The DJIA rose 266 points while Nasdaq was up 226, the S&P 500 rose 53 points and the 10-year treasury yield was up another .04 to 3.67%. Lodging stocks were mixed.
Morgan Stanley changed price targets on its covered hotel companies. Hilton’s PT was lowered to $167 from $171, while Wyndham’s PT was upped to $90 from $87. Both were maintained at Overweight. Equal-Weight rated Choice Hotels’ target price was lowered to $129 from $137, Park Hotels was lowered to $15 from $14 and DiamondRock’s PT was upped to $9.50 from $9. MS has Underweight ratings on Sunstone Hotels and Pebblebrook Hotel Trust. MS lowered its PT on SHO to $9 from $10 and PEB to $12 from $13.
Chatham Lodging Trust announced they repaid in full three mortgages with outstanding principal of $73.3 million and a weighted average interest rate of 8% with proceeds from its newly issued term loan which currently carries an interest rate of 6.1%. The three properties with the mortgages were the Home2 Suites Woodland Hills, Residence Inn Tysons Corner and Homewood Suites San Antonio. CLDT has until late April to borrow funds under the unsecured term loan and intends to fully draw the $90 million within that time frame.
Two hotels, Hampton Inn and Element by Westin, are proposed southwest of the Roseville Junction project in Placer County, California. Insignia Hospitality Groupis the project proponent. According to the plans the Element by Westin will have four stories with 124 guestrooms, a lounge with outdoor patio, dining area and outdoor corn hole and pickle ball courts. The four-story, 117-room Hampton Inn will offer a fitness center and breakfast area.
Gold Key|PHR and the Cavalier Resort Virginia Beach announced the February 16, 2023 opening of The Embassy Suites Virginia Beach Oceanfront Hotel, the final phase of the Cavalier Resort’s $350 million master plan. The hotel’s opening adds an additional 157 suites to the Cavalier Resort enclave; as well as conference and event space, indoor and outdoor pools, fitness center and two new eateries. Located in Virginia Beach, VA, the cavalier Resort is a collection of historic and modern hotels, restaurants, spa, distillery, a luxury beach club and private residences.
Blue Ridge Hotel Partners announced the opening of Home2 Suites by Hilton Huntsville in Ontario, Canada. The hotel is owned by GS Holdings Huntsville, a partnership between The Ghoman Group & API Development Consultants. The Home2 Suites by Hilton Huntsville offers inviting communal spaces and trademark Home2 Suites amenities such as Spin2 Cycle, Home2 MKT and the Inspired Table. The property also offers an indoor saline pool, fire pit and grill area.
Four Seasons Resort and Residences Los Cabos at Costa Palmas will begin taking reservations for its ultra-luxury Private Retreats collection soon. Four Seasons Resort and Residences are located on two miles of swimmable beachfront and Four Seasons’ first-ever private marina on the Sea of Cortez. Four Seasons Private Retreats offers more than 750 of the world’s finest luxury vacation homes. The Los Cabos Private Retreats collection offers two to six-bedroom contemporary residences with accommodations for up to 18 guests, each with private pools and expansive indoor-outdoor entertainment space.
Hyatt Hotels Corporation and Grupo Presidente announced the opening of NUMU Boutique Hotel marking the first Hyatt-branded property in the city of San Miguel del Allende, Mexico, and the latest addition to The Unbound Collection by Hyatt brand. The opening of NUMU Boutique Hotel marks the second hotel within the portfolio in Mexico, following the recent opening of Rancho Pescadero in Baja California Sur, Mexico. NUMU Boutique Hotel offers 44 luxury guestrooms; Nubye Spa with three treatment rooms, a beauty salon and a fitness center; a rooftop pool and sundeck, two restaurants and a lobby bar.
Davidson Resorts has been selected by Flag Luxury Group and Unicorp National Developments to manage the Wyndham Orlando Resort International Drive in Orlando, Florida. The sprawling Central Florida resort features 613 guestrooms and suites, two restaurants and bars, two outdoor pools, fitness facilities, and 60,000 square feet of flexible event space.
The Pierside Hotel, located in the heart of downtown Santa Monica, California, debuts this week following a multi-million dollar reinvigoration as a premium lifestyle hotel. The Pierside is home to 132 guestrooms and suites, an elevated pool experience with food and beverage service, a full-service gear rental, a fitness center and a new signature restaurant.
Thor Equities is resuming construction on the Latham Hotel redevelopment in the Georgetown neighborhood of Washington D.C. The 100-guestroom hotel includes 9,000 square feet of ground-floor retail. As of yet, no flag has been named for the hotel.
HREC Investment Advisors arranged the sale of the 149-suite DoubleTree Suites Huntsville South Hotel located in Huntsville, Alabama. The purchaser was Gate 1, LLC, an affiliate of Aurora Capital, Brewer Realty and LRC2 Properties. Expotel Hospitality has been obtained to manage the property. HREC Investment Advisors exclusively represented Enterprise Lodging of Huntsville, LLC on this transaction.
Personnel Moves
Skift, parent company of this publication, reported that Vacasa chief commercial officer Craig Smith left his post abruptly yesterday after just four months. Co-founder T.J. Clark replaced Smith in the role. Smith was among the VCSA leaders that led the layoffs on January 24 when the company fired 17% of its staff. VCSA filed with the SEC that Smith ended his role as a chief commercial officer on February 6 but would remain with the company through March 13.
PPHE Hotel Group’s executive vice president of acquisitions and development, Jon Colley, has stepped down from his role at the company, citing he was taking some long overdue time out before his next role. PPHE has started the process to find a replacement for Colley, who had previously worked for both IHG and Hilton.
Europe Highlights
Minor Hotels announced the Spring 2023 opening of Anantara Grand Hotel Convento di Amalfi, following extensive restoration and renovation works. The historic property will reveal new-look accommodation, refreshed dining concepts and a completely redesigned spa. During the renovation, the rooms and public spaces at Anantara’s new property in Amalfi will be rejuvenated, with the on-property late Baroque church, a popular destination for wedding ceremonies, maintaining its heritage marble altar and Majolica floor. Floors, ceilings and walls of the property’s 52 guest rooms and suites were carefully preserved, the resort’s pool area with be redesigned and the reception level Bar and Lounge will be transformed. After the renovation, the new Anantara Spa will reopen with a total of three treatment rooms and the resort’s upgraded leisure facilities will also include a spa relaxation area and a fully equipped gym. Formerly operating as NH Collection Grand Hotel Convento di Amalfi, Anantara Grand Hotel Convento di Amalfi will be the second Anantara property in Italy after the recent addition of Anantara Palazzo Naiadi Rome Hotel and the brand’s eighth in Europe.
Jumeirah Group purchased the Le Richemond hotel in Geneva, its first property in Switzerland, for an undisclosed amount. Located on the banks of Lake Geneva, the hotel features 87 rooms and 22 suites. The property will undergo extensive renovations and Jumeirah plans to introduce its wellness and fitness concepts.
Meliá Hotels International continues to grow its portfolio of luxury hotels, which is scheduled to increase by more than 40% over the next 3 years, after announcing a new hotel for its luxury lifestyle ME by Meliá brand in the historic center of Malaga. The hotel’s ground floor will house the main restaurant and a large reception lounge. The first floor will feature a convention center and a gym, while the 128 guestrooms will be on the next four floors. The rooftop will have a large heated infinity pool with a sundeck, bar and restaurant. Construction is expected to begin in March and work is expected to be completed at the end of 2024.
