The DJIA fell 344 points while Nasdaq was down 238, the S&P 500 fell 65 points, and the 10-year treasury yield was down 0.12 to 3.4%. The Dow Jones Hotel & Lodging REITS Index was down 2.3%.
Noble Investment Group announced the acquisition of the Hampton Inn & Suites Charlottesville – At The University, located adjacent to the University of Virginia and the UVA Medical Center. The hotel will undergo a comprehensive upgrade to all hotel guestrooms and suites, public areas, and meeting space.
The Hilton Garden Inn Fort Collins, Colorado announced the completion of a major renovation. The renovation includes all 120 guestrooms and suites, the hotel’s meeting space. Additional renovations include the newly designed porte cochere and entry, redesigned sundry and snack shop, refreshed restaurant, elevator lobbies, public restrooms, corridors, indoor pool and enhanced fitness center.
Whitestone Hospitality has plans to build an AC Hotel by Marriott in Las Colinas, Texas. The property will include a full-service restaurant, rooftop bar and more than 3,000 square feet of meeting space.
CN Hotels filed plans with the town of Cary, North Carolina for an AC Hotel by Marriott to be built across from the Parkside Town Commons retail center. Plans for the 7-story building include 144 guestrooms, a lobby bar, kitchen and dining area, market, media salon, and a fitness room on the first floor. The hotel would also include a 2,755-square-foot patio and gathering space and a 144-space parking lot.
Pathfinder Hospitality has assumed management of the Hyatt Place Dallas/North Arlington/Grand Prairie. The Texas hotel features 134 guestrooms, a fitness center and 1,200 square feet of meeting space.
Meyer Jabara Hotels has been selected by Pappas Hotels to manage the 95-room Holiday Inn Express & Suites in Aiken, South Carolina. The limited-service hotel features a convenience store, an outdoor pool and a fitness center.
Bluegreen Vacations Holding Corporation announced Bluegreen/Big Cedar Vacations LLC, a joint venture between the Company and Bass Prop Shops, has acquired Branson Cedars Resort in Ridgedale, Missouri. The Branson Cedars property is adjacent to the joint venture’s Wilderness Club at Big Cedar Resort. It currently is comprised of “tiny home” cottages, cabins and treehouses, as well as two pools, a retail shop, restaurant, disc golf course and other amenities. Master planning of the property is underway for the future development of additional vacation ownership units and expanded amenities. The joint venture also plans to renovate the existing cottages, cabins and treehouses included in the purchase.
The McArdle family announced the April 26 grand re-opening of the upgraded Alhonna Resort & Marina in Lake of the Ozarks, Missouri. In addition to newly remodeled rooms and cabins, the resort features the recently renovated Blue Cat Lounge, improved landscaping, gift shop and pool area as well as the resort’s large marina and dock. The Alhonna Resort & Marina has 60 rooms including a motel, studio, condo-style units and cabins, two heated pools, a toddler pool, hot tub, sandy beach area, a full-service gas dock, plenty of slips, an enclosed fishing dock and boat rentals.
Coast Hotels Limited, a fully-owned subsidiary of APA Hotel Canada, announced the Coast Bastion Hotel in Nanaimo, British Columbia, unveiled its plans for guestroom renovations. These renovations will offer guests an elevated refreshingly local experience, designed rooms and suites and unparalleled service. The renovations are set to commence in late November 2023 and will be completed in phases to minimize any disruptions to guests.
The ilani Casino in Ridgefield, Washington unveiled its new luxury hotel which is directly connected to the casino. The 14-story tower is the latest phase of the Cowlitz Tribe’s development plan. The hotel includes nearly 300 rooms and a top-floor restaurant.
In Newport, Kentucky, North American Properties plans to develop the region’s first Margaritaville Resort at its Newport on the Levee riverfront development. The planned resort would offer 264 hotel rooms, three restaurants and amenity spaces, including a rooftop pool, at a total investment of about $140 million. North American Properties plans to partner with Stormont Hospitality Group on the Margaritaville Resort. The developers are looking to break ground around this time next year with a completion date set for February 2026.
Great Wolf Lodge is nearing the completion of the next phase of its $125 million expansion project in Pocono Township, Pennsylvania. The water park expansion, including new outdoor pool, entertainment area and ropes course, would be ready for July 4 weekend. Additionally, crews expect to complete the 30 “Woodland Villas” by late summer with reservations now being accepted for October 1 and beyond. The property will also be unveiling a new restaurant along with Timbers Tables, the renamed and expanded former Loose Moose restaurant. Once complete, the project is expected to add another 40,000 square feet and seven new slides to the existing indoor park.
The Nofar Hotel Group wants to build a four-story hotel on a vacant property along Schoolcraft Road in Livonia, Michigan. The four-story hotel would include 94 suites, a pool, fitness center, laundry and parking on all four sides.
The redevelopment of a shuttered and leaking Atlantic City, New Jersey casino hotel has ballooned from an interiors renovation into a complete curtain wall replacement, due to years of neglect and water intrusion. Colosseo Development Group Inc.’s plans call for two hotel towers, one with seven residential condominiums, restaurants, a retail mall and more. The former Atlantic Club closed in 2013 due to dwindling business after casino competition increased in neighboring states. There will be no casino in Atlantic Club’s redevelopment. The plan is to turn the casino into a space with shops, food outlets and a place for weddings.
On Monday, Makan Hospitality shared its plan to build a new 14-story hotel, condo, restaurant and office-building, with the North Little Rock, Arkansas City Council. A final city council vote on the new Argenta hotel plan is expected to happen next month.
Undeterred by the recent property downtown, CIM Group, along with investor Tony Ressler, is moving forward to transform downtown Atlanta by turning a vacant rail yard into a $5 billion mix of hotels, restaurants and offices. Plans have evolved with more focus on multifamily housing and hospitality and less office construction. Work has begun on the first hotel and residential building of Centennial Yards, know locally as “The Gulch”.
Sol San Jose Owner, based in Seoul, has picked up a $26.4 million loan for a delinquent hotel project in North San Jose, California, and is poised to take control of the approved development. The Seoul, South Korea-based investor acquired the loan to the real estate firm that proposed the 200-room hotel at 7 Topgolf Drive in the Alviso district. The loan to Mirae-San Jose in is default, and Pine Tree Specialized Private Investment Trust and KEB Hana Bank had begun to foreclose on the loan with a scheduled trustee’s sale to publicly auction off the property or seize the land. Sol San Jose took ownership of the mortgage and is in a position to foreclose the loan and become owner of the hotel development site.
Mews, a leader in hospitality technology and cloud-based property management systems, announced the acquisition of Hotello, a Montreal-headquartered, cloud PMS solution for hotel properties. The acquisition further strengthens the growth strategy for Mews in North America, and more specifically the Canadian market and the company’s commitment to deliver technology that simplifies and automates operations for modern hoteliers and their guests. Terms of the acquisition were not disclosed.