LODGING Staff - 10 Minutes News for Hoteliers - Page 165

1 min

CoStar: U.S. Hotel Industry Reports Mixed Performance Results Year-Over-Year

🏨 U.S. hotel industry reports mixed year-over-year data as of August 17, 2024. Nationwide, occupancy slightly decreased by 0.2% to 66.9%, whereas average daily rate (ADR) rose by 1.0% to $156.35, and revenue per available room (RevPAR) increased by 0.9% to $104.54. Houston led with the highest increases: occupancy up 34.3% to 75.3%, ADR up 14.5% to $121.89, and RevPAR up 53.8% to $91.73. In contrast, San Francisco and Atlanta faced the steepest RevPAR declines of 13.8% and 11.3%, reaching $143.39 and $69.43, respectively.

2 min

Knowland: Louisville Doubles Year-Over-Year Event Volume Growth

📈 Louisville, Kentucky, saw a 94.9% YOY event volume growth, ranking in the top five secondary markets for the fifth time this year. It averaged 4,935 square feet and 119 attendees for events. Philadelphia led the top 25 markets with a 27.7% growth in July, driven by a National Education Association event. Secondary markets grew by 6.9% on average, surpassing the top 25 markets' 3.6%. Denver, Las Vegas, Nashville, and Phoenix also reported significant growth in event volumes, ranging from 12.8% to 27.2%.

1 min

Kabani Hotel Group Announces Sale of La Playa Hotel Redevelopment

🏨 The Kabani Hotel Group sold the La Playa Hotel redevelopment in Daytona Beach, Florida. The 10-story property, built in 1984 and gutted for redevelopment, was secured by PRM Hotel Group. Over 150 confidentiality agreements were signed during the marketing process. Ahmed Kabani, Luis Garino, and Suraj Dalal of Kabani Hotel Group facilitated the transaction on behalf of the seller, 2500 NORTH ATLANTIC AVE LLC, and the buyer.

2 min

Extended Stay America Premier Suites Portland North Opens

🏡 Extended Stay America announced the opening of the Extended Stay America Premier Suites Portland North in Portland, Oregon, developed by Trimark-University Housing IV and managed by Ark Hospitality. The three-story, 146-room property offers WiFi, complimentary breakfast, a fitness center, and kitchens equipped with full-size refrigerators, microwaves, and stovetops. Located near Portland International Airport and Tri-Met Delta Park Rail Station, the hotel caters to the increasing demand for extended stay options in the region. Mark Williams highlighted the property's conversion to support extended stays. Al Jiwani plans to add more ESA locations in the future.

3 min

Choice Hotels Breaks Ground on Three Everhome Suites

🏠 Choice Hotels International, Inc. is breaking ground on three new Everhome Suites in San Antonio, Texas; Bowling Green, Kentucky; and Wichita, Kansas, developed with Highside Companies. The extended-stay demand is double the supply, with four Everhome Suites open, 65 in the pipeline, over 20 under construction, and more than 15 set to open within the next 12 months. The Everhome Suites Bowling Green, San Antonio, and Wichita will offer 115, 115, and 123 rooms, respectively, and are expected to open in November 2025 and fall of 2025. Amenities include full kitchens, spa-style bathrooms, pet-friendly options, and 24/7 markets and fitness centers.

4 min

Hyatt Shares Plans to Acquire Standard International

🏢 Chicago, Illinois—Hyatt Hotels Corporation plans to acquire Standard International, parent of The Standard and Bunkhouse Hotels, with the transaction expected to close later in the year, subject to conditions. Hyatt's lifestyle rooms grew fivefold from 2017 to 2023. The new lifestyle group, led by Amar Lalvani, will be based in New York City, combining Standard International and Hyatt teams. The deal includes 21 hotels with approximately 2,000 rooms. Sansiri PLC, which acquired a majority in Standard International in 2017, will remain involved. Hyatt will pay a base of $150 million with up to $185 million more later; stabilized fees from the base are about $17 million and could reach $30 million. Moelis & Company LLC and Venable LLP advised Hyatt.

1 min

Sonesta Introduces Incentives for Franchisees Using Procurement Program

📌 In Newton, Massachusetts, Sonesta introduced a franchisee incentive program offering a 2% credit for using its procurement program, paid quarterly. The program includes a mobile app (EPRO) for cost-saving purchases and underscores Sonesta's commitment to transparency and supportive franchise relationships. The technology cost for EPRO is sponsored by Sonesta to alleviate financial burdens on franchisees and foster growth and retention.

2 min

Rockbridge Acquires Hyatt House Chicago West Loop/Fulton Market

🌏 Rockbridge acquired the 200-room Hyatt House Chicago West Loop/Fulton Market near McDonald’s global HQ and Chicago’s United Center. Fulton Market is a hub for offices, residences, dining, and nightlife. The hotel, built in 2019, offers amenities like a rooftop center, pool, and fitness center. Jones Lang LaSalle advised the sellers on the transaction.

2 min

TPG Hotels & Resorts Adds Two Augusta Hotels to Managed Portfolio

📌 TPG Hotels & Resorts to manage two properties in Augusta, Georgia: the 124-room Residence Inn and the 88-room SpringHill Suites, both owned by PeachState Hospitality. Augusta, known for The Masters Tournament, offers guests access to historic, cultural, and recreational attractions. Amenities at the hotels include WiFi, hot breakfast, fitness centers, and more, with the SpringHill Suites also featuring an indoor pool and outdoor fire pit.

1 min

Coastal Views and a Historic Perspective

🏡 The George Hotel, a boutique property in Georgetown's Hammock Coast, South Carolina, housed in the former Georgetown Times building, opened in May 2024. It's the first hotel on historic Front Street in over 50 years and The Indigo Road's first in South Carolina. The hotel features 18th- and 19th-century architectural design, 42 water-facing guestrooms with 50-inch Samsung smart TVs, Malin + Goetz products, and Bellino linens. It includes a seafood restaurant, outdoor bar, and event spaces like The Indigo Room. Owned by Winya Properties and operated by The Indigo Road, it has 56 rooms.

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