The DJIA fell 306 points on Friday while Nasdaq was down 77, the S&P 500 fell 29 points and the 10 year treasury yield bounced .08 to 3.57%. Lodging stocks were higher. BHR rose 12% while AINC was up 7%. SOND fell -7% on the day.
Raymond James downgraded Pebblebrook Hotel Trust and Xenia Hotels & Resorts to Market Perform from Outperform while cutting Sunstone Hotel Investors to Underperform from Market Perform. RJ believes the recovery in hotel fundamentals is more likely to stall during the next few months. They did up their target price on Ryman Hospitality to $100 from $95 while maintaining their Outperform rating.
Ryman Hospitality also announced they were boosting their quarterly dividend, declaring the 4Q dividend of $0.25 per share, versus the prior quarter’s dividend of $0.10.
Braemar Hotels & Resorts stock jump on Friday was due to their announcement that their board of directors boosted their quarterly cash dividend from $0.01 to $0.05 per share. Their board also authorized a stock repurchase program of up to $25 million.
Highline Hospitality Partners, which purchased the Norwalk Residence Inn by Marriott in Connecticut from F.D. Rich for $23.7 million, is planning a new wing with nearly 50 additional rooms.
In Chicago, IL, the Pullman Hotel Group hopes to build a 101-room Hampton by Hilton on four acres of what is now Pullman Park. The project is slated to cost around $20 million. Developers hope to begin construction next year with the hotel opening in early 2024.
An extended-stay hotel brand will rise as part of a new development in downtown Raleigh, North Carolina. The Seaboard Station mixed-use development will include a Hyatt House hotel. The 149-room hotel will be part of the second phase of the development led by Hoffman & Associates. The Hyatt House will include a rooftop bar and a restaurant, a courtyard pool with an adjacent bar and restaurant, a gym and flexible meeting spaces. The second phase of the Seaboard Station development is currently underway and will include the hotel, retail space and two apartment buildings totaling 279 residences.
The Thompson Central Park has expanded its accommodations for those looking for a more permanent stay in the Big Apple. The luxury property unveiled the One11 Residences on top of its pre-existing hotel. 99 new one- and two-bedroom residences are now perched on the building’s top nine floors starting at the thirty-fourth floor. The new residences also come with a chic new third-floor lounge for residents, shared only with Thompson Central Park suites guests. Occupants will also have access to the hotel’s fitness center and can book meeting and event spaces through the hotel’s concierge.
Concord Hospitality assumed management of Hotel Indigo Mount Pleasant. The 158-room boutique hotel, located in the Mount Pleasant neighborhood of Charleston, South Carolina, features a resort-style pool area, a fitness facility with private yoga rooms, 6,000 square feet of meetings and events space and an onsite restaurant. The hotel is Concord Hospitality’s first partnership with a Hotel Indigo property, as well as the company’s first managed property in the Charleston market.
The Hotel Indigo in Downtown Nashville, Tennessee is undergoing a facelift and has reopened as The Countrypolitan Hotel. Under IHG Hotel & Resorts Co., The Countrypolitan is undergoing a three-phase renovation. The first phase, which is completed, transformed the property’s commons spaces such as the lobby, restaurant, bar and entertainment area. The following phases include accommodations, slated for the fourth quarter of 2023, and is utilizing a currently vacant building connected to the hotel to add to The Countrypolitan offerings.
Cobblestone Hotels & Suites held a grand opening for its first De Pere, Wisconsin location. The hotel has 60 guest rooms, an indoor pool, a business center, a restaurant and an exercise facility. De Pere Hotel Group purchased the hotel lot from General Capital Management for $400,000. The $8.3 million project started construction in October 2021.
Linchris Hotel Corporation announced the acquisition of The Cape Codder Resort & Spa in Hyannis, MA, marking Linchris’ second property in Hyannis. The 266-room hotel features a restaurant, relaxing spa, and an indoor water park. Additionally, the hotel boasts 20,000 square feet of meeting space. The hotel will undergo a major renovation to enhance the guest experience, which is expected to begin in January 2023.
Fairmont Hot Springs Resort in British Columbia’s East Kootenay is up for sale. The 1,200-acre site in the Rocky Mountains has been listed by Colliers International, indicating a price range of $50 million. Fairmont includes a resort-style hotel, a lodge, cabins and cottages, an RV park, three golf courses, three pools fed by natural hot springs, and a ski hill with 14 runs. The site also has close to 668 acres of undeveloped land. Fairmont Hot Springs Resort was purchased by ken Fowler enterprises in 2008. Fowler died in February 2017 and his son, Doug Fowler, assumed responsibility for the resort.
Under Canvas announced its latest brand addition with the opening of its eleventh camp, Under Canvas North Yellowstone – Paradise Valley, for its inaugural season on June 15, 2023. Under Canvas North Yellowstone – Paradise Valley is the company’s third Montana Camp and second outside Yellowstone National Park. The new camp will offer upscale, safari-inspired canvas tents on elevated decks with private ensuite bathrooms; café-style dining; and grab ‘n go options.
Southall, officially opened its doors on a working farm encompassing over 325 acres of Middle Tennessee hillside. Southall features 62-guest rooms and suites, along with 16 stand-alone cottages; a spa; working farm; wellness and adventure activities; and a restaurant. Meetings, wedding and events at Southall take on a special air of festivity, with truly unparalleled outdoor and indoor venues; The Orchard Event Center; and The Jammer, Southall’s onsite preservation kitchen. Outdoor event options include the waterfront natural amphitheater; lush lawns; a hilltop lookout; and private spots and engagement locations scattered throughout the property.
In 2015, when a wealthy asset manager plucked the iconic Carillon complex out of bankruptcy and soon after sent acclaimed spa operator Canyon Ranch packing, unit owners at the North Beach luxury resort/condo had a fit, according to a Miami Herald article. They said it was the start of a slow erosion of amenities that they treasured, and paid dearly for, at the three-tower high-rise overlooking the surf and sand in Miami Beach, Florida. So, they sued. The relationship went downhill from there, reaching rock bottom when management at the hotel operated by Z Capital inside the complex tried to assess the unit owners millions of dollars to cover the cost of fighting the owners’ own lawsuit. This week, The Carillon Miami Wellness Resort unit owners got payback: $16.3 million worth. A Miami-Dade circuit judge awarded the unit owners that amount in damages after ruling that the hotel owner over-charged the property’s three associations for years in spa, electricity and hotel fees. According to The Miami Herald, unit owners bought in the complex because of the services offered by Canyon Ranch, known for its comprehensive health, fitness and wellness programs. Z Capital is expected to appeal the verdict.
Related Companies detailed its big plans for the next phase of Hudson Yards development as part of its casino bid. The firm’s casino proposal for the western portion of its $25 billion project on the west side of Manhattan, centers around a 1,500-room resort. Related is partnering with Wynn Resorts on the casino bid. In addition to the casino and resort, the developer’s plans for the area include a nightclub, theater and 20 restaurants. The second phase of the Hudson Yards project is set to commence shortly, following a first phase that included a mall, office towers and residential properties. The second phase of the Hudson Yards development is also expected to include a mix of office and residential properties, along with a school and public outdoor space.
Hyatt Hotels Corporation announced that a Hyatt affiliate has entered into a management agreement with an affiliate of Caribe Hospitality S.A. for Hyatt Centric Escazu San Jose. Expected to open in 2024, the lifestyle hotel will debut the Hyatt Centric brand in Costa Rica and will mark the third Hyatt Centric hotel in Central America. Hyatt Centric Escazu San Jose will be situated within the Plaza Tempo mixed-use complex, which boasts upscale retail shops, more than 25 restaurants and public green spaces. Hyatt Centric Escazu San Jose will offer 161 modern guestrooms and suites, a restaurant and bar, 4,000 square feet of event space, a coffee bar and lounge, and a fitness center.
Europe and Middle East Highlights
Six Senses is opening a new ski resort in Switzerland on the main gondola of Crans in February 202 called Six Senses Crans-Montana resort which has 13 private residences up for sale. The Six Senses Crans-Montana resort offers 45 rooms and suite; two restaurants and a lounge; Six Senses Spa with 9 treatment rooms, a Stretch Pod, yoga studio and fitness center; a rooftop pool and an indoor pool.
Selina Hospitality PLC opened its newest location in Israel. Selina Fishman is the third hotel for the brand in Tel Aviv and the thirteenth in the country overall. Located just a 1-minute walk from Frishman Beach, the hotel features 178 bedspaces, a restaurant and bar, and a Cowork café.
Legendary Hotels and Resorts announced their latest international acquisition, a large, 50-room hotel situated within a stunning national park of Serra da Estrela, in Portugal. The hotel will be upgraded to a high standard using finance from several major retail investors, allowing each of these to obtain a golden visa and become a citizen of Portugal after a period of five years has elapsed. The hotel will be renamed the Legendary Serra hotel, with rooms upgraded to 4-star standard, alongside a beautiful spa area.
