The DJIA fell another 337 points on Friday, capping off a terrible week in the markets. Nasdaq was down 195, the S&P 500 fell 42 points and the 10-year treasury yield bounced back up .07 to 3.95%. Lodging stocks were mostly lower. PLYA bucked the trend with an 8% gain on stronger-than-expected earnings. SOND was down another -8%, VCSA fell -7% and SLNA traded down to yet another new all-time low.
Besides Playa Hotels’ strong results, Ryman Hospitality Properties took part in the winding down of earnings season with results that were better than their December update. RHP tripled their quarterly dividend, announced the quarterly common dividend was raised to $0.75 from the previous $0.25.
HRI Hospitality announced the topping out of its new hotel project, Tempo by Hilton Nashville Downtown. The 16-story, 306-room hotel is scheduled to open in spring 2024 adjacent to Nashville Yards. Upon completion, the new hotel will feature 10,000 square feet of flexible indoor and outdoor meeting spaces, a vast outdoor pool and bar, event lawn, fifth-floor sky lobby, a variety of food and beverage experiences and a fitness center.
The Kimpton Hotel Monaco Salt Lake City, in Utah, announced a top-to-bottom renovation to be completed in late summer 2023. The transformation will include a full re-haul of its public spaces, meeting and event spaces, its 225 guest rooms and suites, a revamped entryway, fully transformed restaurant and an entirely re-imagined bar. The Monaco will remain open throughout the process.
The Thrash Group announced renovations to the former Holiday Inn Express in downtown Baton Rouge, Louisiana started about four weeks ago. The property is set to reopen in late August/early September as an Origin Hotel. A fourth floor will be added to the building, which will add three suites. The property will also have a full-service restaurant with a private dining area.
On March 1 in South Bend, Indiana, the Four Winds Casino will open a new, 23-story hotel. It will offer 317 rooms, a pool, new restaurants and additional space for gambling. The hotel will also have a new event space, which can hold up to 900 people and will be able to host conferences, concerts and more. The casino hotel is run by the Pokagon Bank of Potawatomi Indians.
DAC Developments announced plans for a new 26-story Sonder Hotel in Chicago, Illinois. The 285-foot glassy tower will replace an outdated surface parking lot and single-story commercial building on South Wabash Avenue. Upon completion, the $100 million development will boast a modern lobby, 6,300 square feet of office space on the fifth floor, a ground-level retail space and 62 parking spaces within the building.
Demolition is complete at 103 East Twenty-Ninth Street, the site of a proposed 19-story hotel in NoMad, Manhattan. Developed by Frank Savino, the project will yield 120 rooms and replaces the Hotel Deauville. Auevilla Holdings is the owner.
The owner of a luxury resort brand at the Jersey Shore unveiled plans to develop a high-end hotel that would represent an epic transformation of the Ocean City Boardwalk. Icona Resorts is proposing to build a $150 million, 325-room hotel project with an array of upscale retail shops and family-friendly amenities, including a pool overlooking the boardwalk. In order to build the project, Icona Resorts needs the city to sell them what is now municipally owned land that serves as a large public parking lot.
The City of Plattsburgh, New York has authorized an agreement with Skyward Companies Holdings, LLC to allow the start of preliminary work on a piece of harborside property primed for potential hotel development.
Hotel Hartness is putting the finishing touches on their property as they prepare to welcome guests to the hotel complete with a restaurant, bar, luxury spa, and 75 rooms and suites. The hotel is built within a 186-thousand acre nature preserve in Greenville, South Carolina. The hotel is the longtime vision of the Hartness family home and the manor is the anchor of the hotel.
The University of Tennessee’s Master Plan, for a hotel located just a few feet away from Neyland Stadium, was presented at UT’s System Board of Trustees winter meeting this past week. The university is already mapping out where the hotel would go and the master plan includes the hotel, other athletic facilities and the G10 parking garage being renovated and expanded.
Mumford Company completed the sales of the Beckley, West Virginia Quality Inn and Atlanta, Georgia Comfort Suites. In the sale of the Beckley West Virginia Quality Inn, Mumford Company represented the Sellers, principals of Beckley Hotel Associated, LP. The purchaser is Humble Hospitality, LLC who plans to complete the limited renovations and will continue as a Quality Inn by Choice Hotels. In the sale of the Atlanta, Georgia Comfort Suites, Mumford Company represented Atlanta 1 Hospitality LLC, the seller, in the transaction. The property was sold through the Ten-X auction platform. The Buyers intend to complete the Product Improvement plan and continue to operate the hotel as Comfort Suites.
Personnel Moves
Marriott International, Inc. announced its organizational structure and executive appointments designed to tap its talented leadership bench and accelerate the company’s growth. Marriott announced the appointment of Drew Pinto to the role of Executive Vice President and Chief Revenue & Technology Officer. Pinto will lead sales, revenue management, distribution channels, digital, and information technology for Marriott. In addition, the company announced that long-time Marriott executive Peggy Fang Roe has been appointed Executive Vice President and Chief Customer Officer. Roe will be responsible for developing and executing key aspects of the company’s global consumer strategy, including evolving their portfolio of brands, the Marriott Bonvoy loyalty program, and developing the end-to-end customer experience using AI, and innovation to fuel future growth. Marriott further announced Tina Edmundson has been appointed President, Luxury, a role that underscores the company’s commitment to the growth and leadership of its preeminent luxury brand portfolio. The company also announced the return of Yibing Mao, who has been appointed President, Greater China. Yibing will lead the next chapter of growth for Marriott in Greater China. In addition, Chief Financial Officer, Lenny Oberg, will the company’s Global Development organization, which is responsible for the strategic growth of the company’s 30 lodging brands. Oberg is being appointed Chief Financial Officer and Executive Vice President, Development.
The American Hotel & Lodging Association is promoting Kevin Carey to Senior EVP and COO. Kevin joined AHLA in 2017 and is responsible for leading AHLA’s membership, strategic partnerships and business development, and conferences and events. He drives AHLA’s IT function and serves as chief financial officer. Kevin also provides strategic thought leadership for many of AHLA’s key industry-wide initiatives, including Safe Stay and Responsible Stay, the industry’s health and safety and sustainability campaigns.
Europe Highlights
Auberge Resorts Collection has been selected by Garance Primat to manage Domaine Des Etanges, a 13th-century chateau in Southwestern France. Located in the town of Massignac, the historic French chateau boasts six Metaire Farmhouse Cottages, a long house which is home to four multi-story suites, seven rooms and suites in the main Chateau, three lounge areas, a floating tennis court, heated outdoor pool, thermal baths, indoor pool and frigidarium, a children’s play area, chef vegetable garden, and culinary experiences that celebrate living off the local land.
Premier Inn opened its first hotel in the Lake District National Park in the UK. The 71-bedroom hotel at High Hill in Keswick grows Premier Inn’s network in and around the lake District National park to six locations and more than 400 hotel bedrooms.
Quartz Inn Hotels announced the addition of the bubble hotel Miluna Open Nature Rooms to its portfolio of independent and sustainable hotels, thus expanding its presence in Spa with a total of 9 hotels. Located in the province of Toledo, Miluna comprises 8 “moon” rooms and carries out sustainable measures including projects for reforestation and conservation of natural spaces.
Aprirose sold the 232-room Queens Hotel in Leeds, England to Pandox AB for 55 million pounds sterling. Pandox signed a management agreement with Axiom Hospitality to operate the hotel as an independent brand. Pandox now has approximately 160 hotels in 15 countries.