LODGING Staff - 10 Minutes News for Hoteliers - Page 108

1 min

Sonesta Signs 23 New Franchise Agreements Across Nine Brands

🏨 Sonesta International Hotels Corporation executed 23 new franchise agreements in Q4 of 2024, contributing to 71 total agreements in 2024. The agreements span nine brands, including Sonesta ES Suites (5), Sonesta Essential Hotels (5), Americas Best Value Inn by Sonesta (4), among others. The company’s expansion covers various market segments across the United States, with a focus on franchisee-friendly growth and diverse brand offerings.

2 min

Driftwood Capital Launches New Lifestyle & Luxury Division

🏠 Driftwood Capital launched its Driftwood Lifestyle & Luxury Division (DLLUX) in Miami, Florida, led by Alinio Azevedo, former CEO of Aspen Hospitality. DLLUX will oversee 12 assets, eight owned by Driftwood-sponsored funds. Since 2019, Driftwood invested over $2 billion in luxury developments, including the Westin Resort & Spa Cocoa Beach and Dream Miami. A dedicated investment fund with over $3 billion planned capital deployments will target U.S. and select international lifestyle, luxury, and branded residences markets. Azevedo's experience spans Four Seasons Hotels & Resorts and Loews Hotels. Driftwood is focused on upscale hospitality market growth, driven by trends towards immersive, bespoke travel experiences.

3 min

Crowne Plaza Hotels & Resorts Renovates Several Hotels in the Americas

🏨 Crowne Plaza, under IHG Hotels & Resorts, upgrades several Americas hotels with a New Modern design for blended travelers. Ginger Taggart highlights the design's focus on productivity, restoration, and collaboration. By end of 2025, 70% of Crowne Plaza's Americas hotels will feature the new design. Properties like Crowne Plaza Virginia Beach Town Center, with 148 updated guestrooms, and Crowne Plaza Louisville Airport Expo Center, with 588 modernized rooms, are part of the renovation wave. Crowne Plaza Seattle – Downtown and Crowne Plaza Niagara Falls NY – Riverside also completed renovations. Crowne Plaza Orlando – Downtown's recent makeover includes 227 guestrooms. The brand plans over 36,000 new rooms and nearly 150 hotels globally, expanding by 35%. Notable upcoming openings include Times Square NYC in Spring 2025, Mexico City, and Saint John, New Brunswick.

2 min

Mint House Acquires Locale

📌 Mint House acquires Locale, including cash and stock transaction, bolstered by additional capital from Mint House investors. Locale, founded in 2016, known for tech-driven stays in premium multifamily properties, will now see its CEO, Nitesh Gandhi, join Mint House as a senior advisor. Expansion plans for Mint House include a fourth Nashville location and a first in Washington, D.C., slated for Spring 2025. The acquisition adds properties in Menlo Park, Madison, and Phoenix, totaling 22 properties in 13 U.S. markets. Locale employees will transition to Mint House.

5 min

Marriott International Reports Q4 and Full-Year 2024 Results

🏦 Marriott International, Inc. reported global RevPAR up 5% in Q4 2024, with 4.1% growth in the US/Canada and 7.2% internationally. Q4 diluted EPS was $1.63 and adjusted diluted EPS was $2.45, with net income at $455 million and adjusted net income at $686 million. Adjusted EBITDA reached $1,286 million. Over 123,000 rooms added in 2024, increasing net rooms by 6.8%, leading to 1.7 million rooms worldwide. Nearly 3.8k properties and over 577k rooms were in the development pipeline. The company returned $4.4 billion to shareholders in 2024. Marriott Bonvoy membership nearly hit 228 million.

1 min

Sage Hospitality Adds Hyatt Centric Fisherman’s Wharf to Porftfolio

🏠 Sage Hospitality Group added Hyatt Centric Fisherman’s Wharf San Francisco Hotel to its portfolio, marking the second collaboration with Park Hotels & Resorts after Hilton Denver City Center last December. Located in San Francisco's Fisherman’s Wharf, the Hyatt Centric is a full-service hotel offering 316 guestrooms and suites, a 24-hour fitness facility, an outdoor heated pool, meeting/event space, and two full-service restaurants. Sage now manages five properties in San Francisco, along with Sonoma and Napa Valley locations.

1 min

Signature Inn Berkeley Opens

🏡 Sonesta International Hotels Corporation opened Signature Inn Berkeley in Newton, Massachusetts, a 29-room hotel located in Berkeley, California. The upper-economy property is close to attractions like the University of California, Berkeley, and San Francisco Bay. Announced in 2025, it's the first Signature Inn opening that year and adds to Sonesta's 14-location portfolio in the United States, positioned against upper-economy and midscale brands. Hotel features include WiFi, a lounge, signature amenities, and 24-hour coffee service.

2 min

Peachtree Group Increases Credit Transaction Volume

🏦 Peachtree Group deployed $1.6 billion in credit transactions in 2024, a 54% increase from 2023, focusing on hospitality and multifamily sectors with $876 million and $392.3 million, respectively. Other sectors like industrial, land, and retail shared $297.4 million. Founded in 2007, Peachtree has executed over $1 billion in transactions, preparing for growth despite $4.5 trillion in U.S. commercial real estate debt maturing by 2028.

1 min

AAHOA Commends Senate Committee Passing of Hotel Fees Transparency Act

🏨 In Washington, D.C., the AAHOA praised the U.S. Senate Committee on Commerce, Science, and Transportation for passing the bipartisan Hotel Fees Transparency Act, introduced by Senators Amy Klobuchar (D-MN) and Jerry Moran (R-KS). The act mandates hotels and short-term rentals to disclose all booking costs upfront. It's co-sponsored by Senators Shelley Moore Capito (R-WV) and Catherine Cortez Masto (D-NV), aiming to provide clear pricing information to travelers, supported by AAHOA for fair and transparent pricing.

2 min

Hyatt Enters Agreement to Acquire Playa Hotels & Resorts N.V.

🏖️ Hyatt Hotels Corporation is set to acquire Playa Hotels & Resorts N.V. for approximately $2.6 billion, including $900 million of debt. Playa, with resorts in Mexico, the Dominican Republic, and Jamaica, is 9.4% owned by Hyatt. The deal includes securing long-term management for Hyatt Ziva and Hyatt Zilara brands and expands distribution through ALG Vacations and Unlimited Vacation Club. Hyatt plans to sell Playa's properties, expecting to raise $2.0 billion by 2027 and project 90% asset-light earnings. The acquisition, funded by new debt, is anticipated to close later this year, with over 80% of the debt to be paid off through asset sales. Advisors include BDT & MSD Partners, Berkadia, BofA Securities, J.P. Morgan, Wells Fargo, and Latham & Watkins LLP.

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