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From May 13th 2021 See More
The DJIA bounced back 434 points, Nasdaq was up 93, the S&P 500 rose 49 points and the 10 year treasury yield was down .03 to 1.67%. Lodging stocks were mixed. Investors did not like BHR launching a $50 million convertible bond offering, sending the stock down -25%. SOHO was up 7% and AINC was up 5%
Bank of America cut their price target on Airbnb to $190 from $210. We are sure the push by the NY City Council to toughen up the Airbnb regulations is not helping things. ABNB was only down 3% during the regular trading but they are receiving a mixed response in after hours to their earnings.
Stifel upgraded Chatham Lodging Trust to Buy from Hold. They upped their target price to $14.50 from $14. CLDT ended the day up 4%.
OTO Development announced the acquisition of the Courtyard by Marriott Los Angeles Woodland Hills. Located in the heart of California’s San Fernando Valley, the six-story, 122-rom hotel features The Bistro, a market, fitness center, and outdoor heated pool and sundeck.
Marriott International announced the opening of the SpringHill Suites Slidell in Slidell, LA. The 88-suite property will operate as a Marriott franchise, developed and managed by QHotels. SpringHill Suites Slidell offers a boardroom, laundry facilities, a market, fitness center, outdoor pool and a patio with a firepit.
Tribeca Associates has transferred the ground lease of the 298-room Moxy NYC Downtown to AllianceBernstein. The 30-story hotel lease was valued at $108.8 million in the transaction.
Hotels from Charlotte, NC filed for Chapter 11 bankruptcy protection amid Covid pressure. The 139-room Aloft Charlotte Airport, owned by Aarna Hotels LLC, and the 118-room Courtyard Charlotte Steele Creek, owned by Sri Vari CRE Development LLC, filed for Chapter 11 bankruptcy protection at the end of April. MJM Group, part owner of both facilities, feels that Chapter 11 is the best solution for all stakeholders. A third property that MJM has a stake in, a dual-branded Residence Inn by Marriott and Courtyard by Marriott, in north Charlotte, also filed for bankruptcy protection last August.
Seawall Hospitality LLC closed on the purchase of the historic Hotel Galvez and Spa, in Galveston, TX, from the heirs of George P. Mitchell. The Company announced the hotel will be renamed the Grand Galvez Resort & Spa, part of the Marriott Autograph Collection. The new owner plans include renovations of the hotel rooms, common areas and hospitality settings as well as the addition of exciting entertainment venues.
Robert Finvarb announced the opening of the AC Hotel Tallahassee Universities at the Capitol, in Downtown Tallahassee, FL. With 150 rooms and four suites, the property features 7 meetings rooms, 5,500 square feet of meeting space at the hotel, and a total of 34,432 square feet of total meeting space including Firestone Plaza, which is adjacent to the property outside their pre-function area. Amenities include a rooftop lounge venue, AC Lounge, and the AC Kitchen.
Arizona Biltmore, a Waldorf Astoria Resort has reopened following a 15-month, property-wide transformation. Arizona Biltmore features 701 contemporary guestrooms and more than 200,000 square feet of indoor and outdoor space, including a ballroom and the new Spire Event Lawn. Property amenities include multiple dining concepts, seven pools, including a new adults-only pool, and the new Tierra Luna Spa with 12 treatment rooms. Two 18-hole championship golf courses are available at the nearby Arizona Biltmore Golf Club, six tennis courts, two new pickle ball courts and eight retail concepts are also available.
Hilton announced the opening of The Yucatan Resort Playa del Carmen, Tapestry Collection by Hilton, marking the first all-inclusive resort within the Tapestry Collection portfolio. Owned by FibraHotel and operated by an affiliate of Playa Hotels & Resorts N.V., the adults-only resort features a variety of dining options, a rooftop pool and bar as well as a spa.
Hyatt Hotels Corporation announced the opening of The Walper Hotel in Kitchener, Ontario, marking the second JdV by Hyatt hotel in Canada. The 92-room boutique hotel features a ballroom and stylish restaurant spaces.
Construction on Dream Hotel Group’s planned San Antonio Riverwalk project is slated to start the end of the year or the first half of 2022. Once construction commences, it could take 18 to 24 months to complete the hotel. The Dream San Antonio is vital for the proposed $400 million mixed-use development that is to include new residential and office buildings.
The Hawaii Employees’ Retirement System has sold its two Ka’anapali Golf Courses, amenities and facilities for $28 million to Host Hotels & Resorts. Broadshore Capital Partners, which assumed asset management of the properties in 2015, announced the sale. Host Hotels & Resorts will also assume asset management of the courses. Host also owns the nearby Hyatt Regency Maui. The two 18-hole public courses are composed of the Royal Course and the Kai course. There is also a driving range and two-story club house with pro shop and a Roy’s restaurant.
Aimbridge Hospitality is managing the Candlewood Suites Dallas Plano East Richardson in Plano, TX. The newly renovated 92-room property features business and fitness centers.
Jignesh Patel is planning a $14 million extended stay Holiday Inn Express & Suites for Windsor, CT. Construction on the 120-room property is slated to start later this year and take 14 months to complete.
Virgin Hotels announced the Virgin Hotels New Orleans is accepting reservations for stays starting Labor Day weekend. The new-build hotel will feature 238 Chambers, over 10,000 square feet of flexible meeting and event space, multiple dining and drinking outlets, a rooftop pool and fitness center. The hotel is being developed by Buccini/Pollin Group.
Hilton announced the opening of Hilton San Jose La Sabana, a contemporary new hotel inside Costa Rica’s tallest building, the 38-story Leumi Business Center. The 131-room property features a variety of food and beverage options and a fitness center with a sauna and heated indoor pool. Hilton San Jose La Sabana’s meeting and event space can accommodate up to 200 people for social and corporate gatherings.
The Four Seasons Hotel Hampshire, in London, is set to reopen on May 17, 2021. The property offers redesigned guest rooms, onsite dining, and Equestrian facilities with instructors, and other county activities including fishing, croquet, tennis, clay pigeon shooting, bird watching, hiking, falconry, cycling and a Highwire Adventure.
Anantara Hotels, Resorts & Spa announced the reopening of its resorts in Southern Europe with new gastronomic journeys, wellness programs and exclusive experiences. Anantara Villas Padierna Palace in Space welcomes back guests with a new Anantara By the Sea beach club, Anantara Spa, and The Racquet Club, home to a kid’s club along with both tennis and paddle courts and a croquet lawn, and Villa Padierna Golf Club comprised of three 18-hole golf courses. Anantara Vilamoura Algarve Resort is located on southern Portugal’s Algarve coast and features numerous dining outlets, the Anantara Spa, world class fairways, and Purobeach, a hotspot for relaxation and beach club vibes.
According to Lodging Econometrics’ Construction Pipeline Trend Report for Q1 2021, the Latin America Hotel Construction Pipeline stands at 604 projects/104,275 rooms. Projects currently under construction ended Q1’21 at 323 projects/60,332 rooms. Projects scheduled to start construction in the next 12 months total 181 projects/27,773 rooms. Projects in the early planning stage stands at 100 projects/16,170 rooms. Throughout the past four quarters, 56 new hotels/10,806 rooms opened in Latin America, with 15 of the 56 openings occurring in the first quarter 2021, bringing the count of open & operating hotels in Latin America to 11,202 hotels/1,183,365 rooms. LE is forecasting 95 projects/16,781 rooms to open by year end 2021 and 124 projects/20,027 rooms to open in 2022. The top five countries in Latin America are Mexico, with 215 projects/37,786 rooms, Brazil with 114 projects/17,449 rooms, Peru with 38 projects/4,978 rooms, the Dominican Republic with 24 projects/4,972 rooms, and Cuba stands at 19 projects/6,703 rooms. Cities in Latin America with the largest pipelines including Lima, Peru with 28 projects/4,052 rooms, Mexico City, Mexico with 24 projects/3,584 rooms, Guadalajara, Mexico with 20 projects/2,803 rooms, Cancun, Mexico with 16 projects/8,969 rooms and Sao Paulo, Brazil with 14 projects/2,443 rooms. Hotel franchise companies with the largest construction pipelines in Latin America are Marriott International with 103 projects/16,245 rooms, Hilton Worldwide with 98 projects/14,090 rooms, AccorHotels with 96 projects/12,666 rooms, and InterContinental Hotels Group with 58 projects/6,792 rooms. Leading brands in the pipeline are Accor’s ibis Hotels with 66 projects/8,476 rooms, followed by Hilton Garden Inn with 26 projects/3,622 rooms, and Hampton by Hilton with 24 projects/2,863 rooms.
From June 1st 2021 See More
Lodging Econometrics said the Asia Pacific region construction pipeline, excluding China, ended the first quarter of 2021 at 1,759 projects/371,856 rooms, down -8% by both projects and rooms year over year. LE said as the region races to vaccinate residents, the Maldives leads with 29.24% of adult residents fully vaccinated followed by Singapore and Mongolia with just over 27%. During the first quarter, 52 new hotels/10,675 rooms opened across the region. LE is forecasting a total of 308 projects/64,595 rooms to open by year end and estimates 358 projects/65,997 rooms to open in 2022. At the end of the first quarter of this year, the AP region, excluding China, had 869 projects/195,318 rooms under construction with projects scheduled to start construction in the next 12 months at 429 projects/81.113 rooms, up 5% and 2% by projects and rooms respectively. Projects in early planning stand at 461 projects/95,425 rooms. Indonesia leads with 323 projects/52,241 rooms followed by India with 307 projects/41,010 rooms. Jakarta, Indonesia leads the cities outside of China in AP with 75 projects/13,177 rooms. Marriott International leads the top franchise companies in the region with 278 projects/58,921 rooms followed by Accor with 214 projects/48,781 rooms. IHG’s Holiday Inn leads the top brands in the region with 57 projects/11,931 rooms.
The latest China Construction Pipeline Trend Report from Lodging Econometrics shows China’s total hotel construction pipeline stood at 3,440 projects/656,828 rooms at the end of 1Q21, down -3% by projects and up 2% by rooms year over year. The total number of rooms in China’s pipeline reached a cyclical peak in the quarter and is the highest it has been in over 12 years. In the first quarter, China opened 113 hotels/17,830 rooms. LE is forecasting a total of 901 projects/132,244 rooms to open in 2021 and 966 projects/165,666 rooms to open in 2022. The country currently has 2,360 projects/425,516 rooms under construction, up 1% by projects and 3% by rooms YOY. Projects scheduled to start construction in the next 12 months stands at 615 projects/119,566 rooms. Projects in the early planning stage hit a cyclical peak in the quarter at 465 projects/111,746 rooms. Chengdu reached a record high in the quarter and leads China’s hotel construction pipeline with 137 projects/28,120 rooms. Shanghai is next with 125 projects/24,068 rooms. Hilton leads the franchise companies with peak totals of 601 projects/116,446 rooms with IHG also hitting record high counts with 439 projects/92,738 rooms. Hilton’s top brand in the China pipeline is Hampton by Hilton with an all-time high of 347 projects/52,959 rooms followed by Hilton Garden Inn, also at an all time high with 77 projects/16,697 rooms. IHG’s leading China brand is Holiday Inn Express with 198 projects/32,697 room. Marriott’s top brad is Marriott Hotels & Resorts with 62 projects/18,852 rooms followed by Four Points by Sheraton at an all time high of 62 projects/17,300 rooms.
Singapore is speeding up vaccinations, marking an intention to shift away from the strict containment approach and reopen the country. The Prime Minister spoke to the residents, predicting a future where tourists will be welcomed, people can go to sporting events and no masks outdoors. He noted that the Coronavirus is here to stay but pledged the city-state would eventually become more tolerant to infections. After June 13, the country is likely to ease restrictions that have been put in place for four weeks but the easing will likely be done in a controlled manner. The city-state hopes to have two-thirds of its residents vaccinated with at least the first dose by early July, provided supplies come in as planned. As of May 30, nearly 2.3 million people, or 40% of the population, has received at least one dose.
Vietnam suspended international flights into the capital Hanoi and commercial hub Ho Chi Minh City as it tries to control the new Coronavirus variant that its fears is fanning the nation’s worst outbreak of the pandemic. They plan to test all 13 million residents of Ho Chi Minh City and tighten social distancing measures. Vietnam becomes the latest of the countries praised last year for beating the virus, once again backing up our views that it’s the virus that determines things, not a politician or a reporter. The excuse given is that Vietnam is being caught up in a global vaccine shortage as new variants ricocheted back from Covid hotspots. The new variant discovered in Vietnam combined the mutations first found in India and UK, which spreads quickly by air. Since the beginning of the pandemic, Vietnam has seen 7,100 Covid cases but 4,000 of them have emerged in the outbreak that started April 27th.
Marriott’s Ritz-Carlton Hotel Company LLC announced its debut in the Maldives with the opening of the Ritz-Carlton Maldives, Fari Islands. The property is located on the Fari Islands, an archipelago on the north-eastern tip of North Male Atoll. The resort is part of the Fari Marina and features 100 one to three bedroom villas, either set over clear waters or nestled along pristine beach covers. The villas each include a sun deck with a private infinity pool. The resort includes seven culinary venues, two located at Fari Marina, fitness retreats, Ritz Kids program, tennis program and the Ritz-Carlton Spa.
IHG Hotels & Resorts and Hotel Properties Limited announced the first voco hotel to open in Southeast Asia on Singapore’s Orchard Road. The former Hilton Singapore will become the 423 room voco Orchard Singapore in January. This will be the first voco in Southeast Asia. IHG already opened voco properties in Australia and China with further openings set for Vietnam, Thailand, South Korea, New Zealand and Saipan. The brand is IHG’s fastest growing with 19 hotels opened since the launch in 2018 and 31 more on the way.
Avani Hotels announced the opening of Avani Seminyak Resort in Bali, the brand’s first property in Indonesia. Centrally located in the heart of Seminyak, the resort is a short walk from the area’s stylish beach hub and renowned nightlife. The property has 21 brand new residence-style accommodations and 16 private pool villas, a 10 minute walk to Seminyak beach, 30 minutes from Ngurah Rai International Airport. Avani Seminyak Bali Resort joins the brand’s growing collection of 33 properties around the globe.
Wyndham Hotels & Resorts announced the signing of Ramada Encore by Wyndham in Indore, India. The Ramada Encore by Wyndham Indore, Madhya Pradesh is scheduled to open in 2022 and will have a modern design and 100 contemporary rooms, a lobby lounge, an all day dining restaurant and bar, meeting and event spaces, a business center, refreshing wellness areas and an outdoor rooftop swimming pool.
ONYX Hospitality Group is believed to still be working on a plan to open two new hotels in Malaysia in the first quarter of next year. Onyx’s website said it plans to open Amari SPICE Penang in the Bayan Lepas district of Penang Island in January 2022 and Amari Kuala Lumpur as part of KL Eco City in the capital’s Mid Valley district in March 2022. Amari SPICE Penang will offer 453 rooms in a tower connected to Setia SPICE, the world’s first hybrid solar powered convention center. Amari Kuala Lumpur is located near the Aspire Tower and KL Eco City Mall and will offer 252 rooms.
Ascott Residence Trust entered into agreements to acquire three freehold rental housing properties in central Sapporo for a total of S$85.2 million. The three properties are City Court Kita 1 jo, Big Palace Minami 5 jo, and Alpha Square Kita 15 jo, each within walking distance from train stations, within or near the central business district and close to a wide range of retail and entertainment options. The average EBITDA yield of the three acquisitions is 4%. The transactions are expected to be completed by the end of June 2021 with the acquisitions funded by debt and net proceeds from recent divestments.
Oakwood signed a new management agreement with Chaopraya Mahanakom Public Co. Ltd for the management of what will be their eighth Oakwood branded property in Thailand – Oakwood Suits Tiwanon Bangkok. The new development is expected to open in the third quarter of 2021.
Nepal’s CG Corp Global is in advance talks to acquire a publicly traded hotel brand in India that both owns and operates its properties. Hotels cited a top company official saying they are acquiring a well known brand of a listed hotel company. CG Corp Global also plans to add 26 new managed hotel properties in the country, to be operational in 2022.
Lotte Tour Development’s Jeju Dream Tower is set to open its doors in June. This followed an inspection of casino equipment and the hiring of marketing and service employees. The casino will have the third largest casino floor in all of South Korea, following Paradise City in Incheon and Jeju Shinhwa World. Lotte Tour executives expect the casino to generate at least US$270.8 million in annual sales but they may be living in a fantasy world if they believe that can happen in the next year or possibly even the next two years.
akayama prefecture in Japan confirmed they will submit a bid for one of the country’s IR casino licenses with Clairvest Neem Ventures proceeding with the prefecture’s IR bid. Clairvest gets the nod by default after Suncity pulled out. The governor of the prefecture admitted that Suncity had higher scores than Clairvest. Considering how fast the companies are pulling out of the bidding, there may not be more than 3 or 4 bids ultimately submitted meaning it will be anyone’s game.