The DJIA rose 327 points while Nasdaq was down 32, the S&P 500 was up 15 points and the 10-year treasury yield was down .06 to 3.43%. Lodging stocks were mixed. SOND fell another -7% to another all time low. VCSA was down -5% on the day.
SSN Hotels is asking the local planning board to approve the construction of two hotels on Hurffville Road in Deptford, NJ. The proposed hotels, a TownePlace Suites by Marriott and Home2 Suites by Hilton would be located next to a Courtyard by Marriott Hotel and near a Hampton Inn and Suites.
Key International completed the purchase of The Perry Hotel on the waterfront in Key West, FL as part of an ambitious expansion of its $2 billion portfolio. CBRE Hotels in Miami, alongside CBRE Marina Investments, represented the sellers, SIMV Hotel 1 LLC and Longstock II, LLC, in the transaction. Located on Stock Island, The Perry Hotel offers 100 rooms, two outdoor pools and two restaurants. Key International selected EOS Hospitality to manage the hotel. Within the same community, adjacent to The Perry Hotel, is The Perry Marina which was simultaneously acquired in a separate venture by Integra Marinas. The 288-slip marina will be operated independently.
Kimpton Hotel Fontenot, located in the heart of New Orleans’ CBD, has completed its expansion into the historic building next door. The new addition includes over 12,000 square feet of flexible meeting and events space, 33 new guestrooms and suites and a new French brasserie. The fully opened hotel now occupies both 501 and 521 Tchoupitoulas Street and offers 235 rooms, multiple ballrooms, events space, and three restaurant and bar concepts.
Concord Hospitality filed site plans with the city of Raleigh, North Carolina, for a project calling for an extended-stay hotel near the Triangle Town Center mall. Plans call for a 4-story, 125-room WoodSpring Suites hotel with 131 parking spaces. The property is owned by Ethel Limited Partnership and the property’s lessee is CHECO Purchase Company, a subsidiary of Concord Hospitality. The deal also marked the launch of Common Oaks Lodging LLC, another subsidiary of Concord Hospitality. The entity heads the management and development of the group’s WoodSpring Suites portfolio.
Lark Hotels announced the June 2023 opening of Bluebird Ocean Point Inn, in Boothbay Harbor, Maine, the eighth hotel to join the growing portfolio of Bluebird by Lark, the first Bluebird by Lark in Maine. The newly renovated Bluebird Ocean Point offers 61 rooms, the Ocean Point Kitchen and OPK Bar. The growing portfolio will also welcome Bluebird Cady Hill in Stowe, Vermont this summer, with additional properties in the pipeline.
Americana Motor Hotel will soon reopen in Flagstaff, Arizona, following an extensive renovation and rebrand by Practice Hospitality. Located on the iconic Route 66 and in the world’s first Dark Sky city, the retro-futuristic oasis is re-imagining the classic roadside retreat. The inn features 89 artful rooms, “dive-in” movies in the year-round heated pool, an expansive backyard with firepits, games and telescopes, and a walk-up dining concept.
Soul Community Planet announced the acquisition of the Albion River Inn, a luxury boutique hotel in Albion, California. The property, to be renamed the SCP Mendocino Coast Lodge, marks the brand’s fourth coastal California property. The SCP Mendocino Coast Lodge will be operated in conjunction with the nearby SCP Mendocino Inn & Far, which SCP acquired in June 2022. The 22-room lodge will undergo a comprehensive renovation and refresh including upgrading the guest cottages, adding SCP’s trademark food and beverage offerings and the addition of EV charging stations, water-conserving fixtures and solar.
CBRE Hotels arranged the sale of the AC Hotel by Marriott, the Residence Inn by Marriott, and The Mercantile retail center in downtown Missoula, Montana. Evermore Partners, in partnership with New Castle Hotels & Resorts, acquired the properties. CBRE’s Pacific Northwest hotel team represented the seller, HomeBase Partners.
JLL’s Hotels & Hospitality group closed the sale of the Hotel Colonnade Coral Gables, in Coral Gables, Florida. JLL represented the seller, Pebblebrook Hotel Trust and procured the buyer. In addition, JLL Capital Markets Debt Advisory team secured acquisition financing for the buyer. The Colonnade boasts 157 guestrooms, 34,ooo+ square feet of versatile, fully-renovated indoor and outdoor meeting and event space, luxurious amenities, and food & beverage options.
Hershler Hospitality arranged the sale of the 18-room Northern Inn, an independent hotel located in Redway, CA.
American Hotel Income Properties REIT LP said they have entered into a support agreement with K2 Principal Fund LP and K2 & Associates Investment Management Inc. The K2 Group is a significant security holder of AHIP. K2 Group has the right to nominate one individual for election to the board of directors of AHIP at the upcoming annual meeting. AHIP said Josef Vejvoda will be its nominee. He has been a special advisor to K2 and before that was a portfolio manager there.
Kimpton’s first-ever resort in the Western Caribbean is officially opening this summer, with the debut of the new Kimpton Grand Roatan in the Bay Islands of Honduras. The hotel, owned and developed by Vista Capital, is a complete re-imagining of the former Grand Roatan Caribbean Resort. The property will have 119 guest rooms and suites, four dining and beverage outlets, a destination spa, and around 6,000 square feet of flexible meeting and event space. Kimpton is also planning to open its first-ever Caribbean all-inclusive resort with the in-development Kimpton Hacienda Tres Rios Resort, Spa and Nature Park in the Riviera Maya on the Caribbean coast of Mexico. The resort will also include a destination spa.
Minor Hotels announced an upcoming addition to its portfolio in Brazil. Launching in May this year, the new-build NH Feira de Santana will be the first NH Hotel in the Northeast and the second in the country. Situated in Feira de Santana in the state of Bahia, the new 210-key property is located inside the city’s “Charmant” building, a 31-story, mixed-use complex which is home to shops, medical clinics, commercial rooms and banking facilities. The hotel boasts a selection of modern guest rooms and apartments, including meeting spaces for corporate and social events, a restaurant and bar, a gym, laundry service, parking a dedicated children’s area and a leisure center with a rooftop pool, a dry sauna and a whirlpool.
Personnel Move
First Hospitality announced the promotions of new vice president of sales and regional vice president of operations. As the newly appointed vice president of sales, John Brosnan is responsible for leading and overseeing all sales strategy at First Hospitality. Previously, Brosnan served as the regional vice president of sales since 2022. In her new role as regional vice president of operations, Geri Lombard will oversee First Hospitality’s portfolio of properties in the Louisville market. Most recently Lombard served as the area general manager at several of First Hospitality’s Ohio-based properties.
European Highlights
According to The Wall Street Journal, Goldman Sachs is investing between 150 million and 200 million euros in three seaside resorts in the northern region of Halkidiki. Unnamed sources told the Journal that Goldman bought the hotels in October and now planned to renovate them. The Journal also reported that Goldman was looking for more properties in Greece and elsewhere in Europe with a view to run them under a single brand potentially. The properties would be run by Goldman’s asset management division, which is seeking stable sources of revenue outside the more volatile financial sector.
Dusit Hotels and Resorts, under Dusit International, continued its global expansion with the opening of Dusit Suites Athens, the first Dusit-branded property in Europe, in Greece’s stunning capital. The luxury four-story, low-rise is set in the heart of Glyfada and features multiple food and beverage outlets, a heated Vitality Pool with adjoining Sauna and Steam room; and a signature Namm Spa, with six elegant treatment rooms.
Primestar Group opened its first hotel in Austria with the DoubleTree by Hilton Vienna Schönbrunn. Following an extensive remodel, the property boasts 247 rooms including 24 suites, 8 combinable conference rooms for up to 600 people, an in-house restaurant, fitness center and underground parking.