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The Daily Lodging Report North America


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The Daily Lodging Report for 6/22/17
Presented by: Gaming USA Corporation - ON Partners
Alan R. Woinski, Editor
Subscription Info Click Here or call 201-599-8484


The DJIA fell 13 points while Nasdaq was up 3, the S&P 500 was down 1 and the 10 year treasury yield barely budget again rounding down to 2.15%. Lodging stocks were mixed.

STR reported US lodging data for the week ended 6/17. Overall RevPAR rose 1.4% with occupancy once again down, this time by 0.3%, and ADR up 1.7%.

JP Morgan reported on meetings they held with Wyndham Worldwide. JPM said senior management is still actively considering a business separation/spin as a means to create value with WYN saying there are no gating issues or impediments to do so if it were to go down this path. Mike Brown, their new vacation ownership CEO, was a late addition but they were impressed saying they feel he could be a public company timeshare CEO. JPM reaffirmed their overweight rating and see an attractive combination of mid-single digit type annual EBITDA growth this year/decent fundamentals; relatively undemanding valuation in a universe of elevated valuation multiples, and a likely catalyst of a separation that should help WYN narrow the valuation gap versus lodging/timeshare peers.

Bloomberg reported that Airbnb is close to launching a new service that will match guests with quality inspected home apartment rentals. The product is intended to attract higher-paying travelers who have yet to use Airbnb because they prefer the amenities guaranteed by fancy hotels. The service is expected to launch as a pilot with a select group of hosts as soon as this week. Airbnb inspectors will ensure some homes meet a quality standards checklist. They will be fin a featured section of Airbnb's website and mobile apps if they pass the inspection. This may sound like a crazy idea but maybe it is time the major hotel companies team up to buy Airbnb. We've seen alliances formed in the hotel and airline spaces, some for rewards, some for OTA type websites. Why not get together and buy Airbnb and use it to their advantage. It should be apparent Airbnb is not going away because even after the mess in the executive chambers of Uber, they are alive and kicking. Maybe the timeshare giants should do it if the hotel chains don't want to.

STR said Canada's hotel industry is projected to report further performance growth through 2018. STR and Tourism Economics said Canada's hotel industry received a boost last year from an 11% increase in inbound travel. With events planned through the year to celebrate the 150th anniversary of Confederation, another influx of visitors should be on the way. RevPAR was up 5.5% in Canadian dollars in 1Q17. For the remainder of the year STR and Tourism Economics expect 5% growth in 2Q, 2.7% in 3Q and 4.2% in 4Q.

Xenia Hotels & Resorts, Inc. completed the sale of a 5-hotel portfolio to an affiliate of Summit Hotel Properties for a total purchase price of $163 million. The portfolio includes the 203 guestroom Courtyard Fort Worth Downtown/Blackstone, the 123 guestroom Courtyard Kansas City Country Club Plaza, the 182 room Courtyard Pittsburgh Downtown, the 116 room Hampton Inn & Suites Baltimore Inner Harbor and the 188 guestroom Residence Inn Baltimore Downtown/Inner Harbor. XHR said the proceeds would be used for general corporate purposes which could include debt repayments, share repurchases and potential acquisitions.

Crescent Hotels and Resorts announced Hotel PUR Quebec is in the final stages of a multi-million dollar renovation in preparation to become Canada's first Tribute Portfolio from Marriott hotel. The official opening relaunch is scheduled for the end of June. The revamp and upgrade features a full redesign and renovation of the 242 guestrooms at Hotel PUR Quebec, a Tribute Portfolio Hotel, a new and more spacious lobby, all 12,000 square feet of meeting space has been upgraded, the fitness room and pool areas have been expanded, the garage has been rebuilt and the elevators are completely new.

Ritz-Carlton said it is launching a luxury cruise service with three yachts in the fourth quarter of 2019. The Ritz-Carlton Yacht Collection's first ship will cruise to places including the Mediterranean, Northern Europe, the Caribbean and Latin America, depending on the season. The ships are small capacity vessels that accommodate 298 passengers with 149 suites each with a private balcony, and two penthouses. Due to the small size, ships will be able to call at locations like Capri and Portofino that are inaccessible to large cruise ships. Reservations opens in May 2018.

The second US-based Yotel opened today in the Seaport District in Boston. Yotel is considered the city's first official micro hotel. Yotel describes the property as smartly designed cabins with everything a guest needs and nothing they don't. The Boston Globe said after this 326 room Yotel in Boston will come Moxy from Marriott which they are considering a 23 story micro hotel, then Dutch micro hotelier citizenM will come to Boston, all expected to help alleviate the city's shortage of hotel rooms, particularly in the Seaport District. Yotel Boston is owned by Wheelock Street Capital.

The TownePlace Suites by Marriott Montgomery, AL is scheduled to open on June 29, 2017. The new 95 suite hotel will operate as a Marriott franchise, owned and managed by Ram Hotels. This is the second TownePlace Suites property opened in Alabama by Ram Hotels in the last 4 months. TownePlace Suites Montgomery East Chase is located just 18 miles from Montgomery Regional Airport.

The Marquette Hotel‘s $25 million renovation refurbishes the lobby, updates the dining areas and redesigns the guestrooms. The hotel, part of the 57 floor IDS Center in downtown Minneapolis, is owned by JMI Realty and is the first in Minnesota to carry the flag of Hilton's "Curio Collection" series. The 282 room Marquette features "Jacques," a new restaurant and bar located just off the lobby. The hotel's other restaurant, Basil's, will now become the "Joliet House". The Marquette has 2 dozen meeting spaces ranging from board rooms to a 4,400 square foot conference area for a total of 25,000 square feet of meeting space.

Homewood Suites by Hilton announced the opening of Homewood Suites by Hilton Worcester. The 118 new suite hotel is located in Worcester, MA and is developed and owned by First Bristol Corporation. Amenities at the hotel include an outdoor grill area, fitness center, indoor pool and flexible meeting space.

Home2Suites by Hilton announced the opening of Home2 Suites by Hilton Opelika Auburn in Opelika, AL. Locally owned and operated by Tom Hunt and Chris Chavis of PHD Hotels, Inc., the hotel features trademark Home2 Suites amenities along with an outdoor saline pool and patio with fire pit and grilling area.

Red Lion Hotels Corporation agreed to open 2 new franchised Red Lion Inns & Suites. The Red Lion Inn & Suites Salmon Creek in Vancouver, WA, which is slated to open by this October, will have 66 guest rooms, a swimming pool, hot tub and sauna and a business center. The Red Lion Inn & Suites Auburn, WA will feature 85 guest rooms and a business center and is anticipated to open this month. RLH also agreed to open new franchised Americas Best Value Inns. The Americas Best Value Inn & Suites in Bastrop, LA will have 40 guest rooms, an outdoor pool and business center. The Americas Best Value Inn & Suites Bakerfield Central in Bakersfield, CA will have 51 guest rooms, a seasonal outdoor pool and business center. Both properties are anticipated to open next month.

The James Hotel in Sunset | LaCienega, located in West Hollywood will be rebranded as a 1 Hotel. Built by CIM Group and Denihan Hospitality Group and purchased earlier this month by Starwood Capital, the 286 room hotel consists of two 10 story towers and contains 15,000 square feet of retail space. The project is located in Sunset | LaCienega which has a 190 unit multifamily component and 55,000 square feet of retail space.

The Siren Hotel in downtown Detroit's historic Wurlitzer Building will be ready in November, following a $22 million buildout. The hotel will feature 98 rooms and 8 suites, 7 food and beverage spaces and 2 retail shops. Ash NYC owns and operates the hotel. The project began around January last year and a soft opening is planned for November. Some of the amenities include an eight-seat tasting counter called Albena, another restaurant will be located on the second floor with three additional ones opening next year, a cocktail "candy bar" and a Populace Coffee Bar. There are also plans for a Social Club Barbershop, a hotel boutique and flower shop. The Siren Hotel will be the second one for Ash NYC.

Holliday Fenoglio Fowler, L.P. has closed the sale of the Hampton Inn Dayton Beach/Beachfront, a 90 room beachfront hotel in Daytona Beach, FL. HFF marketed the property on behalf of the seller, Humphrey Realty Corp.. Driftwood Acquisitions & Development LP purchased the asset free and clear of debt and unencumbered of management.

Premier Capital Associates, LLC arranged financing for the acquisition and refurbishment of the Hampton Inn & Suites in Eugene, OR. The total loan amount was approximately $5,600,000.

Greystone Hotels announced the appointment of Dayna Zeitlin as Vice President, Sales Strategy and Market Development. Dayna comes to Greystone from InterContinental Hotels Group.

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