PENDRY OPENS HOTEL IN SOMERSET COUNTY: Pendry Hotels & Resorts has reimagined a historic mansion into Pendry Natirar in New Jersey’s Somerset County. Situated about 45 minutes outside of Manhattan, N.Y., the resort is centered around a restored 1912 Tudor-style mansion and offers 66 rooms, including 20 suites. The property has been designed by CosciaMoos Architecture, with interiors by DesignAgency. The mansion’s original limestone foyer, stone fireplaces, plaster ceilings, wood paneling and oak flooring have been restored and preserved. The luxury retreat includes multiple dining venues, a cooking school, a working farm, a 19,000-square-feet spa, more than 500 acres of park land and a forested walk to the Raritan River and a children’s program.
ATWELL SUITES OPENS THREE HOTELS IN U.S.: Atwell Suites has expanded its U.S. presence with three new hotels in Kansas City, Mo., Henderson, Nev. and Fort Worth, Texas. These additions build on the earlier opened hotels in Miami, Denver and Austin, further growing IHG Hotels & Resorts’ suites, upper-midscale hotel brand. Owned by Hotel KCI LLC, Atwell Suites- Kansas City Airport offers 104 rooms and is located close to the Kansas City International Airport and the downtown. Atwell Suites – Henderson at the Pass operates under the ownership of DeSimone Companies and is slated to open in early November. The 96-key Atwell Suites Fort Worth – Alliance Area, owned by Sequoia Hospitality, is scheduled to open in November and is a short drive from the Perot Field Fort Worth Alliance Airport. The three additions are part of Atwell Suites’ strategy to open over 50 hotels in the U.S. in the coming years.
$44M LOAN FOR FRISCO HYATT REGENCY: Dallas-based HALL Structured Finance has provided $44 million under a first lien loan for the Hyatt Regency Hotel in Frisco, Texas. The hotel opened in June 2020. The borrower is Sam Moon Group, a privately held family company. The 16-story, 303-key full service hotel offers direct access to Stonebriar Centre, a 1.7 million square foot super regional mall. The hotel includes a lobby restaurant and bar, a deck on the fourth floor with a rooftop pool, private cabanas, bar and event lawn, fitness center, business center and 29,000 square feet of event space.
U.S. PERFORMANCE UPDATE: The U.S. hotel industry reported positive YOY comparisons, according to CoStar’s data through October 19.
- Occupancy: 70.1% (+1.6)
- ADR: $169.85 (+2.5%)
- RevPAR: $119.01 (+4.2%)
Among the top 25 markets, Tampa posted the largest occupancy lift (+23.6% to 83.7%), due to continued displacement demand from Hurricane Milton. Miami reported the highest increases in ADR (+29.9% to $245.28) and RevPAR (+35.5% to $179.72). The market’s performance was driven by Taylor Swift’s Eras Tour and Adobe MAX 2024. The steepest RevPAR declines were seen in Las Vegas (-19.5% to $192.14) and Denver (-12.5% to $105.98).