LODGING Staff - 10 Minutes News for Hoteliers - Page 133

1 min

CoStar: U.S. Hotel Industry Shows Positive Comparisons for Third Consecutive Week

🏨 U.S. hotel industry saw occupancy rise to 60.8% (up 1.9%) with an ADR of $154.99 (up 1.2%) and RevPAR of $94.22 (up 3.1%) in the week of October 27-November 2, 2024. Tampa experienced a 34.7% occupancy increase to 80.5% due to Hurricane Milton. New Orleans reported ADR and RevPAR spikes of 27.7% to $222.51 and 53.3% to $169.73, respectively, attributed to Taylor Swift's tour and a major conference. Las Vegas and San Francisco faced RevPAR drops of 28.8% to $151.47 and 14.9% to $123.16, respectively.

1 min

Ashford Trust Refinances Mortgage Loan Secured by Marriott Crystal Gateway Hotel

💰 Ashford Hospitality Trust refinanced a $121.5 million loan for the 703-room Marriott Crystal Gateway Hotel in Arlington, Virginia. The new loan matures in three years with two one-year extensions, bearing a SOFR plus 4.86% interest. The deal freed $31 million to reduce the company’s strategic financing, enabling a reduction in the exit fee from 15% to 12.5% if the balance drops below $50 million by November 15, 2024. The current CEO, Stephen Zsigray, aims to clear the debt by year-end.

2 min

Hilton Shares Details of Anticipated Hotel Openings for 2025

🏨 Waldorf Astoria New York set to reopen Spring 2025 after restoration by Skidmore, Owings & Merrill, interior by Pierre-Yves Rochon. It will feature 375 guestrooms, 375 residences, a 30,000 sq ft spa, fitness center, Chef Michael Anthony's restaurant, and a 43,000 sq ft event space. Other Hilton openings for 2025 include properties across the Americas, Europe, Middle East, Africa, and Asia-Pacific, such as Waldorf Astoria Costa Rica Punta Cacique (Spring 2025), Canopy by Hilton Cape Town Longkloof (Q1 2025), and Waldorf Astoria Osaka (Q2 2025).

1 min

Sonesta Essential Savannah Opens in Georgia

🏡 Sonesta International Hotels Corporation opened Sonesta Essential Savannah in Newton, Massachusetts, near Savannah, Georgia. The 41-room upper-midscale hotel, located near I-95, offers proximity to Coastal Georgia Botanical Gardens, Ogeechee River, Henderson Golf Club, Historic District of Savannah, River Street, Savannah/Hilton Head International Airport, and Hunter Air Force Base. Executive VP Keith Pierce highlighted the brand's expansion, aiming to provide affordable, clean, and dependable accommodations with essentials like sleep program, WiFi, hot breakfast, all-day coffee, and a fitness center.

1 min

This Week’s Comings & Goings

📌 McKibbon Hospitality appoints Mike Dickey as senior VP of human resources, leveraging his 35+ years of experience. Uniguest names Shawn O’Connell executive VP of sales Americas after his 12+ years at Samsung and 8+ years at PSAV. Mandarin Oriental promotes Amanda Hyndman to COO, succeeding Christoph Mares, while she maintains her role as chief people and culture officer. The Sebastian-Vail, a Timbers Resort, welcomes Kate Grattan as general manager. The Ritz-Carlton Residences, Waikiki Beach appoints Keenan Rothenborg as sales manager. BH Properties selects Mark Workman as managing director, investment and asset management, with his 17+ years in the field, previously at Lincoln Property Company.

3 min

Grand Hyatt Scottsdale Resort Reopens Following Renovation

🏖 Hyatt Hotels Corporation unveiled the $115 million renovation of Grand Hyatt Scottsdale Resort, Arizona, marking its first in the state. The luxury resort boasts 496 updated accommodations, including 18 Casitas and the Gainey House. Renovated features include six dining experiences with celebrity chef Richard Blais, a 2.5-acre area with 10 swimming pools, Spa Avania's 19 treatment rooms, 27 holes of golf at Gainey Ranch Golf Club, and an expanded 90,000 square feet of indoor/outdoor function space, ready by January 2025.

1 min

Peachtree Group Partners With Group 10 Management

🏨 Peachtree Group in Atlanta, Georgia, partners with Group 10 Management, adding 14 new hotels with 1,648 rooms, primarily Marriott, Hilton, and IHG brands, mostly in metro Detroit. This expansion grows Peachtree's managed operations over 100 hotels, now totaling 107 hotels, 13,485 rooms, across 27 brands in 27 states including Washington D.C. Peachtree's third-party management portfolio increases to 31 hotels. The partnership aims to leverage Peachtree's expertise in hotel operations, brand compliance, and cost efficiencies.

4 min

Choice Hotels International Reports Q3 2024 Results

💰 Choice Hotels International, Inc. reported a record total revenue of $428.0 million for Q3 2024, a 1% increase from Q3 2023. Net income rose 15% to $105.7 million, with diluted EPS up 23% at $2.22. Adjusted net income and adjusted diluted EPS also grew by 15% and 23%, respectively. Adjusted EBITDA ascended to $177.6 million, a 14% increase. The global pipeline expanded by 11%, reaching over 110,000 rooms, while hotel openings soared by 75%. Stock repurchase amounted to $352.9 million, over 6% of the company's early market cap. Guidance for full-year 2024 net income and adjusted EBITDA has been raised.

1 min

JLL Arranges Financing for Hilton Garden Inn Seattle Bellevue Downtown

🏨 JLL's Hotels & Hospitality Group secured refinancing for the 254-key Hilton Garden Inn Seattle Bellevue Downtown for West77 Partners. The fixed-rate, five-year loan was obtained through a national life insurance company, allowing the borrower to repay an existing bank loan and return equity. Located in Bellevue, Washington, the hotel opened in 2018 and features over 3,000 square feet of meeting space, an on-site restaurant, and is near attractions like Bellevue Square. The JLL Debt Advisory team included Managing Director Adrienne Andrews and Analyst Jessica Mehra.

2 min

Davidson Hospitality Group Adds Two Hotels to Managed Portfolio

🏨 Davidson Hospitality Group, managed by CEO Thom Geshay, has been selected by Lennox Capital Partners to manage The Highland Dallas in Texas and The Westin St. Louis in Missouri. The Highland Dallas, a 204-room hotel with 11,420 sq ft of event space, will undergo a $13M renovation. The Westin St. Louis features 263 rooms, a fitness studio, a grill, and 20,864 sq ft of event space, located near Busch Stadium and Gateway Arch Trail.

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