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
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Finance & Development
Knighthead Funding, LLC Originates $36 Million Loan to Refinance Newly Constructed Luxury Hotel at Hartsfield-Jackson Airport in Atlanta
Knighthead Funding | January 28, 2019
Greenwich, CT (January 28, 2019) – Knighthead Funding, LLC has provided a U.S. subsidiary of Switzerland-based private real estate investment firm ACRON with $36 million in short-term first mortgage debt to refinance a newly constructed luxury destination hotel at the Hartsfield-Jackson Atlanta International Airport. The financing is secured by the Kimpton Overland Hotel, formerly Solis Two Porsche Drive, a full-service, 214-key hotel with 9,500 square feet of meeting space, a high-end restaurant, rooftop and lobby lounges, indoor pool, and fitness center. Proceeds from the three-year, fixed rate loan will be used to take out the ...
Hospitality Financial Leadership: Earned and Unearned Revenues – Understanding the Difference
David Lund | January 28, 2019
By David Lund Just like baseball has an unearned run as a scoring feature, in business we have unearned revenues. In this piece I will discuss the difference between earned and unearned revenue and how it applies to the hospitality business. First off though we need to review the American classic game of Baseball and how an unearned run works. This will be especially important for those of us who are not the sport's most avid fans. In baseball you score an unearned run when an official, the umpire, decides the player crossed home plate due to an error (mistake) by the defending team. A good example is: an outfielder drops the ball and t...
Hotel Equities Selected to Manage The 394-Room Westin Prince Toronto
Hotel Equities | January 28, 2019
Atlanta, GA – January 28, 2019 – Today, Atlanta-based hotel owner, operator and developer, Hotel Equities (HE), announced they have been selected as the management firm for the 394-room Westin Prince Toronto. The luxury resort style hotel is located at 900 York Mills Road in North York and offers 28,000 square feet of versatile event space. The ownership group has invested in a major renovation including guest rooms and public space. The renovations are expected to be completed in the summer of 2019. "I'm proud to announce the addition of this beautiful hotel to our portfolio," said Joe Reardon, Chief Development Officer for...
Paramount Lodging Advisors Sells Bakersfield, CA Four Points by Sheraton Hotel
Paramount Lodging Advisors | January 25, 2019
Paramount Lodging Advisors (PLA) has successfully executed the transaction of the 198-room Four Points by Sheraton Bakersfield, California. The property is located at 5101 California Avenue, Bakersfield CA 93309. Senior Managing Director Scott Griemsmann and Senior Associate Subu Thiagarajan represented the seller in the sale. This transaction presented the buyer a unique opportunity to acquire a core-branded Marriott hotel at a fraction of replacement cost in a market with significant growth prospects. The hotel is situated on ~7.7 acres of prime commercial land in Central Bakersfield which also offers the buyer the potential for futur...
PHI Hotel Group and Siksika Resource Development Open Three Marriott Branded Hotels in the Province of Alberta
Westin Calgary Airport Hotel and Conference Centre | January 24, 2019
Surrey, BC – January 24, 2019 – PHI Hotel Group today announced the opening of three Marriott branded hotels in the province of Alberta--the 247-room Westin Calgary Airport, and 30,000 sq. ft Conference Centre in Calgary, AB, the dual-branded 142-room Four Points Edmonton West, and the 77-room Element Edmonton West in Edmonton, AB. All three properties are owned by PHI Hotel Group and Siksika Resource Development Ltd. and managed by PHI Hotel Group. "This strategic partnership brings three distinct brands to the Alberta market, including the first Element to open in Edmonton," said Sukhi Rai, President of PHI Hotel Group. "T...
Nobu Hospitality Partners With Tacit Investment for New Nobu Hotel Warsaw, Poland
Nobu Hotels | January 24, 2019
NEW YORK, NY – January 24, 2019 - Nobu Hospitality, a global luxury lifestyle brand founded by Nobu Matsuhisa, Robert De Niro and Meir Teper, is delighted to announce its continued global expansion into Warsaw, Poland. On track for 20 hotels globally by 2020, Nobu Hotels have become synonymous with passionate service, distinctive design and unpretentious luxury. Reflecting these core values within the local culture, Nobu Hotel Warsaw will be situated in the heart of the historic city. With 120-rooms, expansive meeting and event spaces, fitness centre and signature Nobu Restaurant, it will be an integrated mix of luxurious hotel an...
Lodging Dynamics Hospitality Group Set to Open New 128-Room Fairfield Inn & Suites by Marriott Denver West Federal Center in Lakewood, Colorad
Fairfield Inn & Suites Denver West Federal Center | January 24, 2019
Lakewood, CO – January 24, 2019 – The 128-room Fairfield Inn & Suites by Marriott in Lakewood, Colorado is set to open on Thursday, January 31, 2019. Located at 140 South Union Boulevard, the Fairfield Inn & Suites Denver West Federal Center will operate as a Marriott franchise, developed by DCC who is the managing partner of the ownership entity, LD Lakewood Lodging, LLC and managed by Lodging Dynamics Hospitality Group of Provo, Utah. Located in the foothills of the Rocky Mountains and 10 minutes from downtown Denver, the Fairfield Inn & Suites Denver West Federal Center offers guests convenient access to the D...
Rainmaker Selects OTA Insight As Strategic Partner for Rate Intelligence
OTA Insight | January 24, 2019
Top hospitality technology platforms join forces to offer market-leading rate intelligence solution LONDON and ALPHARETTA, GA – Jan. 24 2019 – OTA Insight, the cloud-based data intelligence platform for the hospitality industry, and The Rainmaker Group, a leading provider of cloud-based hospitality revenue and profit optimization software, today announced a new strategic partnership. Rainmaker's decision to partner with OTA Insight was made in order to empower their customers with the industry's leading rate shopping and market intelligence provider, Rate Insight. Through this partnership, OTA Insight will offer Rainmaker's ...
JW Marriott Debuts in Northeast China With the Opening of JW Marriott Hotel Harbin River North
JW Marriott | January 23, 2019
JW Marriott, part of Marriott International, Inc., today announced the opening of JW Marriott Hotel Harbin River North. Situated in the heart of the bustling Harbin Songbei district, the hotel marks an exciting milestone for the brand as the first JW Marriott property in Northeast China. JW Marriott Hotel Harbin River North introduces an elevated standard of luxury into the city's vibrant business center, which features a myriad of celebrated tourist attractions including Jinhewan Wetland Park, Harbin Ice-Snow World, Siberian Tiger Park, the Harbin Grand Theatre and more. Inspired by the dynamic destination and the culture of Northeaste...
IHG Signs With B&G Estate Co., Ltd. for New-Build voco™ in Bangkok, Thailand Marking Brand First in South East Asia
January 22, 2019
Less than a year since the brand launch, IHG® (InterContinental Hotels Group) has signed a management agreement with B&G Estate Co., Ltd. for a new-build voco™ in Bangkok, Thailand — the first to be announced in South East Asia. When it opens in 2021 voco Bangkok Sukhumvit 11 will offer 300 guest rooms in the heart of Bangkok's lively Sukhumvit area. Guests will be able to choose from a rich array of food and entertainment options at their doorstep, while enjoying easy access to the city's other offerings via the Nana BTS station conveniently located nearby. Unveiled last June, voco — inspired by the meaning 't...
Pebblebrook Hotel Trust Reveals the 7th Annual Pebby Award Nominations
Pebblebrook Hotel Trust | January 22, 2019
HOLLYWOOD, Calif.--January 22, 2019-- Pebblebrook Hotel Trust (NYSE: PEB) (the "Company") today announced the nominations for its Seventh Annual Pebby Awards. The Pebby Award nominees were chosen for their outstanding accomplishments in 2018, as determined by the Company. The Academy's nominations are notably diverse and naturally more competitive given the large increase in candidates. Nonetheless, several hotels earned multiple nominations; Hotel Zeppelin San Francisco and Hotel Zelos San Francisco both earned six nominations, Hotel Zetta San Francisco earned five, and Union Station Hotel Nashville, Autograph Collection and LaPlaya Na...
Hotel Equities Opens New Fairfield Inn & Suites by Marriott in El Reno, Oklahoma
Hotel Equities | January 22, 2019
Atlanta, GA – January 22, 2019 – Today, Atlanta-based hotel owner, operator and developer, Hotel Equities (HE), announced the opening of the new Fairfield Inn & Suites by Marriott in El Reno, Oklahoma. The hotel, located at 1501 Domino Drive, is owned by Sky Hospitality, Inc. and managed by Hotel Equities. Jennifer Straffon serves as the hotel's general manager. "We are proud to open this contemporary new hotel in the city of El Reno," said Rob Cote, Regional VP of Operations for HE. "With Jennifer's strong leadership and operation's experience, combined with our sales and marketing team's knowledge of the market, the ho...
Auro Hotels Set to Open Dual-Branded Residence Inn and SpringHill Suites Hotel to Open in Greenville, SC
Residence Inn by Marriott | January 22, 2019
Greenville, SC – January 23, 2019 – Marriott International, Inc. announced today that a combined 286-suite Residence Inn and SpringHill Suites in Greenville, SC will open January 30, 2019. Located at 200 E. Washington Street, the Residence Inn and SpringHill Suites Greenville Downtown hotels are owned and managed by Auro Hotels of Greenville, SC. The properties will share an outdoor seasonal swimming pool, a state of the art fitness center that includes Fitness on Demand and Peloton bikes, as well as an exciting bar and restaurant, Oak & Honey, that will be open for lunch and dinner. In addition to Oak & Honey, the h...
Many Hotel Sellers Won Big in 2018
Rodney G. Clough | January 21, 2019
By Rodney G. Clough On average, hotel prices increased significantly in 2018, as a strong pool of buyers with favorable outlooks kept downward pressure on cap rates. A strong bidding environment for hotels, particularly those in markets where barriers to entry were high and PIPs had already been completed, kept prices strong, resulting in some big wins for hotel sellers that purchased their hotels at the right time during the last downturn. We queried our database for hotels that were sold between $10 million and $20 million during 2018, and then we compared their prior sales price to the most recent one. For those hotels that were sold...
Hospitality Financial Leadership: Bring Multi-Tasking to an End for Hotel Leaders
David Lund | January 21, 2019
By David Lund I am going to begin this piece with a quote because I know there is BIG TIME pushback on the idea of multi-tasking. Being so popular in our modern work society the idea of multi-tasking is more than a fad, more than say IMU (Individual Business Units) or MBWA (Management By Walking Around). These are two of my personal all-time favorite business practices. In the hotel business, we need to be able to differentiate between when it is appropriate to do more than one thing at a time and when it is not. Here is a great quote. "Studies show that the human mind can only truly multitask when it comes to highly automatic behaviors...
Hotel Equities and Owner GGDE Open 186-Room Four Points by Sheraton Atlanta Airport West
Hotel Equities | January 18, 2019
Atlanta, GA – January 18, 2019 – Today, Atlanta-based hotel owner, operator and developer, Hotel Equities (HE) announced the opening of the Four Points by Sheraton Atlanta Airport West, Georgia's first Four Points by Sheraton. The 186-room hotel is owned by GGDE, LLC and offers 4,500 square feet of state-of-the-art, flexible meeting space able to accommodate 400+ guests. Hotel Equities will manage the new hotel. Mark Lesser will lead the team as general manager and Stefanie Little will oversee sales and marketing as director of sales. "We are proud to open this beautiful, full service Four Points by Sheraton hotel," said Joe...
Hotel Equities Adds Fairfield Inn & Suites by Marriott Tacoma DuPont to Portfolio
Hotel Equities | January 17, 2019
Atlanta, GA – January 17, 2019 – Today, Atlanta-based hotel owner, operator and developer, Hotel Equities (HE), announced the addition of the Fairfield Inn & Suites by Marriott Tacoma DuPont to their portfolio of hotels. The hotel, bearing the brand's latest design and décor, offers 500 square feet of meeting space and is located at 1515 Wilmington Drive. The hotel is owned by Northwest Lodging, LLC. "We are thrilled to mark our entry into the state of Washington with the addition of this great Marriott hotel in the Tacoma DuPont area," said Joe Reardon, Chief Development Officer for HE. "Our above-property team i...
Hotel Cap Rates Hold Steady - Values Under Pressure
Suzanne R. Mellen | January 17, 2019
By Suzanne R. Mellen Following a year of robust transaction activity, hotel capitalization rates remain stable, while hotel NOI and values are under pressure due to slowing RevPAR growth and increasing operating expenses. This article looks at hotel sales and capitalization rate trends, the impact of slowing RevPAR growth on hotel values, and the outlook for 2019. [1] With a more business-friendly administration in place and the passage of the Tax Cut and Job Act (TCJA) in December 2017, the outlook for the economy and hotel performance became brighter in 2018. Hotels generate higher returns than other commercial real estate and reflect...
Rainmaker Closes a Record Year With an Increased Global Footprint, New Customer Growth, and Innovation in New Segments
Rainmaker | January 17, 2019
ALPHARETTA, GA – January 17, 2019 - The Rainmaker Group (Rainmaker), a leading provider of cloud-based hospitality revenue and profit optimization software, today announced that the company is starting 2019 with strong-than-ever numbers, a full implementation pipeline, and continued growth in new regions. "We saw a lot of growth in 2018," explained Mike Cowles, CEO of Rainmaker. "We added many new countries to our global footprint and continued to innovate and make our mark on the all-inclusive market. We have a great team, a strong roadmap, and an amazing group of customers behind us. We're excited to see our continued success i...
Marriott International Introduces Marriott Bonvoy – the New Brand Name of Its Loyalty Program
Marriott Bonvoy | January 16, 2019
Marriott International today unveiled Marriott Bonvoy, the new loyalty brand replacing the current loyalty brands – Marriott Rewards, The Ritz-Carlton Rewards and Starwood Preferred Guest (SPG) – and reflecting the unmatched benefits, single loyalty portfolio and experiences announced last year. Marriott Bonvoy is built on the belief that travel enriches us all and has the power to enrich the world. Marriott Bonvoy launches on February 13 when the logo and branding begins rolling out across all consumer touch-points, including on property, marketing and sales channels, digital, mobile and co-brand credit cards bolstered by a...
Staybridge Suites® London- Heathrow Bath Road Opens at Heathrow Airport With General Manager Mark Roth at the Helm
January 16, 2019
IHG®, one of the world's leading hotel companies, is proud to announce the opening of Staybridge Suites® London- Heathrow Bath Road, just minutes away from the international airport. Designed to meet the needs of guests who may be staying for extended periods of time, Staybridge Suites London- Heathrow Bath Road has 145 spacious studio rooms and 45 one-bedroom suites that are all equipped with a fully-fitted kitchen, allowing people to enjoy a flexible space to relax, play and work. As with all Staybridge Suites® hotels globally, the hotel has a pantry-style food store, called The Pantry, providing guests with everything fro...
IHG and Arab International Tourism Investment Company Partner for 2022 Debut of voco Giza Pyramids in Egypt
January 15, 2019
IHG® (InterContinental Hotels Group), one of the world's leading hotel companies, has signed a management agreement with Arab International Tourism Investment Company to debut the voco™ brand in Egypt, with the development of voco™ Giza Pyramids. Part of a mixed-use development, which will include a high-end mall, the 17,000sqm hotel is scheduled to open in 2022. Launched in June 2018, and debuting in the Middle East in December 2018, the voco™ brand combines the informality and charm of an individual hotel, with the quality and reassurance of a global and respected brand. Strategically located to cater for both bu...
Hilton Partners With Crown Advanced Construction for Development of 308-Key Hotel Near Downtown Yangon, Myanmar
Hilton Hotels & Resorts | January 14, 2019
YANGON, Myanmar - Hilton (NYSE: HLT) today announced the signing of a management agreement with Myanmar partners Crown Advanced Construction Co. Ltd to operate a 308-key hotel near downtown Yangon, Myanmar. Set to launch under its flagship Hilton Hotels and Resorts brand, Hilton Times City Yangon marks the company's continual expansion in Myanmar and will be its first hotel in the Myanmar city when it opens in 2022. The hotel is strategically located between Yangon International Airport and the central business district: a short 20-minute drive from the airport and 15-minute drive from downtown Yangon. Part of a mixed-use development, t...
Dream Hotel Group Signs With Cosmopolitan Group for 2021 Brand Debut in Valle de Guadalupe, Mexico
Dream Hotel Group | January 14, 2019
NEW YORK, NY (January 14, 2019) – Renowned hotel and brand management company Dream Hotel Group today announced plans to debut the Dream Hotels brand in Valle de Guadalupe in 2021. The latest hotel signing with Baja California-based Cosmopolitan Group represents a major milestone for Dream Hotel Group as it marks the first Dream Hotel location and third hotel deal signed in Mexico within the last 12 months, further positioning the company as international hospitality innovators and leading the way for new growth in the region. Designed by renowned Mexican architect Tatiana Bilbao and located on over 35 acres in the Baja California...
