In the ever-changing landscape of the U.S. hospitality industry, the Q4 2023 U.S. Construction Pipeline Trend Report by Lodging Econometrics (LE) sheds light on dynamic trends across key markets.
As 2024 begins to unfold, Accor is continuing to meticulously expand the brands within its Luxury & Lifestyle division to meet the world’s accelerating demand for high-end and culturally relevant travel experiences. With estimates showing global luxury travel spend will reach $2.32 trillion by 2030, Accor is perfectly positioned with a portfolio of 370+ luxury hotels and 150+ lifestyle hotels worldwide as well as a robust development pipeline. Accor will open another 100 luxury and lifestyle hotels over the next two years, with expectations of at least 50 new luxury and lifestyle project signings per year.
According to the 2023 year-end U.S. Construction Pipeline Trend Report from Lodging Econometrics (LE), the pipeline stands at 5,964 projects/693,963 rooms. The pipeline hit record project counts at Q4, with the addition of 260 projects and 21,287 rooms over last quarter, and a 9% increase by projects and a 7% increase by rooms year-over-year (YOY). The previous project count high was Q2 2008 with 5,883 projects.
Yesterday, Hard Rock International in partnership with Pointe Vista Holding Company announced development plans for the Hard Rock Hotel at Lake Texoma and The Residences at the Hard Rock Hotel Lake Texoma. Set to begin construction in March 2024, the Hard Rock Hotel and Residences will be located within the Pointe Vista development, joining a 2,700-acre master-planned resort community featuring over 19 miles of shoreline, a golf course, enclosed waterpark, family entertainment center, amphitheater, casino and more. The project is expected to create over 9,000 jobs in the area.
Industry veteran Carmen Almos today announced the launch of Ashburton Hospitality, a full-service consultancy firm focused on asset management. The firm began initial operations in 2023 and already has amassed a portfolio that includes nine hotels across brands such as Hilton, Marriott and IHG.
Leading hotel management company PM Hotel Group today announces a strategic alliance with TQP Capital Partners, led by industry innovator Thomas Prins, to enhance and accelerate its business development platform. The primary focus of the partnership is to capitalize on Thomas Prins’ vast experience and industry insights to identify and pursue valuable new business opportunities for PM Hotel Group. TQP Capital Partners will play a pivotal role in the continued expansion of the PM Hotel Group portfolio, leveraging Prins’ deep understanding of the industry on the company’s behalf.
Officials of Satori Collective, a real estate investment management firm focused primarily on hotel property investment, today announced the sale of the 124-suite Holiday Inn Express & Suites Alpharetta-Windward Parkway to Bukhari Group Hospitality. Satori achieved an approximate 24% internal rate of return and a 2x equity multiple through the sale.
IHG Hotels & Resorts (IHG), one of the world’s leading hotel companies, celebrates upward momentum for the extended stay segment in Canada. With *3 new regional extended stay openings in 2023 and an additional *16 in the pipeline, the category is gaining significant traction among both Canadian business and leisure travellers seeking economical, long-term accommodation.
In a historic moment, Mr. Soffer joined Clark County Commissioner Tick Segerblom on stage to receive the Key to the Strip, as December 13 was declared "Fontainebleau Las Vegas Day." As he handed Mr. Soffer the ceremonial Key, the commissioner hailed Fontainebleau Development's significant contribution to the growth and prestige of the Strip, as well as the strengthening of ties between Fontainebleau and the Las Vegas community. Additionally, Fontainebleau Development and Fontainebleau Las Vegas were honored with the Certificate of Special Congressional Recognition from U.S. Sen. Jacky Rosen, a Certificate of Special Congressional Commendation from U.S. Rep. Dina Titus and an official proclamation from Assemblyman Howard Watts III. The event kicked off a day full of extravagant celebrations on the property which will be followed by Fontainebleau's official Las Vegas opening to the public just before midnight.
The new hospitality brand rooted in and inspired by the great American outdoors opens its first hotel and restaurant on December 1st in Estes Park, Colorado with plans to open additional properties in the Grand Canyon; Highlands, North Carolina; Wrightsville Beach, North Carolina and Mendocino, California.
Over the past decade, Telluride has gained popularity as a secluded resort destination during both the summer and winter months. However, when compared to other mountain resort destinations throughout the region, Telluride has few luxury-resort lodging options.
Red Roof®, a trailblazer in economy lodging, proudly announces the grand opening of four distinct properties, each designed to elevate the guest experience while providing exceptional value. The latest additions to the Red Roof family include:
NexGen Hotels, a hotel development and management company based in Itasca, Illinois, today announced the acquisition of the Best Western Plus Ambassador Suites Venice. Located at 400 Commercial Court, the 83-room hotel will be managed by Genuine Hospitality Group of St. Louis, Missouri.
NexGen Hotels, a hotel development and management company based in Itasca, Illinois, today announced the acquisition of the Holiday Inn St. Petersburg West. Located at 1200 34th Street North, the 129-room hotel will be managed by Genuine Hospitality Group of St. Louis, Missouri.
KWC Management, LLC, the hospitality investment management company of Kemmons Wilson Companies, today announced its acquisition of the storied Montage Kapalua Bay, following an engagement that began in the early spring. Montage Kapalua Bay has consistently been ranked among the top resorts on Maui and throughout the state of Hawaii.
Choice Hotels International, Inc. (NYSE: CHH) continues its growth in the extended stay segment with three new Everhome Suites under construction, and six more in various stages of development across the Southern California region. For the first nine months of 2023, Choice's extended stay hotel openings grew by 38 percent compared to the same period in 2022. Choice's extended stay domestic pipeline increased 12 percent year over year to over 47,000 rooms in the third quarter of this year. Choice currently has 60 Everhome Suites properties in the pipeline and over 250 across three other extended stay brands: MainStay Suites, Suburban Studios and WoodSpring Suites.
voco hotels – part of IHG Hotels & Resorts (IHG), one of the world’s leading hotel companies with more than 6,200 destinations across 19 brands – today announced the signing of its 25th Americas property in Missoula, Mont., nearly three years after launching in the region. The soon-to-renovate voco Missoula Downtown is the latest extension of voco hotels’ conversion-friendly model which combines the local character and charm of an independent property with the quality and reassurance of a respected global brand.
Weekender today announced the launch of two new, renovated hotel property launches in the Adirondack Mountain region of Upstate NY. Town House Lodge in Lake Placid, NY and Trailhead in Tupper Lake, NY are the newest portfolio additions for the Saratoga Springs, NY - based Weekender. The brand announced the acquisition of these properties last summer, and has spent the last year renovating and reimagining the two new concepts and bringing them to life.
Affinity Interactive (“AI”), a leading omni-channel media, online, and gaming operator, announced today that Silver Sevens Hotel & Casino will undergo an extensive renovation and rebranding transformation, emerging as The Continental Casino & Hotel. This iconic destination will be characterized by a spectacular rooftop bar and lounge, offering breathtaking views of the dynamic Las Vegas skyline, and will herald the long-awaited return of Pink Taco to Las Vegas as the flagship dining establishment.
This October, Tru by Hilton, Hilton’s (NYSE: HLT) game-changing, midscale brand, welcomed new hotels in North Carolina, South Carolina, Texas and Virginia. Together, the five new Tru by Hilton locations in the U.S. have pushed the seven-years-young brand past a milestone of 250 open hotels.