MANDARIN ORIENTAL TO RIYADH: Mandarin Oriental has opened its first property in Riyadh, Saudi Arabia. Al Faisaliah Hotel in Riyadh, Saudi Arabia, has rebranded as Mandarin Oriental Al Faisaliah, Riyadh. The hotel features refreshed interiors and enhanced spa and wellness treatments. Tihany Design led the redesign of the guestrooms, suites, a ground floor lobby, level on meeting rooms and three atriums. The north building now offers multiple new room and suite categories. The hotel offers nine dining destinations, a gym, a 16-meter swimming pool with waterfalls, steam baths and Finnish-style saunas.
CHOICE PROPOSES EIGHT BOARD MEMBERS FOR WYNDHAM: Choice Hotels International, Inc. has proposed eight independent persons for election at Wyndham’s annual shareholder meeting. The eight nominees are Barbara Bennett (founder and principal executive of Bennett West LLC), Emanuel Pearlman (chair and CEO of Liberation Investment Group), Fiona Dias (digital commerce consultant), James Nelson (CEO of Global Net Lease), Jay Shah (executive chair of the board of trustees at Hersha Hospitality Trust), Nana Mensah (founder, chair and CEO of ‘XPORTS Inc.), Susan Schnabel (founder and co-managing director partner of aPriori Capital Partners) and William Grounds (principal of Burraneer Capital Advisors). If elected, these nominees will exercise their independent judgment to serve the best interest of Wyndham shareholders, which Choice believes is to move with urgency to “maximize the value” that can be created for them through a combination with Choice, said Stewart W. Bainum, chair of Choice’s board of directors.
ADR, REVPAR PEAK IN U.S.: The U.S. hotel industry’s ADR and RevPAR touched record highs, according to 2023 data from CoStar.
- Occupancy: 63% (+0.6%)
- ADR: $155.62 (+4.3%)
- RevPAR: $97.97 (+4.9%)
Occupancy level was at its highest since 2019. Among the top 25 markets, New York City posted the highest levels in each of the three key performance metrics: occupancy (+8.8% to 81.6%), ADR (+8.5% to $301.22) and RevPAR (+18.1% to $245.77). New Orleans (-6.8% to $100.4) and Miami (-6.7% to $159.22) reported the only RevPAR declines in 2023. The top 25 markets showed higher occupancy and ADR compared to the other markets.
LOTTE BRINGS L7 BRAND TO U.S.: Lotte Hotels and Resorts, the South Korea-based hotel group, has introduced its L7 lifestyle hotel brand to the U.S. in downtown Chicago. The existing Kimpton Hotel Monaco Chicago will rebrand as the new L7 hotel. Slated to open this spring, L7 Hotels by Lotte will feature 191 rooms, including 22 suites, a restaurant and more than 5,000 square feet of meeting and event space. Lotte’s Americas portfolio currently includes Lotte New York Palace, Lotte Hotel Seattle and Lotte Hotel Guam. Lotte, which celebrated its 50th anniversary in 2023, currently has 34 hotels in nine countries under four brands.
$40.6M REFINANCING FOR CHARLOTTE HOME2 SUITES: Berkadia has refinanced Home2 Suites Charlotte Uptown, a full-service hotel located in Charlotte, M.C. Berkadia secured $40.6 million in refinancing from Peachtree Group on behalf of its client, Doradus Partners. Opened in 2019, the Home2 Suites Charlotte offers 180 rooms with in-suite kitchens, full-size refrigerators, work desks, HD televisions and sofa beds. The deal, which closed on January 9, will be Berkadia’s second closing in the Charlotte MSA this month. Earlier this month, Berkadia financed the WoodSpring Suites Charlotte — University Research Park.