Breaking news about deals, development, data and more.
Fouquet’s heads to Miami. Famed Parisian brand Fouquet’s and
its parent company Barrière Group are developing its second luxury hotel in the U.S.
in Miami’s Design District at the Design Residences Designed by Chipperfield. A
12-story property will include 85 guestrooms, blending with 143 residential
units – both overseen by Fouquet’s.
4.9% RevPAR growth week. The U.S. hotel industry from March
1-7 reported positive year-over-year comparisons, according to CoStar data.
Occupancy was 63.0% (+1.2% YOY); ADR was $166.47 (+3.6% YOY); and RevPAR was
$104.92 (+4.9% YOY). Among the Top 25 Markets, Las Vegas reported the
highest increases across each of the three key performance metrics: occupancy
(+19.1% to 85.0%), ADR (+60.0% to $291.25) and RevPAR (+90.5% to $247.61). The
market’s performance was lifted by the triennial CONEXPO-CON/AGG. San
Diego saw the only other double-digit lift in occupancy (+12.5% to 73.5%),
which drove the second-highest gain in RevPAR (+20.7% to $153.11). Due to
comparison against last year’s Mardi Gras period, New Orleans registered the
steepest drops in ADR (-12.8% to $196.89) and RevPAR (-17.2% to
$135.63). Orlando recorded the largest occupancy decline (-6.4% to
76.2%).
Charlotte development. Centrum Realty &
Development and Sorelle Capital have filed a development plan for 1.8
acres in Charlotte, North Carolina, that will include a 130-room hotel along
with 422-unit multifamily units, as well as a restaurant and bar. Centrum
acquired the multi-parcel property for $18 million according to the Charlotte
Business Journal.
Tallest development in Nashville. DAC Developments has paid
$22 million for nearly an acre in Nashville to develop a 53-story hotel and
condo tower, the tallest in Nashville, according to The Nashville Business
Journal. The $460 million development is slated to offer 104 condos
and 405 hotel rooms.
Baltimore icon sold. One of downtown Baltimore’s largest
hotels has been bought back by its lender for $30 million. The 662-room
Renaissance Baltimore Harborplace Hotel sold at a foreclosure auction to DF VII
REIT Holdings LLC, an affiliate of Torchlight Investors. The original Stouffer
Harborplace Hotel opened in 1988 as part of a mixed-use development that was
designed by the Zeidler Roberts Partnership. An affiliate of The Buccini/Pollin
Group acquired the hotel in July of 2020 for $80 million. Foreclosure
proceedings began last year after the owner defaulted on a $71 million loan.
Sage takes The Ben. Sage Hospitality Group has assumed management
of the 208-room The Ben, Autograph Collection in West Palm Beach, Florida. Opened
in 2020, The Ben was recently acquired by Related Ross, a West Palm Beach-based
real estate development firm.
CPOR tough in 2H25. HotelData.com’s 2025 latest report on
labor costs and trends reveals that labor costs per occupied room (CPOR)
increased 12.8% year over year, rising from $42.82 in 2024 to $48.32 in 2025.
The pressure accelerated late in the year with wage CPOR rising 21.1%
in Q4 2025 compared to Q4 2024. At the same
time, hours per occupied room increased 4.4% for the
full year and 3.6% in Q4, indicating that hotels required more labor
time per stay even as wage rates increased, amplifying overall cost pressure
across the industry.
Davidson appointments. Davidson Hospitality Group has announced
two corporate appointments: Andrew Houghton joins as senior vice president,
Luxury Operations, and Scott Harrell has been named vice president, Acquisitions
& Business Development. Houghton most recently served as Task Force managing
director and general manager at various resorts in the Davidson portfolio. Harrell
served in a similar business development and investment role at PM Hotel Group.
Bankruptcy in Chicago. Two hotels owned by Chicago-based BY
Hotel Spe-3, owned by mother-daughter duo Su-Mei Yen and Cassie Yen, the parent
company also operating under SB Yen Management Group, is reportedly filing
for bankruptcy amid foreclosure efforts and multiple lawsuits. A Hilton and Best Western in the south Loop
area of Chicago between $100-$500 million in estimated assets and the same
amount in liabilities, including $146.7 million in mortgage debts. The parent
company reportedly owes money to dozens of creditors, including lenders, food
suppliers, cleaning services, and construction vendors. Collections will be
paused as the case works its way through bankruptcy court.
Oldest Colorado hotel trades. The Cliff House at Pikes Peak,
the oldest hotel in Colorado, has been acquired for $4 million by Mark Wyant, a
hotelier from Dallas known for renovating and restoring historic hotels in
Texas, Key West, Florida, and New Orleans, according to The Gazette in Colorado
Springs. The hotel, first known as The Inn when it opened in 1874, was
previously owned by Gal-Tex Hotel Corp. Wyant said the hotel will remain open
as renovations and possibly room additions progress.
Hyatt adds in India. Hyatt Hotels Corp has signed an
agreement with Golden Buildcon to develop the140-key Hyatt Place Ahmedabad
Nikol in India. In development by Golden Buildcon, the hotel will feature a
range of dining options as well as 3,455-square-foot (321-square-meter)
ballroom, along with several conference rooms and a boardroom.