LODGING Staff - 10 Minutes News for Hoteliers - Page 116

1 min

CoStar: U.S. Hotel Industry Closes December With Negative Yearly Comparisons

🏨 In the week of December 22-28, 2024, the U.S. hotel industry saw occupancy fall by 4.9% to 47.7%, ADR drop by 1.7% to $160.96, and RevPAR decline by 6.5% to $76.83 year-over-year. Tampa experienced a surge with occupancy up 16.3% and RevPAR increasing by 22.6% to $124.36. Houston had the largest ADR increase of 5.6% reaching $97.82. Conversely, Nashville and Atlanta faced the sharpest RevPAR decreases of 35.6% ($51.68) and 21.7% ($40.05), respectively.

1 min

Courtyard by Marriott San Mateo Foster City Completes Renovation

🏢 Courtyard by Marriott San Mateo Foster City, owned by Clarion Partners and managed by Marriott International, Inc., completes renovation of 147 rooms including guestrooms, meeting spaces, and fitness center. Located between San Francisco and San Jose, 9 miles from San Francisco International Airport, the hotel features revamped rooms with new furniture, fixtures, soft goods, and in-room entertainment technology. Amenities include a 24/7 fitness center, 1,728 square feet of event space, Bistro restaurant, and a courtyard with a fire pit.

1 min

Sonesta Simply Suites Brand Expands in Houston

🏠 Sonesta International Hotels Corporation unveiled the Sonesta Simply Suites Houston Brookhollow, adding an 85-room hotel to its portfolio. This newly opened hotel is conveniently located near Houston landmarks like the Downtown Aquarium, NRG Park, and the Museum District. Characterized by its apartment-style suites, which include kitchens and workspaces, the hotel caters to travelers seeking extended stays, complete with WiFi access. Keith Pierce highlighted the company’s effective franchising model for its rapid execution of deals and conversions.

1 min

NewcrestImage Converts New Jersey Hotel to Homewood Suites Brand

📌 A 150-unit, five-floor hotel in Parsippany, New Jersey, was acquired by NewcrestImage in June 2022 and rebranded as Homewood Suites by Hilton. Located strategically along Interstate 80, the hotel underwent renovation, featuring modernized public areas, suites, two meeting rooms, an indoor pool, fitness center, and complimentary buffet breakfast. It caters to business and leisure travelers, being 23 miles from Newark Liberty International Airport and 2 miles from Parsippany Railway Station, with proximity to several corporate offices, attractions, and New York City (29 miles).

1 min

CoStar: December U.S. Hotel Industry Reports Positive Year-Over-Year Comparisons

🏨 U.S. hotel industry saw year-over-year improvements as of Dec. 21, 2024, with occupancy increasing by 11.4% to 48.9%, ADR rising by 2.7% to $135.79, and RevPAR growing by 14.3% to $66.36. Tampa led the Top 25 Markets with occupancy and RevPAR surging to 71.5% (up 37.9%) and $110.51 (up 63.8%), respectively, partly due to hurricane recovery demand. Conversely, Oahu Island experienced declines across occupancy (down 4.0% to 66.4%), ADR (down 16.7% to $259.60), and RevPAR (down 20.0% to $172.27). New York City boasted the largest ADR increase, reaching $351.39 (up 20.1%).

1 min

Driftwood Capital Secures Refinancing for Two Hotels

🏦 Driftwood Capital secured $62.5 million refinancing for Wylie Hotel Atlanta and Sheraton Pittsburgh Hotel. Fortress Investment Group provided a $28.5 million loan for Wylie Hotel, acquired by Driftwood Acquisition Partners in 2021 and rebranded in 2023. The 111-key Wylie offers Mrs. P’s Bar & Kitchen and event space. Starwood and Greystone Commercial provided a $34.0 million loan for the 399-key Sheraton, featuring 29,000 square feet meeting space and Factory South Shore restaurant, which underwent a $10 million renovation post its acquisition during the COVID-19 pandemic.

1 min

Home2 Suites by Hilton Kalispell Celebrates Topping Off Milestone

🏨 In Kalispell, Montana, The Hotel Group and TE Miller Development, LLC announced the topping-off of Home2 Suites by Hilton, a 107-room extended-stay property expected to open in late spring 2025. Designed for flexible accommodations with all-suite rooms, the hotel is seven miles from Glacier Park International Airport and provides amenities like an indoor pool and a fitness/laundry space, enhancing access to Glacier National Park and Flathead Lake.

1 min

RIU Hotels & Resorts Offers Upgrade’s Flex Pay Solution

💰 RIU Hotels & Resorts, founded in 1953 in Mallorca, now with over 100 hotels in 21 countries and hosting 6.4 million guests in 2023, partners with Flex Pay to offer guests a new payment option. Travelers can now pay for their all-inclusive vacations in monthly installments over 3, 6, 9, 11, 18, or 24 months, as announced by Juan Campins, RIU's VP of digital channels. Flex Pay's president, Tom Botts, highlights the flexibility this partnership provides to customers visiting any of the RIU locations worldwide.

2 min

Hyatt and Grupo Piñero Enter Long-Term Joint Venture

🏖️ Hyatt Hotels Corporation and Grupo Piñero formed a joint venture based in Palma de Mallorca, Spain, managing 22 Bahia Principe-branded resorts with approximately 12,000 rooms across the Dominican Republic, Mexico, Jamaica, and Spain. CEO Julio Pérez leads the venture, with Encarna Piñero as chairman and Izet Mahalbasic as CFO. The partnership strengthens Hyatt’s all-inclusive portfolio, which will include over 140 properties globally by the end of 2024.

2 min

Charter Holdings Acquires Tru by Hilton Dallas Market Center

🏢 In Dallas, Texas, Charter Holdings and Liberty Hospitality Partners have acquired the Tru by Hilton Dallas Market Center, adding the 152-room hotel to their portfolio and planning renovations, including the city’s largest open-air rooftop bar. The strategic investment by the two companies seeks to transform the rooftop into a popular destination, delivering prime views of the Dallas skyline, with Ray Washburne’s M-Crowd restaurant group operating the bar. The hotel, benefiting from Dallas's growth as an economic and cultural hub, caters to both business and leisure travelers and is part of the Hilton Honors loyalty program.

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