CITIZENM OPENS IN AUSTIN: citizenM has opened its first property in Austin, citizenM Austin Downtown, marking its 34th property globally. Developed in collaboration with Turnbridge Equities, the hotel has been designed by citizenM’s long-term architecture partner and local architecture company, Baskervill. The 17-story hotel offers 344 rooms with XL king-size beds and is close to Lady Bird Lake. The opening follows recent openings in Miami (Miami Worldcenter and Brickell) and citizenM Menlo Park on the Meta campus. Amenities at the hotel include a living room, a signature canteen, a retail space, a gym, a rooftop bar and a pool. citizenM has commissioned several local artists whose artworks will be showcased at the property. Aligning with citizenM’s sustainability commitments, the hotel has been constructed as per environmental standards and is aiming to secure a LEED Gold certification.
HVMG’S ADDITIONS IN 2023: Hospitality Ventures Management Group (HVMG), the Atlanta-based third-party hotel operator and investor, has added 15 new hotels to its portfolio of select-service, full-service and resort properties in 2023. Many of the additions are Hilton, Marriott and Hyatt brands. HVMG achieved a company-wide 112% market share and same-store YOY RevPAR Index growth of 4.8%. In the last eight years, this is the seventh year where the group increased its same-store market share. This share growth performance led to a rise in same-store RevPAR of 12% over 2022 compared to 4.9% for the industry, according to CoStar data. HVMG’s management portfolio currently includes 56 hotels and a convention center across 18 states, totaling over 9,300 guestrooms.
$39M LOAN FOR DUAL-BRANDED MARRIOTT HOTEL: HALL Structured Finance (HSF) has originated a $39 million construction loan to develop a dual-branded Marriott Courtyard and Residence Inn in Sand City, Calif. Dallas-based HSF also helped the borrower secure an additional $28 million in C-PACE funding provided by Nuveen Green Capital. The hotel broke ground earlier this month and is scheduled to open in November 2025. Spanning 139,660 square feet, the hotel will feature 215 rooms (127 rooms on the Courtyard by Marriott side and Residence Inn’s 88 rooms), a restaurant, pool, bar and more than 3,000 square feet of meeting and event space. The hotel is being developed by EKN Development and their partner, Garn Development. The deal was brokered by JLL on behalf of EKN. This is HSF’s second loan to an EKN-developed project, following a Fairfield Inn and TownePlace Suites dual-branded hotel in Tempe, Ariz., which will open in February.
LAS VEGAS TO POST RECORD SUPER BOWL ADR: ADR in Las Vegas is projected to touch $573 in February 9-11, which will be the highest level for any Super Bowl weekend on record, according to STR. Las Vegas is expected to have occupancy of 87.9% for Friday through Sunday. Along with the ADR, it would result in a RevPAR of $504. In November 2023, The Formula One Grand Prix resulted in an actualized ADR of $502, netting RevPAR of $390 in the Thursday to Sunday period. In 2020, Miami had the highest Super Bowl ADR and RevPAR level. The size of the two destinations is one of the main differences, as Las Vegas (with 393 hotels totaling 172,707 rooms) is more than twice the size of Miami in terms of room inventory.
HOTEL HERON’S FORTHCOMING OPENING: Hotel Heron is set to open this spring in Old Town Alexandria, Va. The former George Mason Hotel, located close to King Street Mile and Alexandria’s waterfront, has been reimagined to open Hotel Heron. Washington D.C.-based architects Antonovich Associates led the reimagination, with interiors by Streetsense. Hotel Heron features 134 rooms spread across the original Prince building and the adjacent new Washington building. The hotel includes a ground-floor restaurant, cocktail bar, seasonal rooftop bar with views of the Potomac, library, gym and more than 3,500 square feet of indoor event space.