Kimpton

Somm Hotel and Spa in Woodinville, Washington, part of Marriott's Autograph Collection, is set to open in the summer of 2025 as part of a $700 million development. Home2 Suites by Hilton Houston/Katy in Texas completed renovations, featuring upgraded guestrooms and amenities. The Balbin Bros. Cigar Factory in Tampa, Florida, is undergoing transformation into a 70-room boutique hotel, aiming to open by March 2025 while preserving its historical value.

DJIA down 37 points, Nasdaq up 207, S&P 500 up 30; 10-year treasury yield rises to 4.34%. Lodging stocks mixed, SLNA up 9%, BHR down -6%, VAC trades lower. Florida reports strong international visitor numbers, overseas travel up 21.8%, Canadian visitation up 81.1% in H1 2023. Florida sees 70.8 million annual visitors, leading post-pandemic recovery in overseas travelers. Grand Galvez hotel joins Marriott's Autograph Collection with elegant renovations. Aloft Chicago Schaumburg transforms former Holiday Inn into 119-room boutique hotel. IHG's Kimpton to open two boutique hotels in Mexico City. Hartsfield-Jackson Airport plans new administration building and mid-tier hotel. New hotel in Milwaukee's Deer District and upgraded Enclave at The Vendue opening in Charleston. US Real Estate Credit Holdings to purchase bankrupt Banyan Cay Resort.

Pebblebrook Hotel Trust beat expectations in Q2, aided by higher business interruption insurance proceeds and share repurchases. U.S. hotel construction pipeline sees steady growth with significant upscale and upper midscale projects. Several new hotel developments and acquisitions are planned, including a boutique Kimpton Virgilio in Mexico City and the first Hyatt Centric in Winnipeg .

Hilton and Marriott are expected to report strong 2Q23 results with international strength as a key driver. Various hotels in different regions are undergoing significant expansions, renovations, and acquisitions, with Hilton announcing a new property in Cancun and Scandic Hotels Group expanding its portfolio in Sweden . Accor is in exclusive negotiations to acquire a majority stake in Potel & Chabot, potentially becoming the sole shareholder of the company.

Marriott International, Sonesta International Hotel Corporation, and Pyramid Global Hospitality , announced plans for expansion and introduced new brands in different locations, including Latin America, Canada, and several U.S. states. Accor highlighted the progress of its branded residences business, with numerous projects under development worldwide, including Dubai, Australia, and South Korea. The Plasencia Group facilitated the sale of The Westin Tampa Bay, and Dan Hansen returned from retirement to lead Hyatt's new mid-market extended-stay brand, Hyatt Studios, with a significant development pipeline.

Market surge: DJIA and Nasdaq experience significant gains, with the DJIA surging 701 points and the stronger-than-expected jobs report contributing to the rise. Airbnb lawsuit: Airbnb files a lawsuit against New York City over a new law that the company claims will limit short-term rentals and make it more difficult for hosts to do business. Hotel openings and acquisitions: Several hotel brands announce new openings and acquisitions, including WoodSpring Suites, Sonesta, and Margaritaville, expanding their presence in different cities and states.

Hotel industry news: Renovations, expansions, and openings across various cities, states, and countries. Notable updates include the completion of a multi-million-dollar renovation at The Westin Savannah Harbor Golf Resort & Spa in Georgia. Exciting developments include the opening of the first fully Pixar-themed hotel, Pixar Place Hotel, in Anaheim, California, and the debut of Six Senses Crans-Montana in Switzerland.

US hotels surpass pre-pandemic revenue levels in Q1 2023, with a 13% increase compared to 2019, driven by higher room rates. Despite concerns of a recession and liquidity crisis, US hotels continue to perform well, with leisure travel showing strength and business travel gradually returning. Significant hotel developments and renovations are underway in various US cities, including new acquisitions, expansions, and upgrades to enhance guest experiences.

STR reported China hotel data for the week ended May 6. Hotel RevPAR in China was up 140.9% year over year. The South China Morning Post said Macau’s casinos are still struggling with finding labor as hotel rooms stay shut and the resorts are unable to fully satiate the booming demand from mainland China tourists . Araiya Hotels and Resorts and Kamakhya Hospitality Services Private Limited announced plans for a new urban resort Soul by Araiya, Dharamshala, A Kamakhya Hotel , anticipated to open in Q4 2023.

JP Morgan upgraded their rating on Accor to Neutral from Underweight with a price target of €30, up from €24.50. Hyatt Hotels Corporation  and  Mr & Mrs Smith  announced an agreement for a Hyatt affiliate to acquire Mr & Mrs Smith, a platform offering direct booking access to boutique hotels.