The DJIA fell another 35 points but Nasdaq bounced, up 214 while the S&P 500was up 36 points. The 10-year treasury yield was up .10 to 3.81%. It may as well just get to 4% because we all know it is going to threaten that any day now. Lodging stocks were mixed. SLNA and VCSA were the Bobbsey Twins today, both down -10%, both trading down to all-time lows.
The strength in Wyndham Hotels’ stock continued, despite even more analysts saying there is little chance of a deal between WH and Choice Hotels. Instead, the logic is turning more towards how the Wall Street Journal story alerted everyone to how undervalued WH stock was/is. Baird hosted investor meetings with WH’s management team after the WSJ story broke. They received the expected no comment when questioned but also gave management a chance to discuss why they believe the stock is trading at a “significant and unwarranted discount.” WH management also struck a positive tone regarding the near-term fundamental outlook. The result is the stock is up more than 6 points from where it was when the WSJ story broke and it seems to be holding.
Hawkins Way Capital announced the opening of the new AC Hotel by Marriott & the Residence Inn Hotel by Marriott, Oakland Downtown, in Oakland, California. The 18-story, dual-branded hotel features the AC Lounge, AC Guest Market, an expansive fitness center, 982 square feet of flexible meeting space and a guest laundry. The hotel is operated by FCL Management, LLC.
Insignia Hospitality Group announced the opening of the TownePlace Suites by Marriott Sacramento Rancho Cordova, California. The property offers 117 suites, a fitness center, outdoor patio with fire pit, corn hole and Weber grills, and guest laundry facilities.
The Homewood Suites New Orleans unveiled a multimillion-dollar, music-themed renovation of the hotel. The top-to-bottom renovation touched every aspect of the hotel’s 116 suites and public spaces including new front desk in the two-story lobby. The Homewood Suites New Orleans features 5,561 square feet of meeting space spread over nine rooms and a boardrooms, an indoor pool and a fitness center.
Hyatt Hotels Corporation announced the continued expansion of the Hyatt Regency brand in the U.S. with the recent openings of two Houston, Texas area hotels: Hyatt Regency Baytown-Houston and Hyatt Regency Conroe. The Hyatt Regency Baytown-Houston offers 208 guestrooms, a full-service dining option, lobby bar, fitness center, outdoor pool and more than 18,000 square feet of versatile meeting and events space. The 250-room Hyatt Regency Conroe boasts onsite dining options, an outdoor pool, fitness center and 30,000 square feet of multi-functional meeting and events space.
Hyatt Hotels Corporation also announced the launch of a new Inclusive Collection brand, Impression by Secrets, with the opening of Impression by Secrets Isla Mujeres in Mexico. The 125-suite resort features Pure SPA, four cascading oceanfront infinity pools, eight a la carte dining venues and nine bars and lounges.
Crescent Hotels & Resorts announced the addition of The Mission Inn Hotel & Spa in Riverside, California, to its Latitudes: Lifestyle by Crescent portfolio. The property offers 238 guestrooms including 27 suites, Kelly’s Spa, six restaurants, and 20,000 square feet of flexible event space. Owned by Kelly and Duane Roberts, the Mission Inn Hotel & Spa is a National Historic Landmark and a member of the Historic Hotels of America.
IHG Hotels & Resorts announced the opening of the newly renovated Candlewood Suites Houston NE – Stafford. The 80-suite property offers a pool, outdoor gazebo and grill, Candlewood Gym, and self-service laundry facilities. Candlewood Suites Houston NE – Stafford is owned by Stancliff Hospitality Inc. and managed by Northgate Hospitality.
Knott’s Berry Farm Hotel in Buena Park, California will take the wraps off a multimillion-dollar renovation this fall with a new name and refined look. The new Knott’s Hotel boasts 322 redesigned guestrooms, more than 20,000 square feet of meeting space, a new outdoor courtyard, brand-new dining concept, fitness center and an outdoor pool featuring a renovated pool deck and kids splash area.
Boom Car Wash LLC, the new owners of the Lake Steam Baths, a bathhouse and spa facility located in Denver, Colorado, has submitted a proposal to the city to build a five-story, 58-key boutique hotel called The Lake Hotel, with underground parking and a spa. The bathhouse will be remodeled and used as an accessory to the hotel. Plans for the bathhouse include a relaxation room, lockers, sauna, steam room, six massage rooms and a pool room. The first floor of the hotel will include the lobby and a spa. The second floor will feature 10 hotel rooms, a fitness center and a pool deck, and levels three through five will house the other 48 hotel rooms.
The 346-room Club Quarters San Francisco hotel in the Financial District of San Francisco, California, appears to be headed to foreclosure after negotiations stalled on a delinquent commercial mortgage-backed securities loan valued at $274 million. CWCapital, which has been the special servicer on the loan, is pursuing foreclosure for the hotel and three other CQ hotels in Chicago, Boston and Philadelphia, secured by the loan. The loan was originated by Bank of America to the hotels’ owner, a Blackstone Group real estate fund.
Spark GHC recently made three acquisitions and/or investments in Northeast Ohio, IHG Hotels & Resorts branded, hospitality assets. Spark GHC is a joint venture between Spark Hotels and Green Harvest Capital.
Construction has begun on Everest Place, a development in Kissimmee, Florida, near Walt Disney World, featuring shopping, dining, and several hotels, including Nickelodeon Hotel & Resort. The $1B+ development will be built in phases.
Mundi Hotel Enterprises just purchased the Best Western Plus Hotel in Kelowna, B.C., Canada for $41.5 million. Mundi plans to build a highrise hotel of another brand right beside the newly acquired Best Western. The Best Western Kelowna is made up of 20 motel-style rooms and 152 rooms in a mid-rise tower of 8 stories. The new highrise hotel and the Best Western would be operated as two totally separate entities.
Wyndham Hotels & Resorts, Inc. completed the refinancing of its previously outstanding Senior Secured Term Loan B Facility due May 2025. The Company closed on a new $1.1 billion Senior Secured Term Loan B Facility, which will mature in May 2030. The net proceeds from the New Term Loan B were used to repay all outstanding principal under its Term Loan B due 2025. The New Term Loan B garnered significant investor demand, resulting in an upsize of nearly $400 million while in market and an attractive interest rate of SOFR plus 2.25%, at an issue price of 99.5%.
Hunter Hotel Advisors announced the sale of four Hilton-branded assets throughout Huntsville and Auburn/Opelike, Alabama. Hunter Hotel Advisors advised the institutional seller in the transaction. Together, the portfolio provides 361 rooms in high-growth markets across northern and central Alabama.
Personnel Move
Remington Hotels has elevated former Executive Vice President of Business Development Keith Oltchick to Chief Development Officer. In this role, Keith will lead the execution of the overall business development vision, strategy, plans and processes to increase revenue, expand markets and ensure Remington accomplished financial objectives. Prior to joining Remington in 2020, Oltchick held similar acquisition and development roles with Pyramid Hotel Group and Hersha Hospitality Trust.
Europe Highlights
According to React News, the 120-year-old Waldorf Astoria Edinburgh The Caledonian is reported on the cusp of a sale in an £85 million deal. Twenty14 Holdings is the owner of the Scottish landmark hotel. The 241-room hotel has multiple onsite restaurants.
A new luxury resort hotel is being planned for the Caribbean island of Granada. The new hotel called the Beach House, will be a 28 guestroom resort and is being developed by the owners of the Silversands Hotel.
Mandarin Oriental announced the development of a new hotel and accompanying residences in Athens, Greece. Mandarin Oriental, Athens will be developed by BELT Riviera S.A., a company established by TEMES S.A. and HELLINIK S.M.S.A, and is set to open in the summer of 2027, within The Ellinikon. The hotel will comprise 123 rooms and suites, as well as 17 branded Residences, several food and beverage outlets, and the Spa at Mandarin Oriental. Mandarin Oriental, Athens will be the second Mandarin Oriental property to launch in Greece.