The DJIA rose 35 points Friday while Nasdaq was down 21, the S&P 500 was down 5 points and the 10-year treasury yield was down .02 to 3.51%. Lodging stocks were mixed. MCG was up 10%.
Marriott Vacations Worldwide Corporation announced an increase in its quarterly dividend. Their board declared a cash dividend for the quarter of $0.72 per share of common stock, up 16% over their prior dividend.
MCR has acquired the Staybridge Suites Chattanooga Downtown, a five-story, extended-stay hotel in Chattanooga, Tennessee, marking the company‘s fifth hotel in the state. The 124-suite property offers a grab-and-go market, a heated indoor pool, a fitness center, on-site guest laundry facilities, a business center and a boardroom. MCR also has the opportunity to create additional value by converting 13,000 square feet of underutilized ground-floor space into additional guest rooms, retail or meeting space.
Quorum Hotels & Resorts announced the latest additions to its hotel management portfolio with two coastal California properties, Inn at the Pier Pismo Beach and Hotel Virginia Santa Barbara, Tapestry Collection by Hilton. A 2022 addition to the Tapestry Collection by Hilton, the historic Hotel Virginia Santa Barbara completed a full property renovation and rebrand in August 2022. The property offers 61 newly refreshed rooms and suites and a lobby café and bar. The 104-room Inn at the Pier Pismo Beach features a rooftop bar and flexible event space. Slated to begin renovation this winter, the property will reveal a new restaurant concept, redesigned rooftop, updated lobby and bar and refreshed guest rooms and suites, officially debuting in the Curio Collection by Hilton in 2023.
Crescent Hotels & Resorts announced the re-imagined boutique property formerly known as the DoubleTree by Hilton Bloomfield Hills has gone back to its historical roots as The Kingsley. Located in Bloomfield Hills, Michigan, the all-new Kingsley has 12,500 square feet of flexible indoor and outdoor event space, the area’s only indoor saltwater pool, lively food and beverage experiences, upscale amenities, and intimate fireside nooks.
Crescent Hotels & Resorts has added Blossom Hotel Houston to its Latitudes: Lifestyle by Crescent collection. The Houston, Texas property offers 267 brand new guestrooms and suites, over 9,000 square feet of elevated meeting and events spaces, an outdoor rooftop pool and lounge, elevated culinary offerings and a fitness center.
Braemar Hotels & Resorts Inc. completed the acquisition of the luxury 210-room Four Seasons Resort Scottsdale at Troon North in North Scottsdale, Arizona, previously announced on November 1, 2022. The total consideration for the acquisition was $267.7 million. The acquisition was funded with cash on hand and no common equity was issued to fund the acquisition. The property features 5.7 acres of excess developable land which is zoned for commercial use. The potential uses include new hotel keys, as well as fitness and health studios, restaurants, and accessory buildings.
A luxury tented resort, Naviva, A Four Seasons Resort, Punta Mita, Mexico, is now welcoming guests. With just 15 luxury tents surrounded by 48 forested acres on the edge of a private peninsula, Naviva is an adult-only sanctuary. Naviva features a series of intimate wellness spaces including two spa pods, a House of Heat timescale, a cliffside terrace, and an open-air gym and nature trails. The retreat also offers on-site dining, a pool in the jungle, and a beach. Naviva guests also enjoy full access to the adjacent Four Seasons Resort Punta Mita, featuring 10 restaurants and bars, two golf courses, three pools, two beaches and additional spa and fitness facilities.
Hyatt Hotels Corporation and Playa Hotels Resorts N.V. announced the opening of Hyatt Zilara Riviera Maya in Riviera Maya, Mexico. The all-inclusive resort includes 291 suites, an ocean-view pool with adjacent hot tub, nine restaurants, bas and lounges, Zen Spa and more than 6,000 square feet of modern facilities for conferences and meetings.
Nearly three years ago, Tolles Development Co. announced its Hyatt Place project at The Summit Reno mall located in Reno, Nevada. Tolles Development confirmed construction is on track for the area’s second Hyatt Place hotel, which is being developed in partnership with Pelzer Hospitality Canyon Construction and Azul Hospitality. Construction is also being accelerated for the project, which is now expected to be completed by the fourth quarter of 2023. The 132-room hotel will include an “e-room with four stations providing quick access to computers and printers as well as food and beverage options; a unique indoor-outdoor pool; a gym; and storage lockers.
In Tennessee, Downtown Chattanooga’s trendy Southside will hold the city’s first Hyatt hotel. The Caption by Hyatt will go up at 105 W. Main Street if the proposed $30 million project by 3H Group Inc. receives city approval next month. Plans call for an outdoor café, a rooftop bar and a restaurant pavilion, including green space, a coffee shop and bar area, and more than 100 parking spaces. Work could start in the first half of 2023 and the hotel is slated to open a year to 18 months after construction begins.
The Seaside City Council will consider awarding a consultant agreement for project condition compliance and mitigation monitoring for the construction phases of the proposed Seaside Resort Hotel. The Grand Hyatt Seaside Resort Hotel development project at Bayonet and Black Horse Golf Course, in Seaside, California, will require a consultant to provide the solicited project environmental review services within a timeframe of 24 months and budget to accommodate the necessary special project mitigation measures and biological studies. The 330-room Grand Hyatt Seaside Resort Hotel is being developed by Seaside Peninsula Acquisition Group.
IHG Hotels & Resorts announced the opening of its newest Holiday Inn Express hotel in Washington, DC’s trendy Mt. Vernon Triangle neighborhood. Owned by Birchington, LLC and managed by Urgo Hotels, the 247-room Holiday Inn Express Washington DC Downtown offers 788 square feet of meeting space and a fitness center.
The Holiday Inn hotel in the Financial District of New York City filed for bankruptcy as its owner looks to avert foreclosure. Developer Jubao Xie put the 492-room hotel into Chapter 11 and needs to renegotiate with creditors. At issue is how much money Xie must pay to cure the hotel’s defaulted mortgage. The owner’s missed payments total $10 million, but the default interest adds $16 million to that, plus late fees and workout fees. Xie and his attorneys said in court filings that the hotel was set back by the Covid shutdown and the Omicron surge, but now has enough cash flow to make its debt payments as the hotel has bounced back in the past six months, with occupancy exceeding 90% in September and October. Xie developed the 50-story hotel in 2010 with Sam Chang and took full control of the hotel in 2014. He refinanced in 2019 with a $137 million loan from Ladder Capital, debt which is now split into several tranches held by CMBS bondholders and Triangle Capital Group. The hotel owner defaulted in 2020. This March, Wilmington Trust, the trustee for the bondholders, filed to foreclose on the property. Midland Loan Services is the special servicer.
Red Roof announced the opening of the Red Roof Inn & Suites Irving in Irving, Texas. The 140-room hotel offers a year-round outdoor pool & hot tub, a fitness facility and a business center.
LuxUrban Hotels Inc. has acquired the long-term rights to the Townhouse Hotel in South Beach, Florida via a 21-year Master Lease Agreement. The Townhouse Hotel is expected to commence operations in December 2022. Located just steps from the beach, the Townhouse Hotel is a 70-unit property located in Miami’s South Beach. The Company has also commenced operations at the Washington hotel in New York City. As previously announced, the Company acquired the 217-unit Washington Hotel via a 15-year MLA.
BWH Hotel Group announced SureStay Hotel Group has surpassed 400 properties worldwide with 250 hotels now open in North America. Select hotels that have joined the SureStay Hotel Group portfolio recently include: Revel Hotel Minot, SureStay Collection by Best Western in Minot, North Dakota; Salt Lake Plaza Hotel, SureStay Collection by Best Western, Salt Lake City, Utah; SureStay Hotel by Best Western Spicer in Spicer, Minnesota; SureStay Studio by Best Western Clarkview in Angeles City, Philippines; Forshaws Hotel, Sure Hotel Collection by Best Western in Blackpool, Great Britain; and Sure Hotel by Best Western Hilden-Duesseldorf located in Hilden, Germany.
The iconic River Lodge Motel in Paso Robles, California, will soon drop the motel title from its name and be re-branded as the River Lodge. Nomada Hotel Group is overhauling the property to fully renovated the rooms and suites and add a central pool, outdoor gardens, lobby markets, an indoor/outdoor bar and full-service restaurant. The River Lodge plans to reopen during the summer of 2023.
Developers have proposed a 127-guestroom hotel and a 15-home project on S. Atlantic Avenue in Ormond Beach, Florida. Ormond Beach Holdings LLC plans a five-story Marriott Residence Inn on 2.19 acres of oceanfront land. The 15 residential homes will be located across the street on the site of the former Florida Hospitality Oceanside site. The developer plans to construct 108 parking spaces next to the hotel and an additional 62 spaces across the street.
Margaritaville continues to add new resorts in the Caribbean, with the newest set for the Caribbean coast of Belize. The new Margaritaville Beach Villa Resort is set to open early 2023 in Belize’s Ambregris Caye. The new resort will be far more boutique-style than recent Margaritaville openings in the Caribbean with just 55 suites, along with a trio of food and beverage concepts, a pair of pools and a wellness center. Other amenities include a pickle ball court, an adventure center, a convenience center and a gym. Unlike other Caribbean Margaritavilles, the resort will be a residential resort, meaning it has real estate component that has already launched sales.
Europe Highlights
Wyndham Grand Crete Mirabello Bay, located on the northeast coast of the Greek island of Crete, announced the third and final stage of its extensive renovation, which will take place this fall ahead of a spring 2023 relaunch. Owned and managed by Zeus International, Wyndham Grand Crete Mirabello Bay underwent an initial redesign in 2019, and a phase two renovation in 2022 to modernize the rooms and elevate the guest experience. For phase three of the renovation, the hotel will unveil the final remodeling of 108 rooms, six new room categories all with private pools, and an all-new main pool with an infinity overflow. Wyndham Grand Crete Mirabello Bay underwent a considerable redesign earlier in 2022 including the renovation of 100 rooms with the addition of 55 private pools and 10 outdoor Jacuzzis, and a new leisure and entertainment complex was developed with an open-air cinema, two bars and a beachside tavern. The hotel’s wellness facilities were enhanced, with added gym and spa features, and the construction of three outdoor wooden yoga pavilions nestled in the property’s olive grove.
City of Dreams Mediterranean, scheduled to open in Q2 2023, will be the first integrated resort in Europe, bringing a first-of-its-kind development to Cyprus. Encompassing an incomparable array of offerings, including luxury rooms and suites, Europe’s grandest casino, exquisite fine dining, numerous leisure and sports facilities, land world-class MICE amenities, the resort will cater to a wide range of discerning tastes. City of Dreams Mediterranean will comprise 500 guest rooms and suites; Cyprus’ largest resort pool complex, featuring an array of pools and water slides; the Adventure Park; the Renü Spa, offering a luxurious indoor pool and fitness center; an outdoor Amphitheatre, designer shopping promenade, Marcos Baghdatis Tennis Academy; and a world-class entertainment program.
