Minor Hotels to Debut in Singapore With Avani Hotels & Resorts Lifestyle Brand
Avani Hotels & Resorts | September 3, 2024
Brandt Hospitality Group Getting Great Results From Accounting Software Partner
Aptech | June 5, 2024
Finance & Development
Lion Star, Everest Place, and Paramount Announce Plans for Nickelodeon Hotels & Resorts Orlando, Opening in 2026
Nickelodeon | May 24, 2024
MIAMI, FL – MAY 24, 2024 – Lion Star, Everest Place, and Paramount have unveiled their partnership to bring to life the much-anticipated Nickelodeon Hotels & Resorts Orlando in Kissimmee, Florida. Slated to open in 2026, this resort will be located in the Everest Place development and expertly operated by Lion Star Hospitality Inc., the exclusive US licensee for Karisma Hotels & Resorts, welcoming guests to explore a world of limitless fun and boundless opportunity. Boasting over 400 hotel rooms and condo units combined, Nickelodeon Hotels & Resorts Orlando will showcase uniquely themed accommodations, including ...
IHG Signs With SLRV Hotels to Debut Crowne Plaza Brand in Punjab
IHG | May 24, 2024
The signing is in line with IHG’s strategy to expand its portfolio across secondary markets in the country National, 24 May, 2024: IHG® Hotels & Resorts, one of the world’s leading hotel companies, has announced the signing of a management agreement with SLRV Hotels Pvt Ltd to debut its Crowne Plaza brand in the state of Punjab. Scheduled to open in Q4 2028, Crowne Plaza Amritsar Airport will add 136 keys to IHG’s growing portfolio in the city and strengthen its presence in the prime tourist and spiritual destination in the country. The new-build hotel will be IHG’s first Crowne Plaza hotel in the city and IHG’s fourth prope...
Accor and Sanya Jinghai Cheng Real Estate Development Sign New MGallery Hotel in Sanya City Center
Accor | May 24, 2024
THE RENOWNED COLLECTION BRAND CONTINUES ITS MOMENTUM ACROSS GREATER CHINA OFFERING A MEMORABLE AND MEANINGFUL SENSE OF LUXURY HOSPITALITY EXPERIENCE ON HAINAN ISLAND Accor Greater China, together with Sanya Jinghai Cheng Real Estate Development Co. Ltd., is pleased to announce the signing of a new MGallery Hotel Collection address in the cosmopolitan heart of Sanya city center, on the spectacular island of Hainan. The 187-room, 25-storey tower is set to open by the end of 2025 and will benefit from Sanya's thriving tourism industry, luxurious resort reputation, and growing business segment. Along with the recent signing of Chengdu Finan...
Hotel Okura Signs Multiple-Property Agreement With Asset World To Add Over 500 Rooms in Thailand
Asset World Corporation | May 24, 2024
Will also launch Chao Phraya River cruises this December TOKYO--Hotel Okura Co., Ltd. announced today that it signed a multiple-property framework agreement on May 17 with Asset World Corporation (AWC), Thailand’s leading integrated lifestyle real estate group, to operate a new hotel being developed by AWC in Chiang Mai by 2028 and several (to be announced) Okura Group luxury hotels across Thailand by 2030, adding more than 500 rooms in the country. Separately, the two companies have also agreed that Hotel Okura will provide hospitality services for cruises to be launched on the Chao Phraya River starting this December. The hotel, w...
Ernest N. Morial New Orleans Exhibition Hall Authority Takes Steps to Develop a Headquarters Hotel
Omni Hotels & Resorts | May 23, 2024
New Orleans, LA (May 23, 2024) – The Ernest N. Morial New Orleans Exhibition Hall Authority (the Authority) has approved two resolutions critical to moving forward with the development of a 1,000-room headquarters hotel for the New Orleans Ernest N. Morial Convention Center (NOENMCC). In addition to accepting a formal letter of intent (LOI) with Omni Hotels & Resorts (Omni) to own and operate the headquarters hotel, today the Authority voted to approve a purchase and sale agreement for property at Convention Center Boulevard and Andrew Higgins Boulevard. The site, currently operated as the Sugar Mill event venue, is immediately across t...
Marriott International and Delonix Group Announce First Three Agreements to Further Expand Tribute Portfolio in China
Marriott International | May 23, 2024
As part of the strategic cooperation agreement, the first three deals expected to mark the Tribute Portfolio’s brand debut in Hangzhou and Chongqing Marriott International, Inc. announced the first three projects under its strategic cooperation agreement with Delonix Group, one of the leading China-based hospitality companies, are now underway. Anticipated to open in spring 2025, the first signed Tribute Portfolio Hotels are expected to mark the brand’s debut in three scenic destinations, and include the Grand New Century Hotel, Hangzhou Boao, a Tribute Portfolio Hotel, the Wonderland Resort, Hangzhou Jiande, a Tribute Portfolio Resort a...
Hotel Financials: Key Changes in USALI 12th Edition
HotStats | May 22, 2024
USALI 12th Edition: Significant Revisions Overview The 12th revised edition of the Uniform System of Accounts for the Lodging Industry (USALI) fundamentally enhances the transparency of financial and operational aspects in the hospitality industry. To quote Sir Arthur Conan Doyle's iconic character Sherlock Holmes, “It is a capital mistake to theorize before one has data.” Embodying this wisdom, the updates in USALI provide a robust framework for data-driven decision-making and increased transparency, aligning closely with evolving business needs. These are thoughtful changes, designed to align with the shifting demands of the hospital...
Hotel Cap Rates: Adjusting to a New Reality
Erich Baum | May 22, 2024
By Erich Baum A capitalization rate (“cap rate”) is a shorthand expression of a given investment’s return and represents the weighted average return to the debt and equity positions. As detailed in this article, hotel cap rates are higher than they’ve been in recent years and are unlikely to decline anytime soon. Component Parts A cap rate can be constructed using the “band-of-investment” technique, requiring assumptions as to both debt financing terms and the equity investor’s return requirement, measured by the dividend (cash on cash) rate. The following table identifies this technique using typical pre-pandemic inputs fo...
IHG Signs Three Staybridge Suites Across Europe
IHG | May 21, 2024
21.05.24 (London, UK): IHG Hotels & Resorts (IHG), one of the world’s leading hotel companies, announces its growth in the European upscale extended stay segment with the signing of Staybridge Suites Budapest - Parkside, Hungary; Staybridge Suites Antwerp, Belgium; and Staybridge Suites Belfast, Northern Ireland. The agreements demonstrate the continued popularity of the extended stay segment amongst owners and guests. They also reflect on the strength of IHG’s brand portfolio to deliver stays in the all-suites segment - ideal for guests seeking a more spacious or a longer stay experience. Staying true to the brand’s ethos, these...
USALI 12th Revised Edition, Deep Dive: Highlights of Major Changes, Increased Transparency
HFTP | May 20, 2024
In the very near future, the lodging industry will have a brand-new edition of the Uniform System of Accounts for the Lodging Industry (USALI) — the 12th Revised Edition. This latest release has been meticulously updated with guiding principles to enhance transparency in reporting, broaden data sets to better inform decision-making, and align with contemporary practices. The revisions were written by the Global Finance Committee (GFC), a joint forum sponsored by Hospitality Finance and Technology Professionals (HFTP®) and the American Hotel and Lodging Association (AHLA). Members of the GFC consist of representatives from ownershi...
Puerto Rico’s Former Verdanza Hotel to Join Hyatt Portfolio in 2025 Following $25M Renovation
Hyatt Hotels Corporation | May 20, 2024
The former Verdanza Hotel to join the Hyatt portfolio in 2025, marking the introduction of the Hyatt Centric brand in Puerto Rico CHICAGO (May 20, 2024) – Hyatt Hotels Corporation (NYSE: H) in collaboration with Interlink and Vivo Beach Club today announced plans for the first Hyatt Centric branded hotel in Puerto Rico. Hyatt Centric San Juan Isla Verde will be located in the buzzy Isla Verde neighborhood, one block away from Isla Verde Beach and walking distance to restaurants, shopping, historical landmarks and nightlife. The hotel is currently undergoing an ambitious $25 million dollar enhancement project to renovate all guestrooms...
IHG Signs With Molo Hotel Group and Lighthouse Hotel Management for Three Hotels in Turks & Caicos
IHG | May 20, 2024
IHG Hotels & Resorts (IHG), one of the world’s leading hotel companies, today announced three signings across its fast-growing global luxury and lifestyle portfolio in Turks & Caicos for InterContinental Hotels & Resorts, Kimpton Hotels & Restaurants and Hotel Indigo. Developed in partnership with owner Molo Hotel Group and UK-based management group Lighthouse Hotel Management, both Slominski family owned companies, the resorts will mark IHG’s debut on the celebrated Caribbean island and are all poised to open by 2027. Set on Turks & Caicos’ picturesque Grace Bay, the properties will be brought to life by Gla...
Rentyl Resorts and Davidson Hospitality Group Partner to Manage First-Ever Embassy Suites Condo/Resort Project
DAVIDSON RESORTS | May 20, 2024
Kissimmee, Fla—May 20, 2024 – Rentyl Resorts and Davidson Hospitality Group have partnered on a first-of-its-kind condominium project with Embassy Suites. Embassy Suites by Hilton Orlando Sunset Walk is a five-building condominium project being developed by Sunset Walk Residences, LLC. Rentyl and Davidson will be responsible for the onsite management, sales, marketing, revenue and call center management of the units. Located at 3151 Sunset Walk Drive in Kissimmee, Florida, the project totals 317 units with options for either studio, one or two-bedroom condos ranging from 514 to 1,252 square feet. The first two buildings are scheduled t...
Ennismore Expands Its SO/ Brand With New Signing in Budapest
ENNISMORE | May 20, 2024
SO/ Budapest will bring style to the capital’s historic city centre when it opens in 2026. SO/ Budapest will be the brand’s first property in Hungary. Ennismore, the fastest-growing lifestyle and leisure hospitality company, announces the signing of SO/ Budapest, the brand’s first destination in Hungary. SO/ Budapest will open in 2026, following extensive refurbishment of both the exterior and interior of the building. SO/ Budapest will feature 350 rooms, including 56 suites and two presidential suites, which will take travelling in style to a new level. Inspired by the world of fashion and luxury concept stores, guestrooms at SO/ ...
Hospitality Financial Leadership: Putting a Dollar Value on a Hotel
DAVID LUND | May 20, 2024
By David Lund Determining the current selling or asking price for a hotel is a bit tricky. Compared to estimating the present value of a house it’s more like a detailed math exercise rather than a google search on Redfin. That’s what this piece is all about, how you can estimate the value, AKA sales price. Commercial real estate firms specializing in hotel valuations are what your bank is going to require that you use if you’re asking them for financing to buy a hotel. That makes sense because the bank will want to protect their interest. If you own a hotel and want to sell it you can go that route as well but it’s not like two ...
IHG Hotels & Resorts and Kajima Corporation Sign Agreement to Open ANA Holiday Inn Resort Karuizawa in 2025
IHG | May 16, 2024
ANA Holiday Inn Resort Karuizawa will be the tenth hotel under the Holiday Inn brand family in Japan The project is IHG’s first agreement with Kajima in Japan and is the first step in a broader strategic partnership The new hotel will offer a full range of activities and amenities for families Tokyo, May 16th, 2024: IHG Hotels & Resorts (IHG) today announced that it has signed its first management contract in Japan with Kajima Corporation (Kajima) to open ANA Holiday Inn Resort Karuizawa in 2025. This agreement is the first step in a mid- to long-term mutual development partnership in Japan between IHG, one of the wor...
Travel and Tourism Sector Deal Activity Down by 13.5% YoY in January-April 2024, Finds GlobalData
GlobalData | May 15, 2024
Travel and tourism sector witnessed the announcement of 217 deals (mergers and acquisitions (M&A), private equity and venture financing deals) during January-April 2024 compared to the announcement of 251 deals during the same period in previous year. This represents a year-on-year (YoY) decline of 13.5% in deals volume during January-April 2024, according to GlobalData, a leading data and analytics company. Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Deal activity in travel and tourism sector remained subdued amid the uncertain market conditions and ongoing geopolitical tensions. Several leading economies including the ...
IHG Hotels & Resorts Expands Presence in Nepal With Signing of Crowne Plaza Resort Nepalgunj
IHG | May 15, 2024
The new-build hotel featuring over 100 keys will bring premium hospitality experiences to the country Nepal, 15 May, 2024:IHG®Hotels & Resorts, one of the world’s leading hotel companies, is proud to announce the signing of a management agreement with Mansarovar Amusement Park & Resort to develop Crowne Plaza Resort Nepalgunj, Nepal. Scheduled to open in early 2028, the resort will feature over 100 keys and will further strengthen IHG’s growing portfolio in the SWA region. Crowne Plaza Hotels & Resorts is one of the world’s largest premium hotel brands, with more than 520 open or in pipeline properties in major globa...
Middle East Hotel Construction Pipeline Rises to 612 Projects/144,222 Rooms at Q1 2024
Lodging Econometrics (LE) | May 15, 2024
May 15, 2024 – PORTSMOUTH, NH – The Q1 2024 Hotel Construction Pipeline Trend Report for the Middle East from Lodging Econometrics (LE) reveals, at Q1, the hotel construction pipeline in the region increased to 612 projects/144,222 rooms, up 5% by projects year-over-year (YOY). At Q1 2024, projects currently under construction stand at 302 projects/80,589 rooms. Projects scheduled to start construction in the next 12 months stand at 133 projects/30,447 rooms, up 28% by projects YOY and 24% by rooms YOY. Projects in the early planning stage stand at 177 projects/33,186 rooms, up 18% by projects and 12% by rooms YOY. New project announce...
Club Med, Royal Court Affairs and Omran Group to Develop Club Med Musandam on the Persian Gulf
Club Med | May 14, 2024
14th May, 2024, Singapore. The hospitality landscape in Sultanate of Oman is about to be reinforced with the official signature of Club Med Musandam project, the first Club Med Resort in the Gulf States, with an exclusive beach opening to the astounding Persian Gulf. The official signature event held on May 2nd 2024 in Muscat counted the distinguished presence of His Excellency Mr. Salim bin Mohammed Al Mahrouqi, Minister of Heritage and Tourism of Oman, His Excellency Mr. Nasr bin Hamoud Al Kindi, Secretary General of the Royal Court Affairs, Her Excellency Mrs. Véronique Aulagnon, Ambassador of France in Oman, His Excellency Mr. Azzan ...
Forty-Five Percent of Hotel Projects in Europe’s Total Pipeline Are Under Construction at the End of Q1 2024
Lodging Econometrics (LE) | May 14, 2024
May 14, 2024 – PORTSMOUTH, NH – Lodging Econometrics (LE) has released its Q1 2024 Hotel Construction Pipeline Trend Report for Europe. According to LE analysts, the region’s total pipeline stands at 1,705 projects/253,777 rooms at the close of the first quarter. As of the first quarter's close, 45% of the hotel projects in Europe’s total pipeline are in the under construction stage, standing at 762 projects and 117,815 rooms. Another 411 projects with 60,356 rooms are scheduled to start construction in the next 12 months, while 532 projects with 75,606 rooms are in the early planning stage, slightly below the record-high reported ...
Comstock Celebrates Topping Out of Virginia’s First JW Marriott Hotel and Residences
Comstock | May 13, 2024
Distinguished Guests Gather at Reston Station to Celebrate Major Milestone RESTON, Va.--Comstock Holding Companies, Inc. (Nasdaq: CHCI) (“Comstock”), a leading asset manager, developer, and operator of mixed-use and transit-oriented properties in the Washington, D.C. region announced the celebration of the topping out of Virginia’s first-ever JW Marriott Hotel and Residences on Wednesday, May 8th. The event, held on-site at 1800 Reston Row Plaza, commemorated the significant progress that has been made on the development of The Row at Reston Station. The JW Marriott Hotel and Residences will offer upscale accommodations and resid...
Upscale and Upper Midscale Chain Scales Reach New Highs as China’s Construction Pipeline Grows
Lodging Econometrics (LE) | May 13, 2024
May 13, 2024 – PORTSMOUTH, NH – Lodging Econometrics’ (LE’s) Q1 2024 Hotel Construction Pipeline Trend Report reveals steady growth in China's construction pipeline, with 3,775 projects encompassing 695,212 rooms. The total pipeline in the country continues to expand, increasing 3% by projects and 2% by rooms year-over-year (YOY). At the close of the first quarter, China has 2,691 projects and a record-high 488,560 rooms under construction. Additionally, there are 377 projects/65,193 rooms scheduled to start construction in the next 12 months, while 707 projects/141,459 rooms are in the early planning stage. Projects in early plann...
PODCAST: Why Global Investors Are Returning to Luxury Hotels
JLL | May 10, 2024
The pandemic was difficult for hotels, with lockdowns and health concerns keeping people from traveling too far from home. When and whether they’d recover was questionable. But the turnaround for the luxury end of the sector has been noteworthy. Zach Demuth, JLL’s Global Head of Hotel Research, says that the global hotel liquidity finished at $51 billion last year, noting that more than 20% of the single-asset liquidity was derived from luxury assets. It was one of the highest ever recorded in the hotel sector, according to JLL data. Now, he says, “Global investors are setting their s...
