Latest news with #hotelconstruction
Skift
3 days ago
- Business
- Skift
U.S. Hotel Construction Volume Falls to 20-Quarter Low
CoStar said the volume of US hotel rooms under construction decreased year over year for a sixth consecutive month, down by almost 12%. The DJIA ended Friday down 142 points while Nasdaq was up 10, the S&P 500 fell close to a point, and the 10-year treasury yield was down .03 to 4.43%. Lodging stocks were mixed. We are back after a rare week of rest, and we have a lot of news to go through. Please be patient as we try to catch up in the next couple of days ahead of the start of earnings season. CoStar said the volume of US hotel rooms under construction decreased year over year for a sixth consecutive month, down by almost 12%. This is a 20-quarter low and a real difference from a year ago. CoStar said the impact of hotel demand trending downward, unrelenting economic uncertainty, and rising construction costs are contributing to this plunge. The majority of the rooms under development are in the Southern US states, most in secondary and tertiary markets. JD Power's 2025 Hotel Guest Satisfaction Index was released for North America. The top spot by segments included Ritz-Carlton for Luxury; Omni Hotels & Resorts for Upper-Upscale; Drury Hotels for Upscale; Hyatt House for Upscale Extended Stay for a fourth consecutive year; Hampton by Hilton in Upper Midscale; Home2 Suites by Hilton for a third consecutive year in Upper Midscale/Midscale Extended Stay; Tru by Hilton for a third consecutive year in Midscale; Microtel by Wyndham for a third consecutive year in Economy; and in Economy Extended Stay, WoodSpring Suites was named at the top for the third consecutive year. Portman Holdings revealed that a new Marriott convention center hotel will be built in Cincinnati, just south of the Duke Energy Convention Center, expected to be one of the largest and highest-profile hotel developments in the region. The Marriott will open in 2028 with 700 rooms, more than 62,000 square feet of meeting space and a 17,445 square foot events terrace with group, business, and recreational travelers in focus. The convention district is undergoing a $828 million project, including $264 million to renovate the Duke Energy Convention Center, with the Marriott to be attached by a sky bridge. The REMI, Scottsdale, Autograph Collection will open on July 22nd in the heart of Scottsdale, AZ's Hospitality District. The boutique-style hotel will be operated by Crescent Hotels & Resorts and will include five dining destinations curated by Alliance Hospitality Group. TownePlace Suites by Marriott announced the grand opening of TownePlace Suites Bozeman West, a newly constructed 107-suite extended stay hotel located just outside Bozeman, Montana. The hotel is co-owned by Braxton Development and includes a bar and restaurant. Construction took 18 months. The AC Hotel Wichita Downtown opened in an Art Deco building that was once home to a Russell Stover candy shop. The renovations turned the 11-story building into a 118-room boutique hotel, the first AC Hotel by Marriott in Kansas. The hotel includes a fitness center, event space, lounge and kitchen offering breakfast in the morning and tapas and cocktails at night. Wichita's government insists it needs more hotel rooms. The Wichita City Council recently approved a 110-room downtown hotel development. Downtown Wichita believes it needs another 500 rooms. Excel Group purchased the Hampton Inn & Suites Coconut Creek and the neighboring Residence Inn Fort Lauderdale Coconut Creek. The latest is the $21.17 million purchase of the 105-room Florida Coconut Creek Residence Inn. The seller was Coconut Creek Hotel M-RI, a partnership between Butters Construction & Development and Morlin Group. The same party had sold the Hampton Inn Coconut Creek to Excel as well for $17.28 million. Coury Hospitality said they assumed the management of Plunge Beach Resort in Lauderdale-by-the-Sea, Florida, on July 1, followed by Residence Inn Alexandria Old Town South at Carlyle in Alexandria, VA on July 8th. Plunge Beach is a 163-room oceanfront boutique property, while the Residence Inn Alexandria is a 181-suite extended stay hotel. After many delays, New York's Waldorf Astoria is supposed to finally open in August. The renovation lasted nearly eight years and cost $2 billion. Hilton retains a long-term lease on the hotel. When it closed for renovation, it had 1,400 rooms with 372 private residences. It is now said to be a 375-room hotel and has 372 residences. The rooms and suites are expected to be some of the largest in Manhattan. The hotel's 43,000 square feet of meeting and event spaces will return on September 1. Hilton announced the signing of Spark by Hilton Ponce, marking the debut of the premium economy Spark brand in the Caribbean and Latin America. The 120-room hotel is expected to open in late 2025, owned by Ponce Resorts Inc. It will be managed by HI Development P.R. Corp. Azul Hospitality announced the addition of the Hilton Garden Inn Colorado Springs Downtown to its portfolio. The 168-room hotel is located in the heart of Colorado Springs' downtown with amenities including an indoor pool, fitness center, and almost 5,000 square feet of meeting space, along with a rooftop bar that will open in the fall. HHM Hotels announced its 25th managed hotel in Florida, the 126-key Homewood Suites by Hilton Tampa-Brandon. Dreamscape Hospitality announced it assumed management of three premium-branded hotels in Houston, Texas. The newly added properties include the Hilton Garden Inn Houston/The Woodlands; Homewood Suites by Hilton Houston NW at Beltway 8; and the Hyatt Place Houston/The Woodlands. The hotels are owned by New Horizons Hospitality. Separately, Dreamscape also announced it will assume management of Ambros Daytona, a boutique oceanfront retreat in Daytona Beach, FL. Hyatt Regency Times Square has opened, the first Hyatt Regency hotel in Manhattan. The property is owned by Argent Ventures and is managed by Highgate. The 795-room hotel includes an exclusive Mamma Mia!-themed guestroom. The show returns to Broadway on August 2nd. The newly reimagined Hyatt Regency Times Square noted that they have one of the largest hotel fitness centers in Manhattan. Frontier Development & Hospitality Group LLC, in partnership with Basis Investment Group, announced the opening of the Hyatt House Washington DC Downtown Convention Center. The 184-room hotel is located steps from the Walter E. Washington Convention Center. The hotel is operated and managed by Donohoe Hospitality Services. Later this fall, the hotel will unveil an all-weather rooftop bar and lounge. Aimbridge Hospitality has been selected to manage a new addition to Nashville's skyline. The 600-foot tower was developed by DAC Developments and will feature 53 floors, 400 guest rooms, 100 luxury residences and 30,000 square feet of meeting space. The full-service hotel will open at 319 Peabody in 2026 and will include a rooftop pool, multiple dining and retail outlets and more. Pendry Hotels & Resorts, in partnership with SomeraRoad and Trestle Studio, has officially broken ground on the Pendry Nashville and Pendry Residences Nashville. Slated to open in 2027 in the Paseo South Gulch district, the hotel will feature 180 rooms and suites along with 146 Pendry Residences. Sales for the Residences are expected to launch this fall. Additional partners of Pendry Nashville include JE Dunn Capital Partners and Clark Construction. Extended Stay America announced the opening of the Extended Stay America Select Suites Wildwood - The Villages. The hotel is located in Wildwood, FL, and was developed by Southern Hospitality. The 124-room property is the first to feature the Select Suites' new construction prototype. The Cambria Hotel Templeton-Paso Robles, franchised by Choice Hotels International, announced its grand opening in California's Central Coast. The Filipponi family locally owns the property in partnership with the principals of Pacific Templeton. The 132-room boutique-style hotel, which soft-opened in late June, is now officially open to the public. Pacifica Hotels manages the property. Ensemble Investments, LLC announced the completion of the $15 million-plus renovation and repositioning of the former Vintners Resort into Vinarosa Resort & Spa, a new hospitality offering in Sonoma County, CA's Russian River Valley. The 92-acre working vineyard property has been fully reimagined with a new vision, introducing elevated guest accommodations, a redefined arrival and lobby experience, enhanced culinary and wellness offerings, and more. Ensemble acquired the property in May 2023 in partnership with the Jackson family. JLL's Hotels & Hospitality Group announced the $5.6 million sale of the Grand Eastonian Hotel & Suites, a historic 50-room hotel located in downtown Easton, PA, in the Lehigh Valley. JLL represented Nature Nurture Founding, a 501(c)(3) nonprofit, which sold the property to CanalHouse Hospitality Enterprises LLC. JLL also announced its Hotels & Hospitality Group sold the Clarion Hotel Airport, a 149-room hotel in Portland, Maine. JLL represented the seller in the transaction. Jamsan Hotel Management will manage the hotel for the new ownership group. Hunter Hotel Advisors announced the sale of the 133-key SpringHill Suites Baltimore BWI Airport. A local investor acquired the property in a court-appointed receiver sale on June 24, 2025. The hotel was renovated in 2015. Hunter Hotel Advisors also announced the sale of the 139-key Hampton Inn & Suites El Paso-Airport. Nexgen Management purchased the property from an institutional seller on June 25, 2025. Finally, Hunter announced the sale of the 124-key Hyatt Place Miami Airport-West/Doral. Baywood Hotels purchased the property on June 26th for an undisclosed amount. HREC Investment Advisors announced it arranged the sale of the 126-guestroom Homewood Suites Tampa Brandon. An institutional buyer acquired the property. HREC exclusively represented the seller in the transaction. Alchemy Real Estate Advisors announced the sale and closing of the 100-room La Quinta Inn & Suites in Portland, Maine. Alchemy said they represented an institutional seller in the transaction with a private investor buying the hotel, sold through a competitive, traditional marketing process that generated multiple offers. White Lodging announced it expects to top out the 258-room Trinity Hotel, Autograph Collection hotel in Austin, Texas, by the end of the year, with a projected opening before the end of 2026. White Lodging owns or operates 12 other hotels and more than 220,000 square feet of meeting space in the Austin metro area. Personnel News Marriott International announced that Leeny Oberg will retire from the company on March 31, 2026, after 26 years with the company. Oberg is currently Chief Financial Officer and Executive Vice President, Development with MAR. Jen Mason, a 33-year MAR veteran, will assume the role of Executive Vice President and CFO when Oberg steps down. Mason is currently Global Officer, Treasurer, and Risk Management, and previously held the role of CFO of MAR's largest segment, US & Canada. MAR also said Shawn Hill will be Executive Vice President and Chief Development Officer, effective January 1, 2026. Hill has been with MAR for nearly 28 years and is currently the Chief Development Officer for MAR's Asia Pacific Excluding China region. White Lodging announced the hiring of Noah Hoppe as Executive Vice President and Chief Financial Officer and Jared Garner as Executive Vice President and Chief Legal Officer. Bruce Hoffmann, currently EVP and CFO, will transition to an Emeritus role to ensure an orderly transition over the next year. Hoppe joins White Lodging after spending nearly two decades with Hyatt Hotels, most recently SVP of Transactions. Garner joins White Lodging from Concord Hospitality, where he is the immediate-past General Counsel and Chief Compliance Officer. He was previously VP, Legal for Radisson Hotel Group. Remington Hospitality announced the return of Lisa Carlson as Senior Vice President of Operations. Carlson originally joined Remington in 2022 as part of the company's merger with Chesapeake Hospitality.
Yahoo
4 days ago
- Business
- Yahoo
US hotel construction hits five-year low
The number of hotel rooms under construction in the United States fell for the sixth straight month in June 2025, reaching its lowest point in five years, according to CoStar's latest data. The total stood at 138,922 rooms, an 11.9% decrease compared to June 2024. This marks a significant slowdown in hotel development, reflecting broader economic challenges and shifting market dynamics. Economic uncertainty and rising costs dampen development Analysts attribute the decline to several factors, including reduced demand for hotel stays, persistent economic uncertainty, and escalating construction costs. Isaac Collazo, senior director of analytics at STR, noted that the current environment has led to a 20-quarter low in the number of rooms under construction. He added that more than half of the rooms in development are located in the Southern United States, primarily outside the top 25 metropolitan markets, with many projects still in the early planning stages and unlikely to commence construction soon. Regional trends and market focus The Southern region accounts for over half of all rooms currently under development, with a significant portion situated outside major metropolitan areas. Despite the overall slowdown, the upscale and upper upscale segments continue to dominate new developments, comprising the majority of rooms under construction. These segments remain the focal point for developers, even as the number of new projects is expected to decrease in the near future. Future outlook for hotel development Looking ahead, the hotel construction pipeline remains active, with 349,802 rooms in the planning phase, a 4.8% increase from the previous year. However, the majority of these projects are still in the early stages, and many may face delays or cancellations due to ongoing economic pressures. The industry will need to navigate these challenges carefully to maintain a balanced and sustainable development trajectory. The sustained decline in hotel construction underscores the need for developers and investors to adapt to the current economic landscape. While the planning phase shows some growth, the actualisation of these projects will depend on the resolution of economic uncertainties and the stabilization of construction costs. "US hotel construction hits five-year low" was originally created and published by Hotel Management Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
BBC News
10-07-2025
- Politics
- BBC News
Attempt to stop St Ives hotel development fails
A late attempt by campaigners to stop a Premier Inn being built overlooking St Ives has of the residents who have opposed the plan to build the 90-room hotel took their battle to Parliament last have now heard the news that the build of the hotel will go will mean the demolition of St Ives' last remaining care home to make way for the hotel, which has been criticised locally. According to the Local Democracy Reporting Service, campaigners presented letters to officials asking Deputy Prime Minister Angela Rayner to reverse a decision made by a government planning inspector to allow the to the decision on a Facebook page dedicated to fighting the Premier Inn plans, Shelley Thornton said: "Sadly, Goliath has won this battle! "We've just heard that Angela Rayner won't intervene. "Today is a very sad day for local democracy, local communities and vulnerable people."
Yahoo
04-07-2025
- Business
- Yahoo
New Fairfield by Marriott hotel construction in UK secures approval
The construction of a Fairfield by Marriott hotel in Warwickshire, UK, is set to begin later this year, following the receipt of Reserved Matters approval. Set to open in early 2027, the midscale property marks the brand's UK debut. The new 142-bedroom hotel in Gaydon will be strategically located near the British Motor Museum and JLR Global Headquarters. Part of Marriott Bonvoy's global portfolio, which encompasses more than 30 hotel brands, the Fairfield by Marriott hotel will be independently owned and operated. The local area currently faces a shortage of internationally branded hotel accommodations, according to management partner Cycas Hospitality, which was appointed to manage the hotel in April 2024. The introduction of the Fairfield by Marriott property is anticipated to draw a more diverse audience and bolster the local visitor economy. British Motor Museum acting managing director Adrian Managhan said: 'A new hotel in such close proximity to the Museum presents exciting opportunities for growth. As an independent museum run by a charitable trust, we depend on income from visitors, donations, and commercial ventures such as conferences and events. 'An increase in footfall driven by this development will directly support our mission to 'Collect, Conserve, Share and Inspire'.' The latest announcement follows the brand's European introduction with the Fairfield by Marriott Copenhagen Nordhavn, which opened last year. "New Fairfield by Marriott hotel construction in UK secures approval" was originally created and published by Hotel Management Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Travel Daily News
16-05-2025
- Business
- Travel Daily News
Middle East: Hotel projects under construction increase 8% YOY at Q1 2025
Middle East hotel pipeline grows in Q1 2025 to 634 projects. Saudi Arabia, Egypt, and UAE lead; luxury, upper upscale segments hit records. PORTSMOUTH, NH – The Q1 2025 Hotel Construction Pipeline Trend Report for the Middle East from Lodging Econometrics (LE) reveals, at the Q1 close, the hotel construction pipeline in the region increased to 634 projects/158,656 rooms, up 4% by projects and 10% by rooms year-over-year (YOY). At Q1 2025, projects currently under construction stand at 327 projects/84,434 rooms, up 8% by projects and 5% by rooms YOY. Projects scheduled to start construction in the next 12 months stand at 158 projects/47,201 rooms, up 19% by projects YOY and 55% by rooms YOY. Projects in the early planning stage stand at 149 projects/27,021 rooms. New project announcements in the Middle East at the first quarter close stand at 41 projects/9,068 rooms, while new construction starts stand at 39 projects/6,910 rooms, up 63% by projects and 21% by rooms YOY. By chain scale, LE analysts report several record highs reached in Q1 2025. The luxury chain scale achieved all-time high totals with 185 projects/42,268 rooms, while the upper upscale chain scale reached record highs with 153 projects/37,946 rooms. Together, these top two chain scales account for 54% of projects and 55% of the rooms in the region's pipeline. Additionally, brand conversions reached record totals with 55 projects/12,436 rooms. LE analysts report that at Q1, the top Middle Eastern countries with the greatest number of projects are Saudi Arabia, with 319 projects, accounting for 85,416 rooms – a record high room count. Egypt follows with record-high counts of 125 projects and 28,768 rooms. Next is the United Arab Emirates with 102 projects/27,279 rooms, Oman with 27 projects/4,680 rooms, and Qatar with 20 projects/4,476 rooms. Cities in the Middle East with the largest pipelines at Q1 are led by Riyadh with 87 projects/17,519 rooms, Dubai with 56 projects/15,073 rooms, Jeddah with 50 projects/10,386 rooms, Cairo with 45 projects/10,218 rooms, and Makkah with 24 projects/17,386 rooms. Ninety-four percent of the projects and 95% of the rooms in the region's total construction pipeline are located within these five cities. During the first quarter, the Middle East opened 9 new hotels/2,130 rooms. LE is forecasting an additional 99 new hotels/23,505 rooms to open throughout the remainder of the year for a total of 108 new hotels/25,635 rooms to open by year-end 2025. By year-end 2026, LE analysts forecast another 109 new hotels/20,806 rooms to open across the Middle East.
