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
Accor Reports Third-Quarter 2023 Revenue of €1,286 Million Up 13% Like-for-Like
Accor | October 27, 2023
REVPAR UP 15% COMPARED WITH Q3 2022 UPGRADED REVPAR GROWTH GUIDANCE FOR 2023 EBITDA EXPECTED TO IMPROVE AT BETWEEN €955 MILLION AND €985 MILLION Sébastien Bazin, Chairman and Chief Executive Officer of Accor, said: “The Group’s strong performance during the quarter illustrates once again the strength of business momentum in all of our markets, notably in Asia, and for the brands in our two segments: Premium, Midscale and Economy, on the one hand, and Luxury and Lifestyle on the other. For Accor, this is the 6th consecutive quarter of growth since the return to post-pandemic business levels. These positive trends and our strict ...
Wyndham Hotels & Resorts Reports Third Quarter 2023 Results
Wyndham Hotels & Resorts | October 27, 2023
Company Raises Full-Year 2023 EPS Outlook Grows Development Pipeline by Another 12% PARSIPPANY, N.J., Oct. 27, 2023 -- Wyndham Hotels & Resorts (NYSE: WH) today announced results for the three months ended September 30, 2023. Highlights include: Global RevPAR grew 3% compared to third quarter 2022 in constant currency. System-wide rooms grew 3% year-over-year. Development pipeline grew 4% sequentially and 12% year-over-year to a record 237,000 rooms. Signed over 230 contracts, an increase of 8% year-over-year, including 60 new construction projects for ECHO Suites Extended Stay by Wyndham. Returned $134 million to sh...
Minor Hotels to Debut in Finland With NH Collection Helsinki Grand Hansa
Minor Hotels | October 27, 2023
Project sees the refurbishment of two historic buildings in collaboration with Ylva Madrid, 27th October 2023 — Minor Hotels, an international hotel owner, operator and investor with more than 530 hotels in 56 countries in Asia Pacific, the Middle East, Africa, the Indian Ocean, Europe, South America and North America, announces the upcoming launch of its first property in Finland – the five-star NH Collection Helsinki Grand Hansa – as part of its expansion plans in the region. Currently under construction in partnership with Ylva and slated to open during Q1 2024, this will be Minor Hotels’ second property in the Nordic region...
Project H3 by Hilton Breaks Ground on Inaugural Hotel in Kokomo, Indiana
Project H3 by Hilton | October 27, 2023
Construction of Hilton’s new apartment-style extended-stay brand begins less than five months after launch, expected to debut in mid-2024 MCLEAN, Va. and KOKOMO, Ind., October 27, 2023 – Hilton (NYSE: HLT) today announced the groundbreaking of the first Project H3 by Hilton hotel in Kokomo, Ind., signifying the start of construction on its new studio apartment-style extended-stay hotel brand. Operating under a working title as Hilton navigates the final stages of the trademark process, the 137-room property is located at 5138 Cartwright Drive and is owned by Sun Management & Development Corporation. Hilton’s inaugural lower mi...
Urban Street Development Announces Expansion of Hotel Indigo in Tallahassee
Urban Street Development | October 27, 2023
The CollegeTown development will increase accommodations by nearly 60% for guests, as well as expand retail space TALLAHASSEE, FL – October, 27 2023 - South-Florida based developer, Urban Street Development (USD), is thrilled to announce a significant expansion to Hotel Indigo, a beloved fixture in the heart of the vibrant CollegeTown district, adding 84 new hotel rooms to its existing 143-room capacity, bringing the total number of rooms to 231. Since its grand opening in 2020, Hotel Indigo has become a landmark destination for both business and leisure travelers, especially as a hub for Florida State University sports fans, parents, ...
Pueblo Bonito Vantage San Miguel De Allende to Open in Spring 2024
Pueblo Bonito Vantage | October 27, 2023
San Miguel de Allende, Mexico (October 27, 2023) – Pueblo Bonito Golf & Spa Resorts will unveil its new luxury brand with the opening of Pueblo Bonito Vantage San Miguel de Allende in Spring 2024. Pueblo Bonito Vantage hotels will unite local traditions with exclusivity, technological comforts, singular experiences, and high-end service. Designated by UNESCO as a World Heritage Site in 2008, San Miguel de Allende—named one of the world’s best cities and most enchanting destination by Travel + Leisure—has been charming visitors for nearly 500 years. The city is renowned for its baroque Spanish architecture, thriving arts scene...
Marriott International to Expand Luxury Portfolio in Vietnam With Signing of JW Marriott, the Luxury Collection, and Ritz-Carlton Reserve Resorts
JW Marriott | October 27, 2023
Marriott International, Inc. has announced the signing of agreements to open three new luxury resorts in Vietnam. The signings mark the expected debut of two new brands into Vietnam – Ritz-Carlton Reserve and The Luxury Collection on the tropical paradise of Hon Thom Island in Phu Quoc. Additionally, Marriott also announced Vietnam’s third JW Marriott Hotel set for Trang An, the serene UNESCO World Heritage destination in northern Vietnam. The agreements were signed by President and CEO of Marriott International Anthony Capuano during a recent visit to the country. He was joined by President for Asia Pacific (excluding China) of Marrio...
Is the Annual Budget Process Still a Necessary Evil for Hotels?
HotStats | October 26, 2023
By Kathrin Cockhill For hotels, the annual budget process is like a high-stakes poker game in which the owners keep their cards close to their chest and the operators try to guess what cards they’re holding and if they’re bluffing. By the time everyone shows their hands and the year kicks in, the game has often changed significantly, and all bets are off. Does it have to be this way? Today, more data than ever is available to enable operators to budget and forecast based on current conditions rather than rely on outdated projections. But will this serve the needs of owners? For insights, HotStats reached out to hospitality leader...
Terra Unveils Plans for Mr. C Hotel & Residences in West Palm Beach
Terra | October 25, 2023
Douglas Elliman tapped to lead sales for the development’s 146 branded residences. Construction is estimated to get underway in early 2024, with completion slated for 2026. MIAMI, FL – October 25, 2023 – West Palm Beach will soon welcome its first branded luxury real estate development. Terra, one of South Florida’s most active real estate development firms, and the Palm Beach-based Morrison family’s Sympatico Real Estate, have unveiled plans for Mr. C Hotel & Residences in West Palm Beach, Florida. Located at 320 Lakeview Avenue, in the heart of Downtown West Palm Beach along South Dixie Highway, the 25-story condominium ...
Hilton Reports Third Quarter Results
Hilton | October 25, 2023
MCLEAN, VA - Hilton Worldwide Holdings Inc. ("Hilton" or the "Company") (NYSE: HLT) today reported its third quarter 2023 results. Highlights include: Diluted EPS was $1.44 for the third quarter, and diluted EPS, adjusted for special items, was $1.67 Net income was $379 million for the third quarter Adjusted EBITDA was $834 million for the third quarter System-wide comparable RevPAR increased 6.8 percent, on a currency neutral basis, for the third quarter compared to the same period in 2022 System-wide comparable RevPAR increased 11.4 percent, on a currency neutral basis, for the third quarter compared to the same period in 2...
U.S. Construction Pipeline Continues Its Steady Growth Trajectory With Upper Midscale & Extended Stay Projects Dominating the Pipeline at Q3 2023
Lodging Econometrics (LE) | October 25, 2023
October 25, 2023 – PORTSMOUTH, NH -- According to the most recent Construction Pipeline Trend Report for the United States by Lodging Econometrics (LE), at the close of Q3 2023, the total U.S. construction pipeline stands at 5,704 projects/672,676 rooms, up 7% Year-Over-Year (YOY) by projects and rooms. The hotel construction pipeline continues to grow at a moderate pace with current project counts 3% below and rooms 14% below the all-time high of 5,883 projects/785,547 rooms reached in Q2 2008. At the close of the third quarter, there are 1,063 projects/140,331 rooms under construction, up 8% by projects and 4% by rooms YOY. Projects sc...
Sonnenblick-Eichner Company Arranges First Mortgage Financing for The Lodge at Tiburon and Toll House Hotel Los Gatos, California
Sonnenblick-Eichner Company | October 24, 2023
Beverly Hills, CA (October 24, 2023) -- Sonnenblick-Eichner Company has arranged first mortgage financing for The Lodge at Tiburon and Toll House Hotel Los Gatos. The 5-year non-recourse floating rate loan pays interest-only for the entire term and provided proceeds to pay off a maturing loan. The new loan also provided for a SOFR floor of 3.75% equating to approximately 155 basis points below the SOFR index at closing allowing the borrower to realize a lower cost of capital if interest rates decline. The 104-room The Lodge at Tiburon and the 115-room Toll House Hotel Los Gatos are boutique hotels located in downtown Tiburon, a coastal ...
Vision Hospitality Group Breaks Ground on Tempo by Hilton Nashville/Midtown
Vision Hospitality Group | October 23, 2023
NASHVILLE, TN – (October 23, 2023) – Vision Hospitality Group, Inc. announces the groundbreaking of the Tempo by Hilton Nashville/Midtown. The 161-room hotel is ideally located in the heart of Nashville’s Midtown district convenient to Vanderbilt University, Vanderbilt Medical Center, Centennial Park, and Music Row. The innovative Tempo by Hilton brand offers an elevated and uplifting experience to a new and emerging class of traveler, the Modern Achiever, who seek out and our willing to pay more for brands that deliver on their needs and reflect their lifestyle. The Tempo by Hilton Nashville/Midtown will feature the Tempo Café...
Paradigm Development Partners Breaks Ground on TownePlace Suites by Marriott Middleburg
Paradigm Development Partners, LLC | October 23, 2023
Middleburg, FL (October 23, 2023) - Paradigm Development Partners, LLC was joined by Clay County officials and project partners on Tuesday, October 17 to celebrate the official groundbreaking of TownePlace Suites by Marriott Middleburg. The contemporary 124-room extended-stay hotel is coming soon to the Clay Town Center, a new mixed-use development at the southwest corner of Branan Field Road and Old Jennings Road boasting professional offices, restaurants and retail space. "We're elated to break ground and bring such a high caliber hotel to Clay County,” said Rick Friedman of Paradigm Development Partners, LLC. “TownePlace Suite...
2024 Budget Planning: What Is Top of Mind for Hotel Owners & Operators?
HotStats | October 19, 2023
Budget season is upon us, and around the world hotel owners and operators are buried deep in data trying to come up with 2024 performance numbers. What unique challenges are hotels facing in the 2024 budgeting and planning process? HotStats reached out to global hospitality leaders to find out. By Michael Grove Chief Operating Officer HotStats 1. 2023 Hotel Performance: Growth Is Slowing In UAE, Saudi Arabia, India, Brazil, and the Caribbean, hotel profit margins in the first half of 2023 well surpassed 2019 levels, whereas they lagged in the UK, Germany, Spain, Poland, and Qatar. In China, hotels experienced tremendous growth rel...
Hilton Partners With Paval Holding and Apex Alliance to Bring LXR Brand to Italy
Hilton | October 19, 2023
Hilton launches its LXR luxury brand in Italy with the picturesque Grand Hotel Gardone Lake Garda, opening in 2026 ROME and McLEAN, Va – Hilton (NYSE: HLT) has announced plans to open Italy’s first LXR Hotels & Resorts property, following a franchise agreement with Paval Holding and Apex Alliance. With a stunning lakeside location, Grand Hotel Gardone Lake Garda, LXR Hotels & Resorts is set to open in 2026 following a multimillion Euro renovation, elevating the hotel’s interiors while preserving the grand façade. The hotel is owned by the Lithuanian group Apex Alliance and Romanian Pavăl Holding and will be managed by A...
Omni Hotels & Resorts Breaks Ground on Beachfront Omni Pontoque Resort at Punta de Mita
Omni Hotels & Resorts | October 18, 2023
DALLAS, TX (October 18, 2023) Set to open in Summer 2026, Omni Hotels & Resorts has officially broken ground on Omni Pontoque Resort at Punta de Mita, the brand’s first luxury resort in Mexico. This beachfront resort will feature 244 guest rooms and suites as well as two 4-bedroom villas with sweeping views of the Pacific Ocean. The resort will pay homage to the local culture rooted in the location’s natural surroundings. “The Omni Pontoque Resort at Punta de Mita marks an exciting new chapter for Omni as we further elevate our brand by expanding into this premier destination,” said Kurt Alexander, President of Omni Hotels &...
Arlo Hotels Celebrates Topping Off of Arlo Washington D.C.
Arlo Hotels | October 18, 2023
The Experience-Driven Brand Will Open Its Seventh Hotel – Its First in Washington, D.C. – in 2024 WASHINGTON, DC (October 18, 2023) – Arlo Hotels, the independent lifestyle hotel brand with properties in Manhattan, Brooklyn, Miami and Chicago, announces the topping off of Arlo Washington D.C., its newest property in Washington, D.C. The 12-story boutique hotel, slated to open in August 2024, will be the brand’s seventh property in the U.S. The hotel is owned by Quadrum Global, an integrated development, investment management and advisory group focused on real estate opportunities. Arlo Washington D.C. will comprise 229,846 squa...
Hotel Development: Pencils Down
Jon Peck | October 17, 2023
By Jon Peck Hotel supply grew a meager 0.5% in 2022 and is forecasted to grow just 1% on average for the next three years, according to a CBRE June report. Meanwhile, demand is expected to exceed supply with some projections showing demand increased as high as 2%. Hotel Supply and Demand Historically, supply and demand have maintained a closer balance. This imbalance bodes well for existing hotel owners but not for hotel developers and the ecosystem that supports them (architects, construction firms, Interior designers, etc.). The reason for the imbalance is straightforward: the math doesn’t work for most new hotel projects, w...
Hilton Reveals Plans for Poland’s First Canopy by Hilton Hotel
Hilton | October 13, 2023
WARSAW, Poland and McLEAN, Va. – Hilton (NYSE: HLT) has today confirmed a franchise agreement with TFG Hotels to develop Canopy by Hilton Warsaw. Opening in 2025, the newly developed 170 guest-room hotel will be Hilton’s first lifestyle hotel in Poland, joining recent Canopy by Hilton openings in Cannes, Madrid, London and Paris. The hotel will be managed by TFG Hotels. Patrick Fitzgibbon, senior vice president, development, Europe, Middle East and Africa, said, "With five new hotels opening in the past year alone, Hilton’s growth in Poland continues at pace and destinations like Krakow, Warsaw and Wrocław present new opportunitie...
IHG Partners With MMS Land for New Crowne Plaza Labuan Bajo in Indonesia
IHG | October 12, 2023
Jakarta, Indonesia – 12 October 2023: IHG Hotels & Resorts, one of the world’s leading hotel companies, today announced a landmark partnership with MMS Land – the property and hospitality arm of MMS Group Indonesia. The new-build Crowne Plaza Labuan Bajo will be the IHG’s premium brand third property in Indonesia, and mark IHG’s entry into an exciting new destination as it continues its strategic growth in the country. Located next to Komodo International Airport and just 15 minutes from the waterfront on the most western tip of Flores Island, the hotel will provide the ideal base for guests to explore the area’s many...
IHG to Debut Kimpton Brand in Portugal With 2025 Opening in the Algarve
IHG | October 11, 2023
IHG Hotels & Resorts, one of the world’s leading hospitality companies, today premiers its Kimpton Hotels & Restaurants brand in Portugal, with the signing of Kimpton Algarve São Rafael Atlántico. This addition reinforces the strength of the Kimpton brand as part of IHG’s Luxury & Lifestyle offering in Europe, where it currently operates 93 hotels in this segment and a further 57 under development. Signed under a franchise agreement with Highgate Portugal, the hotel is expected to open in 2025 offering 149 guest rooms, more than 1,300 m2 of meeting space and multiple restaurants and bars. The hotel will also offer a roun...
The Athens Group and Hatteras Sky Celebrate Topping Off of Asher Adams, The First Autograph Collection Hotel in Salt Lake City, Utah
Hatteras Sky | October 10, 2023
SALT LAKE CITY, UT – OCT. 10, 2023 – The Athens Group, a luxury hospitality development company, known for the creation of generational hotels and resorts, along with its partner, Hatteras Sky, a commercial real estate firm focused on multifamily and hospitality development in high-growth American markets, are pleased to announce the recent topping off of Asher Adams in downtown Salt Lake City. This signature project features the adaptive reuse of the historic Union Pacific Depot Train Station which first opened its doors in 1909 along with the construction of a new, eight-story guestroom tower. The Athens Group is transformi...
Hilton Signs With Feuring Asset Management to Open Three New Centre City Hotels in Lisbon
Hilton | October 9, 2023
LISBON, Portugal and McLEAN, Va. – As Lisbon continues to grow in popularity for international travel and tourism, Hilton (NYSE: HLT) has announced plans to open three new properties across three of its award-winning brands. This announcement follows a management agreement with Feuring Asset Management GmbH to develop Canopy by Hilton Lisbon Praça Sao Paulo, Duo Hotel Lisbon, Curio Collection by Hilton and Hampton by Hilton Lisbon Baixa. Commenting on the three new signings, Carlos Miró, managing director, development, Spain & Portugal, Hilton, said, “Lisbon is an incredibly exciting destination, with ample opportunity for dev...
