Blackstone's $550 Million Renovation of Hotel del Coronado in California
The DJIA rose 35 points on Friday while Nasdaq was down 99, the S&P 500 fell 13 points and the 10-year treasury yield was down .02 to 4.38%. Lodging stocks were mixed.
According to data from CoStar, in May 2025, the U.S. hotel industry experienced minor changes in performance metrics year over year. The occupancy rate across the country declined slightly to 65.3%, a decrease of 0.7% from May 2024. Despite the slight drop in occupancy, the ADR for hotels increased to $162.72, marking a 0.8% rise. RevPAR also saw a minimal increase of 0.1%, reaching $106.30. Among the Top 25 Markets, New York City reported the highest occupancy level, although it decreased by 1.0% to 87.9%. On the other end, New Orleans and Houston recorded the lowest occupancy rates at 60.1% and 61.4%, respectively.
As the brand's first resort in Mexico, Waldorf Astoria Los Cabos Pedregal will continue to redefine luxury in 2025 and beyond with the culmination of a multi-year property-wide transformation. The final phase of renovations will begin this summer, with the property fully closing from July 15 - September 30, to transform all 112 guestrooms, suites, casitas and villas. In addition to the complete redesign and transformation of all rooms, the property will also debut a rotation of culinary activations at its enhanced Beach Club to further build upon its roster of gastronomic and authentic Mexican offerings.
Part of the Curio Collection by Hilton, The Ava Hotel in Paso Robles, California, is nearing completion ahead of a summer opening. The 151-room hotel is accepting reservations for stays beginning September 22. The property will have a ground-level retail storefront and a signature dinner and weekend brunch restaurant. The hotel will also introduce Paso's first rooftop bar and pool. The Ava will have more than 3,000 square feet of event space, including the Tablas Ballroom and a pre-function area as well as the Rooftop Terrace.
Construction began this spring on the development of a new Home2 Suites by Hilton hotel in the City of Greendale, Indiana. The $16.8 million, 88-room hotel is slated to open by December 31, 2026, and marks the second Hilton hotel in Dearborn County.
The newly developed Courtyard by Marriott San Bernardino Loma Linda is now open in Loma Linda, California. The new hotel will be operated by Sagemont Hotels. The four-story hotel includes 125 guestrooms, a fitness center, guest laundry, Market, 594 square feet of meeting space and the Bistro restaurant.
Newcrest Image's plans for the AC Hotel by Marriott at Silverlake gained approval by the Grapevine City Council and Planning & Zoning Commission. The Grapevine, Texas, hotel is slated to open in 2029. The five-story AC Hotel by Marriott will offer 200 guestrooms, an outdoor space, outdoor pool, gym, six meeting rooms and a full-service restaurant. The hotel will have 7,000 square feet of event space.
In Coronado, California, the Hotel del Coronado announced the completion of the revitalization of its iconic Victorian building, the final milestone in Blackstone Real Estate's more than $550 million restoration plan to enhance the hotel. The completion of the Victorian Neighborhood encompassed a total restoration of its front porch and lobby, main entry, and drive experience, as well as updates and enhancements to all Victorian guestrooms, the Victorian garden courtyard, event spaces and the addition of two new dining destinations: Nobu Del Coronado and Veranda. Beyond the completion of the Victorian Neighborhood, Blackstone's comprehensive development has also transformed the entire resort including the launch of Serea Coastal Cuisine; the addition of Shore House, part of LXR Hotels & Resorts; Southpoint event center; the debut of the Ocean Club in the historic Windsor Cottage, and a full renovation of Beach Village, LXR Hotels & Resorts. The restoration also introduced revitalized guestrooms in The Cabanas and Views neighborhoods, along with upgrades to other dining venues; a re-imagined Spa & Salon at The Del and expanded Fitness Center; development of the historic Ice House Museum, as well as new meeting spaces and retail experiences at The Shops at The Del.
The completion of the Four Seasons Hotel and Residences Jacksonville has been extended by six months to December 2026. The project will include a 170-room hotel and 26 private residences. Jacksonville Jaguars owner Shahid Rafiq "Shad" Khan is developing the property.
Coury Hospitality has been tapped to take over management of the Hard Rock Hotel San Diego, effective July 1, 2025. Located in the heart of the Gaslamp Quarter, the Hard Rock Hotel boasts 420 guestrooms, 40,000 square feet of meeting and event spaces, a rooftop pool with private cabanas, and several inventive culinary outlets. Alongside the addition of Hard Rock Hotel San Diego, Coury Hospitality is also expanding its portfolio with two new hotel additions and the rebranding of three existing hotels, include: AC Hotel Bentonville, Arkansas, opened in May with 150 guestrooms. The Seahouse Hotel, Tribute Portfolio is set to open this summer as the first Tribute Portfolio lifestyle hotel in Atlantic City, NJ. Featuring 105 guestrooms, it is also Coury Hospitality's first property in New Jersey. Existing property rebrands and renovations in Texas this fall include The Southlake Hotel (Southlake): The Elmore Hotel | Tribute Portfolio. The Beeman Hotel(Dallas): The Mockingbird Hotel | Tribute Portfolio. Marriott Westlake(Westlake): The Ricardo Marriott | $18 million Renovation.
Silverstein Properties, Rush Street Gaming, and Greenwood Gaming and Entertainment announced Hyatt's Destination by Hyatt as the hospitality brand for The Avenir, a mixed-use entertainment complex proposed for Manhattan's Far West Side. The Avenir's luxury hotel will include 1,000 rooms and suites, which will be managed by and branded as The Avenir under The Destination by Hyatt brand. This is all assuming they can get one of the three casino licenses that are expected to be granted by the end of this year.
Procaccianti Companies has obtained all required approvals to develop and construct The Bellevue Hotel, a 91-key luxury boutique property in the heart of Newport, Rhode Island, with an anticipated groundbreaking in Q4 2025. The hotel will be developed and owned by Procaccianti Companies and operated by TPG Hotels & Resorts within the INTERA Collection. The development includes multiple food and beverage venues, spa and wellness facilities, and a range of upscale guest amenities. The plan includes the addition of underground parking to expand the street-level pedestrian experience.
Silverado Resort, in Napa, California, is undergoing a significant revitalization effort. Since acquiring Silverado Resort in 2022, Peregrine Hospitality has committed to preserving the resort's rich history. Over the past two years, the company has invested more than $14 million in improvements. The most recent revitalization is to the resort's guestrooms and suites.
DoveHill announced its preferred equity investment in the redevelopment of a historic hospitality asset in the heart of Savannah, Georgia's Historic District. The project will deliver The Sabal House, a 64-key independent luxury boutique hotel. The investment supports the transformation of the former President's Quarters Inn, currently a 16-key property, into a fully redeveloped and expanded 64-key hotel. A new 42-key wing will be constructed alongside 22 renovated keys in the original structure. The hotel will feature Oak Steakhouse by Indigo Road Hospitality Group.
Hotel Carmichael at Carmel City Center is planning to expand. The luxury hotel, which opened in 2020 through a public-private partnership between the City of Carmel, Indiana, and Pedcor Companies, will grow into the northern half of the adjacent Wren building. The Carmel Redevelopment Commission approved an amended franchise agreement with Marriott, which operates the hotel as part of its Autograph Collection. The expansion will include 60 new guestrooms; a 2,052 square foot ballroom; a new boardroom with a pre-meeting staging area; the expansion of The Adagio Lounge; and the expansion of the kitchen. The ballroom and boardroom will be on the first floor of the building, and the added guestrooms will be on the three stories above it. The expansion is scheduled to start in the fall and be complete by the end of 2026.
Cincinnati's new headquarters hotel will not be completed until June 2028, more than two years after the re-imagined convention center, but the Cincinnati Center City Development Corp. and the hotel developer and owner, Portman Holdings, have a stopgap plan: Buy an existing downtown hotel. The name of the existing hotel being purchased has not yet been disclosed, but Portman expects to close sometime this month. The convention center itself is expected to open in January 2026. Also, as a result of the purchase of the existing hotel, the new hotel will have 100 fewer rooms, 700 instead of 800.
In Florida, Minto Communities USA, The St. Joe Company, and Margaritaville Holdings announced that even more amenities are now open at Latitude Margaritaville Watersound's Latitude Town Square. The new offerings include a Workin' N' Playin Center complex with the Last Mango Theater; The Hangar Workshop; the Barkaritaville Pet Spa; and additional new sports courts, including three more pickleball courts, two tennis courts and three bocce ball courts. The first Latitude Town Square amenities include a terraced amphitheater, thatched roof bandshell, a jumbo screen and a recessed dance floor. A two-story Latitude Bar & Chill restaurant and rooftop Overlook Bar. A massive lagoon-style Paradise Pool has a beach-like gradual entry and its own Tiki Island. Existing property amenities include Fins Up! Fitness Center; the Coconut Telegraph Business Center and the Barkaritaville Dog Park.
The Garden District Hotel announced the opening of New Orleans' first and only swim-up bar at its new pool. The pool has cabanas, space for lawn games and poolside events, and a swim-up bar.
Blackstone is refinancing its Grand Wailea, a Waldorf Astoria Resort, with a $1 billion CMBS loan, according to a pre-sale report from Morningstar and Moody's. The new mortgage loan will retire $800 million of existing debt, returning $181.6 million of equity to the sponsor and covering closing costs. It is a two-year floating-rate, interest-only mortgage loan with three, one-year extension options. The floating rate will be based on one-month SOFR plus the WA Mortgage Loan spread of 2.5%. Blackstone will enter into an interest-rate cap agreement with the assumed SOFR cap of 5% during the initial term.
Voyage Capital Group announced the closing of an acquisition and construction completion loan for the AC Hotel by Marriott located at Denver Gateway Park in Denver, Colorado. The financing was originated by Peachtree Group and includes a strategic capital stack that combines Senior Debt with CPACE financing to support the development and completion of the hotel. The project will feature a seven-story, 146-key AC Hotel. Construction is actively underway, with the property expected to open in late 2026.
Davidson Hospitality Group notified us and sent a press release saying the Margaritaville Hotel Kansas City, developed by Sunflower Development Group in collaboration with Homefield KC and Margaritaville, officially opened its doors on June 18th. We had covered a preview event, saying reservations would be taken beginning July 1. The 228-room hotel is now fully open.
Personnel News
Virgin Hotels Collection and Virgin Limited Edition announced the appointment of Chris Stevens as Chief Operating Officer and Rayhan Arif as Chief Commercial & Financial Officer. Stevens brings a wealth of operational expertise, asset value creation, and nearly 25 years of hospitality leadership to his new role as Chief Operating Officer at Virgin Hotels Collection. Most recently, Stevens served as Senior Vice President of Ashford Inc. Joining as Chief Commercial & Financial Officer, Arif steps into the position with a deep well of strategic, financial, and brand-building expertise cultivated over nearly eight years within the Virgin Group.
Louis Riley has been appointed Regional Vice President - Sales with MCR Hotels. Riley will work with a defined number of properties within the MCR portfolio to assist, support and direct the sales & operational efforts. He will also play an intricate part in the development side for overall successes, representing Corporate, Owner's, Sales, Operations, Revenue Management and F&B at respective properties.
Europe Highlights
Savills, on behalf of RE Capital, has sold the Ruby Stella Hotel in London to LaSalle Investment Management for £48 million. The Ruby Stella Hotel offers 153 en-suite bedrooms and ground-floor shared space, including a restaurant, bar and courtyard terrace.
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Yahoo
16 minutes ago
- Yahoo
US and China to talk in Stockholm on trade with eye on Trump-Xi summit later this year
WASHINGTON (AP) — When top U.S. and Chinese officials meet in Stockholm, they are almost certain to agree to at least leaving tariffs at the current levels while working toward a meeting between their presidents later this year for a more lasting trade deal between the world's two largest economies, analysts say. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng are set to hold talks for the third time this year — this round in the Swedish capital, nearly four months after President Donald Trump upset global trade with his sweeping tariff proposal, including an import tax that shot up to 145% on Chinese goods. 'We have the confines of a deal with China,' Trump said Friday before leaving for Scotland. Bessent told MSNBC on Wednesday that the two countries after talks in Geneva and London have reached a 'status quo,' with the U.S. taxing imported goods from China at 30% and China responding with a 10% tariff, on top of tariffs prior to the start of Trump's second term. 'Now we can move on to discussing other matters in terms of bringing the economic relationship into balance,' Bessent said. He was referring to the U.S. running a $295.5 billion trade deficit last year. The U.S. seeks an agreement that would enable it to export more to China and shift the Chinese economy more toward domestic consumer spending. The Chinese embassy in Washington said Beijing hopes 'there will be more consensus and cooperation and less misperception' coming out of the talks. With an eye on a possible leaders' summit, Stockholm could provide some answers as to the timeline and viability of that particular goal ahead of a possible meeting between Trump and Chinese leader Xi Jinping. 'The meeting will be important in starting to set the stage for a fall meeting between Trump and Xi,' said Wendy Cutler, a former U.S. trade negotiator and now vice president at the Asia Society Policy Institute. 'Beijing will likely insist on detailed preparations before they agree to a leaders' meeting.' In Stockholm, the two sides are likely to focus on commercial announcements to be made at a leaders' summit as well as agreements to address 'major irritants,' such as China's industrial overcapacity and its lack of control over chemicals used to make fentanyl, also to be announced when Xi and Trump should meet, Cutler said. Sean Stein, president of the U.S.-China Business Council, said Stockholm could be the first real opportunity for the two governments to address structural reform issues including market access in China for U.S. companies. What businesses will be seeking coming out of Stockholm would largely be 'the atmosphere' — how the two sides characterize the discussions. They will also look for clues about a possible leaders' summit because any real deal will hinge on the two presidents meeting each other, he said. Fentanyl-related tariffs are likely a focus for China In Stockholm, Beijing will likely demand the removal of the 20% fentanyl-related tariff that Trump imposed earlier this year, said Sun Yun, director of the China program at the Washington-based Stimson Center. This round of the U.S.-China trade dispute began with fentanyl, when Trump in February imposed a 10% tariff on Chinese goods, citing that China failed to curb the outflow of the chemicals used to make the drug. The following month, Trump added another 10% tax for the same reason. Beijing retaliated with extra duties on some U.S. goods, including coal, liquefied natural gas, and farm products such as beef, chicken, pork and soy. In Geneva, both sides climbed down from three-digit tariffs rolled out following Trump's 'Liberation Day' tariffs in April, but the U.S. kept the 20% 'fentanyl' tariffs, in addition to the 10% baseline rate — to which China responded by keeping the same 10% rate on U.S. products. These across-the-board duties were unchanged when the two sides met in London a month later to negotiate over non-tariff measures such as export controls on critical products. The Chinese government has long protested that American politicians blame China for the fentanyl crisis in the U.S. but argued the root problem lies with the U.S. itself. Washington says Beijing is not doing enough to regulate precursor chemicals that flow out of China into the hands of drug dealers. In July, China placed two fentanyl ingredients under enhanced control, a move seen as in response to U.S. pressure and signaling goodwill. Gabriel Wildau, managing director at the consultancy Teneo, said he doesn't expect any tariff to go away in Stockholm but that tariff relief could be part of a final trade deal. 'It's possible that Trump would cancel the 20% tariff that he has explicitly linked with fentanyl, but I would expect the final tariff level on China to be at least as high as the 15-20% rate contained in the recent deals with Japan, Indonesia, Vietnam,' Wildau said. US wants China to dump less, buy less oil from Russia and Iran China's industrial overcapacity is as much a headache for the United States as it is for the European Union. Even Beijing has acknowledged the problem but suggested it might be difficult to address. America's trade imbalance with China has decreased from a peak of $418 billion in 2018, according to the Census Bureau. But China has found new markets for its goods and as the world's dominant manufacturer ran a global trade surplus approaching $1 trillion last year — somewhat larger than the size of the U.S. overall trade deficit in 2024. And China's emergence as a manufacturer of electric vehicles and other emerging technologies has suddenly made it more of a financial and geopolitical threat for those same industries based in the U.S., Europe, Japan and South Korea. 'Some enterprises, especially manufacturing enterprises, feel more deeply that China's manufacturing capabilities are too strong, and Chinese people are too hardworking. Factories run 24 hours a day,' Chinese Premier Li Qiang said on Thursday when hosting European Commission President Ursula von der Leyen in Beijing. 'Some people think this will cause some new problems in the balance of supply and demand in world production.' 'We see this problem too,' Li said. Bessent also said the Stockholm talks could address Chinese purchases of Russian and Iranian oil. However, Wildau of Teneo said China could demand some U.S. security concessions in exchange, such as a reduced U.S. military presence in East Asia and scaled-back diplomatic support for Taiwan and the Philippines. This would likely face political pushback in Washington. The Stockholm talks will be 'geared towards building a trade agreement based around Chinese purchase commitments and pledges of investment in the U.S. in exchange for partial relief from U.S. tariffs and export controls,' Wildau said. He doubts there will be a grand deal. Instead, he predicts 'a more limited agreement based around fentanyl.' 'That,' he said, 'is probably the preferred outcome for China hawks in the Trump administration, who worry that an overeager Trump might offer too much to Xi.' ___ Associated Press writer Paul Wiseman contributed to this report Didi Tang And Josh Boak, The Associated Press
Forbes
18 minutes ago
- Forbes
Roth IRA Vs Traditional IRA How Much Will You Withdraw For Retirement?
Woman contemplating Roth IRA vs Traditional IRA decisions Roth IRA vs Traditional IRA retirement savings decisions are some of the most important financial choices you'll make when planning for retirement. Choosing between these two types of accounts can significantly impact their future income, tax burden, and financial flexibility. That said, there are two retirement phases to consider regarding this decision: saving up for retirement and how much you will spend in retirement on a.k.a. withdrawals, a.k.a. distributions a.k.a. decumulation. In this first part of a two-part series, I will start with the end in mind, spending. In this article, we'll explore the implications of withdrawals in each type of account, why the tax differences matter, and how aligning your strategy with your values, such as passing on savings to heirs or making charitable contributions can help you retire with both peace of mind and IRA vs Traditional IRA: Understanding Traditional IRA Taxes The first step in retirement planning if you have a long-time horizon is deciding how much income you want to spend. As horizons shorten, the question becomes how much income will my resources and current savings allow me to spend? Distributions from Traditional IRAs are taxed as income, while Roth IRA withdrawals are tax-free. While there are many potential retirement income strategies, to simplify the tax analysis, we will assume a flat annual income. Let's consider a simple scenario: Provisional Income determines how much of your Social Security is taxable: Provisional income = Half of your Social Security + Other taxable income = 50% × $25,000 + $X (Traditional IRA/401(k)/403(b)/457/TSP withdrawals) Provisional Social Security Income Because you'll be withdrawing at least $50,000, currently 85% of your Social Security will be taxed. 85% × $25,000 = $21,250 taxable Social Security Withdrawals from these accounts tax both the original savings any matching contributions and all of the growth. Assume $63,000 gross withdrawal from IRA/401(k)/403(b)/457/TSP: 2025 tax brackets for single filer (estimated): Federal income tax brackets Single filers for scenario Total federal tax = $1,160 + $4,266 + $4,708 = $10,134 Income Realized After Tax on Social Security and Withdrawals Ultimately, to net the $50,000 you had to pull more than what you IRA/401(k)/403(b)/457/TSP Tax Scenario Traditional IRA Federal Tax Scenario This calculation does not include state taxes. Depending on where you reside in retirement you may have to increase IRA vs Traditional IRA: Understanding Roth IRA Taxes If all your retirement savings are in Roth accounts (Roth IRA or Roth 401(k)), the outcome is very different from the Traditional IRA/401(k)/403(b)/457/TSP scenario. Here's a detailed breakdown of how much you'd need to withdraw to get $75,000 in post-tax income, assuming $25,000 from Social Security and needing $50,000 from your Roth accounts. Current Federal Tax RulesSocial Security Provisional Income Calculation Provisional income = Half of Social Security + taxable income = 0.5 × $25,000 + $0 = $12,500 Roth IRA tax scenario That means you need less in Roth savings to achieve the same spending power as you would in IRA/401(k)/403(b)/457/TSP. As you know, retirement is not a point in time but over time. Unfortunately, a time period that is unknown as my 96-year-old mother approaches her 97th birthday. Inflation has changed her spending needs since she retired at 62. Wish you had more money in Roth accounts? In 'Use Roth IRA Conversions to Cut Your Taxes and Boost Retirement Income' I explore how conversions can help manage taxable income and reduce Medicare IRMAA (Income-Related Monthly Adjustment Amount) IRA vs Traditional IRA: Required Minimum Distributions Traditional IRAs have RMDs whereas Roth accounts do not. With RMDs, the government says that you have had a tax holiday for quite a while and we need to start collecting revenue. This can speed up the depletion of your accounts for your own use, much less for heirs that you may have hoped would reap the rewards of your unused funds. For more on IRA withdrawal rules, visit the IRS Required Minimum Distributions (RMDs) IRA vs Traditional IRA: Income Related Monthly Adjustment Amount (IRMAA) In addition to this consideration, you should also consider Medicare's IRMAA. This adjusts the monthly premium on your Medicare premiums. While IRMAA has a tiered system similar to the tax brackets, it is not as kind. Medicare Income Related Monthly Adjustment Allowance First, once you hit the tier, you are in that tier, there is no averaging of the brackets. Furthermore, if you are 1$ over, you are in the next bracket. In this case, your required minimum distribution, not your needed income, could push you into this new IRMAA bracket. I know a few people where their RMD pushed them into a higher IRMAA IRA vs Traditional IRA: Taxes Over a 30-year period Consider the following assumptions of a 30-year period Roth vs. Traditional IRA comparison assuming:30-Year Account Depletion Comparison (Inflation-Adjusted) If you were to fully deplete each account over 30 years to meet your retirement income goal (adjusted 3% annually for inflation): Roth IRA vs Traditional IR Account depletion You can easily see that you would need $1.39 million more in Traditional IRA/401(k)/403(b)/457/TSP than in Roth to generate the same after-tax income over 30 years. Roth accounts provide a major advantage in tax efficiency and simplicity, especially in retirement years with predictable income Thoughts Roth IRA vs Traditional IRA Savings All of the Roth IRA vs Traditional IRA scenarios were simplified in order to highlight the difference in savings from a future tax perspective. While many financial professionals have suggested diversifying the savings approaches. Under the scenario that I have laid out, clearly there is one winner. Many mistakenly believe that there IRA savings gives them a much larger current deduction than it already does. If you target the zero tax of Roth, you are taking tax increase risk off of the table. Also, your cognitive powers are likely going to decline somewhere during a long retirement period. This may nullify the great tax diversification you had developed during your younger days. All of this said, I don't believe in one size fits all. Your circumstances may be unique. I hope that this article on Roth IRA vs Traditional IRA encourages you to build your own scenarios and to stress test and build your own and stress test them.
New York Times
18 minutes ago
- New York Times
For Trump, E.U. Trade Deal was Badly Needed
For months, President Trump's penchant for overhyping the speed at which he could negotiate complex trade deals has been the butt of Washington jokes. 'Ninety days ago, Donald Trump promised the world that his tariffs would lead to 90 deals in 90 days,' the Senate minority leader, Chuck Schumer, Democrat of New York, said earlier this month, adding: 'By my count, he's about 88 trade deals short.' So on Sunday, when Mr. Trump announced a trade agreement with the European Union, it was not only his biggest trade deal to date, but also, politically, his most badly needed. After going months without securing deals, Mr. Trump is now coming off his most productive stretch of trade negotiations, landing agreements in recent days with the Philippines, Japan and Indonesia as well as the European Union, which represents 27 countries. The deal with the European Union, at least upon first impression, seemed to give Mr. Trump much of what he wanted. 'I'm very surprised how the European Union gave in to Trump's demands,' said Douglas Irwin, a professor of economics at Dartmouth College. 'I thought the E.U. would be the most prone to retaliation. And yet, they didn't do it. They really gave in to most of what Trump wanted.' Want all of The Times? Subscribe.
