Latest news: US RevPAR -4.2% last week; Pendry Nashville financing; more Four Season residences

Rough week in US. U.S. RevPAR was -4.2% year-over-year for the week ending March 15, according to CoStar data. A Truist Securities note on Friday lowered full-year 2025 guidance to flat to +2% RevPAR growth, down from +1% to 3% for mid and upper-end hotels, a range below consensus of approximately +2.5%. Truist said this result comes a week after +0.6% year-over-year RevPAR growth and below the trailing 10-week average of +0.8% year-over-year. Truist said it was unaware of any comp related issue and caveated that one week does not make a trend. Most concerning, it said, was transient RevPAR of -6.0% for Luxury/Upper Upscale (compared to flattish for trailing 28 days). “While luxury travel continues to outperform the more price-sensitive consumer, we encourage attention to what may be a pullback on discretionary high-end leisure spend,” said Truist’s C. Patrick Scholes. Second on Truist’s concern list is midweek RevPAR, which was down mid-single digits for most of the chain scales (Luxury was flattish). “We have not heard of a major pullback in corporate travel excluding government and government-related businesses,” Scholes continued. “However, if last week's results are an indicator, the recent improvement in corporate transient especially to high-end urban hotels may be short-lived.”

Trouble at Heathrow. A large fire near London's Heathrow Airport knocked out power Friday and continues to stop flights at Europe's busiest flight hub, disrupting global travel for hundreds of thousands of passengers. At least 1,350 flights to and from Heathrow were affected, flight tracking service FlightRadar 24 said, and the impact was likely to last several days as passengers try to reschedule their travel and airlines work to get planes and crew to the right places. 

Nobu announces Manchester. Nobu Hospitality and developer Salboy have unveiled plans for a development in Manchester, England, featuring a hotel, restaurant, and the U.K.'s first Nobu-branded residences. The project - currently named Viadux 2 – will introduce the Nobu Hotel Manchester as the tallest building outside London, standing at 246 metres. The Viadux 2 project represents a £360 million property development in a prime Manchester city center location, subject to a positive planning outcome this spring. The 76-storey tower will house 160 hotel rooms. The development will also introduce 452 Nobu residences.

Financing for Pendry Nashville. Developers SomeraRoad and Trestle Studio have secured a $253 million construction loan to build a 30-story hotel-condominium tower in in the Paseo South Gulch neighborhood south of Downtown Nashville, featuring 180 hotel rooms and 146 luxury condos operated under the Pendry Hotels & Resorts brand. Bank OZK and InterVest Capital Partners provided the loan for the project slated to open in 2027.

Four Season residences for Georgetown. In partnership with The Georgetown Co. and Mohari Hospitality, Four Seasons Hotels and Resorts unveiled plans for stand-alone ultra-luxury homes in Georgetown, Washington, D.C. Four Seasons Private Residences Washington, DC will include 64 one-to-four-bedroom residences and is scheduled to open in 2026.

Hyatt adds two. Hyatt Hotels Corp. announced that two adjacent hotels in New Orleans, Maison Métier and The Barnett, joined World of Hyatt loyalty program and respective Hyatt brands. The 67-room Maison Métier, owned by Domain Companies and after a rebrand and refresh, is entering The Unbound Collection as part of Hyatt’s luxury group. Simultaneously, The 234-room Barnett, which is co-owned by Domain Companies and HRI Hospitality, has undergone extensive renovations and reimagining, has joined JdV by Hyatt. Both properties are managed by New Orleans-based HRI Hospitality.

Crescent adds in NYC. Crescent Hotels & Resorts has been selected to manage the NoMo SoHo, a boutique hotel inside the tallest freestanding building in the New York City SoHo neighborhood.

LBA take Sai portfolio. LBA Hospitality, Dothan, Alabama, has officially assumed management of Sai Hospitality’s full portfolio of hotels. As of March 2025, LBA oversees five properties across Georgia and Florida under brands ranging from Holiday Inn & Suites to Fairfield Inn & Suites, Hampton Inn and Best Western Premier.

Northern Italy hotels trade. A portfolio of three hotels in the Emilia-Romagna region of Italy have been acquired by French institutional investor Iroko ZEN SCPI. The three purpose-built hotels are located in Sassuolo (Modena), Castelmaggiore (Bologna) and Ferrera and are operated by B&B Hotels. The acquisition represents Iroko’s first real estate investment in Italy.

Accor loyalty milestone. Accor announced that its loyalty program, ALL, reached 100 million global members. Since its inception in 2019, on average Accor said ALL members spend more than twice as much as non-members; ALL members were multiplied by 2 in five years, 2024 saw membership grow by another 11 million of new members; business volume generated through the ALL app increased by 45% (compared to 2023); one out of every three room bookings are being made by a member of ALL.

Fusion grows in Vietnam. Lodgis Hospitality Holdings’ Fusion hotel brand has taken over the management of the 161-room Dong Duong Hotel, a property in the heart of Hue, a top heritage destination in Vietnam, set to open in the third quarter of 2025. It marks Fusion’s second property in Hue. Additionally, Fusion is expanding with two new properties in Vietnam, including locations in Hanoi and Ha Long, and one in Thailand, all set to open in 2025. Lodgis Group CEO Christopher Hur said Fusion is on track to reach 50 properties by 2028.