Marriott and IHG Announce Openings and Renovations in Key U.S. Markets (2024)

The DJIA continued its winning ways, up another 211 points while Nasdaq was up 74, the S&P 500 was up 16, even though treasury yields backed up again with the 10 year up .04 to 4.23%. Lodging stocks were higher with the biggest gainer being BHR, up 13%. SVC was up 5% on the day.

Marriott International, Inc. announced the 192-room Courtyard by Marriott Nashville Downtown has completed renovations to its guestrooms, corridors and fitness center. The newly refreshed hotel is owned by BRE Hotels and Resorts and managed by Marriott International, Inc. Amenities at the Courtyard by Marriott Nashville Downtown include a fitness center, six event rooms with a combined 3,800 square feet of functional meeting space, a market, Starbucks and a restaurant.

Hybridge Capital Management announced its plan for the first voco hotel in Myrtle Beach, South Carolina. The hotel will be in the location of the former Sandcastle Oceanfront Resort at the Pavilion, which currently has close to 250 rooms. Hybridge Capital Management took out a more than $34 million bridge loan to help finance the massive revamp of the property. Renovation of property will start in the fall of 2024 and with a re-opening slated in early 2025.

The Palmetto Marriott Resort & Spa is set to open soon in Palmetto, Florida. The hotel will offer a covered walkway to the neighboring Bradenton Area Convention Center, which is getting a $48 million facelift to match the resort’s style. The eight-story, 252-guestroom Palmetto Marriott Resort & Spa boasts multiple dining options, 60,000 square feet of outdoor event space and 10,000 square feet of indoor modern meeting space.

Cymbal DLT Cos. made significant changes to its planned Nautica Hotel & Residences along the New River in Fort Lauderdale, Florida, scaling down the size of the project and recasting the design. It will still be one of the largest developments in Fort Lauderdale. Nautica would be the second phase of the Riverwalk Raintree Residences, a two-tower project with 677 apartments that Cymbal started site work on in 2022. The project would feature a 37-story condo building with 200 units; a 20-story apartment building with 360 units; and a 20-story hotel with 119 rooms. There would also be a marina with 78 dry boat slips and 12 wet boat slips, 13,040 square feet of commercial space, 17,897 square feet of restaurants, 2,636 square feet of cafes, and 1,599 parking spaces. The condos, apartments and hotel would have separate amenities. The hotel building would include a pool, ballroom, spa and co-working space.

IHG Hotels & Resorts announced the opening of a new-build Candlewood Suites in Pittston, Pennsylvania. The hotel offers 71 guestrooms, a fitness center, and Candlewood Cupboard. Candlewood Suites Pittston is owned by Sai Pittston Hotel, LLC.

The Great Hall of Denver’s Union Station is fully open following months of construction on a renovation project costing more than $11 million. It included upgrading the terminal’s Great Hall, building a new lobby for The Crawford Hotel, renovating all 112 hotel rooms, as well as updating the upstairs co*cktail bar.

The Spokane Tribe Resort & Casino opened an addition that includes 175 rooms, a pool, fitness center and dining hall. The property is located in Airway Heights, Washington.

The Los Angeles City Planning Commission has approved plans by Mike Barry to build a seven-story building in Koreatown, replacing a four-unit apartment complex and parking lot. Plans call for a 60-room hotel, with 20 apartments above 4,000 square feet of shops and restaurants and three-level underground parking garage. The U-shaped project would include separate hotel and residential wings, with pools at the second floor and rooftop. The hotel would include a rooftop bar. Pending approvals and a zone change, the developer would break ground late this year and complete the hotel/apartment project in 2026.

Last week, the Borough of Seaside Heights, New Jersey, held a closed session discussion over the proposal by 6M Seaside LLC, to build a 180-room hotel and banquet facility at Lincoln Avenue and Ocean Terrace. The redevelopment area consists of sites of the Surfside, Glendale and Dry Dock motels.

The Downtown Grand, a three-tower, 1,124-room hotel-casino located in Las Vegas, Nevada, is now on the market. Owned by CIM Group and operated by Fifth Street Gaming, the property’s sale is being facilitated by Berkadia. The listing price for the property has not been disclosed.

Europe Highlights

Kimpton Hotels & Restaurants announced the grand opening of Kimpton BEM Budapest, the group’s first venture in Hungary’s capital. The 127-room retreat offers a signature restaurant, rooftop bar with a garden, a lobby-level casual bar, and a wellness area with fitness facilities and relaxation options. For events, the hotel features spaces ranging from the intimate M.W. Salon to the expansive BEM Ballroom.

Plans to transform the Mecca Bingo Hall in Chester, England, into a 142-bedroom hotel have been given the green light. Most of the building will be demolished to make way for the seven-story Hotel Chester development. The new hotel, developed by TAG, will also include a serviced office space.

Everbright Hotel Group wants to increase the number of properties it owns from seven to 10 in North Wales and the north of England. It also plans to repeat its successful investment at Llandudno Bay Hotel, where the use of green technology saw carbon footprint cut by 84% and energy bills slashed from a quoted £300,000 to £100,000. Over the next few years the eco-friendly approach is going to be replicated across the group’s other hotels: the Belmont and the Queens in Llandudno, Rossett Hall near Wrexham, the Wild Pheasant Hotel and Spa in Llangollen, the George Hotel in Penrith and Stonecross Manor in Kendal.