Breaking news about deals, development, data and more.
Son takes over at Driftwood. Miami-based investment firm Driftwood Capital has elevated Carlos
Rodriguez Jr. to CEO, succeeding his father Carlos Rodriguez, Sr., who
co-founded the company with his son in 2015. Rodriguez Jr. previously served as
president and chief operating officer. Rodriguez Jr. will lead Driftwood
Capital’s investment strategy and firmwide execution, while Rodriguez Sr. will
continue as executive chairman and remain actively involved in setting the
firm’s long-term strategy. The owner, operator and lender has some $3.5 billion in hospitality assets
under management, more than $1 billion in projects under
construction/development, participated in over $2
billion in loan originations, and has more than 80 hotels under management
through its subsidiary, Driftwood Hospitality Management.
NYC junk fee laws. New York City has finalized regulations prohibiting hotels
from charging customers hidden, undisclosed or unexpected fees. The city also
is requiring transparency on credit card holds. The new rules take effect February
21. The new rules mirror regulations the FTC finalized in 2024 that
requires hotels to display the total price, including all required fees, up
front. NYC’s version goes a step further by mandating clear disclosure of
credit card holds or deposits. Under the city rule, hotels must prominently
display total pricing, inclusive of mandatory fees like destination fees, resort
fees or hospitality service fees. Additionally, the rule prohibits hotels from
misleading consumers about the nature of any fees via any offers, displays or
advertisements. The rule also requires hotels to disclose the final
payment amount and details about credit card holds or deposits, including the
amount, potential retention reasons and refund timeline for these holds before
a consumer agrees to pay.
Fairmont to Calgary. Fairmont Hotels & Resorts, in partnership with development
group Truman, will develop the new 225-key Fairmont hotel with 100 branded
residences in Greater Downtown Calgary, Canada, slated to open in Q4 2031. Fairmont
Calgary is a direct beneficiary of the Stampede Park transformation project, a
major revitalization of Calgary’s Culture and Entertainment District centered
around the government funded $500 million expansion of its BMO Centre,
completed in 2024. The design concept will be announced and the regulatory
approvals process will be initiated in Q1 of 2026.
Good week in US. The U.S. hotel industry from January 11-17 reported positive
year-over-year comparisons, according to CoStar data. Occupancy was 56.1%
(+0.7% YOY); ADR was $157.21 (+0.9% YOY); and RevPAR was $88.19 (+1.6% YOY). Among
the Top 25 Markets, Minneapolis reported the largest occupancy increase (+12.2%
to 51.6%) and the second-highest jump in RevPAR (+17.4% to $63.93). Miami
saw the highest ADR gain (+11.8% to $287.54), due to the impact of the College
Football Playoff National Championship. Philadelphia registered the largest
lift in RevPAR (+21.8% to $86.68). Overall, 16 of the Top 25 Markets saw an
increase in RevPAR. Washington, D.C. reported the most pronounced
decreases in ADR (-31.3%) and RevPAR (-32.1% to $93.43) with difficult
year-over-year comparisons from the weekend of last year’s Presidential
Inauguration.
Palisociety to Beverly Hills. Avi Brosh’s Palisociety is set to debut in April 2026 its first hotel in Beverly Hills this spring with The Hôtel Lili. The property was originally built in 1939 as a private residence. Brosh and team have completely updated the property’s three stories and 44 guest rooms, alongside The Bar. This hotel will become the brand’s ninth hotel in the Los Angeles area.
Covivo buys in Portugal. Covivio, through its subsidiary Covivio Hotels, has signed a
deal acquire a 228-room Meininger hotel (834 beds) in Porto, Portugal, from Eiffage
Immobilier Portugal for €31.6 million. Construction of the property will begin
in the first quarter of 2026. The sale will be effective at the opening of the
hotel, scheduled for the second half of 2028. An Agreement for Lease, effective
upon delivery has also been signed with Meininger, who will operate the hotel
under a 20-year fixed lease. This transaction follows the acquisition in July
2025 of the B&B Porto Centro Massarelos hotel – also developed with Eiffage.