,000 square feet of retail or restaurants space and a 28,000 gross square foot food hall, according to the developer, Steinhauer Properties, Inc.
Hotel Finance Company provided, and the borrower has closed, $14 million in construction-to-permanent mortgage financing from a Midwest U.S. headquartered bank to finance the development of a lodging facility in Dunedin, FL for players of the Toronto Blue Jays Baseball Club. After building in Dunedin their “second home,” a 65-acre, $100 million Player Development Complex training facility that includes a multipurpose building, the Toronto Blue Jay Baseball Club had been searching for nearby consolidated quality housing for their major and minor league players year round as they rotate through the training. This new lodging facility will feature 90 oversized guestrooms as well as standard amenities such as a pool, meeting rooms, dining areas, laundry and a fitness center. Parking will be on the ground floor with two stories of lodging accommodations situated above. Phase 1, the smaller of the two locations, known as Grant Street Inn, began construction earlier this year. Phase 2, comprised of 68 units will begin construction immediately and be known as the J Hotel. Financing for both phased was provided by Spirides Hotel Finance Company.
The new Goldwynn Resort and Residences are set to debut on February 1 on Nassau’s Cable Beach in The Bahamas. The resort will include four dining concepts, a signature spa and a fitness center. The resort is the brainchild of the Wynn Group of Companies.