Latest news with #lodgingstocks
Skift
3 days ago
- Business
- Skift
Montreal Hotels Expect Growth Amid Drop in U.S. Visitors
The DJIA fell 11 points, the Nasdaq was down 2, the S&P 500 rose 2 points, and the 10-year treasury yield was up .06 to 4.29%. The markets made a nice recovery, but nobody told the lodging stocks that, as they were nearly all in negative territory on the day. As Montreal enters the second half of the summer season, the city's tourism industry remains stable, showing comparable results to the previous year. However, there has been a slight dip in U.S. visitors, with numbers down by approximately 7% compared to the same period in 2024. This decline contrasts with Quebec City, which has seen a more significant drop in visitation, estimated at 8% to 10%. The decrease in U.S. tourists is believed to be linked to ongoing trade tensions between the U.S. and Canada. Despite this, Montreal has seen a notable increase in Canadian travelers, with a 15% rise in visitors from across the country, particularly from the Atlantic p
Skift
20-07-2025
- Business
- Skift
U.S. Hotel Construction Volume Falls to 20-Quarter Low
CoStar said the volume of US hotel rooms under construction decreased year over year for a sixth consecutive month, down by almost 12%. The DJIA ended Friday down 142 points while Nasdaq was up 10, the S&P 500 fell close to a point, and the 10-year treasury yield was down .03 to 4.43%. Lodging stocks were mixed. We are back after a rare week of rest, and we have a lot of news to go through. Please be patient as we try to catch up in the next couple of days ahead of the start of earnings season. CoStar said the volume of US hotel rooms under construction decreased year over year for a sixth consecutive month, down by almost 12%. This is a 20-quarter low and a real difference from a year ago. CoStar said the impact of hotel demand trending downward, unrelenting economic uncertainty, and rising construction costs are contributing to this plunge. The majority of the rooms under development are in the Southern US states, most in secondary and tertiary markets. JD Power's 2025 Hotel Guest Satisfaction Index was released for North America. The top spot by segments included Ritz-Carlton for Luxury; Omni Hotels & Resorts for Upper-Upscale; Drury Hotels for Upscale; Hyatt House for Upscale Extended Stay for a fourth consecutive year; Hampton by Hilton in Upper Midscale; Home2 Suites by Hilton for a third consecutive year in Upper Midscale/Midscale Extended Stay; Tru by Hilton for a third consecutive year in Midscale; Microtel by Wyndham for a third consecutive year in Economy; and in Economy Extended Stay, WoodSpring Suites was named at the top for the third consecutive year. Portman Holdings revealed that a new Marriott convention center hotel will be built in Cincinnati, just south of the Duke Energy Convention Center, expected to be one of the largest and highest-profile hotel developments in the region. The Marriott will open in 2028 with 700 rooms, more than 62,000 square feet of meeting space and a 17,445 square foot events terrace with group, business, and recreational travelers in focus. The convention district is undergoing a $828 million project, including $264 million to renovate the Duke Energy Convention Center, with the Marriott to be attached by a sky bridge. The REMI, Scottsdale, Autograph Collection will open on July 22nd in the heart of Scottsdale, AZ's Hospitality District. The boutique-style hotel will be operated by Crescent Hotels & Resorts and will include five dining destinations curated by Alliance Hospitality Group. TownePlace Suites by Marriott announced the grand opening of TownePlace Suites Bozeman West, a newly constructed 107-suite extended stay hotel located just outside Bozeman, Montana. The hotel is co-owned by Braxton Development and includes a bar and restaurant. Construction took 18 months. The AC Hotel Wichita Downtown opened in an Art Deco building that was once home to a Russell Stover candy shop. The renovations turned the 11-story building into a 118-room boutique hotel, the first AC Hotel by Marriott in Kansas. The hotel includes a fitness center, event space, lounge and kitchen offering breakfast in the morning and tapas and cocktails at night. Wichita's government insists it needs more hotel rooms. The Wichita City Council recently approved a 110-room downtown hotel development. Downtown Wichita believes it needs another 500 rooms. Excel Group purchased the Hampton Inn & Suites Coconut Creek and the neighboring Residence Inn Fort Lauderdale Coconut Creek. The latest is the $21.17 million purchase of the 105-room Florida Coconut Creek Residence Inn. The seller was Coconut Creek Hotel M-RI, a partnership between Butters Construction & Development and Morlin Group. The same party had sold the Hampton Inn Coconut Creek to Excel as well for $17.28 million. Coury Hospitality said they assumed the management of Plunge Beach Resort in Lauderdale-by-the-Sea, Florida, on July 1, followed by Residence Inn Alexandria Old Town South at Carlyle in Alexandria, VA on July 8th. Plunge Beach is a 163-room oceanfront boutique property, while the Residence Inn Alexandria is a 181-suite extended stay hotel. After many delays, New York's Waldorf Astoria is supposed to finally open in August. The renovation lasted nearly eight years and cost $2 billion. Hilton retains a long-term lease on the hotel. When it closed for renovation, it had 1,400 rooms with 372 private residences. It is now said to be a 375-room hotel and has 372 residences. The rooms and suites are expected to be some of the largest in Manhattan. The hotel's 43,000 square feet of meeting and event spaces will return on September 1. Hilton announced the signing of Spark by Hilton Ponce, marking the debut of the premium economy Spark brand in the Caribbean and Latin America. The 120-room hotel is expected to open in late 2025, owned by Ponce Resorts Inc. It will be managed by HI Development P.R. Corp. Azul Hospitality announced the addition of the Hilton Garden Inn Colorado Springs Downtown to its portfolio. The 168-room hotel is located in the heart of Colorado Springs' downtown with amenities including an indoor pool, fitness center, and almost 5,000 square feet of meeting space, along with a rooftop bar that will open in the fall. HHM Hotels announced its 25th managed hotel in Florida, the 126-key Homewood Suites by Hilton Tampa-Brandon. Dreamscape Hospitality announced it assumed management of three premium-branded hotels in Houston, Texas. The newly added properties include the Hilton Garden Inn Houston/The Woodlands; Homewood Suites by Hilton Houston NW at Beltway 8; and the Hyatt Place Houston/The Woodlands. The hotels are owned by New Horizons Hospitality. Separately, Dreamscape also announced it will assume management of Ambros Daytona, a boutique oceanfront retreat in Daytona Beach, FL. Hyatt Regency Times Square has opened, the first Hyatt Regency hotel in Manhattan. The property is owned by Argent Ventures and is managed by Highgate. The 795-room hotel includes an exclusive Mamma Mia!-themed guestroom. The show returns to Broadway on August 2nd. The newly reimagined Hyatt Regency Times Square noted that they have one of the largest hotel fitness centers in Manhattan. Frontier Development & Hospitality Group LLC, in partnership with Basis Investment Group, announced the opening of the Hyatt House Washington DC Downtown Convention Center. The 184-room hotel is located steps from the Walter E. Washington Convention Center. The hotel is operated and managed by Donohoe Hospitality Services. Later this fall, the hotel will unveil an all-weather rooftop bar and lounge. Aimbridge Hospitality has been selected to manage a new addition to Nashville's skyline. The 600-foot tower was developed by DAC Developments and will feature 53 floors, 400 guest rooms, 100 luxury residences and 30,000 square feet of meeting space. The full-service hotel will open at 319 Peabody in 2026 and will include a rooftop pool, multiple dining and retail outlets and more. Pendry Hotels & Resorts, in partnership with SomeraRoad and Trestle Studio, has officially broken ground on the Pendry Nashville and Pendry Residences Nashville. Slated to open in 2027 in the Paseo South Gulch district, the hotel will feature 180 rooms and suites along with 146 Pendry Residences. Sales for the Residences are expected to launch this fall. Additional partners of Pendry Nashville include JE Dunn Capital Partners and Clark Construction. Extended Stay America announced the opening of the Extended Stay America Select Suites Wildwood - The Villages. The hotel is located in Wildwood, FL, and was developed by Southern Hospitality. The 124-room property is the first to feature the Select Suites' new construction prototype. The Cambria Hotel Templeton-Paso Robles, franchised by Choice Hotels International, announced its grand opening in California's Central Coast. The Filipponi family locally owns the property in partnership with the principals of Pacific Templeton. The 132-room boutique-style hotel, which soft-opened in late June, is now officially open to the public. Pacifica Hotels manages the property. Ensemble Investments, LLC announced the completion of the $15 million-plus renovation and repositioning of the former Vintners Resort into Vinarosa Resort & Spa, a new hospitality offering in Sonoma County, CA's Russian River Valley. The 92-acre working vineyard property has been fully reimagined with a new vision, introducing elevated guest accommodations, a redefined arrival and lobby experience, enhanced culinary and wellness offerings, and more. Ensemble acquired the property in May 2023 in partnership with the Jackson family. JLL's Hotels & Hospitality Group announced the $5.6 million sale of the Grand Eastonian Hotel & Suites, a historic 50-room hotel located in downtown Easton, PA, in the Lehigh Valley. JLL represented Nature Nurture Founding, a 501(c)(3) nonprofit, which sold the property to CanalHouse Hospitality Enterprises LLC. JLL also announced its Hotels & Hospitality Group sold the Clarion Hotel Airport, a 149-room hotel in Portland, Maine. JLL represented the seller in the transaction. Jamsan Hotel Management will manage the hotel for the new ownership group. Hunter Hotel Advisors announced the sale of the 133-key SpringHill Suites Baltimore BWI Airport. A local investor acquired the property in a court-appointed receiver sale on June 24, 2025. The hotel was renovated in 2015. Hunter Hotel Advisors also announced the sale of the 139-key Hampton Inn & Suites El Paso-Airport. Nexgen Management purchased the property from an institutional seller on June 25, 2025. Finally, Hunter announced the sale of the 124-key Hyatt Place Miami Airport-West/Doral. Baywood Hotels purchased the property on June 26th for an undisclosed amount. HREC Investment Advisors announced it arranged the sale of the 126-guestroom Homewood Suites Tampa Brandon. An institutional buyer acquired the property. HREC exclusively represented the seller in the transaction. Alchemy Real Estate Advisors announced the sale and closing of the 100-room La Quinta Inn & Suites in Portland, Maine. Alchemy said they represented an institutional seller in the transaction with a private investor buying the hotel, sold through a competitive, traditional marketing process that generated multiple offers. White Lodging announced it expects to top out the 258-room Trinity Hotel, Autograph Collection hotel in Austin, Texas, by the end of the year, with a projected opening before the end of 2026. White Lodging owns or operates 12 other hotels and more than 220,000 square feet of meeting space in the Austin metro area. Personnel News Marriott International announced that Leeny Oberg will retire from the company on March 31, 2026, after 26 years with the company. Oberg is currently Chief Financial Officer and Executive Vice President, Development with MAR. Jen Mason, a 33-year MAR veteran, will assume the role of Executive Vice President and CFO when Oberg steps down. Mason is currently Global Officer, Treasurer, and Risk Management, and previously held the role of CFO of MAR's largest segment, US & Canada. MAR also said Shawn Hill will be Executive Vice President and Chief Development Officer, effective January 1, 2026. Hill has been with MAR for nearly 28 years and is currently the Chief Development Officer for MAR's Asia Pacific Excluding China region. White Lodging announced the hiring of Noah Hoppe as Executive Vice President and Chief Financial Officer and Jared Garner as Executive Vice President and Chief Legal Officer. Bruce Hoffmann, currently EVP and CFO, will transition to an Emeritus role to ensure an orderly transition over the next year. Hoppe joins White Lodging after spending nearly two decades with Hyatt Hotels, most recently SVP of Transactions. Garner joins White Lodging from Concord Hospitality, where he is the immediate-past General Counsel and Chief Compliance Officer. He was previously VP, Legal for Radisson Hotel Group. Remington Hospitality announced the return of Lisa Carlson as Senior Vice President of Operations. Carlson originally joined Remington in 2022 as part of the company's merger with Chesapeake Hospitality.
Skift
24-06-2025
- Business
- Skift
Many Would-Be Hotel Buyers Are in a Wait-and-See Mode
The latest CBRE U.S. Hotels State of the Union report reveals a modest recovery in hotel performance, plus more hotel development news from Peachtree and other leaders. The DJIA rose 375 points, the Nasdaq was up 184, the S&P 500 was up 57 points and the 10-year treasury yield was down .05 to 4.32%. There were probably a lot of people who expected the markets to act differently today. Lodging stocks were modestly higher. The biggest mover was to the downside, with SOND down -8%. SOHO rose 7% on the day. JPMorgan initiated coverage on Lodging Stocks, saying in the current environment, the only certainty is uncertainty. Their Economics team expects U.S. GDP growth to slow in the second half of the year and JPM believes this will likely coincide with a further deceleration in RevPAR growth. JPM initiated coverage with Outperform ratings on Hilton, Wyndham, and Ryman Hospitality, Neutral ratings on Host Hotels and Marriott, and Underperform ratings on Choice Hotels, Park Hotels, and Sunstone Hotels. The latest CBRE U.S. Hotels State of the Union report reveals a modest recovery in hotel performance amid shifting economic conditions and rising competition from short-term rentals. CBRE trimmed its growth forecasts for 2025 and 2026 by approximately 0.5 percentage points, citing persisting consumer price pressures. When adjusted for the timing of Easter, RevPAR rose 0.4% in March and April, supported by a 1.5% increase in ADR despite a 1.1% dip in occupancy. Upscale properties led the field with a 2.9% RevPAR uplift, though half of U.S. markets underperformed. Combined with corporate travel shifting later in the year, overall revenue growth slowed, and operating margins saw a slight contraction year-on-year even as business travel improved during Easter. April marked another month of strong performance for short-term rentals, with demand rising 6.0% compared to 0.1% for traditional hotels. STRs now make up 13.7% of U.S. lodging demand; both their RevPAR and ADR have substantially outpaced 2019 levels, aided by nearly full occupancy rates. Rising disposable income and household savings, up 2.9% and 4.9% year-on-year in April, along with a rebound in stock markets and confidence, could support leisure and business travel this summer. However, international inbound travel remains weak, offset by stronger outbound travel, and TSA passenger volumes dipped in May, hinting at potential softening later in the snapshot suggests that while the U.S. hotel sector is navigating rising costs and competitive pressure from STRs, unemployment, and consumer finances offer a buffer heading into peak season. Still, subdued inbound travel and margin pressures point to a cautious road ahead for hotel operators through 2025. The volatility and uncertainty in the U.S. hotel transaction market have pushed many would-be buyers into wait-and-see mode as they evaluate their investment strategies, according to a new report from PwC. As a result, year-to-date private-equity-sponsored deals have dropped 85% year-over-year in 2025. PwC's 'Hospitality and Leisure: U.S. Deals 2025 Midyear Outlook' also found that targeted mergers and acquisitions still give operators opportunities to adapt portfolios, sharpen strategic focus, and scale digital capabilities. For well-capitalized buyers, current conditions offer an opening to acquire differentiated assets at favorable terms. Peachtree Group marked a major milestone in the construction of the 10-story, 171-room Residence Inn by Marriott in downtown San Antonio, Texas with a topping-out ceremony. Scheduled to open in the summer of 2026, Residence Inn is being co-developed with Merritt Development Group. The hotel will be owned by Peachtreeand managed by its hospitality management division. Concord Hospitality and PBA Group of Companies celebrated the opening of Calgary's first downtown office-to-hotel conversion project. Previously the Canadian Centre, a 12-story downtown office building, Element Calgary Downtown by Westin, is a new hotel boasting 226 suites and two culinary offerings, including a ground-level café and a rooftop lounge and restaurant. It marks the first hotel to open in Calgary this year. The Beeman Hotel, which was purchased by an ownership group including NewcrestImage for an undisclosed sum in October, is being rebranded as The Mockingbird Hotel. The property is also being added to Marriott's Tribute Portfolio collection. It isn't clear when the rebranding effort will be complete. As of March, the Beeman is undergoing a $1.2 million renovation slated to wrap up in November. The property is managed by Coury Hospitality, where NewcrestImage is a 50% owner. Safehold Inc. has closed on the acquisition of an existing ground lease beneath the Asher Adams hotel in Downtown Salt Lake City. Developed through a partnership between The Athens Group and Hatteras Sky, the 225-key, full-service hotel was completed in 2024 and operates as part of Marriott's Autograph Collection. Asher Adams neighbors The Gateway, a 40-acre mixed-use development consisting of retail, office, and residential uses. It is also adjacent to the Delta Center. The Hyatt Centric Chicago O'Hare has reopened after undergoing a revitalization project. Managed by Maverick Hotels & Restaurants, the hotel offers 206 re-imagined guestrooms, a transformed lobby, recreational facilities, 7,600 square feet of adaptable function and pre-function areas, and an onsite restaurant. PM Hotel Group and KWC Management announced the grand opening of Wolfe's Hotel located in Moab, Utah. Following a multi-million dollar re-imagination, the adults-only retreat offers an onsite restaurant and craft cocktail lounge, and an outdoor barrel sauna and fire pits. The first owner filed for bankruptcy. The second owner defaulted on a loan. Now, according to The Denver Post, a long-stalled hotel redevelopment near Denver International Airport has a third owner and is coming in with a fresh construction loan. Voyage Capital purchased the partially completed hotel at 16161 E. 40th Avenue for $21.6 million from Galaxy Hotels Group, according to public records. Voyage financed the deal with a $24 million construction loan from Peachtree Group. S Hotel Montego Bay, located on Doctor's Cave Beach in Jamaica, is opening its doors to younger guests for the first time. Starting July 1, 2025, the all-inclusive boutique resort will begin welcoming children ages 8 and older. Personnel News Avison Young has hired Cole Spain as Vice President of the firm's Hospitality Group, focusing on debt and equity financing. Prior to joining Avison Young, Spain served as Director of Business Development at Twenty Degrees North. Hospitality Ventures Management Group named Jessica Myers Vice President of Finance & Accounting. In her new role, Myers will lead the corporate team responsible for publishing monthly financial statements, ensuring the right processes are consistently executed to deliver timely and accurate financial statements. Prior to joining HVMG, Myers served as Vice President of Finance for Pyramid Global Hospitality. Mandarin Oriental announced two senior hires within its Development department. Effective June 2025, Brad Berry will join as Head of Residences & Homes and Philip Leighton will take on the role of Head of Mandarin Oriental Exceptional Homes. Berry most recently served as Vice President of Global Residential Development at Rosewood Hotel Group. Leighton most recently launched and led Villas by Bailey Robinson and previously contributed to the growth of Abercrombie & Kent's Global Villas business. Leighton will report to Berry. Europe Highlights Radisson Hotel Group announced the signing of its first Radisson RED in central London in partnership with PPHE Hotel Group. PPHE has entered into an agreement to acquire a mixed-use development site, which will be developed into a Radisson RED lifestyle hotel with a minimum of 182 bedrooms, a restaurant, bar, gym, and office space. Closing of this transaction is expected in the coming months, with the hotel scheduled to open in 2029.
