CONSTRUCTION BEGINS ON ROSEWOOD HOMES IN FLORIDA: Construction has started on the Rosewood Residences Naples. The 42-unit waterfront condominium development is located on the beach in Naples, Fla. The Ronto Group has partnered with Wheelock Street Capital to develop the luxury project, with Rosewood Hotels & Resorts operating it. Offering unobstructed ocean views, the property is located in the 5th Avenue South, Third Street and the Design District. The residences will have common spaces, which will be designed by Lillian Wu, principal at Wu Studio, New York. Amenities include two swimming pools with cabanas and lounge seating, firepit areas with seating and bocce ball courts. Currently, Rosewood’s residential portfolio includes 11 branded residences with more than 24 additional projects expected to be launched in the next seven years. Globally, Rosewood manages 34 luxury hotels, resorts and residences across 21 countries.
PALISOCIETY EXPANDS LE PETIT PALI PORTFOLIO: Palisociety has expanded the portfolio of Le Petit Pali, its bed and breakfast concept, and announced the opening of Le Petit Pali Brentwood in Los Angeles this fall. The former Brentwood Inn, earlier known as Brentwood Motor Hotel in 1947, has been reimagined and will reopen as Palisociety’s third signature hotel in November. Located on a stretch of Sunset Boulevard and slightly north of the Brentwood Village, the hotel is a one-story, 25-key hotel that has been redesigned and reimagined by Avi Brosh and the in-house design team of Palisociety. This will be Palisociety’s eighth hotel in the city. The brand will expand in 2025 and beyond in new destinations.
RADISSON REBRANDS PRIZEOTEL BRAND: Radisson Hotel Group has rebranded its prizeotel brand, the affordable high design brand, to Prize by Radisson. The group has also announced two new Prize by Radisson property signings, expanding its presence in Germany and foraying into Poland. The 126-key new-build Prize by Radisson, Gdansk City in Poland’s Gdansk is slated to open in 2026, while the 315-room Prize by Radisson, Berlin City will open in 2027. The decision to rebrand is part of Radisson’s strategy to broaden the brand’s presence in centrally located markets and cities. The rebranding maintains the brand’s original identity and continues to offer a midscale lifestyle experience at the cost of an economy hotel. Launched in 2009, Prize by Radisson expanded its footprint in 2022 with new hotels in Bonn, Vienna, and Münster. The brand currently has 21 hotels in operation and under development across Europe.
U.S. PERFORMANCE UPDATE: The U.S. hotel industry reported positive comparisons YOY, according to CoStar’s data through August 31.
- Occupancy: 63.9% (+1.9%)
- ADR: $153.67 (+1.6%)
- RevPAR: $98.18 (+3.6%)
Among the top 25 markets, Tampa reported the highest YOY occupancy increase (+15.2% to 61.7%). Seattle saw the largest increase in ADR (+12.5% to $218.08). The steepest RevPAR declines were witnessed in San Francisco (-22.2% to $122.95) and Oahu Island (-10.3% to $194.51).
