LODGING Staff - 10 Minutes News for Hoteliers - Page 130

1 min

This Week’s Comings & Goings

📌 McKibbon Hospitality appoints Mike Dickey as senior VP of human resources, leveraging his 35+ years of experience. Uniguest names Shawn O’Connell executive VP of sales Americas after his 12+ years at Samsung and 8+ years at PSAV. Mandarin Oriental promotes Amanda Hyndman to COO, succeeding Christoph Mares, while she maintains her role as chief people and culture officer. The Sebastian-Vail, a Timbers Resort, welcomes Kate Grattan as general manager. The Ritz-Carlton Residences, Waikiki Beach appoints Keenan Rothenborg as sales manager. BH Properties selects Mark Workman as managing director, investment and asset management, with his 17+ years in the field, previously at Lincoln Property Company.

3 min

Grand Hyatt Scottsdale Resort Reopens Following Renovation

🏖 Hyatt Hotels Corporation unveiled the $115 million renovation of Grand Hyatt Scottsdale Resort, Arizona, marking its first in the state. The luxury resort boasts 496 updated accommodations, including 18 Casitas and the Gainey House. Renovated features include six dining experiences with celebrity chef Richard Blais, a 2.5-acre area with 10 swimming pools, Spa Avania's 19 treatment rooms, 27 holes of golf at Gainey Ranch Golf Club, and an expanded 90,000 square feet of indoor/outdoor function space, ready by January 2025.

1 min

Peachtree Group Partners With Group 10 Management

🏨 Peachtree Group in Atlanta, Georgia, partners with Group 10 Management, adding 14 new hotels with 1,648 rooms, primarily Marriott, Hilton, and IHG brands, mostly in metro Detroit. This expansion grows Peachtree's managed operations over 100 hotels, now totaling 107 hotels, 13,485 rooms, across 27 brands in 27 states including Washington D.C. Peachtree's third-party management portfolio increases to 31 hotels. The partnership aims to leverage Peachtree's expertise in hotel operations, brand compliance, and cost efficiencies.

4 min

Choice Hotels International Reports Q3 2024 Results

💰 Choice Hotels International, Inc. reported a record total revenue of $428.0 million for Q3 2024, a 1% increase from Q3 2023. Net income rose 15% to $105.7 million, with diluted EPS up 23% at $2.22. Adjusted net income and adjusted diluted EPS also grew by 15% and 23%, respectively. Adjusted EBITDA ascended to $177.6 million, a 14% increase. The global pipeline expanded by 11%, reaching over 110,000 rooms, while hotel openings soared by 75%. Stock repurchase amounted to $352.9 million, over 6% of the company's early market cap. Guidance for full-year 2024 net income and adjusted EBITDA has been raised.

1 min

JLL Arranges Financing for Hilton Garden Inn Seattle Bellevue Downtown

🏨 JLL's Hotels & Hospitality Group secured refinancing for the 254-key Hilton Garden Inn Seattle Bellevue Downtown for West77 Partners. The fixed-rate, five-year loan was obtained through a national life insurance company, allowing the borrower to repay an existing bank loan and return equity. Located in Bellevue, Washington, the hotel opened in 2018 and features over 3,000 square feet of meeting space, an on-site restaurant, and is near attractions like Bellevue Square. The JLL Debt Advisory team included Managing Director Adrienne Andrews and Analyst Jessica Mehra.

2 min

Davidson Hospitality Group Adds Two Hotels to Managed Portfolio

🏨 Davidson Hospitality Group, managed by CEO Thom Geshay, has been selected by Lennox Capital Partners to manage The Highland Dallas in Texas and The Westin St. Louis in Missouri. The Highland Dallas, a 204-room hotel with 11,420 sq ft of event space, will undergo a $13M renovation. The Westin St. Louis features 263 rooms, a fitness studio, a grill, and 20,864 sq ft of event space, located near Busch Stadium and Gateway Arch Trail.

2 min

Drury Plaza Hotel Chattanooga Hamilton Place Opens

🏠 Drury Hotels Company, LLC opened the Drury Plaza Hotel Chattanooga Hamilton Place in Chattanooga, Tennessee, marking their first in the city and fifth in Tennessee. The hotel features 210 guestrooms and suites, over 2,500 square feet of meeting space, and is the third company opening in 2024. Located off I-75, it's 4 miles from Chattanooga Metropolitan Airport and offers amenities like hot breakfast, dinnertime snacks, WiFi, and parking. Their Meetings with More program provides WiFi in meeting rooms and flexible cancellation policies for events with up to 360 attendees.

3 min

Griffin Hotel Management Merges Into Meyer Jabara Hotels

🏨 Griffin Hotel Management LLC has merged into Meyer Jabara Hotels (MJH), adding 14 assets to MJH's portfolio. With additional deals, MJH is expected to manage 50 hotels by Q1 2025. Griffin's CEO James Kirkland becomes MJH's SVP of Operations – Western region, while majority owner Jay Fishman assumes a business development role. The merger expands MJH's Western footprint with properties in Texas, Illinois, Arizona, New Mexico, Minnesota, and Michigan and introduces new capital partners. Kirkland has opened over 30 U.S. properties during his career, and Fishman has managed over 40 hotel transactions.

5 min

Marriott International Reports Q3 2024 Results

📈 Marriott International reported Q3 2024 results with a worldwide RevPAR increase of 3%, 2.1% in the United States and Canada, and 5.4% in international markets. Q3 reported diluted EPS was $2.07, down from $2.51 in Q3 2023. Net income decreased to $584 million from $752 million year-over-year. Adjusted EBITDA reached $1,229 million, up from $1,142 million. Approximately 16,000 net rooms were added, bringing the development pipeline to around 3,800 properties and 585,000 rooms, with over 220,000 rooms under construction. Marriott repurchased 4.5 million shares for $1.0 billion in Q3 and expects to return $4.4 billion to shareholders in 2024.

4 min

Hyatt Hotels Corporation Reports Q3 2024 Results

💰 In Q3 2024, Hyatt Hotels Corporation saw a 3.0% increase in system-wide hotels RevPAR and 4.3% net rooms growth, but a 0.9% decrease in all-inclusive resorts Net Package RevPAR compared to Q3 2023. The company reported a net income of $471 million, an adjusted net income of $96 million, and an adjusted EBITDA of $275 million. Hyatt repurchased 4.5 million shares for $657 million and projects full-year net income between $1,400 million and $1,450 million with an adjusted EBITDA of $1,100 million to $1,120 million. Total liquidity stood at approximately $2.6 billion as of September 30, 2024, with a pipeline of 135,000 rooms. The company also declared a $0.15 per share dividend, payable on December 6, 2024, to stockholders of record as of November 22, 2024.

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