STR weekly results: STR’s data for the week ending 29 May showed U.S. weekly hotel occupancy reached its highest level since late-February 2020, boosted by Memorial Day weekend. This past Saturday’s 83.0% occupancy level was the country’s highest since October 2019. May 23-29 (percentage change from comparable week in 2019*):
- Occupancy: 61.8% (-4.2%)
- Average daily rate (ADR): US$122.06 (-1.6%)
- Revenue per available room (RevPAR): US$75.42 (-5.7%)
Phoenix (+10.0% to 64.3%) was the only Top 25 Market to report a double-digit occupancy increase over 2019. San Francisco/San Mateo saw the steepest decline in occupancy when compared with 2019 (-41.1% to 47.3%).
In terms of ADR, Miami (+52.1% to US$250.19) posted the greatest increase over 2019, followed by Phoenix (+27.4% to US$125.71).
When looking at RevPAR, Miami (+58.4% to US$185.24) and Phoenix (+40.2% to US$80.83) saw the largest increases against 2019.
The largest RevPAR deficits were in San Francisco/San Mateo (-60.4% to US$67.07) and Boston (-55.4% to US$69.79).
Home2 Suites by Hilton gets $7.1M loan: PMZ Realty Capital, a real estate investment banking firm, has arranged a US$7.1 million non-recourse loan for the 99-room Home2 Suites by Hilton in Hilton Head, South Carolina. PMZ’s client used the loan proceeds to refinance the original construction loan, which a private equity group had purchased from the bank that originally made the loan.
Thompson buys The Frenchmen: Entrepreneur and restaurateur Robert Thompson’s new firm Angevin & Co. has bought The Frenchmen Hotel in New Orleans. It is the first of several intended investments for Thompson. While the 27-room boutique hotel will undergo a full renovation, the historic integrity of the building will be preserved. Angevin & Co. plans to make changes to the rooms, bars, pool and outdoor spaces. It is expected to open in Q4 2021.
Dayton Crowne Plaza sold, rebranded: The Crowne Plaza hotel in downtown Dayton, Ohio, has been bought for US$13.1 million, and will be rebranded as Radisson-Dayton. An alliance was formed to purchase the hotel, including management company Commonwealth, Radisson Hotel Group Americas and Lockwood Development Partners, in partnership with non-profit Veteran Services USA. The alliance may divide the hotel for residential uses. The buyer is listed as LW Dayton V LLC; the seller Integrity Hotels Group LLC, based in Dallas, Texas.
GreenLake funds dual-branded Marriott: Los Angeles-based GreenLake Asset Management has funded a US$24.4 million development project to build a 181-room Marriott hotel in Barstow, California. The property will be a dual branded Townplace Suites by Marriott and Fairfield Inn & Suites by Marriott. San Diego-based Hotel Investment Group will develop the project. The GreenLake funds will enable them to capitalize on contract business from the U.S. government and large utility operators in a largely untapped market. The property is expected to open in early 2023.
Rebranding in Shoreditch: The former Ace Hotel in London’s Shoreditch neighborhood is being rebranded by owner the Lore Group as One Hundred Shoreditch and will open this autumn. The Lore Group is known as the company behind Sea Containers London, Pulitzer Amsterdam, Riggs Washington, D.C. and the newly opened Lyle Washington, D.C. David Taylor, Lore Group’s COO, who previously opened the original Hoxton in 2006, said One Hundred Shoreditch will include 258 rooms, as well as, six restaurants and bars. Ace Hotel Group President Brad Wilson recently told HOTELS the Ace brand is looking for a new home in London, and potentially the Shoreditch area.
Meliá in Thailand: The 260-room Meliá Chiang Mai is slated to open in Q4 2021. The luxury urban hotel is owned by Thai real estate group Asset World Corp. The property is the flagship project in Meliá Hotels International’s roll-out plan in key destinations across Thailand. The 176-room INNSiDE by Meliá Bangkok Sukhumvit, the first property of its brand in Thailand, is due to open in 2022.
Messi buys 5th hotel: Lionel Messi has bought the luxury 31-room Casa Canut in Andorra. It becomes the fifth hotel in the football legend’s portfolio. He has owned his hotel group, MIM Hotels, since 2017. The hotel has undergone severe economic struggles due to the pandemic, but the Argentine plans to restore it to its former glory. He will look to capitalize on the popularity of Andorra’s ski slopes, which brings in thousands every year.
Developer of collapsed building wants do-over: Almost 20 months after the New Orleans Hard Rock Hotel disaster, Mohan Kailas, lead developer, on Thursday urged the City Council not to “kill a project” by placing new height restrictions on the site. Kailas said he planned to rebuild a similar project to the one that collapsed, and that a deal with Hard Rock International was still in play. But at the council meeting, members unanimously voted to rescind the conditional use permit that allowed the Hard Rock to rise 18 stories. Another vote is required before that change goes into effect, though it isn’t expected to face opposition.