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
Twenty Four Seven Hotels Builds Depth in Corporate Revenue Management Team
Twenty Four Seven Hotels | April 29, 2014
Twenty Four Seven Hotels, a west coast hotel management company, reinforced their commitment to a sales driven culture beginning and ending with Revenue Management by expanding its Corporate Revenue Manager base. The Corporate Revenue Managers role is to support their assigned hotels in rate strategies and implementation across a multitude of channels, direct revenue strategy meetings, and maximize leverage of brand revenue systems to deliver maximum revenue growth and enhance profitability for owners. Staci Marshall joined Twenty Four Seven Hotels in 2007 in front office operations at a managed Marriott Courtyard. There she made the ju...
Buying Bad Loans and Distressed Debt in Europe (and Italy)
Jim Butler | April 28, 2014
By Jim Butler For the latest articles on this subject, please click here. By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Authors of www.HotelLawBlog.com 28 April 2014 Some are calling it the "distressed real estate gold rush in Europe." Others who have been expecting 1990s-style opportunistic investment opportunities for several years, now are seeing a change in European banks' willingness to sell distressed loans at discounts to clean up their books. Several significant deals have been announced with big name investors and more are underway. What is happening? And what is the opportunity for investors? Is it too late ...
54-Room Bay Harbor Hotel Development Moves Forward in Planning
BuildCentral | April 28, 2014
Hotel-Online and BuildCentral Add/Update 167 Hotel Projects to the New Hotel Construction Projects Database Chicago, IL. April 28, 2014 - Hotel-Online and BuildCentral have added or updated 167 hotel projects in the last two weeks to Hotel Construction, a nationwide database of hotel construction projects, openings, and key decision makers (Owner/Developers, Architects and Contractors). These proposed hotels are still in the planning stages. Now is the perfect time to have your product drawn into plans, or offer construction services: Sawmill Area Hotel (Albuquerque, NM) Caesars Resort (Woodbury, NY) Phipps Plaza Hotel (Atlanta, GA...
Dennis Meroney Joins Hotel Equities as Chief Investment Officer
Hotel Equities (HE) | April 28, 2014
Atlanta, GA - April 28, 2014 - Hotel Equities (HE), an Atlanta-based hotel management, ownership and development company, has recently appointed Dennis Meroney as its new Chief Investment Officer. Meroney, a 25-year veteran of the financial industry, has served on the Hotel Equities Board of Directors since 2007. As CIO, Meroney will join HE's day-to-day operation and assume the responsibility for financial planning, strategic fund raising and working with existing ownership groups on financial options. "I'm not only excited about Hotel Equities' owned assets but the fund raising of our second fund as well," said Meroney. "I look forwar...
Pebblebrook Hotel Trust Reports First Quarter 2014 Results; RevPAR Grew 8.5%
Pebblebrook Hotel Trust | April 25, 2014
BETHESDA, Md.--(April 24, 2014)--Pebblebrook Hotel Trust (NYSE: PEB) (the "Company") today reported results for the first quarter ended March 31, 2014. The Company's results include the following: (1) See tables later in this press release for a description of same-property information and reconciliations from net income (loss) to non-GAAP financial measures, including Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), Adjusted EBITDA, Funds from Operations ("FFO"), FFO per share, Adjusted FFO and Adjusted FFO per share. For the details as to which hotels are included in Same-Property Revenue Per Available Room ...
Hotel AG Closes One Hotel Every Five Days
Hotel AG | April 21, 2014
ATLANTA - April 21, 2014 - Hotel AG announced today the firm continues to close 1 hotel transaction every 5 days and has done so for the last 3 1/2 years. The firm has closed 33 hotel transactions over the past 23 weeks. The recent closings range from Hilton and Marriott upscale select service assets to bank deals, private deals and full service hotels. Most of the recent closings were located from the Midwest through the Northeast and along eastern seaboard states with several in Florida. H. Keith Thompson, principle of the firm, commented, "We continue to see great traction in the hotel real estate space across all segments, brand fam...
Hotel Investment: How to Finance the New Supply?
MKG Hospitality | April 11, 2014
In most western countries that already have well-established hotel infrastructures, growth of the supply slowed significantly since the end of the 1990s. By generally adopting an «Asset light» strategy that shifts the burden the investment to investor/owners and/or asset managers, hotel groups are no longer front line. They must seduce, support, and convince partners who will take the real financial risk and make arbitrages between the different investment alternatives before committing their capital. Who are today's hotel development financers, what are the means, what levers do they have to produce new properties? Can the financial ...
Lodging Econometrics Reports Construction Pipeline Declines Further in Europe and the Middle East
Lodging Econometrics | April 8, 2014
In Europe, the total Construction Pipeline at year-end 2013 stood at 734 projects/126,249 rooms, down 5% and 1% respectively from year-end 2012. Pipeline growth has been sluggish as widespread austerity measures have slowed the region's overall economic recovery. Many countries reported, however, that 4th Quarter economic activity was the highest in three years. The economic recovery still remains fragile. Europe will need to make even further adjustments to mitigate new financial headwinds caused by the US Federal Reserve's tempering of its quantitative easing program and the economic uneasiness caused by Russia's expansionary forays ...
Hotel Equities Expands Portfolio in Texas and Florida with Management of Two Wyndham Branded Hotels
Hotel Equities (HE) | April 8, 2014
Atlanta, GA - April 8, 2014 - Atlanta-based Hotel Equities (www.hotelequities.com) recently announced its selection to manage two Wyndham branded hotels, one property on International Drive in Orlando, Florida and a brand new hotel in Southwest Texas. The firm's eleventh management contract in Florida marks its first in the booming Orlando market. For its entry into the state of Texas, the firm was tapped for a new-build property set to open later this month. "We are thrilled to add our first hotel in the state of Texas," said Joe Reardon, Vice President of Business Development for HE. "Cotulla and LaSalle County are the site of one of ...
HITEC 2014 Warns of Pirate Housing Groups
Hospitality Financial and Technology Professionals (HFTP) | April 7, 2014
AUSTIN, TEXAS, USA (April 7, 2014) - Along with its efforts to prevent pirate exhibitors from devaluing the conference, Hospitality Financial and Technology Professionals (HFTP®) is educating HITEC 2014 attendees about housing pirates. A housing pirate is an unauthorized housing provider that may approach exhibitors and attendees with fraudulent offerings of hotel rooms, request credit card information for "existing" reservations and provides false information regarding extended show dates. Only the official HITEC Housing Bureau can guarantee room reservations. To ensure attendees have time to make hotel room reservations, the HITEC Ho...
A.F.N.S. Condado Investment & IHG Open First Holiday Inn Express in San Juan, Puerto Rico
April 4, 2014
MIAMI--InterContinental Hotels Group (IHG) (LON:IHG) (NYSE:IHG) (ADRs), today announced the opening of the first Holiday Inn Express® hotel in the Condado district of San Juan, Puerto Rico. This 115 room hotel opening brings IHG's hotels in Puerto Rico to four including the recently renovated InterContinental® San Juan, Holiday Inn® Mayaguez & Tropical Casino and the Holiday Inn® Ponce & Tropical Casino hotels. With hotels situated in almost every key market throughout the region, IHG has over 80 hotels in Central America, South America and the Caribbean. "Holiday Inn Express is one of the fastest-growing hotel brands in the...
SKS Group & Hilton Enter Agreement to Expand DoubleTree by Hilton Portfolio in Australasia
DoubleTree By Hilton | April 2, 2014
Sign a Multi-unit Management Agreement PERTH, Western Australia and MCLEAN, Va. - Hilton Worldwide has signed a multi-unit management agreement with SKS Group to manage two hotels, located in Perth and Fremantle, Western Australia. The hotels will be branded DoubleTree by Hilton and will join Hilton Worldwide's existing portfolio of 20 hotels in Australasia. DoubleTree by Hilton Perth Waterfront will be located at 351 Riverside Drive, Perth adjoining Barrack Square and fronting the Swan River. The 241-room hotel will boast stunning panoramic views of the Swan River and will include a restaurant, bar, executive lounge, business centre, g...
IHG and Maplewood Hotels & Resorts to Develop 15 Candlewood Suites® Hotels in Canada
Driftwood Hospitality Management | April 2, 2014
Maplewood to Begin Canadian Development in 2014 Bedford, Nova Scotia – InterContinental Hotels Group (IHG) [LON: IHG, NYSE: IHG (ADRs)] and Maplewood Hotels & Resorts today announced plans to develop 15 new-build Candlewood Suites® properties in target markets throughout Canada over the next few years. Formed in 2013, Maplewood is a joint venture between Driftwood Hospitality Management and Pacrim Hospitality Services Inc. "Driftwood is eager to continue our expansion in Canada through our strategic partnership with Pacrim," said Carlos Rodriguez, EVP for Driftwood. "We're also keen on strengthening our relationship with IHG, whi...
IHG Along with Nine Hospitality & Sanguine Hospitality to Add Hotel Indigo & Holiday Inn in London
IHG | April 1, 2014
InterContinental Hotels Group (IHG®), one of the world's largest hotel companies today announced the signing of two further hotels in London with the Hotel Indigo® London - Barbican and Holiday Inn® - Watford Junction. As a result, over the last nine months IHG signed all six of its current European brands into its Greater London pipeline, further reinforcing IHG's presence in the UK's capital. The two new signings join the InterContinental® London - The O2, Crowne Plaza® London - Albert Embankment, Staybridge Suites® London - Vauxhall and Holiday Inn Express® London – Ealing. Due to open this summer, Holiday Inn Watford Juncti...
IHG Completes Disposal of an 80% Interest in InterContinental New York Barclay
IHG | April 1, 2014
InterContinental Hotels Group PLC (IHG) [LON:IHG, NYSE:IHG (ADRs)] announces the completion of the acquisition by Constellation Barclay Holding US, LLC, of an 80% interest in a joint venture with IHG to own and refurbish InterContinental New York Barclay. IHG will continue to manage the hotel under a long-term management contract. The terms of the transaction were announced on 19 December 2013. Since then, the joint venture has raised external debt, following which IHG has received total gross disposal proceeds in cash of $274m. ...
Harmony Hospitality & Hilton Open the 250-room DoubleTree by Hilton Norfolk Airport
DoubleTree By Hilton | March 31, 2014
NORFOLK, Va. and MCLEAN, Va. - DoubleTree by Hilton and Hilton Worldwide today announced the opening of DoubleTree by Hilton Norfolk Airport, a 250-room hotel just two miles from Norfolk International Airport in Virginia's busy Hampton Roads region. The hotel, formerly the Hilton Norfolk Airport, is ideally located between Williamsburg and the Virginia Beach oceanfront and is convenient to several key Fortune 500 businesses, leisure destinations including Norfolk Botanical Gardens and Virginia Zoological Park, and Naval Station Norfolk, the largest naval base in the world. The hotel remains within the Hilton Worldwide portfolio and unde...
Bern Hotels & Resorts & IHG to Build New 126-room Crowne Plaza Panama Airport Hotel in Panama
March 31, 2014
MIAMI – InterContinental Hotels Group (IHG) [LON:IHG, NYSE:IHG (ADRs)], one of the world's leading global hotel companies, today announced the latest addition to the growing Crowne Plaza® Hotels & Resorts portfolio with the signing of the Crowne Plaza Panama Airport hotel. The new-build, 126-room hotel is expected to open in February 2015 and will be the second Crowne Plaza hotel in Panama. Located conveniently near Tocumen International Airport, the Crowne Plaza Panama Airport hotel will be part of the Global Business Terminal, a 520,000 square foot modern complex with eight office towers, an exhibition hall, a conference center...
IHG & Amadeus Form Strategic Relationship On Development of Consumer Technology
IHG (InterContinental Hotels Group | March 31, 2014
Rapidly evolving consumer technology shaping how guests plan and experience travel March 31, 2014 - IHG (InterContinental Hotels Group) is building on its long track record of industry-leading insight and innovation with the announcement of a strategic relationship with Amadeus, the leading provider of advanced technology solutions for the global travel industry. Consumer technology has become an increasingly important part of being able to anticipate and meet changing consumer needs and IHG is committed to maintaining its industry-leading position in this area. The combination of IHG's industry insight and expertise with Amadeus' techn...
Spring Construction Start for Mesa Sheraton Hotel
BuildCentral | March 31, 2014
Hotel-Online and BuildCentral Add/Update 166 Hotel Projects to the New Hotel Construction Projects Database Chicago, IL. March 31, 2014 - Hotel-Online and BuildCentral have added or updated 166 hotel projects in the last two weeks to Hotel Construction, a nationwide database of hotel construction projects, openings, and key decision makers (Owner/Developers, Architects and Contractors). These proposed hotels are still in the planning stages. Now is the perfect time to have your product drawn into plans, or offer construction services: LA Warner Center (Canoga Park , CA) Courtyard by Marriott Honolulu Airport (Honolulu, HI) 35th Str...
IHG Completes the Sale of InterContinental Mark Hopkins San Franciso to Woodridge Capital
IHG | March 28, 2014
InterContinental Hotels Group PLC (IHG) [LON:IHG, NYSE:IHG (ADRs)] today announces that it has completed the sale of InterContinental Mark Hopkins San Francisco ("the Hotel") to a joint venture between affiliates of Woodridge Capital Partners and funds managed by Oaktree Capital Management L.P., the terms of which were announced on 18 February 2014. $120m gross disposal proceeds have been received in cash. IHG will continue to manage the Hotel under a long-term management contract. ...
IHG Reveals New Holiday Inn Express Prototype Design Co-Created With Hotel Owners
March 27, 2014
Guest Insights assist in creation of enhanced design to meet guests' changing needs and drives value for owners ATLANTA, March 27, 2014 -- Through guest and hotel owner insights, InterContinental Hotels Group (IHG) [LON:IHG, NYSE:IHG (ADRs)], one of the world's leading global hotel companies, today announced the next evolution of the prototype for its Holiday Inn Express® brand. Developed for the brand's portfolio of hotels in the U.S. and Canada, the updated prototype design is designed to further position the Holiday Inn Express brand as the "smart" choice for guests and owners. This next generation prototype is expected to deliver e...
Hotel Equities Enters Franchise Agreement to Develop a New Build $52 M Residence Inn by Marriott
Hotel Equities | March 26, 2014
Atlanta, GA-March 26, 2014-Hotel Equities (www.hotelequities.com), an Atlanta-based hotel management, ownership and development company, kicked off the celebration of its 25th anniversary year with the execution of a Marriott franchise agreement to develop a new construction $52 million custom-built Residence Inn by Marriott in Miami Beach/Surfside, Florida. "Building a ground-up, resort-style hotel in this coveted Miami Beach location with a Marriott Residence Inn franchise marks a high point in our firm's history," said Fred Cerrone, founder, President and CEO of Hotel Equities. "This deal helps define our award-winning, growth-focuse...
Cancun’s Largest Resort Chain, Palace Resorts, Automates Linen and Laundry Operations with InvoTech
Palace Resorts | March 25, 2014
InvoTech Increases Efficiency and Control for Palace Resorts' 7 Properties and Laundry Distribution Center LOS ANGELES - March 25, 2014 - Palace Resorts, the company that sets the standard in five-star, all-inclusive resort accommodations, recently installed the InvoTech Systems, Inc. Multi-Property RFID Linen and Laundry Systems for automated linen and laundry control and cost reduction. Palace Resorts implemented the InvoTech Linen System at all of its resort properties and installed InvoTech's Laundry System at the Palace Resorts laundry distribution center. The InvoTech Systems provide Palace Resorts with complete control over linen...
Walk A Mile In A Lender’s Shoes; Getting Your Hotel Financed
Greg Morris | March 20, 2014
By Greg Morris You're well into planning a new hotel. You've picked the market, you've seized on a segment, a seasoned management team is ready to work with you, and you've locked down a trophy flag. A lender will talk to you if you come to the bank armed with all this, even if it's your first venture into hotel development. It's common sense: Lenders offering conventional loans want to avoid risk and make money. So fortifying yourself with expertise, insight and the best possible location for the project presents an appealing picture. Oh, yes. The other factor in this complex equation is a development plan backed by 30 to 35 percent eq...
