HVS Takeaways – The Lodging Conference
Last week marked another successful and highly attended Lodging Conference. HVS was proud to sponsor and speak at the event. Our recap on the conference sentiment follows.
By Zabada Abouelhana and Luigi Major
News
Hyatt Select Service Pipeline in the Americas Grows by More than 25% Over the Past Three Years Including Over 4,000 Pipeline Hyatt Studios Rooms
Hyatt Hotels Corporation (NYSE: H) announced significant growth in its select service pipeline, with a ~25% increase in the Americas over the past three years. As of June 30, 2024, this segment represents over 50% of Hyatt’s total pipeline in the Americas. Complementing growth in lifestyle, luxury and all-inclusive, Hyatt’s select service portfolio remains a key driver for market expansion and generating awareness and enrollment in World of Hyatt, the industry’s fastest growing loyalty program. Through owner-driven innovation, Hyatt is advancing its select service brands, focusing on operational efficiency and profitability.
Latest Management Contract Brings Sentral Assets Under Management to Over $4 Billion
Sentral, the leading full-building residential hospitality operator, has been named the management company for Ten310, a new boutique living concept developed by a California Landmark Group (CLG) affiliate. Designed by Abramson Architects, the 94-unit building will offer amenities including a speakeasy, rooftop pool and lounge spaces, valet parking, fitness center, and daily breakfast for residents. Located in Century City, Ten310 is easily walkable to destinations including the Westfield Century City mall, all Century City Office buildings, and the future LA Metro D Line. Century City also boasts highly rated schools and daycare centers.
ARDA Debuts Forward-Looking White Paper for the Timeshare and Vacation Ownership Industries
ARDA, the trade association for the timeshare and vacation ownership industries, has released a forward-looking white paper, titled “Navigating the Future of Timeshare: Trends, Opportunities, and Insights for the Vacation Ownership Industry,” created in partnership with Skift. The white paper provides insight into the evolving world of vacation ownership and the factors that are driving the continued evolution of the $35.7B industry.
California Lodging Investment Conference [CLIC] Announces Eighth Annual Gathering
Officials of the California Lodging Investment Conference [CLIC], the only hospitality conference focused on the California hotel market, today announced that the eighth annual event will take place March 5-6, 2025, at the Westin Long Beach in Long Beach, Calif.
Peachtree Group Launches Fifth Delaware Statutory Trust, Providing Prime Opportunity for 1031 Exchange Investors
Peachtree Group (“Peachtree”), a leading commercial real estate investment firm with a multi-billion-dollar portfolio of equity and debt investments, has announced the launch of its fifth hotel property structured as a Delaware Statutory Trust (DST) following the completed acquisition of the 128-key Residence Inn Tampa Wesley Chapel in the greater Tampa, Fla., area. This follows Peachtree’s successful closing of its Home2 Suites by Hilton Atlanta Sugarloaf DST in August.
The AC Hotel Sacramento, designed by AXIS Architecture + Design, welcomes guests
AXIS Architecture + Design, the noted and award-winning West Coast hospitality design, hotel renovation, multi-family residential design, and affordable housing architectural design firm, is pleased to announce the completion of their latest new-build hospitality design project: the AC Hotel Sacramento. Following its soft-opening this summer, the property recently officially started welcoming guests.
This Is How Donald Trump Lost Millions On His D.C. Hotel—Years After He Sold It
In what seemed like a stroke of genius–or incredible luck–Donald Trump sold his money-losing D.C. hotel in 2022 and ended up with a handsome $127 million payday. But what few knew is that in order for that deal to happen, Trump had to step in with a loan. So when the lease’s new owner got into trouble financially, he took a hit too. Forbes staff writer Zach Everson joins "Forbes Talks" to discuss.
Hospitality America to Manage Element by Marriott North Charleston
Hospitality America has been selected by Contender Development to manage the Element by Marriott Charleston Airport in North Charleston, S.C. Scheduled to open in the second quarter of 2025, the 123-room upscale extended-stay hotel will feature a restaurant, 24/7 motion fitness center, all-natural saline outdoor pool, and 500 square feet of meeting space.
Driftwood Capital Successfully Closes $330M Fund Targeting Florida’s Space Coast Hotel Market
Driftwood Capital (“Driftwood”) announces the successful initial closing of its latest fund, Driftwood Florida Space Coast Portfolio, LP (“Fund”), focusing on the acquisition and development of existing and soon-to-break-ground hotel assets in Florida’s “Space Coast,” one of the state’s fastest-growing markets for business and tourism.
Red Roof® Continues to Invest in the Brand and Opens Newly Constructed 700th Hotel
Red Roof®, an award-winning leader in the lodging industry, continues to invest in new hotels and strengthen the brand and its business. The company opened its 700th property, a new build in Jamaica, N.Y., along with a new build and prototype, the HomeTowne Studios by Red Roof® Tampa - Airport, in Tampa, Fla. The dual openings reflect continued demand for the Red Roof economy lodging brand and underscore the company's unwavering commitment to a quality experience and great value for budget-conscious travelers.
Le Méridien Fort Worth Downtown, designed and developed by Premier, opens to guests
Le Méridien Fort Worth Downtown, the latest addition to Premier’s upscale, full-service, soft-branded boutique hotel design portfolio, marked its soft-opening welcoming guests last week. A significant historic conservation adaptive reuse and hotel conversion project, Premier co-developed the 14-story 188-guestroom hotel in coordination with Blueprint Hospitality. Owned by Ashford Hospitality Trust and Blueprint Hospitality, and managed by Remington Hospitality, the property held a ribbon-cutting ceremony to mark the completion of its two-and-a-half-year renovation last week.
The Hotel Group and Hogback Development Company Purchase Land to Develop Marriott StudioRes in Moses Lake, Washington
The Hotel Group (THG), an affiliate of Hotel Equities, in partnership with co-owners Hogback Development Company, is thrilled to announce it has acquired land to develop a Marriott StudioRes in Moses Lake, WA. StudioRes is Marriott International's new midscale, extended stay lodging brand appealing to investors for its focus on the short-term rental market and building/design efficiencies. The smart, modern, all-studio hotel will feature spacious suites providing an exceptional option for travelers seeking convenience, comfort, and flexibility- especially for longer stays- in the central Washington market.
LBA Hospitality and 3H Group Add Hyatt Place Tampa Airport/Westshore To Portfolio
In the dynamic realm of hospitality management, the partnership between LBA Hospitality and real estate developer 3H Group has taken a step forward with the strategic acquisition of the Hyatt Place Tampa Airport/Westshore. This move not only fortifies their already fruitful collaboration but also marks a milestone in an ambitious expansion plan for LBA and 3H with more properties on the horizon.
Texas Hotel Investment Hotspots: Top Markets to Watch in 2024
Texas has continued to grow into a top destination for hotel owners who want to expand their portfolio as a result of its strong economy, consistent population growth, vibrant tourist attractions, and diverse markets. Key cities in Texas include Houston, Dallas-Fort Worth Metroplex, Austin, and San Antonio, while the state’s emerging markets are secondary cities/towns around these cities that are often overlooked by hotel investors. This article examines the top cities within Texas in terms of revenue per available room (RevPAR) and provides expert insight into the most attractive and often overlooked submarkets for prospective hotel investors in Texas.
By Andrew Frosch and Matt Almy
Everhome Suites Continues to Expand with Three New Locations Breaking Ground in Key Markets
Choice Hotels International, Inc. (NYSE: CHH), one of the world's largest lodging franchisors, continues to strengthen its leadership position in extended stay with three new Everhome Suites breaking ground in San Antonio, Texas; Bowling Green, Kentucky; and Wichita, Kansas. All three were developed in collaboration with Highside Companies. These groundbreakings, along with eight others earlier this year, demonstrate Choice's first-mover advantage in the category, continuing to capitalize on extended stay demand which is currently double the supply. In total, Choice Hotels has four Everhome Suites open, 65 in the pipeline, over 20 under construction, and more than 15 expected to open within the next 12 months. As of the end of Q2 2024, Choice has nearly 400 hotels in the pipeline across four extended stay brands.
Hospitality Asset Managers Association (HAMA) Opens 2024 Student Case Competition
Officials of the Hospitality Asset Managers Association (“HAMA”) today announced that it has now accepting submissions for the 19th Annual HAMA Student Case Competition. Participating students from more than 40 undergraduate and graduate programs nationwide are given a return on investment scenario to analyze and formulate a recommendation to improve the business. This year, HAMA has partnered with HotStats for benchmarking data and LARC for a market forecast of Boston. These industry leading firms have provided critical reports identical to what HAMA members utilize on an ongoing basis.
Fairway to Success: Golf's Rebound and its Influence on Hospitality Real Estate
Golf is experiencing a remarkable resurgence! Since 2020, the sport has seen unprecedented growth, with on-course rounds up 9.5% and off-course participation soaring by an impressive 115% compared to 2019. This surge has made golf the fastest-growing sport in America, boasting a total of 45 million participants in 2023.
By Jeff Woolson, Vice Chairman/Managing Director, Capital Markets | Golf & Resort Properties, CBRE, CBRE Hotels
Larry Ellison Acquires the Iconic Eau Palm Beach Resort & Spa
Eau Palm Beach Resort & Spa, a distinguished member of the Preferred Hotels & Resorts Legend Collection, proudly announces its acquisition by Larry Ellison. Marking a significant milestone in the resort’s illustrious history, Ellison aims to preserve the resort’s legacy of excellence, uphold its values, and maintain its Five-Star rankings.
In Canada, Lodging Econometrics Reports a 54% Increase in Projects Under Construction at Q2 2024
The Q2 2024 Canada Hotel Construction Pipeline Trend Report from Lodging Econometrics (LE) reveals that at the close of the quarter, there are 322 projects/40,297 rooms in the country’s total pipeline. These record-high project and room counts represent a 17% increase in projects and an 8% increase in rooms year-over-year (YOY).