Breaking
news about deals, development, data and more.
Apple
announces sales. Richmond, Virginia-based Apple Hospitality REIT said its RevPAR grew 0.8% and
its comparable hotel EBITDA was $139.2 million, up 0.3% year-over-year, as part
of its third-quarter earnings. The REIT also tightened its 2024 guidance by
lowering its RevPAR growth forecast, hotel EBITDA and adjusted EBITDA for the
rest of the year. The acquisition-heavy REIT also said it was disposing of four
assets for $31.1 million: the 90-key Courtyard Wichita East in Kansas; the
97-key TownePlace Suites Knoxville Cedar Bluff and the 76-key Homewood Suites
Chattanooga-Hamilton Place in Tennessee and the 117-key Hilton Garden Inn
Austin North in Texas. Analyst Michael Bellisario of R.W. Baird said the
results were ahead of expectations on better margins, which drove the earnings upside, and
full-year guidance ranges were tightened… He said October RevPAR growth was ~4%,
which likely includes some hurricane-related lift.
First
hard-branded WorldHotels in EMEA.BWH Hotels and its soft-brand WorldHotels are partnering with
Capitol HPS to open WorldHotels’ first hard-branded property in Europe in the
country of Georgia. The 1,100-key WorldHotels Kobuleti is scheduled to open
Kobuleti in 2028. The luxury resort will have two 47-story towers.
Ryman Q3
earnings. Nashville-based
Ryman Hospitality reported record hospitality revenue in the third quarter and
said its same-store hospitality portfolio had a record third-quarter Total
RevPAR of $431, which was a 4.2% increase year-over-year and was driven by a
strong banquet and AV revenue. The REIT said its hospitality portfolio also had
a record third-quarter ADR of $245, a 6.2% increase YOY. Analyst Patrick
Scholes of Truist Securities said Ryman’s results were most in line with or
ahead of consensus. “We see the upside coming from better than expected F&B
profits… More relevant in the near term is the 2024 guidance cut, which has
come alongside a dividend raise. We think investors should focus on the
30,000-foot view here: the fundamental strength of the group, renovation
activity and future room expansions, which should drive EBITDA and AFFO growth
long-term, and that some of the guide cut is one-time in nature.”
Hotel
refi in Washington. Bellevue, Washington and Lehi, Utah-based West77 Partners have secured a
refinance for the 254-key Hilton Garden Inn Seattle Bellevue Downtown in
Washington. JLL helped arrange the financing, a fixed-rate, five-year loan
through a national life insurance company. The proceeds were used to pay off an
existing bank loan and return equity to the borrower.
Extended-stay
still higher than industry. Despite reporting a third successive occupancy decline in the third
quarter, extended-stay hotels posted new record high demand, ADR and RevPAR,
according to research by The Highland Group. According to Highland, occupancy
declines have been small and average occupancy remains more than 11% above the
overall hotel industry. “While RevPAR growth is low compared to the last three
years, if forecasts for the overall hotel industry materialize, more new
performance records from extended-stay hotels are expected during the near
term,” Mark Skinner, partner at The Highland Group, said.
Activum,
GHIC acquire in London. UK-based ActivumSG, on behalf of ActivumSG Fund VII, wth advisory services from Global Hospitality Investment Group to
acquire Sutton Point, a hotel-led mixed-use asset in London, from an
undisclosed buyer for £21 million. Upon closing, the development’s
non-hospitality elements (residential, retail and freehold interest) were
successfully sold in multiple back-to-back disposals. This significantly
de-risked the transaction and allowed for the retention of the two hotels (a 99-key
Ibis hotel and a 59-key Adagio aparthotel), where ActivumSG will leverage its
expertise to enhance their
value. The site was originally developed in 2019.
Aprirose
sells in Liverpool. London-based Aprirose has sold the Liverpool Premier Inn to an undisclosed
investment charity at an undisclosed price. Aprirose acquired the 165-key hotel
in 2014. Aprirose has divested a number of assets over the last 12 months and
the company is gearing up for acquisitions. “We are embarking on a period of
strategic acquisitions as the company looks to take advantage of our track
record to buy well and identifying both long income and asset management
opportunities across a range of sectors in the UK,” said Ari Boyd, CFO at
Aprirose.
Hyatt
adds in Nepal. Hyatt
Hotels Corp. has entered into a management agreement with Cochin, India-based
Veda Hospitality Private Ltd., a part of the Golyan Group, for 175-key Hyatt
Regency Lumbini. The property will be the fourth Hyatt-branded hotel in Nepal
and is scheduled to open by 2028. Hyatt’s current portfolio in India and
Southwest Asia consists of 52 properties, 50 in India and two in Nepal, across
nine brands.
Hawaii
strike ends. Over
1,800 Hilton Hawaiian Hotel workers returned to work on Tuesday as they
ratified a new contract and ended a 40-day strike that began on September 24.
However, the union said more than 3,200 of its members at seven other hotels
are still working without a contract and could strike at any time.
Blue
Diamond resort joins Autograph. Barbados-based Blue Diamond Resorts said the previously
announced 220-key Royalton CHIC Barbados will join Marriott International’s
Autograph Collection when it opens in spring 2026. This is Blue Diamond’s first
property in Barbados and will be part of a portfolio of over 80 properties in
eight countries in the Caribbean.
Financing
for UK hotel. London-based Firethorn Trust has secured £18 million in financing to renovate
the 150-key Malmaison York hotel in York, which it acquired in June 2024. It’s
the first hotel in Firethorn’s portfolio. Chicago-based GCM Grosvenor arranged
the financing.
New
Kempinski in Bahrain. Manama, Bahrain-based GFH Financial Group is partnering with Manama-based
Infracorp and Kempinski to launch the 260-key Harbour Heights Kempinski Hotel
and branded residences. The hotel is scheduled to open at the end of 2025, with
the residences scheduled to open in the first half of 2026.