Latest news: US pipeline hits all-time high; Gramercy Park to reopen; stayAPT adds 30

U.S. pipeline hits all-time high. Through the 1Q24, the hotel pipeline in the U.S. has over 6,065 projects and 702,990 rooms, which is up 9% and 7%, respectively, year-over-year, and represents all-time highs for both numbers, according to Lodging Econometrics. There are presently 1,144 projects (up 9% YOY) and 141,336 rooms (up 1% YOY) under construction, and 2,259 projects (up 10% YOY) and 260,968 rooms (up8% YOY) slated to start construction in the next 12 months and 2,662 projects and 300,686 rooms (both up 9% YOY) in the early planning stages. A little over half of the projects are in the upscale, upper-midscale, and midscale chain scales. Extended-stay brands represent 37% of the projects under construction right now, 41% of the projects scheduled to start in the next year and 41% of the projects in the early planning stages. Renovation and conversion activity stood at 2,041 projects and 266,405 rooms, with brand conversions hitting a record 1,235 projects and 114,680 rooms. Q1 saw the opening of 114 new hotels with 15,506 rooms in the U.S., with over half of those openings in suburban locations. 

NYC’s Gramercy Park Hotel to reopen. Manhattan’s famous Gramercy Park Hotel will reopen under new ownership, according to a report in the Wall Street Journal. MCR Hotels purchased a 99-year lease to the hotel for roughly $50 million and expects to reopen the 197-key hotel in 2025 following renovations. The property was foreclosed on in 2022 by Solil Management, which owns the land beneath the building. The renovations include upgrades to the lobby, guest rooms and a first-floor restaurant by chef Danny Meyer.

StayAPT adding 30 new locations. Matthews, North Carolina-based stayAPT Suites has partnered with Powerhouse Hotels, a joint venture between JCap Realty Group and Cullinan Holdings, which will add 30 new locations to stayAPT Suites’ portfolio and expand its footprint to 25 states over the next five years, including six locations that will break ground this year.

Hihotels adds 8 hotels. Atlanta-based hihotels by Hospitality International has signed eight new properties in five states. The signings include Master Host Inn, Scottish Inns and Rec Carpet Inns in New York, Texas, Pennsylvania, Virginia and Ohio.

Ennismore adds in South Africa. London-based Ennismore and Johannesburg, South Africa-based Kasada Capital Management, a real estate private equity firm dedicated to the hospitality sector in Africa, have signed a hotel management contract for Mama Shelter Cape Town, which would be Ennismore’s first hotel signing in South Africa. In December, Ingenuity and Kasada announced they were jointly developing the 127-key Mama Shelter Cape Town. Mama Shelter has more than 15 hotels worldwide.

First Toor Hotel to open. Canadian hotelier Sukhdev Toor is launching the first Toor Hotel, a lifestyle hotel and residences in downtown Toronto. The 232-key hotel will also have 181 residential rental units and will open later this year. It will be the first of four boutique Toor Hotel Collection properties scheduled to open in Toronto over the next five years.

Hyatt adds Mr & Mrs Smith hotels to loyalty plan. Hyatt Hotels Corp. said its World of Hyatt customers can now earn and redeem at Mr & Mrs Smith, a collection of more than 700 boutique and luxury hotels worldwide. Hyatt acquired the luxury travel platform in 2023.

Nobu adds in Egypt. Nobu has signed the Nobu Hotel and Restaurant East Cairo in a continuing collaboration with Egypt-based real estate developer SODIC. This marks Nobu and SODIC’s third venture in Egypt. Nobu has 41 hotels, 77 restaurants, and 12 branded residences.

Salter Brothers renovating Melbourne hotel. Melbourne, Australia-based Salter Brothers has secured a permit to renovate an Intercontinental Hotel in Melbourne. The renovation will create a new mixed-use development with a luxury hotel, retail, and office space.