6 Playa Hotels Are Rebranded to Hyatt
The DJIA rose 317 points, the Nasdaq was up 294, the S&P 500 rose 56 points and the 10 year treasury yield was up .03 to 4.45%. Lodging stocks were mostly higher today, led by SOND with a 7% rise, while PEB and SHCO were both up 6% on the day.
Truist Securities reported on the conference call they held last week with CoStar to discuss their updated U.S. lodging forecast and recent industry trends. CoStar's presentation at the NYU conference showcased a bumpy macro backdrop, decelerating YTD lodging results, and a lowered 2025/2026 lodging forecast. They labeled international demand as sliding/likely getting worse while mentioning a slower development pipeline and slow asset transaction activity. As you can see, they did not have a lot of good things to talk about. Summer travel is a bit tricky to decipher as the bookings are down, but travelers are still booking, but closer to the arrival dates. CoStar is not super worried about weak on the books and views the negative headlines as a false negative, but there is not much visibility into peak months with the short booking window. The luxury segment continues to outperform with strong demand and very healthy pricing power.
Baird reported on six of Playa's hotels being rebranded to a Hyatt flag. When Hyatt moved on to the acquisition of PLYA, seven of their hotels did not carry a Hyatt flag. The change resulted in Hilton losing four properties and Wyndham losing one. Hilton now only has a dozen remaining all-inclusive resorts globally. The Wyndham Altra Playa del Carmen continues to accept reservations. Baird believes this hotel could be sold separately.
The World Travel & Tourism Council (WTTC) has projected a landmark achievement for Mexico's tourism sector in 2025. According to their latest forecasts, the industry is expected to contribute $281 billion to the national GDP, making up 15.1% of the country's total GDP. The WTTC's Economic Impact Report, developed in collaboration with Oxford Economics, suggests that by the end of 2025, the tourism sector will support nearly 8 million jobs in Mexico, accounting for 13.3% of all employment in the country. The report also forecasts that international visitor spending will reach $39.6 billion, a 7.5% increase compared to 2019, and domestic tourism spending will surge to $209.9 billion, up 9.9% from previous highs. Looking towards 2035, the WTTC anticipates that Mexico's Travel and Tourism sector will contribute $362.3 billion to the economy, representing 16.2% of the national GDP. In North America, by 2025, travel and tourism are expected to contribute $3 trillion to the GDP, accounting for 8.8% of the regional economy. International visitor spending is anticipated to exceed $233 billion this year, with domestic spending projected to grow by 1.4% annually to $1.8 trillion.
A Philadelphia developer is planning major changes at the Sheraton Atlantic City Convention Center Hotel. According to the Philadelphia Business Journal, Scannapieco Development Corporation plans to make half of the Sheraton's hotel rooms apartments. The remaining 250 rooms on the 3rd to 9th floors will be renovated. The apartments will primarily be made by combining two hotel rooms into one apartment. The 131 new apartments will cater to the over-55 crowd. There will be one gym for the hotel section of the building and another for the apartments. The hotel and the apartments will share the lobby. The hotel renovations should be finished in less than a year, and the apartment transitions are expected to take 18–20 months, with work beginning later this year.
VP Management celebrated the grand opening of the Fairfield Inn and Suites by Marriott located in Beckley, West Virginia. The 95-room hotel features an outdoor patio, indoor pool, fitness center, and meeting rooms.
TownePlace Suites Pensacola has recently completed a multi-million dollar renovation transforming the all-suite hotel's communal spaces and 97 guestrooms and elevating the guest experience. The renovation touched the lobby and breakfast area, the fitness center, and the pool and patio. TownePlace Suites Pensacola is owned by Apple Hospitality REIT, Inc. and managed by McKibbon Hospitality.
The Indianapolis Airport Authority broke ground on the new Westin Indianapolis Airport hotel to be built on the airport's terminal campus. The Indianapolis Airport Authority expects work on the hotel to be finished in December 2027. The hotel will include 253 guestrooms, a full-service restaurant, a fitness center, a seventh-floor bar and lounge area, approximately 10,000 square feet of meeting space, and a pedestrian passage through the hotel to the airport garage.
A new Hilton-branded hotel held a grand opening on June 11 in Spring Lake, North Carolina. The Spark Hotel by Hilton offers 88 guestrooms, a communal lobby, a breakfast bar, a fitness center, and an outdoor pool.
Millennium Hotels and Resorts announced the rebranding of Millennium Downtown New York as M Social Hotel New York Downtown, scheduled to debut in the summer of 2025. Located within Manhattan's vibrant Financial District, the hotel boasts 569 newly renovated rooms, including 98 suites; 3,500 square feet of versatile event space across six meeting rooms; and a fully transformed lobby. The property plans to open the Beast & Butterflies restaurant by late 2025.
The Hyatt Regency Austin has begun a full hotel renovation, which is expected to be completed in September. According to a news release, the Hyatt Regency Austinrenovation includes a comprehensive redesign of the hotel's 448 guestrooms and suites, corridors, meeting facilities, and public spaces. The hotel will also introduce a new hotel dining option, Ripple & Roots. The hotel will remain open during the renovations, with new spaces opening in phases.
Royal Beach Hotel Punta Cana will officially open for guests on July 1, 2025. The 66-room resort features a restaurant, lobby bar, a pool with a bar, fitness center, spa, and 2 meeting spaces. The resort will fall under the JdV by Hyatt brand.
Barbados is witnessing a luxury hospitality renaissance as the collection of resorts previously gathered under the Elegant Hotels banner undergoes a $150 million renovation and relaunch. Seven luxe beachfront properties in all are part of the initiative, which will see them re-imagined and integrated into Marriott International's high-end brand portfolios: Autograph Collection, Tribute Portfolio, and The Luxury Collection. The Waves Resort & Spa in Saint James has reopened as Barbados' first all-inclusive wellness-focused boutique luxury resort, under the Autograph Collection banner. The partly adults-only sanctuary has been completely re-imagined and features a spa and two distinct dining concepts. Treasure Beach has now reopened as the Treasure Beach Art Hotel, also under the Autograph Collection. The 35-key, all-inclusive boutique luxury property is located on Barbados' legendary Platinum Coast. Completing the initial phase of the renovations is The House, which also recently reopened as part of the Autograph Collection portfolio. The upgrade project extends beyond these initial properties, with additional transformations scheduled through 2025 for Tamarind, which will also reopen as an Autograph Collection property; as well as Crystal Cove and Turtle Beach, both scheduled to reopen as all-inclusive resorts under the Tribute Portfolio. The Colony Club, on the west coast of Barbados, will reopen as a Luxury Collection resort.
Personnel News
Westgate Resorts announced the appointment of Angel Miranda as its new Chief Information Officer. Miranda has been serving as the company's Interim CIO since the beginning of the year.
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