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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 3rd 2021 See More
Blackstone and Starwood Capital agreed to increase their offer to buy Extended Stay America by $1 a paired share, to $20.50 per paired share. That was enough to get two of its board members, who had previously voted no, to approve the deal, making it a unanimous vote from both its board and that of its paired-share REIT, Tarsadia Capital said it will continue to oppose the deal as the price still undervalues STAY.
The Trump Organization has hired the Newmark Group to sell the lease of its Pennsylvania Avenue hotel in Washington, DC. This is the second time they are attempting to sell the property. Trump Org leases the building from the General Services Administration.
Hilton signed 11 new deals for its Tempo by Hilton and Motto by Hilton brands, representing nearly 20% of the company’s lifestyle segment pipeline. The new properties will be located in the United States, Latin America and Europe, with key signings in New York City; Rotterdam, Netherlands; Tulum, Mexico; Boston; Mexico City; and Seattle. With these newly signed properties, Hilton’s lifestyle category supply is expected to double within the next five years as well as expand to an additional 17 countries and territories over the next 10 years, including the first lifestyle property in Africa. The company’s lifestyle pipeline now has more than 55 properties already scheduled to open within the next ten years.
Atrium Hospitality debuted the newly branded Hilton Charlotte Airport featuring a multimillion-dollar hotel renovation. The 275-suite hotel features 28,300 square feet of newly renovated meeting space. Additional transformed spaces include: guest suites, two executive floors, penthouse suite; private dining area, social seating in open-air atrium, and new lobby design; expanded fitness center and indoor pool area.
Hilton Grand Vacations Inc. announced the opening of Liberty Place Charleston by Hilton Club in Charleston, SC. This elegant 100-unit resort is HGB’s first property in historic Charleston and fifth property developed in collaboration with Strand Capital Group, LLC. Resort amenities include a public lobby bar, owner’s lounge, fitness center and grab-and-go market.
Urgo Hotels Canada announced a major expansion project. The Company’s current pipeline is extensive and includes the opening of six hotels in the province of Quebec in 2021, bringing the company’s portfolio, along with other projects under development, close to 20 Canadian hotels under contract by the end of 2021. The first new hotel, the fully renovated, 211-room Delta Mont-Sainte-Anne, Resort and Conference Center is already open. In June, UHC will open Montreal’s newest lifestyle luxury hotel, the 193-room Humaniti Hotel as part of Marriott Autograph Collection. In the same month, a 290-room combination of Hilton Garden Inn and Homewood Suites Midtown will open. The summer will wrap up with the addition of another Hilton combo, the 270-room Hampton Inn and Suites and Homewood Suites, in downtown Montreal, as part of its strategic alliance with SPBL Hotels. UHC also announced that Serge Primeau has been nominated as its Managing Partners and President to continue to support the company’s rapid growth in the hotel management sector across Canada.
The Marriott Hutchinson Island Beach Resort, in Stuart, FL, is now being managed by Crescent Hotels & Resorts, in partnership with ClubCorp and Oasis Marinas. The resort features more than 30,000 square feet of event space; a fitness center; whirlpool; three swimming pools; a full-service 77-slip marina, managed by Oasis; and thirteen tennis courts and an executive Ocean Club Golf Course, operated by ClubCorp.
Five Senses Hospitality has acquired a Residence Inn by Marriott and a Courtyard by Marriott in Lakewood, CO. The hotels’ seller was represented by Hodges Ward Elliott, LLC. The acquisitions are a joint venture with Bedford Lodging, with which Five Senses Hospitality has an exclusive partnership to manage the day-to-day operations of its assets. The 102-room extended-stay Residence Inn by Marriott features an indoor pool, fitness center and outdoor patio. The Courtyard by Marriott, located adjacent to the Residence Inn by Marriott, includes 90 guest rooms, meeting space, an indoor pool, hot tub, fitness center, outdoor patio, and The Bistro.
The Westin Cape Coral Resort at Marina Village, in Cape Coral, FL revealed a $15 million renovation, almost a full year ahead of schedule. In addition to room enhancements, the hotel renovation increased the guestroom inventory from 293 rooms to 308 rooms by converting 15 three-bedroom suites into two-bedroom suites. The Westin Cape Coral Resort at Marina Village includes a 30,000 square foot meeting and event center, onsite dining, outdoor pool, clay tennis courts, and a WestinWORKOUT fitness studio,
NexGen Hotels acquired the Four Points by Sheraton Cleveland Airport in Cleveland, OH, marking the 11th property in the Company’s portfolio. The six-story Four Points by Sheraton Cleveland Airport offers 147 guest rooms, 7,500 square feet of meeting space, a business center, onsite restaurant, a fitness center and a heated indoor pool.
Wyndham Hotels & Resorts unveiled its 21st brand, Registry Collection Hotels, adding a luxury offering to the upper end of the Company’s growing brand portfolio. Registry Collection Hotels debuts in the Mexican Caribbean with the brand’s flagship resort, Grand Residences Riviera Cancun. The 144-suite, secluded resort features a full-service spa, oceanfront infinity pool, gym, kids club and three gourmet restaurants. The resort is owned and managed by affiliates of the Royal Resorts group of companies.
Graduate Hotels announced the June 1 opening of Graduate Roosevelt. The 224-key, 18-story hotel opened at the Cornell Tech campus on New York City’s Roosevelt Island. Serving as the island’s first hotel, Graduate Roosevelt Island marks the brand’s 29th property and New York debut. The property has 224 guest rooms and suites, over 3,000 square feet of flexible meeting space, full-service restaurant and an indoor-outdoor rooftop bar and lounge.
Aimbridge Hospitality acquired Grupo Hotelero Prisma as its first expansion into Mexico. Aimbridge Hospitality will gain Prisma’s esteemed team as well as management of 42 properties throughout the country including Westin Monterrey, JW Marriott Monterrey, JW Marriott Guadalajara and Tribute Tulum. Currently Grupo Hotelero Prisma operates and manages 19 brands such as IHG Hotels & Resorts, Marriott International, Hilton, Wyndham Hotels & Resorts as well as national brands like Ex Hacienda San Xavier and Hoteles Casa Grande. The Prisma acquisition is also a step into an important relationship with FIBRA INN (FINN) by continuing to operate FINN’S prestigious and substantial portfolio.
Radisson Hotel Group Americas announced the opening of Radisson Hotel West Memphis in West Memphis, AR. Located near the Tennessee border, the 121-room property features an onsite convention center that occupies over 10,000 square feet of meeting space, including a boardroom. Amenities at Radisson Hotel West Memphis include an onsite bar and restaurant, outdoor pool, fitness center and business center.
Crescent Hotels & Resorts & IHG announced the opening of the newly built Holiday Inn Express & Suites in Windsor East Lakeshore, Ontario. The 105-room hotel is owned by Petcon Hospitality Group and offers 984 square feet of meeting space, a business center, fitness center, heated indoor pool, hot beverage station and an Express Market.
IHG Hotels & Resorts announced the opening of the Staybridge Suites Louisville – Expo Center hotel in Louisville, KY. Owned and managed by Nilakantha, the 99-room hotel features a fitness center and complimentary onsite laundry facilities.
Concord Hospitality announced it is managing the 127-room Cambria Hotel Fort Mill, SC. The hotel offers 1,350 square feet of meeting space, a restaurant, seasonal outdoor pool, fitness center and business services.
Following a seven month, top-to-bottom renovation in Denver’s historic Larimer Square district, Four Seasons Hotel Denver has reopened. The multi-million dollar renovation has completely transformed the property’s guest rooms, suites, 24,000 square feet of meeting and event space, all public areas, American steakhouse and bar EDGE, and The Spa.
The Peninsula Hotels announced the long-anticipated reopening of its iconic New York City hotel. The Peninsula New York marks its reopening with a series of exquisite new art, culinary, and wellness experiences. The Peninsula Chicago is commemorating its 20th anniversary this June as an acclaimed Windy City landmark, and located adjacent to Century City and Rodeo Drive, The Peninsula Beverly Hills will be celebrating its 30th anniversary later this year.
RIU Hotels has completed the reopening of all its hotels in America. With the announcement of the reopening of the Riu Tequila in Playa del Carmen, Mexico; Riu Palace Macao in Punta Cana, Dominican Republic; Riu Negril in Negril, Jamaica; and Riu Plaza Panama, RIU completed the reactivation process of its hotels in America. Thus, the 42 hotels RIU has on the American continent are now operational: the chain has reopened all its hotels in Mexico, Jamaica, the Dominican Republic, the United States, Aruba, Costa Rica, Panama and the Bahamas. Following these openings and other upcoming ones in Europe in coming days, RIU will have 76 of its 100 hotels open worldwide.
Braemar Hotels & Resorts Inc. has entered into a definitive agreement to acquire the 138-room Mr. C Beverly Hills Hotel in Los Angeles, CA. In addition, the Company is also acquiring five luxury condominium residences adjacent to the hotel. Remington will take over hotel management post-acquisition. The Mr. C has 138 rooms, including 22 suites, over 24,000 square feet of flexible indoor/outdoor meeting space, outdoor pool terrace with daybeds and cabanas, a fitness center, and business center. The total consideration for the acquisition is $77.9 million and consists of $65.4 million for the hotel and an allocated price of $12.5 million for the five adjacent condominium units. The acquisition will be funded with approximately $30 million of cash, 2.5 million OP units, 500,000 warrants at a strike price of $6.00, and a $30 million mortgage loan.
Paradigm Hotels signed a definitive agreement to acquire At Mine Hospitality, hotel management company, in a transaction valued over $8.4 million. Paradigm plans to commit additional capital to grow the pipeline of properties over the next year, across four markets. The transaction marks a renewed focus by Paradigm on acquiring and operating Airbnb-hotels. The At Mine executive team will also join the Paradigm Hotels team with the aim of expanding the Paradigm Hotels portfolio to 1,000 units by 2023.
Paolino Properties announced the upcoming opening of The Beatrice, a new boutique hotel located in downtown Providence, RI. Scheduled to open in late summer 2021, the 47-room hotel will debut Ignazio Cipriani’s first Bellini Restaurant and private rooftop Club in the New England region. The property features the latest innovations for guests’ comfort including contact less check-in, keyless entry and on-demand text request concierge service.
Kasa announced it would be expanding to New York City and opening The Duffy Times Square later this month. Kasa will bring their tech-enabled service experience to The Duffy Times Square. Guests will have full access to check-in, check-out and other hotel amenities through digital channels supported by Kasa’s proprietary technology. Housed in the former 414 Hotel, the freshly remodeled hotel features 22 queen rooms housed in two townhouses separated by a private outdoor courtyard.
Ocean House Collection announced the appointment of Dant Hirsch as President and Managing Director. Hirsch comes to Ocean House Collection from Six Senses Hotels Resorts and Spas where he was General Manager of the New York property.
Avison Young Hospitality Group announced the firm closed 10 hotel transactions for the month of May. The transactions covered many geographical areas and many hotel brands. Sellers represented large cap companies, lenders, banks and CMBS special servicers. The last deal of the month to close was a 400-room, full-service Marriott in the northeast US.
HVS announced the Matthew C. Panosh has been promoted to Vice President of the Hotel & Asset Management division. Matt is involved in the analysis of the financial statements, sales and marketing reports, revenue management, and strategic planning for the Company’s asset management and complex consulting assignments.
American Hotel Income Properties REIT LP announced Travis Beatty has been appointed as its Chief Financial Officer, effective June 7, 2021. As CFO, Beatty will lead AHIP’s finance and accounting group and will be responsible for accounting, treasury, financial planning and analysis, tax, and investor relations. Mr. Beatty was previously the Chief Financial Officer of Northview Apartment REIT.
ETC Hotels announced that Vice President and Managing Director, Klaus Mennekes, will retire at the end of June. Mennekes will step into an advisory role with the company and continue to advise on operations at Shutters on the Beach and Hotel Casa del Mar, both in Santa Monica, CA. As he begins his new advisory role, Charlie Lopez-Quintana, currently General Manager at Shutters on the Beach, will be promoted to fill Mennekes’ role.
Aimbridge Hospitality will be managing The Margaritaville each Resort Nassau upon its opening in July 2021. The resort features 300 rooms, including 68 suites, across two towers. Amenities include 25,000 square feet of meeting and event space, 12 different restaurant and lounge offerings, St. Somewhere Spa, Fins Up Water Park, and Parakeets Kid’s Club.
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