TheDJIAfell 49 points,Nasdaqwas up 12, theS&P 500rose 4 points, and the 10-year treasury yield was down .02 to 4.18%. Lodging stocks were modestly higher.BHRtraded up to a new 52 week high butAHTwas down -7% on the day.
A new bill that would regulateNew York City’s nonunion hotels is sending shock waves through the lodging market, where hotel owners say it will upend their business, according to theWall Street Journal. The proposed legislation would ban nonunionized hotels from contracting out most of their functions, such as housekeeping, cooks and bartenders, and security, which many of these hotel operators now outsource. Subcontracted agency staff typically earn less than full-time hotel employees. Officials in theHotel and Gaming Trades Council, the union representing hotel staffers, say the bill is necessary to protect workers and shut down a small subset of hotels rife with drugs and trafficking. Around 30% ofNew York City’s more than 120,000 guest rooms are in nonunionized hotels. This bill would have the greatest impact on those hotels. The bill is headed for a July 30 public hearing.
The 13-story hotel planned as part ofMarriott’sAutograph Collectionbrand, byWhite Lodging, could kick off demolition and construction in downtownAustin, Texasbefore the end of the year. Slated for completion in mid-2026, the 258-room hotel will replace two storefronts dating back to the 1920’s.
ThePalmetto Marriott Resort and Spaopened on July 22 inPalmetto, Florida. The resort connects with theBradenton Area Convention Centerand will create a combined 140,000 square feet of indoor and outdoor meeting and events space once the convention center’s renovations are completed in 2025. The eight-story hotel features 252 guestrooms, various dining and drinking options, two resort-style pools and a spa and a fitness center. The hotel also includes the Yard atSoBay Center, a 40,000 square foot event space, on the grounds.
IHG Hotels & Resortsannounced the opening of its newest addition to itsCandlewood Suitesportfolio,Candlewood Suites Trois-Rivieres West. The 111-room hotel features self-service laundry, an indoor heated pool and a fitness center. Developed byGroupe Robin, the property isIHG Hotels & Resorts’ first dual-brand hotel inQuebec, sharing a reception with theHoliday Inn Express & Suites.
Lark Hotelsannounced the opening ofAWOL Stowethis July, the third iteration of their emerging brand,AWOL, in the heart ofStowe, Vermont. The property features 35 guestroom and suites, including six free-standing A-frame cabins; an outdoor Nordic spa deck with a cold plunge pool, outdoor hot tub, cedar sauna and roaring fire pits; and an onsite restaurant and four-seat bar.
The historicWentworth MansioninCharleston, South Carolina, can now be booked throughHilton’s membership and honors program. For the last two decades, the 21-room inn, housed in a landmark building and owned and operated byCharming Inns of Charleston, has been the only property in the Southeast to joinSmall Luxury Hotels of the World.Hilton Worldwide Holdingsrecently formed a partnership with the group to offer its members new ways of staying in intimate spaces and unique places.
TheDream Hotel Louisville, a 169-room development slated to be built onMain StreetinLouisville, Kentucky, is indefinitely on hold, theLouisville Metro Cabinet for Economic Developmentconfirmed toLouisville Business First. Multiple sources previously toldLBFthat the more than $100-million project could be scrapped. TheLouisville Metro Cabinet for Economic Developmentdid not provide a reason for why the project is on hold, except to say it was the developer’s decision.Dream Louisvillewas developed byRoyal Investments LLC, which is owned byAlex Marks. The hotel was to feature four original food and beverage options, including a signature restaurant and rooftop lounge.
TheGrand Sierra Resortreleased new renderings of its proposed project to build a $1 billion entertainment district inReno, Nevada, which would include a new arena for theNevadamen’s basketball team. TheReno Area, which would be home ofNevada’s men’s basketball team and a potentialAHLhockey team owned byGSR’sAlex Mereulo, would include a 10,000-seat area, a satellite ice rink, a dedicated parking garage, a fan zone, workforce housing and more.
Paramount Lodging Advisorsannounced the sale of the 57-roomFairfield Inn Middletown Monroelocated inMiddletown, Ohio. The company also announced the sale of theExtended Stay America Auburn Hills, inAuburn Hills, Michiganand the 124-roomCandlewood Suites Syracuse AirportinNorth Syracuse, New York.
Cronheim Hotel Capitalhas secured $10M to refinance the prior debt on theFairfield Inn & Suitesin DowntownPittsburgh, Pennsylvania. The financing was originated with a private conventional lender. The floating rate, non-recourse loan was structured with flexible prepay and a floor allowing the Owners to take advantage of downward rate movement. Sponsorship is a joint venture partnership betweenBlue Vista Capital,Woodmont Lodging, andMilestone Hospitality Management.
Personnel Moves
Loews Corporationannounced that on December 31, 2024,James Tischwill retire as President and CEO and will be succeeded byBenjamin Tisch, current Senior Vice President of Corporate Development and Strategy. As part of the leadership transition,James Tischwill become Chairman of the Board of Directors, andBenjamin TischandLowes’ Hotels & Co’s CEOAlexander Tischwill join the Board. Also,Andrew TischandJonathan Tischwill transition from Directors to Directors Emeriti.Ben TischjoinedLoewsin 2011 as a member of the company’s investment departments. He was then promoted to Vice President in 2014 and then to Senior Vice President, Corporate Development at Strategy in 2022. Prior to joiningLoews,Benwas a Managing Director atFortress Investment Group.
Warner Hotelsannounced thatDavid Murdinhas been appointed as Chief Marketing Officer.Murdinbrings a wealth of experience from his leadership roles atBritish Airways,Sky Sports,Whitbread,Costa CoffeeandWagamama, among others. A newly created role forWarner Hotels,Murdin’s appointment aims to bolster its brand and commercial achievements as part of an ambitious growth plan for the coming years. As CMO,Murdinwill be an integral member of theWarner Hotels Brand Board.Murdinwill have overall responsibility for brand, insight, proposition development, marketing, PR and communications.
Dreamscape Hospitalityannounced the appointment ofChristina Pedersenas Vice President of Sales and Marketing. In this role,Pedersenwill oversee strategic initiatives to drive revenue growth and elevate the guest experience acrossDreamscape’s diverse portfolio.Pedersencomes toDreamscape HospitalityfromNewcrestImage, where she most recently served as Vice President of Asset Management.
Europe Highlight
Boutique operatorAnother Placeis poised to relaunchThe Machrie Hotelon theIsle of Islay, Scotland.The Machriewill become the second hotel in the group’s portfolio when it relaunches on August 1. The hotel, which offers a world-renowned links golf course, will offer a range of new features and menus when it reopens. The hotel, which has 47 rooms, suites, and family lodges, features a sauna, two large wood-fired hot tubs, a cold plunge bath a terrace and firepit.
