Latest news: New CEO at Driftwood; junk fee law in NYC; Fairmont to Calgary

Son takes over at Driftwood. Miami-based investment firm Driftwood Capital has elevated Carlos Rodriguez Jr. to CEO, succeeding his father Carlos Rodriguez, Sr., who co-founded the company with his son in 2015. Rodriguez Jr. previously served as president and chief operating officer. Rodriguez Jr. will lead Driftwood Capital’s investment strategy and firmwide execution, while Rodriguez Sr. will continue as executive chairman and remain actively involved in setting the firm’s long-term strategy. The owner, operator and lender has some $3.5 billion in hospitality assets under management, more than $1 billion in projects under construction/development, participated in over $2 billion in loan originations, and has more than 80 hotels under management through its subsidiary, Driftwood Hospitality Management.

NYC junk fee laws. New York City has finalized regulations prohibiting hotels from charging customers hidden, undisclosed or unexpected fees. The city also is requiring transparency on credit card holds. The new rules take effect February 21. The new rules mirror regulations the FTC finalized in 2024 that requires hotels to display the total price, including all required fees, up front. NYC's version goes a step further by mandating clear disclosure of credit card holds or deposits. Under the city rule, hotels must prominently display total pricing, inclusive of mandatory fees like destination fees, resort fees or hospitality service fees. Additionally, the rule prohibits hotels from misleading consumers about the nature of any fees via any offers, displays or advertisements. The rule also requires hotels to disclose the final payment amount and details about credit card holds or deposits, including the amount, potential retention reasons and refund timeline for these holds before a consumer agrees to pay.

Fairmont to Calgary. Fairmont Hotels & Resorts, in partnership with development group Truman, will develop the new 225-key Fairmont hotel with 100 branded residences in Greater Downtown Calgary, Canada, slated to open in Q4 2031. Fairmont Calgary is a direct beneficiary of the Stampede Park transformation project, a major revitalization of Calgary’s Culture and Entertainment District centered around the government funded $500 million expansion of its BMO Centre, completed in 2024. The design concept will be announced and the regulatory approvals process will be initiated in Q1 of 2026.

Palisociety to Beverly Hills. Avi Brosh's Palisociety is set to debut in April 2026 its first hotel in Beverly Hills this spring with The Hôtel Lili. The property was originally built in 1939 as a private residence. Brosh and team have completely updated the property’s three stories and 44 guest rooms, alongside The Bar. This hotel will become the brand’s ninth hotel in the Los Angeles area.

Good week in US. The U.S. hotel industry from January 11-17 reported positive year-over-year comparisons, according to CoStar data. Occupancy was 56.1% (+0.7% YOY); ADR was $157.21 (+0.9% YOY); and RevPAR was $88.19 (+1.6% YOY). Among the Top 25 Markets, Minneapolis reported the largest occupancy increase (+12.2% to 51.6%) and the second-highest jump in RevPAR (+17.4% to $63.93). Miami saw the highest ADR gain (+11.8% to $287.54), due to the impact of the College Football Playoff National Championship. Philadelphia registered the largest lift in RevPAR (+21.8% to $86.68). Overall, 16 of the Top 25 Markets saw an increase in RevPAR. Washington, D.C. reported the most pronounced decreases in ADR (-31.3%) and RevPAR (-32.1% to $93.43) with difficult year-over-year comparisons from the weekend of last year’s Presidential Inauguration.

Extended-stay bottoming out. December marked nine consecutive months of RevPAR decline for extended-stay hotels, according to The Highland Group. However, the loss was the lowest since RevPAR began falling in April, demand growth was the largest in 13 months, occupancy loss was the least since February and the room revenue increase was the strongest in 10 months. “December’s extended-stay hotel performance metrics provided an early signal that the nadir of monthly RevPAR losses is approaching,” said The Highland Group Partner Mark Skinner. 

Covivo buys in Portugal. Covivio, through its subsidiary Covivio Hotels, has signed a deal acquire a 228-room Meininger hotel (834 beds) in Porto, Portugal, from Eiffage Immobilier Portugal for €31.6 million. Construction of the property will begin in the first quarter of 2026. The sale will be effective at the opening of the hotel, scheduled for the second half of 2028. An Agreement for Lease, effective upon delivery has also been signed with Meininger, who will operate the hotel under a 20-year fixed lease. This transaction follows the acquisition in July 2025 of the B&B Porto Centro Massarelos hotel – also developed with Eiffage.