HARD ROCK HOTEL IN SCOTTSDALE: Hard Rock International has announced development plans for REVERB by Hard Rock Scottsdale, a music-themed hospitality experience in Scottsdale, Ariz. The property will include 195 guestrooms, entertainment and outdoor spaces, an outdoor pool, a rooftop bar and more. The $60 million project is being developed in partnership with ERES Capital and is scheduled to open by summer 2026, anchoring The Sydney, a mixed-use entertainment-focused development in the 101 Entertainment Corridor. The hotel will feature dining concepts, a coffee bar and lounge, co-working space, flexible meeting rooms, Rock Shop, a fitness center and guest laundry facilities. The property will be designed by Gensler Architects, with a five-story building within Salt River Pima-Maricopa Indian Community Tribal land.
RESOLUTE ROAD EXPANDS IDAHO PORTFOLIO: Resolute Road Hospitality, a third-party management company, expanded its presence in Idaho with the addition of Residence Inn by Marriott Boise West to its management portfolio. Resolute Road has entered into a strategic partnership with Bozeman, Mont.-based Virga Capital to manage the hotel. The 104-room Residence Inn by Marriott Boise West is situated close to the Boise State University and other attractions and features fully equipped kitchens, an outdoor sports court, a fitness center and a heated indoor pool. Resolute Road already manages hotels in Boise, Twin Falls and Coeur d’Alene in Idaho.
RADISSON ADDS IN ITALY: Radisson Hotel Group has arrived in Sardinia with the launch of Veridia Resort Sardinia, a member of Radisson Individuals. Located in the Chia region of southern Sardinia, the new resort offers views of the Bay of Chia and the Saracen Tower. The resort has six residences arranged around the central building. Guests can access multiple dining venues, a private beach, an infinity pool, two tennis courts and a range of activities such as boat trips and tours of local historical landmarks.
U.S. PERFORMANCE UPDATE: The Memorial Day resulted in the U.S. hotel industry’s performance declining from last week but posting slightly positive comparisons YOY, according to CoStar’s data through June 1.
- Occupancy: 62% (+0.9%)
- ADR: $150.87 (+0.1%)
- RevPAR: $93.50 (+1%)
Among the top 25 markets, New Orleans saw the highest YOY gains in occupancy lift (+17.8% to 66.8%). Las Vegas reported the largest increase in ADR (+7.4% to $177.13). Dallas posted the highest increase in RevPAR (+22.5% to $86.07) and the second-highest lift in ADR (+6.9% to $120.55). Severe storms in the market drove performance after many residents were left without power. The steepest RevPAR declines were seen in Washington, D.C. (-10.3% to $105.24) and Denver (-7.6% to $93.92).
SMITH HILL, BAIN CAPITAL CLOSE $11M FINANCING FOR FOUR HOTELS: Smith Hill Capital, the fully-integrated commercial real estate debt investment management business of the Procaccianti Companies, along with Bain Capital Special Situations have closed a $111 million first mortgage loan secured by a four-property hotel portfolio. Totaling 954 rooms, the properties include Marriott Bridgewater in Bridgewater, N.J.; W Atlanta Downtown in Atlanta; Embassy Suites Walnut Creek in Walnut Creek, Calif.; and Embassy Suites Flagstaff in Flagstaff, Ariz. The financing was originated and executed by the joint venture of Smith Hill and Bain Capital, which was formed in 2023.