The DJIA fell 11 points, Nasdaq was down 4, the S&P 500 was up 4 points and the 10-year treasury yield was down .02 to 3.57% It was a truly mixed market but lodging stocks were more on the plus than minus side today. The biggest mover was SHCO, up 11% but AINC was down -7% to a new low. VCSA traded down to a new all-time low. SOND was down -5%.
B of A Securities initiated coverage on Hilton Grand Vacations with a Neutral rating and $50 price target. BofA also initiated on Travel + Leisure with an Underperform rating and $42 price target.
Morgan Stanley cut their price target on Park Hotels to $13 a share from $14 while maintaining their Equal Weight rating. Choice Hotels was also maintained at Equal Weight while MS cut their price target to $130 from $134. MS raised their target price on Marriott International to $197 from $195 and maintained their Overweight rating on the stock.
The Marriott Marquis San Diego Marina announced the completion of its multi-million dollar renovation project. The re-invention brings a fresh, contemporary feel to its 1,366 guest rooms and suites and the North Tower Lobby for the California hotel. A new addition to Marriott Marquis’ ground floor is the M Club, an exclusive guest lounge. Completed during the first phase of the renovation, Marriott Marquis San Diego Marina intentionally converted a former private dining space to the Bayside lounge, which is now home to the hotel’s on-site Topgolf Swing Suite experience.
Marriott is opening the first-ever Edition resort in the Caribbean this summer. The new Riviera Maya Edition at Kanai is slated to open in the Kanai development in the Mexican Caribbean. The hotel will have 180 rooms and suites, six food and beverage concepts, a destination spa, and an extensive outdoor deck for large-scale events.
The Buffalo Niagara Marriott in Amherst, New York has a new owner. Amherst Lodging Partners, a subsidiary of Visions Hotels LLC, purchased the 10-story, 356-room hotel for $14.43 million through an online auction. Vision Hotels will continue to operate the building as a hotel, though it is unclear whether it will remain under the Marriott brand.
Aimbridge Hospitality announced Aimbridge LATAM’s growth in Mexico with the addition of the Aloft Tulum. The 140-key hotel features a rooftop bar & lounge with an infinity pool, WXYZ bar, Re:Charge fitness center, and three multifunctional spaces for meetings and events.
Hyatt Hotels Corporation announced plans for Hyatt Studios, the newest addition to Hyatt’s portfolio of brands. The brand, which marks Hyatt’s entry into upper-midscale lodging in the Americas, is an extended-stay brand and is supported by signed letters of interest for more than 100 Hyatt Studios hotels, with construction expected to begin in 2023 and the first hotel expected to open in 2024.
OYO plans to expand its market presence in the U.S. with an addition of over 100 hotels in CY2023. The planned expansion comes shortly after the company revived its potential IPO plans in India.
Aspen Hospitality plans to convert 10 floors of vacant office space in Rockefeller Center in Manhattan into a luxury hotel, pending city approval. The hotel would be the second location for the company’s Little Nell Hotel. Rockefeller Center is a natural choice for Aspen Hospitality as its owner, the Crown family, co-owns the complex with New York-based real-estate developer Tishman Speyer. Aspen Hospitality aims to open its new 130-room Little Nell in 2026.
Red Roof announced the opening of the Red Roof PLUS+ & Suites Virginia Beach – Seaside. Located steps from the beach in Virginia Beach, VA, the 73-room hotel offers a business center, snack center and a seasonal pool.
Certares and its partners announced the opening of Ashore Resort & Beach Club, a newly re-imagined beachfront, upscale resort in Ocean City, Maryland. Following a property-wide renovation to be completed this spring, Ashore features 250 fully renovated guest rooms and suites, including 15 multi-room suites; five brand new food and beverage concepts; a fitness center; and 14 meeting rooms with 40,000 square feet of indoor and outdoor flexible function spaces. Previously known as the Ocean City Fontainebleau Resort, the property is owned by a joint venture between an affiliate of Certares Real Estate Management LLC and affiliates of Monomoy Property Ventures LLC and Highlands Investments LLC. Ownership has partnered with HEI Hotels and Resorts on the programming and management of the property.
Crestline Hotels & Resorts announced the opening of The Delphi Hotel, a new boutique hotel concept in the space previously occupied by the Standard Downtown LA. Located in Los Angeles, California, the hotel has 207 rooms and features a new indoor/outdoor lobby bar. Several new F&B venues are set to debut in the coming months.
WaterWalk announced the end of April opening of its first conversion property, WaterWalk Atlanta – Perimeter Center in Sandy Springs, Georgia. The property houses 128 rooms, 89 fully furnished “STAY” units and 39 ready to furnish “LIVE” units. The location has undergone extensive interior and exterior modernizations. Room updates include new appliances and hard surface flooring, while shared spaces of the property have also undergone renovations with the common area game room, lobby and fitness center. The outdoor space allows for an extension of living space with two BBQ grilling stations, fire pits, outdoor patio seating, an outdoor pool and a pickleball court.
Solmar Hotels & Resorts announced new projects for its hotels set to take place during 2023 and the beginning of 2023, reaffirming its commitment to the destination of Los Cabos. Among the first projects this year, is the negotiation for the expansion of the 247-suite Grand Solmar at Land’s End. Alongside the negotiations, the master project of Grand Solmar at Rancho San Lucas Resort Golf & Spa with be restructured. It currently has 95 suites and the planned expansion is for 80 new suites and more consumption centers. Additionally, renovations will be made at two of the group’s properties, Playa Grande Resort & Spa and the Ridge at Playa Grande.
The historic building which was originally the Hotel Manitou, in Boise, Idaho, is currently under construction and the owners plan to open the new Avery Hotel in its place this summer. The Avery Hotel will have 39 hotel rooms on the top three floors and two restaurants.
Valparaiso City Council members approved a $39.5 million redevelopment project for a boutique luxury hotel for downtown Valparaiso, Indiana. Urschel Development Corporation’s plan for the Grand Gardner Hotel will span not only the existing historic Gardner School building, with additional wings which extend over the land, but also includes three residential properties. The new east wing will include 52 guest rooms and the mechanical and housekeeping areas. The new west wing will provide a banquet and dining area, a breakfast area, spa, fitness center, board room and meeting space and offices.
Hunter Hotel Advisors announced the sale of Best Western Ocean Breeze Inn Hilton Head Island, South Carolina. Hilton Head Hospitality LLC sold the property to an institutional buyer at an undisclosed price. The new buyer intends to reposition the property as a Spark by Hilton.
Hunter also announced the sale of the Fairfield Inn & Suites Tampa Fairgrounds Casino, Florida. IHRMC Hotels & Resorts purchased the 98-room hotel for an undisclosed price.
Palladium Hotel Group has enhanced Grand Palladium Jamaica Resort & Spa in Montego Bay through a $27.5 million refurbishment project. Efforts focused on the property’s 537 suites, including 48 suites of two new categories. Additionally, common areas have been renovated, including the lobby, one of the resort’s show-cooking restaurants and one of its most iconic bar and lounge areas.
Pendry Hotels & Resorts plans to develop Pendry Barbados and Pendry Residences Barbados, both slated to open in 2026. The new openings will mark the first international outposts for the brand. The resort will take over the existing Port Ferdinand Luxury Marina & Residences and completely re-imagine them. The resort will soon include 74 oceanfront rooms and suites and 46 private residences. Resort amenities include several dining venues, a beach club, pool bar, Spa Pendry, a fitness center, a 111-berth marina, Pendry’s Pinwheel Kids Club and Compass Sports.
Personnel Moves
Noble Investment Group announced Jim Conley would retire and become a senior advisor to the firm. The organization named Katherine Seitz as its new Compliance Officer. Mr. Conley joined Noble in 2006 as CFO before becoming the firm’s first Compliance Officer. Mrs. Seitz assumes responsibility for managing and directing Noble’s regulatory, compliance, and ESG programs. She joined Noble from Carter’s, Inc., where she was Corporate Counsel.
Peachtree Group announced the appointment of Jarred Bussert as vice president, information technology. In this newly created role, Bussert will be responsible for all aspects of the company’s IT infrastructure, including all business applications, information security and data integrity. Before joining Peachtree, Bussert was vice president, information technology for Majors Management.
Highgate announced the appointment of Elizabeth Redmond to Chief Accounting Officer. In her new role, Elizabeth will be responsible for leading Highgate’s global accounting operations and driving innovation across Highgate’s accounting and reporting practices. Elizabeth succeeds Joseph Klam, who will assume the new role of Chief Administrative Officer of Financial Systems and Reporting. Prior to joining Highgate, Redmond served as Chief Accounting Officer of Choice Hotels International, Inc.
Highgate also announced the appointment of Matt Greene to Executive Vice President, Luxury Residences. In this newly-created position, Matt will oversee Highgate’s growing portfolio of managed condo-hotels and residences such as The Elser Hotel in Miami and The Altair Hotel in Bay Harbor. Prior to joining Highgate, Greene served as Executive Vice President, Lifestyle Operations for Evolution Hospitality & Aimbridge Hospitality.
Florida hotelier Bharat Patel, CHO, CHIA, is the new Chairman of AAHOA’s Board of Directors. Patel has been an active member of AAHOA since 2008. He served as an Ambassador for several years before his election to Board of Directors as the Regional Director for Florida in 2015.