The DJIA took another tumble Friday, down another 476 points while the Nasdaq was down 267, the S&P 500 fell 76 points but the 10-year treasury yield finally was hit with gravity, down .08 to 4.50%. Lodging stocks were lower but the only real mover was to the upside with SOND up 21%. New lows were hit by SOHO and VCSA.
RC Nashville Development Partners LLC has foreclosed on the 1.21-acre site on Korean Veterans Boulevard in Nashville, Tennessee. The site’s lender, R Squared Properties LLC, gained ownership of the property at a foreclosure sale. The company purchased the land for $35 million through a credit bid, which allows a lender to bid the amount they are owed on a property. R Square Properties was the highest and best bidder. The downtown property was slated for a Ritz-Carlton hotel of which the status remains unclear.
Canalta Hotels announced the opening of Moxy Banff in Banff, Alberta, Canada. Formerly Banff’s first commercial motor hotel, Moxy Banff boasts 109 rooms, and a variety of dining options including Bar Moxy, a year-round heated courtyard with two hot tubs, a two-in-one lobby and lounge, and a fitness center.
Three Waters Resort & Marina, a Tribute Portfolio Resort in the Florida Keys, will open in the Fall of 2024. This new upscale resort will become the crown jewel of the Islamorada Resort Collection, which also includes the Amara Cay Resort and Las Siesta Resort & Villas. Three Waters Resort & Marina spans 15 acres of oceanfront property and will feature 216 guestrooms, nine distinct new dining concepts, and a Rum Library. The new resort will also feature The Cove, an adult-centric, resort-within-a-resort, boasting island-inspired guestrooms and suites with only king beds, a private beach lagoon, and the resort’s Wave Motion Studio.
Heart of America Group has reconstructed a DoubleTree Hotel near Des Moines International Airport, in Des Moines, Iowa, into a Hilton Garden Inn.
The Mandarin Oriental Hotel and Residences in Boca Raton, Florida is expected to open in 2025 after an eight-year delay. Penn-Florida Companieswas hired to develop the branded hotel and residence in Via Mizner, the city’s upscale mixed-use development. The Mandarin Oriental, Boca Raton will contain 163 guestrooms while its residential towers will contain 85 private residences. Luxury amenities include an athletic club, spa, golf course, and two rooftop pools.
El Dorado Hotel & Kitchen in Sonoma, owned by Mosaic Hotel Group, will reopen on May 1 after being temporarily closed for its first phase of extensive renovation. The renovation included a complete redesign of its 27 guestrooms. Amenities include a seasonal solar-heated saltwater pool and in-room dining. In mid-May, El Dorado Hotel will reopen the EDK Cantina, an authentic Mexico kitchen. The second phase of the renovations, in early 2025, will focus on enhancing public areas including a redesigned hotel lobby and an exclusive lounge. The pool area will also undergo a makeover with new seating and cabanas. Additionally, El Dorado Kitchen’s main dining room and patio will receive a design refresh, marking the completion of the property’s renovation.
The Flying Fifty Hotel is preparing to welcome its first guests on May 4, 2024, in Cullman, Alabama. Owned and managed by Challie Knetter, Cullman’s first luxury boutique hotel will feature seven luxury hybrid self-check-in hotel suites, each with a theme focusing on the region.
A revitalized hotel in Midtown Atlanta, Georgia is getting ready to open this year. Hotel Granada, a new hotel from Aparium Hotel Group, will have 120 guestrooms and an open-air courtyard featuring the hotel’s signature bar and restaurant. Hotel Granada is being redeveloped by Scarp Ridge Capital Partners and Monomoy Property Ventures.
Kathryn and Trevor Rudisill plan to open a new multi-faceted business this summer in Black Mountain, North Carolina. Once opened, Peri Social House will be part coffee shop, part craft beer shop and part boutique hotel. With a capacity to sleep 14 people, the Rudisills are calling Peri Social House the smallest boutique hotel in North Carolina. Peri Social House is undergoing major renovation and once completed, the project will include the coffee and craft beer shops, the boutique hotel, a sunroom and porch for events, a fenced-in outdoor space, a semi-permanent food truck and a small gift shop.
A new hotel in New Orleans, from the team behind the recent renovation at The Columns, is now open on St. Charles Avenue. Hotel Henrietta brings another 40 rooms to the avenue and creates an Uptown outpost of Mid-City’s Flour Moon Bagels. The brand-new hotel is an extension of The Columns hotel a couple of blocks away.
Beechwood Organization is planning to build a four-story extended-stay hotel that will replace an existing industrial building in Melville, New York. The Ferncliff Hotel, a $137.4 million project, will include two interior courtyards, a fitness center, pools with surrounding patios, a restaurant, bar, dog park, grilling stations and a rooftop patio. The Ferncliff Hotel is expected to open in the summer of 2027.
The Camino Real hotel chain announced it will invest three billion pesos for remodeling, development and construction at its properties in Mexico City, Acapulco, Monterrey, Guadalajara, Tijuana and Saltillo. The company reported that it will focus on the implementation of new technologies such as the touchless key in rooms, guest cast for streaming, and the digitization of some processes to improve and facilitate the guest experience. In Mexico City, Camino Real Polanco completed the third phase of modernization of rooms and public areas, and will invest an additional $150 million pesos to remodel the executive floor and $50 million pesos to develop a new gourmet restaurant area. The Quinta Real Monterrey hotel will receive $100 million pesos, while the Saltillo hotel will receive $50 million pesos. The planned renovations at both properties will be mainly in the guestrooms.
Midas Hospitality is planning to build a $126 million hotel project in Midtown St. Louis, Missouri. Alderman advanced a plan to grant Midas Hospitality more tax breaks over 10 years. The company will replace two office buildings it demolished with a 304-room development split between the high-end brand Kimpton Hotels & Restaurants and extended-stay Staybridge Suites.
Blue Water Development announced a series of upgrades to some of its oceanfront hotels. The $7.2 million investment will give these properties the extra infrastructure they need heading into spring break and summer vacation seasons. SeaLoft Oceanfront Hotel, formerly known as Atlantic Oceanfront Inn, in Ocean City, Maryland received a $4.7 million total reinvention including outdoor space with lawn games, a new beachside bathroom facility and a new bar. Bay Resort Waterfront Hotel, based in Dewey Beach, Delaware, is undergoing a $120,000 upgrade of their guestrooms and lobby snack shop. Commander Hotel & Suites is undergoing a $2m investment to refresh its guestrooms, outdoor pool area, indoor pool, restaurant, lobby and library. Crystal Coast Oceanfront Hotelin Pine Knoll Shores, North Carolina is getting a $2 million upgrade to its outdoor area and restaurant. The Comfort Inn & Suites Daytona Beach, based in Daytona, Florida, will see a $10,000 investment including a new fitness center and business kiosk.
Under Canvas announced Under Canvas Yosemite, the company’s first-ever California camp, will open on May 22, 2025. The 80-acre camp is just 10 minutes from the west entrance of Yosemite National Park and features safari-inspired tents with a private deck, an ensuite bathroom and more. The camp’s lobby tent will feature communal lounge spaces, dining areas and open game areas. The dining program will showcase al fresco and indoor dining.
Owners of the 38-story Sheraton Dallas Hotel could close on a $270 million commercial mortgage loan and a $30 million mezzanine loan if the borrowers are able to close on the potential deals soon. The loans would be secured by the fee simple and leasehold interest of the borrowers, Elliott Investment Management and Chartres Lodging Group. The Sheraton Dallas is the largest hotel in Texas boasting 1,841 guestrooms across three towers and a three-story convention center with over 230,000 square feet of meeting and convention space. The convention hotel has a management agreement with Marriott that expires December 31, 2038.
Europe Highlights
A lifestyle hotel brand backed by a major Indian airline, travel and hospitality conglomerate makes its debut this summer in Paris and Barcelona, with more European markets in the brand’s pipeline. In Paris, Miiro Hotels, which is part of India’s InterGlobe Enterprises, plans to open the 123-room Le Grand Hotel Cayre and in Barcelona, Miiro Hotels is renovating the 92-room Borneta Hotel in time to open this summer. This is the first hotel brand from InterGlobe. For now, the Miiro Hotels pipeline includes the 156-room Miiro Templeton Garden, which is due to open in 2025 in London’s Earls Court district. A Vienna hotel is also in the works. InterGlobe will own and operate the entire Miiro Hotels portfolio.
Choice Hotels Europe, Middle East and Africa will double its presence in France through a 20-year agreement with Zenitude Hotel Residences. Through this agreement, Zenitude will convert 33 of its hotel to Choice Hotels International Brands, adding more than 4,000 international keys to Choice’s Ascend Hotel Collection, Clarion and Comfort brand portfolios. Zenitude’s first three properties to reopen as part of Choice brands include the 460-key Clarion Hotel Paris-Roissy Charles de Gaulle Airport, which is a conversion of the Zenitude Relais & Spa Paris Charles de Gaulle; the 100-key Hotel la Valadiere, Ascend Hotel Collection, in Juvignac; and the 110-key Clarion Aparthotel Toulouse Blagnac Airport. Zenitude, with the support of Choice, will start renovation projects for each of the hotels converting to Choice brands.
Marriott International, Inc. plans to expand its portfolio in Poland with the expected addition of more than 10 properties in the next few years, including the debut of two brands, Le Meridien and Element Hotels by Westin, in the market. The company anticipates bringing Le Meridien’s European heritage and chic signature programming to the country with the expected opening of Le Meridien Krakow Royal in 2025. The company also plans to expand the presence of its Collection brands in the market with the slated opening of a Tribute Portfoliohotel in Warsaw and an Autograph Collection hotel in Wroclaw. Plans also include the addition of a second Renaissance hotel, with a projected opening in Gdansk Old City. Element by Westin is anticipated to make its debut in the country this spring with the opening of Element by Westin Wroclaw. Four Points by Sheraton builds upon its current portfolio with projected openings in Poznan and Wroclaw in 2025. The Moxy Hotels brand is slated to open its fifth property in the market next year with a hotel in central Warsaw. In addition, Marriott also plans to further expand its luxury portfolio in Poland with the addition of its second Luxury Collection property, H15 Luxury Palace, a Luxury Collection Hotel, which will be situated within the Lubomirski Palace in the historic city of Krakow.
