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
Canadian Hotelier Sukhdev Toor Announces 2024 Opening of First TOOR Hotel in Downtown Toronto
TOOR Hotel | April 24, 2024
This design-forward property in downtown Toronto will offer bespoke stays and premium rental residences with unparalleled lake and city views TORONTO, April 24, 2024 - Visionary Canadian hotelier, Sukhdev Toor announces the first TOOR Hotel: a distinct lifestyle hotel and residences located in downtown Toronto. This boutique property will offer 232 guest rooms and suites, as well as 181 premium residential rental units. The project will feature a modern French-inspired bistro and bar set over two floors, valet parking, a 1,500 square foot fitness centre and yoga studio, a 3,000 square foot terrace, and an additional 1,100 square feet...
stayAPT Suites & Powerhouse Hotels Forge Partnership to Expand Presence With 30 New Locations
stayAPT Suites | April 23, 2024
Six Locations to Break Ground in 2024 MATTHEWS, N.C., April 23, 2024 -- stayAPT Suites, the innovative apartment-style hotel brand, is pleased to announce a significant expansion initiative in partnership with Powerhouse Hotels, a joint venture between JCap Realty Group and Cullinan Holdings. This collaboration involves signing a multi-unit development agreement, adding 30 new locations to stayAPT Suites' portfolio, and expanding the brand footprint to 25 states over the next five years, with six locations that will break ground in 2024. The strategic alliance between stayAPT Suites and Powerhouse Hotels underscores confidence in the b...
Cycas Hospitality Selected to Introduce Fairfield by Marriott Brand to UK Market
Cycas Hospitality | April 23, 2024
Cycas Hospitality's growth momentum continues into the second quarter of 2024, following the hotel operator’s appointment to manage the UK’s first Fairfield by Marriott hotel, part of Marriott Bonvoy’s global portfolio of over 30 extraordinary hotel brands. The 142-room new-build property is set to open in early 2026, and brings Marriott’s midscale hotel brand, characterised by the Marriott family farm heritage, in a first for the brand’s expansion into the UK. Positioned within the British Motor Museum complex just off the M40, the new Fairfield by Marriott hotel will offer guests unparalleled access to the museum's exhibits and ...
Sonnenblick-Eichner Company Arranges Strategic Joint Venture Equity Investment for Pacific City Lodging Portfolio, Pacific City, Oregon
Sonnenblick-Eichner Company | April 22, 2024
Los Angeles, CA – April 22, 2024 – Sonnenblick-Eichner Company has arranged a strategic joint venture equity investment into the ownership entity of the Pacific City Lodging Portfolio, located in Pacific City, Oregon. The Pacific City Lodging Portfolio is an irreplaceable collection of iconic oceanfront resort properties comprised of the Headlands Coastal Lodge & Spa, the Inn at Cape Kiwanda, Hart’s Camp, and the Cape Kiwanda RV Park. Noble House Hotels & Resorts of Kirkland, Washington provided the investment into the partnership. This investment from Noble House allowed the existing ownership an opportunity to realize equit...
IHG Hotels & Resorts Expands Premium Portfolio in India With Signing of Crowne Plaza Dehradun Rajpur Road
IHG | April 18, 2024
Set in the Himalayas, the newly built hotel marks the debut of Crowne Plaza brand in the state of Uttarakhand India, 18 April, 2024: IHG®Hotels & Resorts, one of the world’s leading hotel companies, has announced the signing of a management agreement with IVY Hotels & Resorts to bring the first Crowne Plaza hotel to Uttarakhand. Scheduled to open in April 2028, Crowne Plaza Dehradun Rajpur Road hotel will add 110 keys to IHG’s portfolio in the state and build on IHG's commitment to expand its portfolio in well-known leisure destinations across the country. Set in Dehradun, the capital of Uttarakhand and a notable leisure d...
Nobu Hospitality and VCRE To Launch Nobu Hotel and Restaurant Ho Chi Minh in 2026
Nobu Hospitality | April 18, 2024
NEW YORK, April 18, 2024 – In an ongoing collaboration with Viet Capital Real Estate (VCRE) and Nobu Hospitality, the leading luxury lifestyle and iconic hotel, dining, and residence brand, announces the upcoming Nobu Hotel and Restaurant Ho Chi Minh. This marks the brand’s 40th hotel and second opening in Vietnam, following the announcement of Nobu Hotel, Restaurant, and Residences Danang - the first Nobu residential project in Southeast Asia. Positioned in the heart of Ho Chi Minh’s historic District 1, Nobu Ho Chi Minh Hotel and Restaurant connects directly to prominent landmarks, shopping, dining and entertainment complexes of...
Destination by Hyatt To Make Its South American Debut in Paracas, Peru With The Legend Paracas Resort
Hyatt Hotels Corporation | April 17, 2024
CHICAGO, IL (April 17, 2024) – Hyatt Hotels Corporation (NYSE: H) and El Pardo Hospitality today announced plans for The Legend Paracas Resort in Paracas, Peru to join the Destination by Hyatt brand, marking the introduction of the brand in South America. Expected to join the Destination by Hyatt brand in June 2024, the hotel is currently undergoing a phased enhancement project to elevate guestrooms, offer new culinary options, and redesign public areas. Enhancements will be done in a thoughtful manner over the next 24 months in an effort to avoid impacting the guest experience. “We are very excited to join Hyatt’s Independent Col...
Hilton Expands Guadalajara Portfolio With Signing of Canopy by Hilton Guadalajara
Hilton | April 17, 2024
Expected to open in 2028, the hotel will join Hilton’s portfolio of more than 90 hotels in Mexico and continue to strengthen its presence in the growing city of Guadalajara MCLEAN, Va. and GUADALAJARA, Mexico – Today Hilton (NYSE: HLT) has announced the signing of Canopy by Hilton Guadalajara, reinforcing the company’s rapid expansion in Mexico, where it boasts a robust portfolio of more than 90 hotels with an additional 30 projects in development. Signed on the heels of the recently opened Hilton Garden Inn Guadalajara Airport and expected to open in 2028, the new-build, 170-room hotel will boost Hilton’s presence in Guadalaj...
Marriott International and HMI Hotel Group Announce a Multi-Property Conversion Deal in Japan
Marriott International | April 17, 2024
The conversion deal entails the rebranding of seven hotels to Marriott Hotels and Courtyard by Marriott across five of Japan’s most popular travel destinations Marriott International and HMI Hotel Group today announced a signed agreement to rebrand seven existing HMI properties in five major cities across Japan to Marriott Hotels and Courtyard by Marriott. This signing will bring the rich legacy and guest-focused experiences of both Marriott brands to the increasingly sophisticated consumers in Japan and is part of HMI’s strategic repositioning, aimed at revitalizing and realigning these properties with the latest trends in global hospit...
IHG Signs With Felix Capital to Develop Holiday Inn & Suites Caloundra Sunshine Coast in Queensland
IHG | April 17, 2024
17 April 2024: IHG Hotels & Resorts (IHG) is delighted to announce the signing of the second Holiday Inn & Suites in Australasia, partnering for the first time with Felix Capital to open Holiday Inn & Suites Caloundra Sunshine Coast in early 2028. Overlooking the pristine beaches and picturesque coastal town of Caloundra, this new hotel will form part of a mixed-use development in the heart of the Sunshine Coast. The striking 160-room hotel will include 33 suites and feature all the Holiday Inn brand hallmarks including an open lobby, all-day dining restaurant and lobby cafe, meeting spaces, a well-equipped fitness centre, ...
Bruce Smith Enterprise and The Cordish Companies Partner to Codevelop $1.4B Live! Gaming & Entertainment District in Petersburg, Virginia
The Cordish Companies | April 17, 2024
Live! Gaming & Entertainment District, Anchored by Live! Casino & Hotel Virginia, Will Set a New Standard for Development in the Commonwealth, Create Thousands of Jobs, Increase Tourism and Generate Billions in Economic Benefits Plans for the Proposed Project Include Quickly Opening an Initial First Phase Casino to Immediately Begin Creating Jobs, Vendor Opportunities and Economic Benefits for the City Joint Venture Represents a First-of-its-Kind Development Partnership in the Gaming & Entertainment Industry Petersburg, Va. (April 17, 2024) – Bruce Smith Enterprise and The Cordish Companies have responded to a request for p...
Jackson-Shaw and Holualoa Companies to Develop 274-Key Dual-Branded Marriott and Westin Hotel in North Phoenix
Jackson-Shaw | April 16, 2024
AC Hotel by Marriott North Phoenix at Norterra and Element by Westin North Phoenix at Norterra expected to break ground in May 2024 and open late 2025 PHOENIX, ARIZONA (April 16, 2024) – North Texas developer Jackson-Shaw and Tucson-based Holualoa Companies announce the development of dual-branded AC Hotel by Marriott North Phoenix at Norterra and Element by Westin North Phoenix at Norterra. The two hotels connected under one roof are located close to the Shops at Norterra at 25100 North 22nd Lane, Phoenix, Arizona 85085, near the northeast corner of West Happy Valley Road and Norterra Parkway. The property is expected to break ground in ...
Populus, the Country’s First Carbon Positive Hotel, Set for Summer 2024 Opening
Aparium Hotel Group | April 16, 2024
DENVER (April 16, 2024) – Populus, the country’s first carbon positive hotel, set to open in Denver in summer of 2024, is now accepting reservations for September 2024 onwards. Managed by Aparium Hotel Group, a pioneer in the lifestyle hotel industry, and developed by Urban Villages, a leading real estate developer and environmental steward, Populus will feature 265 guest rooms, a ground floor signature restaurant, lounge and coffee bar, flexible event spaces, a rooftop restaurant and bar offering unobstructed views of the mountains, city skyline, and Civic Center Park. Committed to offsetting both its embodied and operational carbon foot...
Under Canvas Announces First California Camp, Near Yosemite National Park
Under Canvas | April 16, 2024
Set to debut in spring 2025, minutes from the West entrance of Yosemite National Park, the brand’s highly anticipated California camp is now accepting reservations DENVER, CO. (April 16, 2024) – Today, Under Canvas, the leader in upscale, outdoor hospitality, announced Under Canvas Yosemite – the company’s first-ever California camp – will open in the spring of 2025. The brand’s 12th camp, Under Canvas Yosemite, is set in a serene, mountainside forest surrounded by mature, Yosemite-native trees, just 10 minutes from the west entrance of Yosemite National Park at Big Oak Flat Information Station. The idyllic, 80-acre camp is wi...
U.S. Hotel Construction Activity Rose in March, First Increase in Nine Months
CoStar Group | April 16, 2024
WASHINGTON – 16 April 2024 – The volume of U.S. hotel rooms under construction grew year over year for the first time since June 2023, according to CoStar’s March 2024 data. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. U.S. Hotel Pipeline March 2024 (percentage change from March 2023) In construction: 156,525 rooms (+1.5%) Final Planning: 263,316 rooms (+9.8%) Planning: 324,522 rooms (+39.5%) “While the number of rooms in construction has grown, that figure remains below what was seen prior to the pandemic,” said Isaac Collazo, STR’s VP, a...
IHG and NOVUM Hospitality Sign Agreement That Doubles Presence in Germany, Launches Holiday Inn – the niu Collaboration, and Debuts Garner and Candl
IHG | April 15, 2024
IHG Hotels & Resorts (IHG) and NOVUM Hospitality announce a long-term agreement that will double IHG’s presence in Germany to more than 200 hotels in almost 100 cities through an exciting Holiday Inn – the niu brand collaboration and European debuts for IHG’s Garner and Candlewood Suites brands. The agreement with NOVUM Hospitality, one of Germany’s largest private hotel operators, owned by David Etmenan, will make IHG one of the leading players in midscale and upper midscale, and includes the following key elements: Up to 108 NOVUM Hospitality open hotels (15,334 rooms) and 11 hotels under development (2,369 rooms)...
Hospitality Financial Leadership: The Top 10 Cash Controls
David Lund | April 15, 2024
By David Lund Cash is King. That’s an old expression but it’s also one that still rings true today. Everyone likes cash even if we don’t carry so much with us personally anymore. It’s important to recognize that some people will help themselves to your cash if you let them. That might sound extremely clinical and you’re right it is, but it’s also a fact. The only way to minimize your risk is to have a set of controls in place to keep honest people honest and the less than trusty, on their back foot. That’s what this piece is all about – keeping more of what’s yours and making sure it’s properly controlled. Cash contr...
Three Waters Resort & Marina, a Tribute Portfolio Resort Set for Fall 2024 Opening in the Florida Keys
Pivot | April 12, 2024
Islamorada, Florida, April 12, 2024 – Three Waters Resort & Marina, a Tribute Portfolio Resort in the Florida Keys, will open its doors in Fall 2024. This new upscale resort will elevate the guest experience and become the crown jewel for the Islamorada Resort Collection, which also includes the beloved Amara Cay Resort and La Siesta Resort & Villas. Offering an energizing escape in the “Sport Fishing Capital of the World,” Three Waters Resort & Marina spans 15 acres of oceanfront property and will feature 214 chic, island-inspired guest rooms, nine distinct new dining concepts, and a wide variety of authentic and upscale ex...
Caption by Hyatt Chattanooga, Developed by 3H Group, Inc., Breaks Ground
Hyatt Hotels Corporation | April 11, 2024
Caption by Hyatt Experiencing Momentum Globally with Hotels Planned in the U.S. and Asia Pacific CHICAGO (April 11, 2024) - Hyatt Hotels Corporation (NYSE: H) celebrates the groundbreaking of Caption by Hyatt Chattanooga in Tennessee, set to open in early 2026. Developed by 3H Group Inc. under a franchise agreement with Hyatt, the hotel in Chattanooga will uniquely combine the design and comfort of an upscale, lifestyle hotel with the self-activation capabilities of a select-service property. Following the debut of its first property in Memphis, Tenn. in 2022, the Caption by Hyatt brand is poised to grow in several more key markets this yea...
IHG Hotels & Resorts Signs With Real Hotel Group to Bring Kimpton Hotels & Restaurants to Lisbon
IHG | April 11, 2024
The centrally located hotel will add to IHG’s growing luxury & lifestyle portfolio in Portugal 11.04.24 (London, UK): IHG Hotels & Resorts (IHG), one of the world’s leading hotel companies, announces the signing of Kimpton Lisbon, the first Kimpton Hotels & Restaurants property in the Portuguese capital. Set to open its doors in 2026, the boutique luxury hotel marks the second Kimpton to come to Portugal, following the signing of Kimpton Algarve São Rafael Atlántico in late 2023. Kimpton Lisbon adds to IHG’s fast-growing luxury & lifestyle portfolio, now the second largest in the world, and reinforces its f...
Streamlining Success: The Crucial Role of Hotel Finance System Integration in 2024
Jill Wilder | April 10, 2024
Leveraging seamless financial system integration is key to gaining a competitive edge in the market for hotel organizations and properties By Jill Wilder As the travel market continues to evolve, with occupancy levels exhibiting extraordinary growth in most major markets around the world, today’s hoteliers are facing an array of challenges in managing their operations efficiently. From guest experience enhancement to the digitization of financial and operational management, ensuring the seamless integration of disparate property systems has become paramount for success. Particularly within a hotel organization’s finance and accounting...
Marina Bay Sands’ Multibillion-Dollar Expansion Enters Final Phase of Design Enhancements
Marina Bay Sands Pte Ltd | April 9, 2024
Marina Bay Sands has announced design and program enhancements to its expansion project. Full-scale construction of the project, subject to planning approval, is anticipated to begin by July 2025 with targeted completion by July 2029. The expansion is designed by Safdie Architects, led by Moshe Safdie, who were the architects of the existing property. It will include a luxury hotel tower with a sky roof, a 15,000-seat entertainment arena and additional premium MICE (meetings, incentives, conferences & exhibitions) space, as well as new food and beverage and nightlife offerings. The state-of-the-art arena is designed to be the leadin...
Hilton Signs With SunnyRaj Properties to Develop Conrad Jaipur
Hilton | April 4, 2024
This marks India’s third Conrad Hotels & Resorts property and Hilton’s second luxury offering in Jaipur after Waldorf Astoria NATIONAL, India - Hilton (NYSE: HLT) has announced the signing of Conrad Jaipur, marking the debut of Conrad Hotels & Resorts in the iconic “pink city” of India. The new 246-key hotel will be developed in collaboration with SunnyRaj Properties Pvt Ltd, and is slated to open in 2027. This milestone solidifies Hilton's commitment to expand its luxury portfolio in the country, adding to Conrad properties in Pune and Bengaluru, and following the signing of India's first Waldorf Astoria in Jaipur last y...
2023 European Hotel Transactions
Matthias Hecht | April 4, 2024
By Matthias Hecht, Serena Yang, Gauthier Champlong Introduction High inflation and consequential rises in interest rates had major impacts on investment markets throughout 2023, including slowed hotel transaction activity in Europe. Reaching €10.7 billion overall[1] , total volume was 19% lower than in 2022, which represented the second lowest level of investment in the last decade. There were 6% fewer transactions than in 2022, indicating that the average price per room was also down in 2023. Source: HVS – London Office Total Transaction Volume Chart 1: Total Assets Average Price Per Room 2015-23 Source: HVS ...
