EXCLUSIVE: Tribute Portfolio Pushes Growth, Inks Seven Hotels

NEW YORK—Hotel Business has learned Starwood Hotels & Resorts Worldwide’s recently launched soft brand, Tribute Portfolio, has inked seven agreements—five in the U.S.—pushing the nascent brand’s distribution to more than two-dozen hotels worldwide.

Among the hotels slated to join the collection of independent properties are three Magnolia Hotels (Denver, Houston, St. Louis) and La Posada de Santa Fe, NM. A conversion in Singapore, a new-build in Bali and an adaptive reuse in San Diego also are in the agreement mix.

According to Allison Reid, Starwood’s SVP/North America development, the brand, which debuted in April 2015 with the Royal Palm South Beach Miami, is seeing rapid growth. “The brand’s continued success is a result of working hand-in-hand with owners and developers to bring their independent hotel vision to life,” she said. 

Tribute Portfolio currently has nine hotels open. In addition to the Royal Palm, operating are: SLS Las Vegas in Nevada, The Riviera Palm Springs in California, Avenue of the Arts in Costa Mesa, CA; the Great Northern Hotel in London, Le Dokhan’s and Le Metropolitan, both in Paris; The Hermitage in Jakarta, Indonesia; and The Kiroro Resort in Hokkaido, Japan.

Also expected to open shortly are Tribute Portfolio hotels in Tampa, Ft. Lauderdale and Coral Gables, FL; Asheville, NC; Charleston, SC; Savannah, GA; Nashville, TN; Denver; Quebec City, Canada; and Shanghai.

Several of the seven newly signed hotels are set to open fairly rapidly under the Starwood brand. For example, La Posada de Santa Fe, a Tribute Portfolio Resort & Spa, will debut in October. Owned by 1754 La Posada, LLC, the resort features 157 guestrooms and suites.

Opening next month in Bali is Sthala Bali Ubud, a Tribute Portfolio Hotel. The new-construction hotel will offer 145 guestrooms, two restaurants, a spa, two swimming pools, a rooftop bar and a ballroom.

In November, Hôtel Vagabond, a Tribute Portfolio Hotel, will emerge via conversion on Syed Alwi Road in the trendy enclave of Jalan Besar just outside Singapore’s central business district. The 41-room boutique property, composed of a row of 1950s shophouses, will feature Vagabond Salon, a modern interpretation of a Parisian salon and offer 5,000 sq. ft. of event space.

The New Year will see Missouri’s Magnolia Hotel St. Louis convert to the Tribute Portfolio brand. Formerly the Mayfair Hotel, the historic property—listed on the National Register of Historic Places—underwent a multimillion-dollar renovation/restoration in 2013, emerging as Magnolia Hotel St. Louis. Owned by Stout Street Hospitality, the downtown hotel offers 182 guestrooms.

Also in January, Stout Street Hospitality’s Magnolia Hotel Houston will become a Tribute Portfolio hotel and the brand’s first property in Texas. The 314-room hotel features a rooftop pool, Jacuzzi and a lounge with billiards.

Stout Street Hospitality will take a year to bring its 297-room Magnolia Hotel Denver under the brand. It plans an enhancement of its lobby and restaurant concept, adding to the hotel’s recent multimillion-dollar renovation that created 51 new premier guestrooms and a Presidential Suite. Located in the former American National Bank Building, the hotel was restored in 1995 to reflect the landmark 1910 building’s original appearance, complete with terra cotta details and a replicated corner clock.

Commenting on the move to the brand, Eric Holtze, co-CEO of Stout Street Hospitality, said, “Tribute Portfolio enables us, as owners, to preserve the unique style and independent culture well-known at Magnolia, while tremendously enhancing the guest experience, as well as enjoying the benefits of Starwood’s SPG program and its global sales support.”

Next summer, Tribute Portfolio expects to open a third hotel in California, thanks to Oram Hotels, which is reinventing San Diego’s historic Armed Forces YMCA Building. Built in the 1920s, the building is on the National Register of Historic Places.

Stefani C. O’Connor