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
Hotel Equities & JV Partner HDP to Develop 132-key Hampton Inn and Suites in Atlanta, Georgia
Hotel Equities (HE) | December 23, 2013
Atlanta, GA - December 23, 2013 - Atlanta-based Hotel Equities (www.hotelequities.com) signed a definitive agreement with Hilton Hotels to develop an upscale Hampton Inn & Suites in the Sterling Pointe development with its joint venture partner, Hotel Development Partners (HDP). The project will include four outparcels targeted for high-end restaurants and retail. Hotel Equities will manage the hotel and assist with the development. Opening is projected for early 2015. "We have seen pent-up demand for quality lodging assets in Atlanta's Perimeter Center area, making the location and timing for this project ideal." said Brad Rahinsky...
Hilton Signs Agreement to Rebrand Paris Landmark as Hilton Paris Opéra
Hilton Hotels & Resorts | December 20, 2013
PARIS and MCLEAN, Va. - Hilton Worldwide has reached an agreement which will see it rebrand the historic Concorde Opéra hotel under its Hilton Hotels & Resorts brand in late 2014. The iconic hotel, in Paris' fashionable 8th arrondissement, was recently acquired by Blackstone Real Estate Partners Europe IV ("Blackstone"). The Concorde Opéra will undergo a significant investment programme to restore and reinvigorate the 124 year old landmark prior to rebranding as the Hilton Paris Opéra next year. Rob Palleschi, global head, Hilton Hotels & Resorts, said, "Paris has long been considered one of the world's great tourist destinat...
Constellation Barclay Holding US to Acquire 80% of the InterContinental New York Barclay for $240 M
IHG (InterContinental Hotels Group) | December 20, 2013
New JV Plans Property Refurbishment 20 December 2013 - InterContinental Hotels Group PLC (IHG) [LON:IHG, NYSE:IHG (ADRs)] today announces that Constellation Barclay Holding US, LLC, which is an affiliate of Constellation Hotels Holding Limited, has agreed to acquire an 80% interest in a joint venture with IHG to own and refurbish the InterContinental New York Barclay (the "Hotel"). The 80% interest will be acquired for gross cash proceeds of $240m, which values the Hotel at $300m prior to refurbishment. IHG will hold the remaining 20% interest. IHG has secured a 30 year management contract on the Hotel, commencing in 2014, with two ten...
The 140-room Holiday Inn Express Chennai Mahindra World City Opens in India
Holiday Inn Express brand Hotels | December 18, 2013
New Delhi, India, 18 December 2013: InterContinental Hotels Group (IHG) today announced the opening of Holiday Inn Express Chennai Mahindra World City in the corporate hub of Mahindra World City near Chennai. The property was officially opened today by IHG's Pascal Gauvin, COO India, Middle East and Africa and Douglas Martell, Vice President Operations South West Asia alongside Saurabh Sonthalia, Country Head - Duet India Group, Naveen Jain, President, Duet India Hotels and Sangeeta Prasad, CEO - Integrated Cities & Industrial Clusters, Mahindra Lifespace Developers Ltd. This is the second hotel to open under a joint venture partner...
Foremost Hospitality HIEX GmbH & IHG to Open Two Holiday Inn Express Hotels in Germany
IHG (InterContinental Hotels Group) | December 18, 2013
Opening in Hamburg in 2014 & Freiburg in 2015 18 December, 2013 - InterContinental Hotels Group (IHG®), one of the world's largest hotel companies, today announces the expansion of its Holiday Inn Express® brand in Germany with the signing of two more hotels: Holiday Inn Express Hamburg - City Hauptbahnhof and Holiday Inn Express Freiburg - City. These franchised hotels are part of a multiple development agreement (MDA) with IHG's long standing lessee partner Foremost Hospitality HIEX GmbH. Holiday Inn Express Hamburg - City Hauptbahnhof will join its sister properties Holiday Inn Express Hamburg - City Centre and Holiday Inn Expr...
Hotels Pay Their Debt By Robert Mandelbaum and Viet Vo
Robert Mandelbaum and Viet Vo | December 17, 2013
In 2009 the average hotel participating in PKF Hospitality Research's (PKF-HR) Trends® in the Hotel Industry survey suffered a staggering 35.4 percent decline in net operating income (NOI). This is the greatest annual decline in profits recorded by PKF-HR in the 77 years the firm has been tracking the performance of U.S. hotels. For U.S. hotel owners it is the cash flow from operations that they rely on to pay their debt obligations. Therefore, owners, and their lenders, were in shock when facing the severe impact of the great recession on the lodging industry. As expected, the number of hotels that were unable to generate sufficient c...
Warning for Hotel Investors Considering Golf Courses: Golf Courses are Different!
JMBM | December 16, 2013
They have different risks and require different skill sets. For the most recent update on this topic, click here By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Authors of www.HotelLawBlog.com 16 December 2013 Hotel Lawyer with some insights on buying and developing golf courses. Hotel investors suddenly seem to be buying or building more golf courses. With the right expectations and circumstances, golf courses can make sense -- particularly as an amenity for hotels, residential development and other real estate. But as more hospitality clients look at golf courses, it seems appropriate to consider the drivers of this r...
Groundbreaking Takes Place for Hyatt Regency Galleria in Houston
BuildCentral | December 16, 2013
Hotel-Online and BuildCentral Add/Update 125 Hotel Projects to the New Hotel Construction Projects Database Chicago, IL. December 16, 2013 - Hotel-Online and BuildCentral have added or updated 125 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: Tyre Casino Resort (Tyre , NY) Doheny Hotel (Dana Point, CA) KY Horse Park Hotel (Lexington, KY)...
Is TRevPAR the Most Effective Metric for Revenue Managers?
Jean Francois Mourier | December 15, 2013
By Jean Francois Mourier There has been a great deal of discussion as of late as to the value of the revenue management metric TRevPar (Total Revenue per Available Room). TRevPAR is calculated by dividing the total net revenues of a property (room revenues plus ancillary revenue streams such as food and beverage, rentals, etc.) by the total available rooms. Many industry experts are saying that TRevPAR is a more valuable metric than RevPAR in determining pricing strategies, but I'm here today to offer a different opinion. TRevPAR is a fantastic metric for accountants, hotel owners and even the general manager, as it helps to determine t...
Hotel Equities Selected to Manage the 96-key Courtyard by Marriott in Memphis, Tennessee
Hotel Equities (HE) | December 12, 2013
Atlanta, GA - December 12, 2013 - Atlanta-based Hotel Equities (www.hotelequities.com) has been selected to manage the 96-room Courtyard Memphis East in Memphis, Tennessee. Located off I-240 and Bill Morris Parkway (I-385) and just minutes from Poplar Avenue in Germantown, the hotel appeals to both business and leisure travelers. It is convenient to the city's finest dining, tourist attractions, shopping and Class A office space for corporate travelers. "Memphis is an exciting city for Hotel Equities' expansion and we are pleased to be selected as the management firm by an ownership group in this growing market," said Joe Reardon, Vice ...
The 140-room Holiday Inn Mauritius Airport Opens with Jean-Eric Sirop as General Manager
IHG (InterContinental Hotels Group) | December 12, 2013
Port Louis, Mauritius, 12 December 2013: InterContinental Hotels Group (IHG) today announces the opening of Holiday Inn Mauritius Airport on the island's picturesque south east coast. Just 700 metres from the new SSR International Airport, five minutes from the nearest beach and 45 kilometres from the capital, Port Louis, the hotel is ideally located for travellers looking to make the most of their time in Mauritius. The 140-room hotel is surrounded by gardens carefully landscaped to preserve the natural botanic diversity. The names of the hotel's food and beverage outlets pay tribute to the proximity to the country's airport and the hi...
Pebblebrook Hotel Trust Acquires Radisson Hotel Fisherman’s Wharf and Retail in San Francisco, CA
Pebblebrook Hotel Trust | December 10, 2013
BETHESDA, Md. - December 10, 2013 - Pebblebrook Hotel Trust (NYSE:PEB) (the "Company") today announced that it has acquired the Radisson Hotel Fisherman's Wharf and Retail for $132.0 million. The 355-room hotel, which includes approximately 44,000 square feet of street retail space, is located in the heart of Fisherman's Wharf in San Francisco, CA. The property will be managed by Davidson Hotels & Resorts ("Davidson"). "We're very pleased with our acquisition of the Radisson Hotel Fisherman's Wharf and Retail, located in one of San Francisco's strongest submarkets," said Jon Bortz, Chairman and Chief Executive Officer of Pebblebrook...
Marriott CEO, Arne Sorenson, Discusses Company’s Move to NASDAQ and African Hotel Deal (Video)
Marriott International | December 9, 2013
Arne Sorenson talks about why Marriott made the switch to NASDAQ and the company's plan to become the largest hotel company in Africa. ...
Hotel Equities Selected to Manage Four La Quinta Hotels in Tampa, Florida
Hotel Equities (HE) | December 9, 2013
Atlanta, GA - December 9, 2013 - Atlanta-based Hotel Equities (www.hotelequities.com) has been selected to manage four La Quinta Inn & Suites hotels in the greater Tampa, Florida metro area with a total of 265 rooms. The four hotels include La Quinta Inn & Suites Clearwater South, La Quinta Inn & Suites St. Petersburg Northeast, La Quinta Inn & Suites Tampa Central and La Quinta Inn & Suites Tampa South. "Adding four additional properties in Tampa brings us to a total of 10 hotels in Florida and gives us great flexibility and synergy here," said Joe Reardon, Vice President of Business Development for HE. "We are work...
Hotel Construction Financing Arranged By Pacifica Capital & Brokerage, Inc.
Pacifica Capital & Brokerage, Inc. | December 9, 2013
DANA POINT, CA: December, 2013 - Chris A. Chiotis, Principal of Pacifica Capital & Brokerage, is pleased to announce his firm arranged the construction and permanent financing for the Hampton Inn & Suites, which is under development in Southern California. Pacifica arranged the financing through one of their many relationship lenders. "Pacifica's entrepreneurial approach and strong network of third party consultants together with their established banking relationships, allowed us to achieve the leverage we wanted and also provide assurance that we would be successful in developing our most recent Hilton product" according to Ch...
Tom Singer to Step Down as IHG’s Group Chief Financial Officer; Succeeded by Paul Edgecliffe-Johnson
IHG (InterContinental Hotels Group) | December 6, 2013
6 December 2013 - InterContinental Hotels Group (IHG) [LON:IHG, NYSE:IHG (ADRs)] today announces that Tom Singer will step down from the Board and his role as Chief Financial Officer on 1 January 2014. He will be succeeded by Paul Edgecliffe-Johnson, who joined IHG in August 2004 and has held a number of senior positions, most recently as Chief Financial Officer of IHG's Europe and Asia, Middle East & Africa regions. Paul will take up his new position and become a member of IHG's Board and Executive Committee on 1 January 2014. Patrick Cescau, Chairman of IHG commented: "I want to thank Tom for his contribution to the success of IHG...
Hotel Lawyer: Surge of Activity Creates New Management Agreement Opportunities
JMBM | December 6, 2013
For the most recent update on this topic, click here By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Authors of www.HotelLawBlog.com 6 December 2013 Hotel Lawyer on the jump in hotel development and investment activity. These are getting to be pretty exciting times to be in the hotel business. Hotel industry fundamentals have continued to improve since the Great Recession and none of the experts see a particular event or reason that fundamentals will stall. Although occupancy growth rate is slowing in some sectors, ADR growth generally continues to drive greater profits to the bottom line. All this activity creates "man...
Pricing Systems 2.0 – Part Two
Jean Francois Mourier | December 5, 2013
By Jean Francois Mourier Last week, I wrote Part One of this article series, which provides a checklist for hoteliers to determine whether your revenue management system is up to par for 2014. As I'm sure you know, the online and mobile channels are growing rapidly so if your RMS is not optimized for both of these channels, you will be leaving money on the table. Let's take a look at some other items on the checklist! As a reminder, the first three were: 1 - Does your property analyze and provide rates based on historical data, AS WELL AS rate shopping market data? 2 – Does your RMS use pricing parameters to ensure that your rates he...
HCAA Releases Chinese Language Interpretation Guide to the USALI
Hospitality Financial and Technology Professionals (HFTP) | December 4, 2013
Hong Kong (December 4, 2013) - The Hotel Controllers and Accountants Association of Hong Kong (HCAA) is pleased to announce the release of the Chinese language version of the Hong Kong Guide to the 10th Edition of the Uniform System of Accounts for the Lodging Industry (USALI). This edition is a follow-up to the English version which was released in November 2011. The publication is a guide to the widely adopted USALI, tailored made to the business practices of hospitality companies in Hong Kong, and eventually in China. "The objective of the Hong Kong Guide is to educate the local community about the Uniform System and to identify sele...
RFID Systems Provider InvoTech Names Jeff Welles President
InvoTech Systems | December 3, 2013
Industry Veteran to Focus on Customer Success; Will Continue to Leverage Emerging Technologies and Provide Superior Customer Service LOS ANGELES, CA - December 3, 2013 - InvoTech Systems, Inc. appointed Jeff Welles to the post of president. InvoTech is a leading provider of systems that integrate the latest RFID technology to increase profitability for hotels, casinos, hospitals and commercial laundry operators. InvoTech celebrated its 20-year anniversary in 2013 and more than 500 clients in over 20 countries. Welles brings 21 years of experience solving clients' business problems with advanced technologies to his new post. Click here f...
Readying Your Hotel for Sale
HVS Capital Corp | December 3, 2013
With transaction volumes in early 2013 fifty percent ahead of the level in early 2012, many owners today are asking themselves if this is the right time to sell. They see very low cost capital that is abundantly available, contributing to higher values. Yes, interest rates have ticked up from their recent lows, but long term, fixed rate debt is still priced in the low five percent range on a 25 year amortization schedule to 70 percent of value/cost. For buyers, this translates into cash on cash returns in the low to mid teens on almost any deal. After a number of years of living with their properties underwater, sale prices have now inc...
Construction Starts for Microtel Inn & Suites in Kenedy, Texas
BuildCentral | December 3, 2013
Hotel-Online and BuildCentral Add/Update 141 Hotel Projects to the New Hotel Construction Projects Database Chicago, IL. December 3, 2013 - Hotel-Online and BuildCentral have added or updated 141 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: Sunset/Doheny Hotel (West Hollywood, CA) Port Imperial Hotel Number Two (Weehawken, NJ) Hyatt Pl...
PT Duta Anggada Realty & IHG to Develop 447-key Holiday Inn & Suites Jakarta Gajah Mada, Indonesia
IHG (InterContinental Hotels Group) | December 3, 2013
Jakarta, 3 December 2013: InterContinental Hotels Group (IHG), one of the world's leading hotel companies, and PT Duta Anggada Realty Tbk, have signed an agreement to develop Holiday Inn & Suites Jakarta Gajah Mada, adding to IHG's continued growth in Indonesia. Located in the bustling Jalan Gajah Mada in North Jakarta, the 447-room Holiday Inn & Suites Jakarta Gajah Madah will not only feature hotel rooms, but also serviced apartments for guests who want to book extended stays at the hotel. The mixed-use development is opposite the LTC Glodok Mall, a short drive away from Jakarta's Central Business district and easy access from...
Development Begins for 204-room Brooklyn EVEN Hotel to Open in New York in Mid-2015
December 3, 2013
ATLANTA – December 3, 2013 - InterContinental Hotels Group (IHG) [LON: IHG; NYSE: IHG (ADRs)] today announced that it has acquired a new asset in Brooklyn, N.Y., that the Company will develop as a new hotel under its EVEN™ Hotels brand, expanding the wellness hotel brand's portfolio in the Greater New York City area and accelerating its growth in strong urban markets. This new property will be the fifth hotel added to the EVEN Hotels brand's development pipeline, and the announcement comes as EVEN Hotels prepares to open its first two properties in spring 2014. "As the third largest central business district in New York City and a s...
