Read the latest hotel industry news from around the Americas region.
Aimbridge Hospitality Acquires Hotel Operator Prism Hotels & Resorts
Plano, Texas-based third-party hotel management company Aimbridge Hospitality announced on Tuesday it has acquired Dallas-based hotel operator Prism Hotels & Resorts, reports HNN's Bryan Wroten in an exclusive interview prior to the announcement.
Aimbridge President and CEO Mike Deitemeyer said the deal was a result of the company venturing into hotel receiverships, a field Prism and its CEO, Steve Van, have expertise in.
“They’ve been leaders in the space and really crafted a unique niche in the space, and that led us to reaching out to Steve,” Deitemeyer said. “The reality is ... Prism brings so much more than just that, but that really was the catalyst in the beginning of the conversation.”
Hotel Stocks on Roller-Coaster Ride
Stock prices for major hotel companies have been on a roller-coaster ride over the past month due to better-than-expected third quarter performance by the brands and concerns over COVID-19 variants, writes HNN's Robert McCune.
However, in the first week of December, those stock prices began ticking back up after ending November down from October.
“Hotel stock price volatility continued in November with both the hotel brands and hotel REITs significantly underperforming their respective benchmarks,” said Michael Bellisario, senior hotel research analyst and director at Baird.
“Two different investment narratives drove stock price performance during the month: In early November, third quarter earnings were better than expected, reopening optimism continued to gain momentum, and the hotel brands were hitting new all-time highs; but, by the end of the month, broader growth and inflation concerns surfaced, the omicron variant spooked investors and impacted all travel-related stocks, and the hotel REITs were hitting new year-to-date lows."
Caribbean Hotels Rely on US Travelers During Recovery
While uncertainty remains around the newest coronavirus variant omicron, HNN's Stephanie Ricca reports the Caribbean is open for international tourism and continues to benefit from U.S. tourists.
"Typically, about 50% of the region’s inbound travelers come from the United States, followed by Europe and Canada, but this year, those U.S. travelers drove demand in the region even more since Europe and other non-U.S. feeder markets tended to have heavier restrictions on travel," Ricca writes.
Deals, Developments, People on the Move
- Pebblebrook Hotel Trust acquired the 210-room Estancia La Jolla Hotel and Spa in La Jolla, California, for $108 million. Noble House Hotels & Resorts will remain as the operator of the hotel.
- OTO Development acquired the Dunes Manor Hotel, Court & Suites resort complex in Ocean City, Maryland, for an undisclosed price.
- Vail Resorts entered into an agreement to acquire Seven Springs Mountain Resort in Pennsylvania from Seven Springs Mountain Resorts. The purchase also includes Hidden Valley Resort and the operations of Laurel Mountain Ski Area. The total purchase price is about $125 million.
- Hyatt Hotels Corp. opened the 510-room Hyatt Place New York Chelsea.
- Franziska Weber has been appointed senior vice president and head of global communications at Hyatt.
- Mandarin Oriental Hotel Group named Robert Lowe as general manager of Mandarin Oriental, New York, and area vice president of operations for Mandarin Oriental Boston, Mandarin Oriental Washington D.C. and Mandarin Oriental, Santiago.
- Julie Cameron-Doe will be appointed chief financial officer of Wynn Resorts effective in the second quarter of 2022.
- IHG Hotels & Resorts and Ascott Residence Trust opened the 224-room Voco Times Square South in Midtown Manhattan.
- Peachtree Hotel Group purchased the 207-room AC Hotel Miami Aventura and the 223-room Aloft Miami Aventura. Peachtree Hospitality Management will operate both hotels.
- Cambria Hotel Nashville Airport opened with 130 guestrooms and nearly 7,000 square feet of meeting and event spaces.
- Herald Hotel Associates sold the 531-room Martinique New York on Broadway for $55 million to Burnett Equities.
- Condor Hospitality Trust completed its previously announced sale of its 15-hotel portfolio to an affiliate of Blackstone for $305 million.
- Accor's MGallery Hotel Collection opened its first hotel in Uruguay with the Hotel Costanero Montevideo MGallery.
- Fairmont Hotels & Resorts will expand into Baja California Sur with the development of the Fairmont La Paz Puerta Cortés Resort and Residences, scheduled to open in 2023.