Latest news: AEG bids in downtown LA; Sawgrass sells; Como to Saint-Tropez

AEG bids for downtown LA project. AEG Worldwide has submitted an application to the Los Angeles Department of City Planning to construct a 49-story, mixed-use building that would include a 334-room hotel, 364 residential units and 112,593 square feet of entertainment space., according to Urbanize Los Angeles. The plan would redevelop a surface parking lot just north of the L.A. Live complex located at 917-931 W. Olympic Blvd. and 920-948 S. Georgia St. This is AEG’s third attempt to take on a project on the site after previously partnering with Williams & Dame in 2013 on plans to operate a building as a Renaissance Hotel, as well as plans to build a 38-story expansion of the J.W. Marriott on the property in 2016.

Sawgrass resort sells. PE firm South Street Partners, Dream Finders Homes, Pat Battle and select joint venture equity partners have acquired the 351-room Sawgrass Marriott Golf Resort & Spa in located in Ponte Vedra Beach, Florida, for a reported $149 million from seller CWI Sawgrass Hotel, LLC, an affiliate of Carey Watermark Investors. The property includes 163 villas and 114,000 square feet of meeting and event space. There is also a 25,000-square-foot spa and fitness center. The buyers also acquire the two-acre oceanfront Cabana Beach Club, which features the 1912 Ocean Bar & Rooftop. The new owners are planning a comprehensive renovation. The property is situated on approximately 66 acres adjacent to the iconic PLAYERS Stadium Course at TPC Sawgrass. The acquisition financing was provided by BDT & MSD Partners' affiliated funds. South Street Partners is an owner-operator of private residential club and resort communities, including Kiawah Island and Palmetto Bluff. Dream Finders Homes is a single-family home builder. Battle is executive chairman of Diamond Baseball Holdings and past chairman and CEO of IMG College. No further deal details were disclosed.

Sunstone guidance unchanged. Sunstone’s 3Q25 RevPAR growth was reported at +2.0% with Hotel EBITDA in line at $52.6 million. R.W. Baird wrote total revenues were better than we forecasted, but greater margin contraction put Hotel EBITDA right at estimates. Full-year guidance ranges were unchanged, but the “core” outlook was reduced $3 million at the midpoint. Baird noted that Tarsadia Capital has been quiet (publicly) since it pushed for change in mid-September. It said November 19 is the deadline for stockholder proposals to be considered for inclusion in the proxy statement/card for the 2026 annual meeting. Sunstone noted: “We remain committed to addressing the valuation discount at which we trade and taking every step possible to deliver value for shareholders… the Board and management team will continue to explore all avenues to realize the value of our exceptional portfolio.”

COMO heads to Saint-Tropez. Le Beauvallon — built in 1914, closed in 2008 for a restoration, and reopened in 2015 as an exclusive-use private estate — is returning to its roots as a hotel on the French Riviera with an April 24, 2026, reopening as the 42-room COMO Le Beauvallon on the shores of the Gulf of Saint-Tropez in France. “The opening of COMO Le Beauvallon in April 2026 marks an important moment for the COMO Group — a rare opportunity to establish our presence in one of Europe’s most exclusive destinations. It enriches our portfolio and reinforces our commitment to delivering empathetic service, authentic experiences, and a deep connection to place”, said COMO Hotels and Resorts CEO Olivier Jolivet.

B2C growth for Expedia. Expedia reported 3Q25 earnings that included B2C and B2B bookings +7% and +26%, respectively, and Adjusted EBITDA margins +208 bps year-over-year. Gross bookings were +11.7% and revenues +8.7% on better B2B performance and a notable acceleration in B2C, particularly in Europe and the United States, according to R.W. Baird. ADRs were +2%. Management noted "continued momentum in October," but acknowledged the somewhat uncertain and dynamic macroeconomic backdrop as well as tougher comparisons in November-December, according to Baird.

Airbnb hotel test comments. After revealing in September that Airbnb would add hotels as a property type in its app, CEO Brian Chesky said during the company’s third quarter earnings report that it has been doing hotel pilots in Los Angeles, New York City and Madrid, cities that have restrictions on short-term rental restrictions. “Hotels are very excited to participate,” he said. “These are just pilots, but we're seeing a lot of interesting momentum.” Airbnb reported revenue of $4.1 billion in Q3, a 10% year-over-year increase, which the company said was driven by nights stayed and an increase in average daily rate. Net income was $1.4 billion, which was in line with income reported during the same period last year. The Q3 net income margin was 34% in Q3 2025 versus 37% in Q3 2024. Adjusted EBITDA was more than $2 billion, which Airbnb said was its highest ever reported in a quarter. Sales and marketing spend totaled $639 million, up from $514 million in Q3 2024. Nights and seats booked in Q3 were up 9% year over year to 133.6 million and gross booking value totaled $22.9 billion, a 14% year-over-year increase. Airbnb said its recently launched “Reserve Now, Pay Later” feature contributed to a rise in U.S. nights booked.

Discover Collection first property. Hotelier Bernhard (BB) Bohnenberger new membership-driven hotel concept Discover Collection has announced the first of a dozen planned properties will open in September 2026 in Ras Amud, Oman. The 32-villa retreat on the Musandam Peninsula overlooks the Hajar Mountains and the Sea of Oman. In December 2026, Discover Collection Lemomo in Kenya will open, offering views of Mount Kilimanjaro, as well as immersive experiences with Maasai culture and the wildlife of Amboseli National Park. Future destinations include Ireland, Albania, Botswana, Mexico, and Bhutan.

Wellness real estate report. RLA Global has released the 2025 Mid-Year Wellness Real Estate Report in partnership with HotStats stating wellness hotels demonstrated revenue stability despite inflationary pressures, with Major Wellness properties achieving TRevPOR of $561—67.5% higher than Minor Wellness properties. Luxury Major Wellness properties commanded 84% higher TRevPAR and 66% higher RevPAR than Upper Upscale Major Wellness properties. The inaugural Market Spotlight on the UAE revealed strong performance trends in leased-out wellness models, with Luxury wellness hotels recording ~10% RevPAR growth and ~12% GOPPAR growth.