The DJIA was up 3 points while Nasdaq was up 91, the S&P 500 rose 15 points and the 10-year treasury yield was flat at 3.29%. Lodging stocks were mostly higher. ABNB completed a lousy shortened week, down another -5% with even CNBC discussing how poorly the stock is trading. SOND traded down to another new low before bouncing a bit and SHCO rebounded 6%.
The Vinoy Resort and Golf Club, Autograph Collection has completed the initial phase of a comprehensive renovation led by Rockwell Group. The renovation includes the Vinoy’s legendary Veranda; refined grand lobby; elegant guest rooms; historic ballrooms and meeting spaces; diverse international dining experiences; and a new spa and wellness area. The renowned hotel is listed on the U.S. National Register of Historic Places, a member of Historic Hotels of America, and is the only Autograph Collection Hotels property in St. Petersburg, Florida.
H2H Properties is planning to build a TownePlace Suites hotel in the Cal Park area of Chico, California. The Marriott branded property will be four stories with a 117-space parking lot.
Simon Property Group purchased the Hampton Inn & Suites at Phillips Place from Phillips Place Hotel Investors for $42 million. The 124-room hotel is steps away from the SouthPark mall in Charlotte, North Carolina.
Rosewood Hotels & Resorts, in partnership with Related Group and Dezer Development, announced Rosewood Residences Hillsboro Beach, located two miles from both Boca Raton and Pompano Beach, Florida. Rising ten stories, the project offers a collection of 92 ultra-luxury waterfront condominium homes and villas and 11 private boat slips. Rosewood Residences Hillsboro Beach will offer resort-style amenities including a wellness center featuring a private spa and salon; two fitness centers; a sauna; tennis, paddle tennis and pickle ball courts; and an onsite racquet court pro-shop. Additional amenities include an array of elevated dining concepts; an exclusive oceanfront pool and outdoor spa area with sunbeds and cabanas as well as direct access to a private stretch of beach equipped with lounge chairs, umbrellas, and food and beverage service; luxury guest suites for visiting friends and families; a game room; sunrise lounge; garden; bocce court; two meeting rooms; a dog park; and a dramatic lobby complete with lounge space.
The Forum Hotel on the grounds of the Darden School of Business at the University of Virginia is set to open on April 12. The brand-new luxury hotel, located in Charlottesville, VA, is operated by Kimpton Hotels, part of IHG Hotels & Resorts. The brand-new 198-room hotel is owned by the Darden School Foundation and marks Kimpton’s first on-campus hotel. Amenities include 11,500 square feet of meeting and classroom space, a 6,000 square foot ballroom, a 2,000-bottle wine cellar, steakhouse, bar, arboretum and botanical garden.
Olympia Hotels Management has been selected to operate the Inn on Boltwood in Amherst, Massachusetts. Owned by Amherst College, Inn on Boltwood features 49 guest rooms and suites, 8,000 square feet of meeting space including a ballroom and conference facilities, a full-service restaurant with a bar.
Karl Slovin, owner of Hutton Brickyards, announced its reopening, under the management of Waterford Hotel Group. Slovin has most recently added a second location to the expansive Kingston, New York property, an estate original to the site, Edgewood. Edgewood Mansion includes all new and modern systems, a state-of-the-art kitchen, 12 guestrooms and suites and a seasonal restaurant and an original oak bar and lounge/meeting space.
A $26.5 million expansion of Hotel Covington, located in Covington, Kentucky, will make its public debut next week. North by Hotel Covington, the expansion of the hotel into a neighboring former YMCA building, will host its grand opening on April 11. The expansion adds 56 luxury suites and lofts to Hotel Covington, as well as the Lightwell ballroom and bar and the new Knowledge Bar & Social Room.
TPI is looking to turn the Stay Bridge in Naples along Tamiami Trail into a new Margaritaville Hotel under a different name. Compass, a 120-room boutique hotel, will have an “It’s Five O’Clock Somewhere” cocktail bar. The plan is for construction to start on the Compass Hotel in July.
Maverick Real Estate is facing a lawsuit from Joe Chetrit. According to a recent article by The Real Deal, Joe Chetrit is accusing Maverick Real Estate of stealing more than $20 million from him by taking control of his Thirty-Fourth Street hotel project. Maverick foreclosed on Chetrit’s stalled 33-story hotel development at 255 West Thirty-Fourth Street, New York, NY in January, and Chetrit alleges that the lender ran off other potential bidders to take control of the property at a fraction of the fair market value. Chetrit is suing for more than $20 million, the equity in the property he claims would have been left with after paying Maverick off. According to Chetrit’s lawsuit, construction is currently stalled at floor 23 on the 323-room hotel, and needs another $46 million to be completed.
Tangy Management, founded by Steve Turk and Victor Feria, launched a new vacation rental platform: StayWithTangy, a consumer travel booking website. Providing travelers with a distinct variety of residences that offer luxury, convenience, and top-notch hospitality, Tangy Management properties provide the same services, amenities and conveniences found in a hotel, with the privacy and space of a traditional home. The company is rapidly growing and is creating a network, beginning in South Florida, with existing properties in Miami, Hollywood, Fort Lauderdale, Pompano Beach, Dania Beach, Naples, and Mount Pleasant, South Carolina, with plans to expand across the Southeast region of the United States. Tangy Management plans to re-invest in additional marketing, employees, and technology.
Wyndham Hotels & Resorts and Grupo De Valle announced the expansion of its midscale portfolio in the Caribbean by signing its fourth La Quinta in Pedernales – Cabo Rojo, Dominican Republic. Construction is expected to begin during the Fall of 2023 and the opening is slated for Summer of 2025. The oceanfront La Quinta Pedernales – Cabo Rojo will offer 110 rooms, a lobby bar with co-working spaces, a pool lounge, a seaside restaurant and grill and many children’s plan areas and activities.
Europe Highlights
The Mercure Paignton Hotel has opened in Paignton, UK. The brand new, seafront, four-star hotel has 161 bedrooms, a restaurant, and a two-tier terrace with an outside bar. The £30m Mercure Paignton Hotel is owned by Fragrance Group, franchised by Accor group and operated by RBH Hospitality.
Cliste Hospitality acquired the Springfield Hotel in Leixlip, Co Kildare, Ireland from the Hannigan family. Following the deal, the 58-bedroom property will become a part of Cliste’s portfolio at the end of the month. The divestment amount for the Springfield hotel has not been divulged by CBRE, the selling agent. The property boasts extensive dining and conference facilities.
