The DJIA ended Friday up 272 points while Nasdaq was up 84, the S&P 500 rose 34 points and the 10-year treasury yield was down .08 to 3.45%. Lodging stocks were higher on the day.
JP Morgan upgraded their rating on Accor to Neutral from Underweight with a price target of EUR 30, up from EUR 24.50. This follows Accor’s strong 1Q results. JPM said Accor’s pricing power is holding up with no signs of weaknesses.
Summit Hotel Properties announced its Board of Directors has authorized an increase in their quarterly dividend of 50% to $0.06. That gives INN an annualized dividend yield of 3.9% based on their recent closing price.
Hyatt Hotels Corporation and Mr & Mrs Smith announced an agreement for a Hyatt affiliate to acquire Mr & Mrs Smith, a platform offering direct booking access to a carefully curated and growing collection of over 1,500 boutique and luxury properties in some of the world’s most desirable locations. Hyatt will acquire 100% of the asset-light Mr & Mrs Smith platform for an enterprise value of £53.0 million in cash consideration. Following the planned acquisition close, over 100 Mr & Mrs Smith colleagues are expected to join Hyatt’s Commercial Services team, including Tamara Lohan who will serve as Mr & Mrs CEO, reporting to Mark Vondrasek, Hyatt’s chief commercial officer, and James Lohan who will serve as Mr & Mrs Smith chief creative officer.
Choice Hotels International announced that Sleep Inn is getting a new look following the debut of the brand’s next-generation prototype, expected to be completed and rolled out by the end of 2023. The new construction prototype was developed to be cost-neutral for prospective developers, and in early testing increased guests’ likeliness to stay with the brand by an average of 25%. Aside from the Sleep Inn brand’s key hallmarks, the brand’s prototype includes several signature amenities such as: expanded wellness offerings; modernized guestrooms; stylishly designed open and airy lobbies; new-and-improved breakfast areas; and designated outdoor spaces.
The St. Joe Company, joint venture partner Key International, Inc., and Hilton announced the opening of the Embassy Suites by Hilton Panama City Beach Resort. Located in Panama City Beach, Florida, the five-story, 255-suite resort features a Gulf-view pool complex with a waterslide and hot tub, a business center, fitness center, approximately 15,500 square feet of meeting and event space and two restaurants.
The Hilton Garden Inn Durham-Raleigh/Research Triangle Park, in Durham, North Carolina, has been purchased by Sree Hotels for $21.3 million from Blackstone Real Estate Income Trust. The 177-room hotel is the third property in the Triangle for Sree Hotels.
Kimpton Hotels & Restaurants announced it will open a new boutique hotel in New York City, marking the brand’s second in the market. Set to open in fall 2023, Kimpton Hotel Theta will be located in the heart of the city’s Theater District. The re-imagined hotel will span 15 floors and feature 364 guestrooms, a fitness center, rooftop restaurant, grab-and-go market and approximately 1,100 square feet of meeting space. Kimpton Hotel Theta will be operated by Highgate.
Crescent Hotels & Resorts announced the addition of the Shangri-La Resort & Marina to its Latitudes: Lifestyles by Crescent collection. Located in Northeast Oklahoma at the tip of Monkey Island, the lakeside getaway features 119 rooms, a pool and children’s splash pad, poolside fire pits, spa facilities, a fitness center with indoor pool, 45 holes of lakeside golf, a 240-slip marina, The Anchor and Racquet Club, and expansive dining options.
Omni Hotels & Resorts announced the opening of the Omni Tempe Hotel at Arizona State University in Tempe, Arizona. The $125 million property boasts 330 rooms, including 11 suites; 36,000 square feet of meeting space; a ground-floor restaurant; a third floor pool bar and pool; and a top-floor cocktail lounge with a large patio.
The Extraco Bank tower in downtown Tempe, Arizona may be converted into an executive hotel with at least 90 rooms, conference space, and a bar/bistro style restaurant. According to Redeem Investments, renovations will start in July if final deals can be reach with the city.
The Four Seasons Hotel Nashville announced the May 19 opening of its rooftop bar and restaurant. Riviere is located on the seventh-floor pool deck and is the second restaurant to open at Four Seasons Hotel Nashville.
Several hotels in Hawaii are up for sale, according to a report by Powell & Aucello. Properties still testing the market for a few months or more include Hyatt Centric, sister properties Airport Honolulu/Best Western, the Pacific Marina Inn, and the Kauai Beach Resort.
Oxbow Development Group announced a Pearl-area hotel project just north of Hotel Emma in San Antonio, Texas. According to a news release, the currently unnamed hotel will feature 151 rooms, 13,500 square feet of meeting space and a rooftop bar.
Ada Hotel, previously referred to as Ada House, is expected to open in the spring of 2024 in Ada Township, Michigan. The property will have 36 hotel rooms, two restaurants, a lounge and a fitness center, according to a release from CDV5 Properties and AHC Hospitality.
The Trilogy Hotel in Montgomery, Alabama is now open. The hotel, a Marriott product, combines two historic buildings, the Murphy House and the Water Works Building. The Trilogy Hotel has a restaurant, two bars and a ballroom.
Ault Alliance, Inc. announced its wholly owned subsidiary Ault Global Real Estate Equities, Inc. celebrated the grand re-opening of its four newly renovated hotel properties located in strategic locations in Middleton, WI and Rockford, IL. The properties include the Hilton Garden Inn Madison West, Residence Inn Madison West, Courtyard Madison West and Hilton Garden Inn Rockford. Significant upgrades have been implemented across all four properties, with new fitness equipment set to be installed in the coming months. GF Hotels & Resorts manages all four hotel properties.
Mumford Company completed the sale of the Sleep Inn & Suites located in Dublin, Virginia. Mumford Company represented PAB Inc. in the sale of the property to Platinum Hotel Group 5, LLC. The property will be fully renovated and converted to Wingate Inn by Wyndham.
HVS Brokerage & Advisory announced the sale of the 79-key Homewood Suites by Hilton Beaumont in Beaumont, Texas. The property was purchased by Capital One Hotel Group from Pride Management.
Europe Highlights
Melia Hotels International revealed its extensive £40 million transformation is now complete for its flagship UK hotel Melia White House. The five-year transformation included upscaling its 581 bedrooms & suites, restaurant, bar, meeting spaces, lobby and members-style The Level service & lounge. Melia White House also features 111 long-stay apartments, a fitness studio, and 9 meeting and events spaces.
Scandic will open its first hotel under its new Scandic Go brand, a smart, sustainable hotel concept at a good price. Scandic Go aims to be the market leader in the economy segment in the Nordic countries and will use the brand to increase its pace of expansion outside the region. The first Scandic Go hotel will open at the beginning of September in Stockholm. With the new Scandic Go configuration, Scandic will introduce more compact rooms and fewer shared spaces than the company’s full-service hotels. In addition to conversions, the plan is to primarily grow the brand through new builds and takeovers of existing hotels.