Breaking news about deals, development, data and more.<\/p>\n
Son takes over at Driftwood. Miami-based investment firm Driftwood Capital has elevated Carlos
\nRodriguez Jr. to CEO, succeeding his father Carlos Rodriguez, Sr., who
\nco-founded the company with his son in 2015. Rodriguez Jr. previously served as
\npresident and chief operating officer. Rodriguez Jr. will lead Driftwood
\nCapital\u2019s investment strategy and firmwide execution, while Rodriguez Sr. will
\ncontinue as executive\u00a0chairman and remain actively involved in setting the
\nfirm\u2019s long-term strategy. The owner, operator and lender has some $3.5 billion\u00a0in\u00a0hospitality\u00a0assets
\nunder management, more than\u00a0$1 billion\u00a0in projects under
\nconstruction\/development,\u00a0participated in\u00a0over\u00a0$2
\nbillion\u00a0in loan originations, and has more than 80 hotels under management
\nthrough its subsidiary, Driftwood Hospitality Management.<\/p>\n
NYC junk fee laws. New York City has finalized regulations prohibiting hotels
\nfrom charging customers hidden, undisclosed or unexpected fees. The city also
\nis requiring transparency on credit card holds. The new rules take effect February
\n21.\u00a0The new rules mirror regulations the FTC finalized in 2024 that
\nrequires hotels to display the total price, including all required fees, up
\nfront. NYC’s version goes a step further by mandating clear disclosure of
\ncredit card holds or deposits. Under the city rule, hotels must prominently
\ndisplay total pricing, inclusive of mandatory fees like destination fees, resort
\nfees or hospitality service fees. Additionally, the rule prohibits hotels from
\nmisleading consumers about the nature of any fees via any offers, displays or
\nadvertisements.\u00a0The rule also requires hotels to disclose the final
\npayment amount and details about credit card holds or deposits, including the
\namount, potential retention reasons and refund timeline for these holds before
\na consumer agrees to pay.<\/p>\n
Fairmont to Calgary. Fairmont Hotels & Resorts, in partnership with development
\ngroup Truman, will develop the new 225-key Fairmont hotel with 100 branded
\nresidences in Greater Downtown Calgary, Canada, slated to open in Q4 2031. Fairmont
\nCalgary is a direct beneficiary of the Stampede Park transformation project, a
\nmajor revitalization of Calgary\u2019s Culture and Entertainment District centered
\naround the government funded $500 million expansion of its BMO Centre,
\ncompleted in 2024. The design concept will be announced and the regulatory
\napprovals process will be initiated in Q1 of 2026.<\/p>\n
Good week in US. The U.S. hotel industry from January 11-17 reported positive
\nyear-over-year comparisons, according to CoStar data. Occupancy was 56.1%
\n(+0.7% YOY); ADR was $157.21 (+0.9% YOY); and RevPAR was $88.19 (+1.6% YOY).\u00a0Among
\nthe Top 25 Markets, Minneapolis reported the largest occupancy increase (+12.2%
\nto 51.6%) and the second-highest jump in RevPAR (+17.4% to $63.93).\u00a0Miami
\nsaw the highest ADR gain (+11.8% to $287.54), due to the impact of the College
\nFootball Playoff National Championship. Philadelphia registered the largest
\nlift in RevPAR (+21.8% to $86.68). Overall, 16 of the Top 25 Markets saw an
\nincrease in RevPAR.\u00a0Washington, D.C. reported the most pronounced
\ndecreases in ADR (-31.3%) and RevPAR (-32.1% to $93.43) with difficult
\nyear-over-year comparisons from the weekend of last year\u2019s Presidential
\nInauguration.<\/p>\n
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 H\u00f4tel Lili. The property was originally built in 1939 as a private residence. Brosh and team have completely updated the property\u2019s three stories and 44 guest rooms, alongside The Bar. This hotel will become the brand\u2019s ninth hotel in the Los Angeles area.<\/p>\n
Covivo buys in Portugal. Covivio, through its subsidiary Covivio Hotels, has signed a
\ndeal acquire a 228-room Meininger hotel (834 beds) in Porto, Portugal, from Eiffage
\nImmobilier Portugal for \u20ac31.6 million. Construction of the property will begin
\nin the first quarter of 2026. The sale will be effective at the opening of the
\nhotel, scheduled for the second half of 2028. An Agreement for Lease, effective
\nupon delivery has also been signed with Meininger, who will operate the hotel
\nunder a 20-year fixed lease. This transaction follows the acquisition in July
\n2025 of the B&B Porto Centro Massarelos hotel \u2013 also developed with Eiffage.<\/p>\n","protected":false},"excerpt":{"rendered":"Breaking news about deals, development, data and more. Son takes over at Driftwood. Miami-based investment firm Driftwood Capital…\n","protected":false},"author":2,"featured_media":109978,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[25689,8570,36439,25687,36440,25688,356,34201,232,2364,25684,36438,9,1492,56,63,65,64,25686,49370,25681,36437,36435,36436,25682],"class_list":["post-109977","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-york-city","tag-asset-management","tag-caribbean","tag-condo-hotels","tag-debt-and-equity","tag-extended-stay","tag-financing","tag-independents","tag-latin-america","tag-lifestyle","tag-luxury","tag-management","tag-midscale","tag-new-york","tag-north-america","tag-ny","tag-nyc","tag-nyc-headlines","tag-nyc-news","tag-owners","tag-profiles-people","tag-regions","tag-upper-midscale","tag-upper-upscale","tag-upscale","tag-whats-hot-trending"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/109977","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=109977"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/109977\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/109978"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=109977"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=109977"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=109977"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}