HNR Development Update Issue: August, 4 2023 |  Read Online

HVS Report - U.S. Hotel Development Cost Survey 2023 - By Luigi Major

HVS Brokerage & Advisory, as the sole and exclusive advisory firm to ownership, presents the opportunity to acquire the 91-key Holiday Inn Express & Suites Houston East Baytown, a limited-service hotel asset located in Baytown, Texas. Read more

The property spans more than 23 acres on Scottsdale Road and features 378 premium guestrooms, including 12 suites with panoramic views of the scenic areas surrounding Camelback & Mummy Mountains. Read more

Together, the hotels offer 146 economy rooms, representing a combination of a well-established, highly profitable, income-generating business with substantial freehold land holdings. Read more

The property, built in 2013, was purchased by Monarch Group Hotels, based in Corpus Christi, Texas, from KJ Texas Properties LLC, based in Branson, Missouri. Read more

Hilton (NYSE: HLT) has announced a number of new signings in China in the first half of this year, including Conrad Qingcheng Mountain, Hilton Shanghai City Centre, Hilton Shanghai Jing'an, Curio Collection by Hilton hotels in Yantai and Anji, Hilton Garden Inn Hangzhou Grand Canal and Hilton Garden Inn Chengdu Chenghua. Read more

MCR has acquired two hotels in Phoenix, Arizona - the 169-room Holiday Inn Express & Suites Scottsdale - Old Town and the 121-room Hampton Inn by Hilton Phoenix-Biltmore. Read more

The brand new 200-room Crowne Plaza Geelong will open in 2026, part of the Geelong Convention and Exhibition Centre precinct development project, which forms part of the Geelong City Deal, a collaborative plan by the Australian and Victorian governments and the City of Greater Geelong to transform the region. Read more

HVS Brokerage & Advisory announces the sale of the 52-key Quality Suites North Houston, located at 150 Overland Trail, Houston, Texas 77090. Read more

Zel, the hotel brand created by Rafa Nadal and the Meliá group, begins its international expansion by signing a new hotel in the Mexican Pacific Read more

Elise Capital announced today the acquisition of the Holiday Inn Express & Suites Picayune-Stennis Space Center, located in Picayune, Mississippi. This property marks the firm's third hospitality acquisition in the last two years. Read more

The properties are the Courtyard by Marriott Lehi at Thanksgiving Point and the SpringHill Suites by Marriott Lehi at Thanksgiving Point, both in Lehi, Utah, and the Hilton Garden Inn Las Vegas/Henderson, in Henderson, Nevada. Read more

Sonesta, the 8th largest hotel company in the US, today announced that it added 13 hotels to the company's global portfolio during the first six months of 2023. The new hotels, with a total of more than 1,000 rooms. Read more

IHG Hotels and Resorts has announced the signing of franchise agreements with subsidiaries of Aqarat, a global hotel owner, in relation to two new Vignette Collection hotels which will launch IHG’s new collection brand to the Middle East later this summer. Read more

Brand set to reinvest $1.5 billion in its portfolio of properties over the next 5 years Read more

Fordson Hotel is located in the West Village District near Oklahoma City’s downtown and housed in the former Ford Motor Company Assembly Plant, which dates back to more than a century and is listed on the National Register of Historic Places. Read more

Braemar Hotels & Resorts Inc. (NYSE: BHR) today announced the rebranding and planned conversion of its Mr. C Beverly Hills in Los Angeles, California to the Cameo Beverly Hills. Read more

According to the United States Construction Pipeline Trend Report by Lodging Econometrics (LE) for Q2 2023, the five markets with the largest hotel construction pipelines are Dallas with a record-high 184 projects/21,501 rooms, Atlanta with 141 projects/17,993 rooms, Phoenix with 119 projects/16,107 rooms, Nashville with 116 projects/15,346 rooms, and Los Angeles with 112 projects/17,797 rooms. Read more

DiamondRock Hospitality Company (NYSE:DRH) today announced that it has acquired the fee-simple interest in the Chico Hot Springs Resort, a lifestyle resort in Paradise Valley, Montana and near Yellowstone National Park. The purchase price for the Resort and adjacent ranch is $33 million. Read more

Boutique funds management company Serene Capital has expanded its hospitality portfolio with the $41.5 million acquisition of Canberra’s Abode Hotel and Apartments. Read more

Oxford Capital Group, LLC announces a new long-term lease of the 225-room, luxury lifestyle hotel Thompson Washington D.C. (221 Tingey Street SE), located in the city's historic Navy Yard with the owner of the property, Germany's Union Investment. Read more

Wyndham Hotels & Resorts and LuxUrban Hotels, Inc. (NASDAQ: LUXH today announced a newly signed deal to bring 16 LuxUrban hotels, representing approximately 1,400 rooms, into the Trademark Collection by Wyndham brand later this year. Read more

A strong pace of activity in the second quarter catapulted first half volume to more than $1 billion with notable urban and resort market sales. Read more

According to the Q2 2023 United States Construction Pipeline Trend Report by Lodging Econometrics (LE), at the close of the second quarter, the hotel construction pipeline stands at 5,572 projects/660,061 rooms, with projects up 7% year-over-year (YOY) and rooms up 6% YOY. Read more

According to the most recent United States Construction Pipeline Trend Report from Lodging Econometrics (LE), in the second quarter of 2023, the franchise companies with the largest pipelines in the U.S. are Marriott International (Marriott) with 1,511 projects/181,632 rooms, Hilton Worldwide (Hilton) with record high project and room counts of 1,470 projects/164,848 rooms, and IHG Hotels & Resorts (IHG) with 811 projects/80,516 rooms. Read more

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