The DJIA fell 575 points, Nasdaq was down 145, the S&P 500 was down 62 points but despite the Fed comments were the reasons for the decline, and there should be no doubt more hikes are on the way, the 10-year treasury yield was down .01 to stay under 4% at 3.98%. Lodging stocks were lower.
Island Hospitality Management announced the company added 14 hotels to its third-party management portfolio, as well as opening its third Toasted Barrel restaurant, during 2022. These additions strengthen the company’s presence in multiple markets, including California, Texas, Florida, Colorado, Massachusetts, and Maryland. The company also expanded its relationship with WaterWalk by growing its dedicated management team and helping them grow their unique lodging options that combines the conveniences of a hotel with apartment-style living. Island Hospitality Management looks to build on last year’s momentum and are on track to have multiple announcements for new deals in the coming weeks and months. According to Island, 2023 has the makings of a record year with expansion into new markets and segments.
Moxy Williamsburg debuted today as the brand’s first hotel in Brooklyn, New York. Developed by Lightstone, the 11-story, 216-room boutique hotel boasts four new dining and drinking venues conceived and operated by Bar Lab Hospitality, diverse public spaces, and three Meeting Studios. Moxy Williamsburg is Lightstone’s sixth Moxy hotel opening.
Marriott Cancun Resort in Mexico, previously known as CasaMagna Resort Cancun, is closing next week for renovations and is expected to reopen in 2024. According to an article in loyaltylobby.com, the hotel is apparently moving to an All-Inclusive concept, and there is chatter that it will NOT be affiliated with the Marriott after the renovations. The hotel next door (connected) is JW Marriott. The Ritz-Carlton Cancun recently switched its flag to Kempinski.
The TownePlace Suites by Marriott hotel in Harvey, Louisiana, has been purchased by Desai Investment Group for an undisclosed amount. The Harvey location will be the thirteenth hotel in the Desai Hotel Group portfolio. The 96-room hotel will remain a Marriott franchise and the Desai Design and Construction group will spearhead a renovation, expected to cost between $500,000 and $1 million.
Maya Hotels announced its acquisition of two Hampton Inn-branded hotels in the Carolinas. The 100-room Hampton Inn & Suites Charlotte-Arrowood Road, North Carolina and the 110-room Hampton Inn Columbia Northeast-Fort Jackson, South Carolina. Each hotel offers an outdoor pool, marketplace, fitness center, meeting spaces and a business center. The hotels will be renovated and managed by Maya Hotels. HREC Investment Advisors arranged the sale of both hotels, exclusively representing the seller, an affiliate of Broadshore Capital Partners.
A new hotel may be coming to Stevens Point, Wisconsin. The city plan commission approved a conditional use permit for a new Hilton Home2 Suites, currently set to be build inside the Portage Co. Business Park. The hotel will have a large conference room, dining space, a drive-thru drop off location, and a 92-space parking lot.
HRI Hospitality, in partnership with C.B. Ragland and Peachtree Hotel Group, announced the financial closing for the ground-up development of a new Caption by Hyatt hotel in the Gulch District of downtown Nashville, Tennessee. The construction financing will be provided by Truist Financial Corporation and its syndication partner, Commerce Bank. The hotel is scheduled to break ground this month and debut in late 2024. The 12-story Caption by Hyatt Nashville will comprise 210 guestrooms, 2,200 square feet of indoor and outdoor meeting space, a fitness center, flexible common spaces, a signature food and beverage concept Talk Shop. The project also includes a restaurant space for lease and a 150-stall parking garage that will service the hotel and neighboring office buildings. HRIH and C.B. Ragland will be co-developing the project, and upon completion, the hotel will be operated by HRI Lodging.
voco hotels celebrated 100 properties signed and opened globally. The emerging IHG Hotels & Resorts’ brand reached the milestone in just five years after its first-ever hotel opening. Notable voco openings in 2023 include: in Surrey, UK, Lythe Hill Hotel will complete its rebrand to voco Lythe Hill Hotel and Spa in 2023. The Tudor property will feature 99 bedrooms plus a restaurant, gym and spa. Opening in early summer, voco Osaka Central will be the first voco property to open in Japan. The hotel lobby and restaurant décor will be modern and contemporary. The first voco in Vietnam will open later this year with voco Ma Belle Danang. The property will offer a luxurious spa with a rooftop infinity pool and a choice of bars and restaurants. In New York, voco Fiorello – La Guardia East is set to open in Flushing this summer. The hotel is due to have 116 rooms and is the third voco signing by the same owner. Located in northern Paris, voco Paris Porte De Clichy is due to open this summer after its conversion from a Holiday Inn property. The hotel will be one of voco’s flagship properties.
IHG Hotels & Resorts announced the opening of its newest Candlewood Suites hotel in suburban Salt Lake City. The Candlewood Suites Layton – Salt Lake City features 92 guestrooms, outdoor gazebo grill, fitness center and more than 500 square feet of meeting space. Located in Layton, Utah, the property is owned by Amwest Real Estate, L.C. and managed by Wittwer Hospitality.
Springboard Hospitality announced the addition of The Ozarker Lodge in Branson, Missouri, to its growing portfolio. The Ozarker Lodge will be the first true boutique hotel experience in Branson, led by a talented group of individuals from Eagle Point Hotel Partners and Longitude°. Debuting summer of 2023, The Ozarker Lodge boasts 102 all-new guest rooms and amenities including a coffee and wine bar, a floating fireplace, communal guest pantry, large outdoor pool, cozy fire pits, cedar soaking tubs, events pavilion, a natural playground, and a dedicated space for local food trucks to pop up.
An 11-story, 130-room upscale hotel planned for Brady Street in Milwaukee, Wisconsin, won its first city approval. Klein Development Inc. plans to build the hotel on a site now used by a half-empty, two-story retail building. Construction could begin later this year. Klein and development partner Geno Cataldo plan to build a parking structure on what are now vacant lots. The parking ramp could have more than 100-200 parking stalls. It would also have first-floor commercial space.
Disney announced a September 28, 2023 opening date for The Villas at Disneyland Hotel in California. The Villas at Disneyland Hotel will feature 344 guest rooms and a mid-century modern pool area.
Developer Jason Jaeger celebrated the brand opening of a new boutique hotel, The Drift, located in the hollowed-out and rebuilt remnants of what used to be Scientology headquarters in Santa Barbara, California. The project took three years to launch and sports a coffee shop named Dawn and a bar named Dusk.
Walker & Dunlop, Inc. facilitated the off-market sale and financing of the 291-key, full-service DoubleTree by Hilton Tampa Rocky Point Waterfront to BlackPearl Hospitality, LLC for $76 million. Walker & Dunlop’s NY Capital Markets team acted as advisors on behalf of BlackPearl. The DoubleTree recently underwent a comprehensive $17.9 million renovation. The Florida hotel sits on 4.34 waterfront acres on Tampa’s Rocky Point peninsula.
Personnel Moves
Piper Sandler Companies has added Jarrad Evans as managing director to its hospitality team. Based in the firm’s Phoenix office, Evans will be integral to strategic growth, development and investment initiatives for the growing hospitality group. Evans most recently served as chief investment officer for Remington Hotels.
Four Seasons Hotels and Resorts leader Daniela Trovato has been promoted to Regional Vice President and General Manager of Four Seasons Hotel and Residences at The Surf Club, in Surfside, Florida, with regional responsibilities including guidance of South Florida’s four distinct properties. The Surf Club, a storied property, is now home to Four Seasons Hotel and Residences at The Surf Club with just 77 hotel rooms and a selection of hotel residences. The oceanfront property also includes a world-class Spa, Lido Restaurant at The Surf Club, and the Champagne Bar.
First Hospitality announced the appointment of Christina Santarelli-Foster to vice president of marketing. Santarelli-Foster will lead B2C marketing performance, as well as B2B marketing for the First Hospitality brand and new business development. Prior to joining First Hospitality, Santarelli-Foster held multiple positions for Levy-Compass Group, most recently serving as senior director of marketing and communications.
