The DJIA fell 351 points while Nasdaq was down 225, the S&P 500 fell 58 points and the 10 year treasury yield was down .09 to 3.51%. What happened to the Santa Claus Rally? SLNA traded down -8% to another new low, VCSA hit another new low but the big decliner was MCG, down -15%. AINC gave back -6% from yesterday’s gain while TNL and ABNB were both down -5% on the day.
Braemar Hotels & Resorts Inc. reported preliminary portfolio occupancy of approximately 64% for November 2022 with an ADR of approximately $394 resulting in RevPAR of approximately $253. This RevPAR reflects an approximate increase of 5% versus November 2021 and an approximately increase of 15% compared to November 2019. Additionally, the October 2022, preliminary portfolio occupancy was approximately 73% with an ADR of approximately $382 resulting in RevPAR of approximately $280. This RevPAR reflects an approximate increase of 25% versus October 2021 and an approximate increase of 14% compared to October 2019.
Marriott International, Inc. announced the completion of an $11 million dollar revitalization of its 395-room Falls Church Marriott Fairview Park, in Falls Church, Virginia. The renovation included a newly renovated lobby, a modernized fitness center, two new junior ballrooms, 27,000 square feet of meeting space, and a new restaurant and cocktail lounge. The 16-story hotel is owned by Lakewood Hotel Group and managed by Marriott International, Inc.
Continental Hospitality Group has acquired the 108-room Springhill Suites in the South Side neighborhood of Pittsburgh. Property renovations will commence in Q1 2023, with a focus on technology upgrades, rooms product, and the fitness experience. Continental’s current portfolio encompasses 15 hotels, including 13 open/operating assets and two under construction.
Concord Hospitality assumed management of the 115-room SpringHill Suites Pittsburgh Southside Works. The all-suite hotel includes an indoor pool, fitness center and more than 2,600 square feet of meeting/event space.
Sharbell Nexton, LLC announced the addition of an A.C. Hotel by Marriott in the Downtown Nexton area of Summerville, South Carolina, in 2024. The four-story hotel will include 117 rooms, an outdoor pool and courtyard, indoor kitchen and open lounge area, fitness room and meeting space. The Nexton venture will be the second A.C.-flagged property in South Carolina. The project involves Baywood Hotels.
Davidson Resorts has been selected by JEMB Realty to operate the Wyndham Grand Clearwater Beach in Clearwater Beach, Florida. The oceanfront resort is comprised of 343 guest rooms; three restaurants and bars; Pallavi spa; nearly 22,000 square feet of indoor/outdoor event space; premier resort pool; fitness center; retail shops and more.
Driftwood Hospitality Management announced it would take over management of the Palihouse Miami Beach, in Miami Beach, Florida, and officially rebrand the property as Hotel Trouvail Miami Beach. Owned by Greenbrier Partners, LLC,the 70-room property will debut a French-inspired restaurant in early 2023.
IHG Hotels & Resorts announced the opening of its newest Holiday Inn Express & Suites hotel in Nephi, Utah. The 67-room property offers 1,259 square feet of meeting space, a business center, fitness center and a heated indoor pool. Holiday Inn Express & Suites Nephi is owned by A&A Hospitality Group and managed by Status Hospitality Management.
Choice Hotels International, Inc. announced the groundbreaking of the Everhome Suites in Nampa, Idaho. Developer HighSide Companies expected the four-story, 122-room property to open in late 2023. Everhome Suites Nampa will feature a Homebase Market; public spaces for work and play, including a signature outdoor lounge area with firepots, grills and games; a guest laundry, and a fitness center.
Jim Knell of SIMA Management Company has proposed a 66-unit hotel along State and Ortega streets in downtown Santa Barbara, California. The project consists of a four-story, 66-room hotel with a restaurant and bar and conference rooms on six lots. The project also includes 16 parking spaces on the ground floor.
Cactus Hospitality LLC purchased the Ramada by Wyndham in south Rochester, Minnesota for $3.72 million. In the wake of the sale, the hotel is transitioning to operating under the Choice hotel brand. Marcus & Millichap’s Minneapolis office marketed the hotel for Med Town Hospitality LLC and lined up the buyer.
Atrium Hospitality announced three leadership promotions from within the company as the company strategically positions for the future. Anneliesse Cooperhas advanced to Chief Human Resources Officer. In her elevated role, Anneliesse will focus on Atrium Hospitality’s core values and company culture as she partners with the leadership team to drive talent strategies that support the successful execution of the company’s organizational objectives. Prior to Atrium, Anneliesse served as Vice President of Human Resources at Marriott International, supporting the company’s Caribbean & Latin America Region. Chris O’Donnell has been appointed to Chief Operating Officer. As COO, Chris will be responsible for oversight of all operation performance throughout the Atrium-managed national hotel portfolio across 28 states. Prior to Atrium, Chris served as Senior Vice President, Operations at Magna Hospitality. Michael Tyler has been promoted to Vice President, Capital Planning & Facilities. In his newly created role, Michael will manage the development of Atrium’s capital investment needs and lead and develop the company’s internal and external project management resources. Prior to Atrium, Michael spent 19 years in commercial real estate, where he directed many complex renovations of assets.
Personnel Moves
Stonebridge Companies announced that C.J. Chapman has joined the company as its general counsel. Chapman will provide in-house legal advise for Stonebridge and will oversee the firm’s risk management group. Prior to joining Stonebridge, Chapman served as general counsel to Elevation Capital.
Palladius Capital management announced the appointment of Afshin Kateb as Chief Financial Officer and Head of Hospitality Investments. In his new roles, Kateb is responsible for overseeing the firm’s finance, accounting and risk management departments as well as its multifamily asset management team. He also serves as a member of the firm’s investment committee and heads the hospitality investment arm of Palladius and its sister funds. Prior to joining Palladius, Kateb served as the founding CFO of Nimes Real Estate.
Europe Highlights
Melia Hotels International announced that one in three hotel openings between 2023 and 2026 will be within its luxury portfolio. This year’s new sustainable leader and first carbon-neutral prototype, Villa Le Blac Gran Melia in Menorca, strengthened the brand’s position, which is elevated further with key upcoming luxury hotel openings including: Palazzo Cordusio, a Gran Melia Hotel in Milan; Ngorongoro Lodge, A Melia Collection Hotel in Tanzania; ME Malta; ME Lisbon; ME Guadalajara in Mexico; Paradisus Gran Caneria, Las Palmas; Paradisus Salinas in Lansarote; and Gran Melia Nha Trang in Vietnam.
IHG Hotels & Resorts announced a historic addition to its Regent Hotels & Resorts portfolio, a continuation of its partnership with the hotel’s owner and developer Katara Hospitality. Carlton Cannes, a Regent Hotel will open in France in Spring 2023 after a two-year, multi-million Euro redevelopment. The property will become a flagship property within the new generation of Regent Hotels & Resorts. Carlton Cannes, a Regent Hotel will have 332 rooms and 37 branded residences. The property is one of eight Regent properties in the pipeline for IHG and will be a brand flagship property in Europe.
Plans to convert Admiralty Arch, in London, into a luxury hotel under the Waldorf Astoria brand are accelerating under new ownership with Reuben Brothers. Central to the updated plans is a newly developed two-bedroom suite sitting at the very center of the building on the fourth-floor bridge. The hotel will provide restaurants and bars, an increased room count, exclusive spa, a ballroom and residences. Waldorf Astoria London Admiralty Arch is scheduled to open in 2025.
Hilton announced the opening of Motto by Hilton Rotterdam Blaak together with its partner Borealis Hotel Group, marking the lifestyle hotel brand’s debut in Europe. The 108-room property has undergone extensive refurbishment and offers a bar, restaurant, and Grab & Go options. Motto by Hilton Rotterdam Blaak is Hilton’s first lifestyle property in the Netherlands.