Asia Is the Beating Heart of Future Hotel Growth

Daily Lodging Report

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Here are some excerpts from Daily Lodging Report from the past week. If you’re not a subscriber, you should be. Get news on hotel deals, development, stocks, and career moves. Sign up here, now.

Baird added Apple Hospitality REIT as a Bullish Fresh Pick. Baird said slowing growth and recession fears are getting priced into Hotel REIT share prices. While actual and perceived risks are higher today, Baird believes stock prices are much lower to better reflect the uncertainties. They believe Hotel REIT stocks are approaching valuation levels where they have bottomed historically. They did reduce price targets on their coverage. The rank order of their Outperform rated names for 2H22 is APLE, XHR, RLJ, INN, and DRH.

The Points Guy reported that Witkoff Group and Access Industries’ One High Line project hotel will now be a Faena hotel instead of a Six Senses brand. The founder of Access Industries, Len Blavatnik, is also a founding partner of the Faena brand. The new owners took over the stalled mixed-use development in Manhattan’s West Chelsea neighborhood some months ago.

Watermark Capital sold the 226-room Holiday Inn, in New York City’s Chelsea neighborhood, to Two Kings Real Estate for $70.3 million. Watermark Capital reportedly has been marketing the property for sale all year. It fell behind on its mortgage payments in October 2020, and the loan was transferred to a special servicer in January 2021. Watermark was said to have paid $111 million for the hotel in 2013 and invested $8 million in renovations and improvements, according to Crain’s New York.

San Antonio’s Historic Design and Review Commission granted White Lodging final approval to develop a 10-story hotel along South Alamo Street. Originally a nine-story boutique hotel, the revised scope of the