The DJIA fell 159 points on Friday while the Nasdaq was up 18, the S&P 500 fell 12 points, and the 10-year treasury yield was down more than .02 to 4.57%. Despite the only mover of note being Sonder, up 22%, most lodging stocks were lower on the day.
The 164-room hotel at the center of Woodinville, Washington's $700 million Harvest development broke ground on Wednesday. The Somm Hotel and Spa is expected to open in the summer of 2025, and the groundbreaking comes shortly after Woodinville Hotel Partners secured a $52 million construction loan via Hall Structured Finance. Alco Investment Co. is an equity partner in the project. Columbia Hospitality will manage and operate the hotel, part of Marriott's Autograph Collection. When complete, it will include a full-service restaurant and bar, a spa with rooftop treatment tents and hot tubs, a rooftop bar, a ballroom, and multiple meeting rooms. In addition to the hotel, the 20-acre Harvest project from developer Wood Mountain LLC will hold 100,000 square feet of retail space and over 400 residential units.
LBA Hospitality announced that Home2 Suites by Hilton Houston/Katy has completed its renovation. All guestrooms and public spaces at the 92-suite hotel were upgraded as part of the renovation process. The hotel, located in Katy, Texas, is owned by Details Hotel Group, Inc. and managed by LBA Hospitality. Home2 Suites by Hilton Houston/Katy features a Spin2Cycle fitness center, a business center, two meeting rooms, an outdoor saline pool, a large outdoor area equipped with a barbecue grill and a fire pit area.
The city of Sarasota, Florida, is reviewing a permit application for a Home2 Suites by Hilton at 3609 San Pablo Parkway. Hotel Development Partners, through HDP Ventures LLC, is the developer. The group intends to begin constructing the $17.5 million, 125-room, five-story hotel this year.
Kimpton