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
Asia Pacific Hotel Construction Pipeline, Excluding China Projects Up 5% at the End of Q4 2022
Lodging Econometrics (LE) | February 8, 2023
February 8, 2023 – PORTSMOUTH, NH According to the Q4 2022 Construction Pipeline Trend Report for the Asia Pacific region, excluding China, from Lodging Econometrics (LE), the region’s total construction pipeline stands at 1,903 projects/404,222 rooms, up 5% by projects and 2% by rooms year-over-year (YOY). At the Q4 close, projects currently under construction stand at 946 projects/210,559 rooms, up 5% by projects YOY. Projects scheduled to start construction in the next 12 months stand at 317 projects/65,745 rooms. Projects in early planning reached a record count at Q4, closing the quarter at 640 projects/127,918 rooms, up 20% by pr...
Marriott Signs With China Central Place to Bring The Ritz-Carlton and Marriott Executive Apartments Brands to Suzhou
Marriott International | February 7, 2023
Marriott International, Inc., recently announced that it has signed an agreement with China Central Place, Suzhou to bring The Ritz-Carlton and Marriott Executive Apartments brands to Suzhou, a major city in Eastern China. The two complex properties plan to open at the end of 2024 and in the middle of 2025, respectively. “Under the ‘Brand + Destination’ development strategy — matching destinations with brand debuts and entries, we are delighted to announce the new signings with Suzhou Chunji Real Estate Development,” said Gavin Yu, Chief Development Officer, Greater China, Marriott International. “The dual-branded properties...
SH Hotels & Resorts Plan Baccarat Hotel & Residences Dubai to Open in 2026
Baccarat Hotels & Resorts | February 7, 2023
MIAMI, FL, February 7, 2023-- SH Hotels & Resorts, the hotel brand management company founded by hospitality visionary Barry Sternlicht, Chairman and CEO of Starwood Capital Group, today announced plans to set a new standard of glamor and luxury in Dubai, the hospitality hub of the Middle East, with the opening of Baccarat Hotel & Residences Dubai in 2026. The hotel is part of a new ultra-luxury mixed-use development in Downtown Dubai, facing the famed Burj Khalifa, the world’s tallest building. The property’s twin tapering towers, designed by world-renowned architectural firm Studio Libeskind, will combine a best-in-class luxury...
Colebrook Financial Provides $10 Million Fixed Rate Receivables Loan to Global Exchange Development Corporation
Colebrook Financial Company | February 7, 2023
Middletown, CT (February 7, 2022) –Colebrook Financial Company, a leading lender to the timeshare and travel club industries, announced that it has provided an additional $10 million in financing to Global Exchange Development Corporation (GEDC). GEDC is the development company that builds or acquires the inventory for Global Exchange Vacation Club (GEVC), finances the purchases of the timeshare memberships, is the company responsible for selling GEVC’s memberships and in doing so hypothecates the consumer notes created by the sales. Colebrook and Global Exchange have had a relationship since 2009. GEVC is one of the most versatile...
Sonnenblick-Eichner Company Arranges $50,000,000 of Construction Financing for the Lionsback Resort, Moab, Utah
Sonnenblick-Eichner Company | February 7, 2023
Beverly Hills, CA – February 7, 2023 – Sonnenblick-Eichner Company has arranged $50 million of construction financing for Phase I of the Lionsback Resort in Moab, Utah, a 175-acre development located adjacent to internationally renowned Canyonlands and Arches National Park in eastern Utah. Proceeds from this fixed rate, non-recourse construction loan will be used to complete the Phase I onsite infrastructure improvements and vertical construction of the initial 34 single family homes, as well as the horizontal infrastructure of Phase II. To be built over five phases, at build-out, the $350 million development will include 188 single-...
Hyatt Signs Agreement With Rua Al Madinah Holding Company to Bring Three New Hotels to the Kingdom of Saudi Arabia
Hyatt Hotels Corporation | February 6, 2023
CHICAGO (February 6, 2023) – Hyatt Hotels Corporation (NYSE: H) announced today that a Hyatt affiliate has entered into management agreements with Rua Al Madinah Holding Company to manage three new Hyatt-branded hotels, including Grand Hyatt Madinah, Hyatt Regency Madinah and Hyatt Place Madinah. Upon opening, these properties will participate in the World of Hyatt loyalty program and will add a combined 1,729 room keys to Hyatt’s portfolio in the Kingdom of Saudi Arabia, significantly expanding Hyatt’s brand presence in the country and demonstrating its commitment to strategic growth of its portfolio in key markets that matter to ...
Hospitality Financial Leadership – Why GMs Have Such a Hard Time Managing Their Financial Leader
David Lund | February 6, 2023
By David Lund This is not the case for all GMs, but it is definitely the case for many. The reason is simple: the GM has not been given any formal accounting training and they are intimidated by the numbers and their lack of knowledge. Because of this they tend to stay out of the way, so to speak, when it comes to digging into what is really going on with the numbers and the accounting department. That might seem like a natural thing to do, and it needs to be this way to a certain extent. But with a few clues and cues the GM can have a great handle on the numbers person and what they are up to. That is what this piece is all about...
Aspen Hospitality and CU Boulder Break Ground on Limelight Hotel Boulder
Aspen Hospitality | February 3, 2023
Aspen, Colo. (February 3, 2023) – Aspen Hospitality and the University of Colorado Boulder are pleased to announce that construction is beginning for the on-campus Limelight Hotel Boulder. The landmark conference center hotel property is slated to open in the summer of 2025. This groundbreaking is the culmination of years of collaboration between the City of Boulder, CU Boulder and numerous other stakeholders. Plans for a topping-off ceremony and celebration will be announced as construction progresses. The project website includes renderings and FAQs, and will provide ongoing updates on construction. As Boulder’s largest meeting and...
Healthy Growth for the Back End of the Latin America Construction Pipeline at Year-End 2022
Lodging Econometrics (LE) | February 3, 2023
February 3, 2023 – PORTSMOUTH, NH In the recently released Latin America Construction Pipeline Trend Report from Lodging Econometrics (LE), analysts report that at the close of Q4 2022, the total construction pipeline stands at 536 projects/87,827 rooms. At the end of the fourth quarter, projects currently under construction stand at 222 projects/40,270 rooms. Projects scheduled to start construction in the next 12 months are up 7% by projects and 15% by rooms, year-over-year (YOY), standing at 158 projects/23,753 rooms and those in the early planning stage stand at 156 projects/23,804 rooms, up 16% and 8%, respectively. Mexico has th...
IHG Signs With Odyssey Hotel Group for Alte Post Vignette Collection in Reit im Winkl, Germany
IHG Hotels & Resorts | February 2, 2023
02.02.2023 (Frankfurt, Germany): IHG Hotels & Resorts, one of the world’s leading hospitality companies, continues to evolve its luxury presence in Germany as they sign Alte Post in Reit im Winkl, a market debut for Vignette Collection, the company’s newest luxury brand. Vignette Collection is IHG Hotels & Resorts’ first collection brand and is a family of one-of-a-kind properties in sought-after urban and resort locations where guests can indulge in a growing passion for stays that are authentic, experiential and considerate. Here for the next generation of luxury travellers seeking both discovery and purpose, Vignette Col...
Canada Ends 2022 With Record Project Counts in the Early Planning Stage of the Hotel Construction Pipeline
Lodging Econometrics (LE) | February 2, 2023
February 2, 2023 – PORTSMOUTH, NH-- According to the Q4 2022 Hotel Construction Pipeline Trend Report for Canada by Lodging Econometrics (LE), LE analysts report that Canada’s total construction pipeline stands at 267 projects/35,758 rooms, up 2% by projects and 1% by rooms year-over-year (YOY). At year-end 2022, projects presently under construction in Canada stand at 52 projects/6,593 rooms. Projects scheduled to start construction in the next 12 months stand at 87 projects/12,098 rooms, a 2% increase in projects YOY and a 15% increase in rooms YOY. Projects in the early planning stage are at an all-time high with 128 projects/17,067...
LRE & Companies and American Hospitality Services Reveal Hotel Brands for Roseville Junction Project
February 1, 2023
SAN RAFAEL, Calif., Feb. 1, 2023 -- LRE & Companies, a full spectrum real estate development, asset manager, construction, and hotel management company, and American Hospitality Services, Inc., a development and hotel management company acting as sponsor, operating partner, and asset manager of strategic commercial real estate assets, have revealed the featured hotel brands and the name of the sports and entertainment complex for Roseville Junction. The new mixed-use development project in Placer County, CA will be home to two select-service hotels: Caption by Hyatt Roseville and Hyatt House Roseville. Captio...
Nobu Hospitality Signs With Enevoria Development for Nobu Hotel, Restaurant, and Residences Al Marjan Island
Nobu Hospitality | February 1, 2023
NEW YORK, February 1, 2023 - Nobu Hospitality, the luxury lifestyle brand founded by Nobu Matsuhisa, Robert De Niro and Meir Teper, has signed a management agreement with Enevoria Development FZ-LLC, to develop the Nobu Hotel, Restaurant, and Residences on Al Marjan Island in Ras Al Khaimah. This is the brand’s second hotel and residence development in the UAE following the announcement of Abu Dhabi in late 2022. The Nobu Hotel, Restaurant, and Residences shall be located on the pristine Al Marjan Island, offering over 7.8 km of unspoiled beaches and stunning waterfront views of the Arabian Gulf. Nobu Hotel and Nobu Restaurant will also ...
Commonwealth Hotels Celebrates Topping Off of the Homewood Suites Newport Cincinnati
Commonwealth Hotels, LLC | January 31, 2023
COVINGTON, Ky., Jan. 31, 2023-- Commonwealth Hotels and Homewood Suites by Hilton, the award-winning upscale, all-suite hotel brand announced today the "topping off" of its new hotel in Newport, Kentucky signifying that the final beam has been placed and that the structural framework is complete. Homewood Suites Newport Cincinnati is projected to be up and running by mid-summer. The 5-story, 133-suite hotel developed and owned by Corporex, is located at 201 West 4th Street, near Newport Ovation on the River and MegaCorp Pavilion. "This topping off marks a milestone in construction at the Homewood Suites by...
Hyatt Signs Franchise Agreement With FP Global for Hyatt Regency Lahore DHA
Hyatt Regency | January 30, 2023
CHICAGO (January 30, 2023): Hyatt Hotels Corporation (NYSE: H) today announced that a Hyatt affiliate has entered into a franchise agreement with FP Global (Private) Limited for Hyatt Regency Lahore DHA, which will mark the first Hyatt-branded hotel in Pakistan and a significant step forward in Hyatt’s plans to expand its brand portfolio in Southwest Asia. Situated within Defence Housing Authority Phase 6 (DHA-6), the property will be operated by Valor Hospitality Partners and is expected to open its doors in 2024. “We look forward to collaborating with the FP Global (Private) Limited team and Valor Hospitality Partners to unveil the...
IHG Hotels & Resorts celebrates “Topping Off” of InterContinental Hotel – Bellevue at the Avenue
IHG Hotels & Resorts | January 26, 2023
ATLANTA (Jan. 26, 2023) – IHG Hotels & Resorts (IHG), one of the world’s leading hotel companies, today commemorated the next milestone in the forthcoming InterContinental Hotels & Resorts luxury hotel in Bellevue, Wash. during a topping-off ceremony alongside company and community leaders. The hotel, which broke ground in January 2020, will mark the IHG Luxury & Lifestyle Collection brand’s Pacific Northwest debut upon its projected fourth quarter 2023 opening. Featuring 208 rooms, InterContinental Hotel – Bellevue at the Avenue, will occupy nine floors of a 26-story tower within the sprawling mixed-use complex at t...
Marriott, Hilton, and IHG Close Q4 2022 With Largest Projects Counts in Every Stage of the U.S. Construction Pipeline
Lodging Econometrics (LE) | January 26, 2023
January 26, 2023 – PORTSMOUTH, NH As reported in the fourth quarter United States Construction Pipeline Trend Report from Lodging Econometrics (LE) for 2022, the franchise companies with the largest construction pipelines at the end of Q4 are led by Marriott International (Marriott) with 1,490 projects/180,113 rooms. Following Marriott is Hilton Worldwide (Hilton) with 1,378 projects/154,790 rooms and InterContinental Hotels Group (IHG) with 789 projects/78,951 rooms. Combined, these three companies account for 67% of the projects and 64% of the rooms in the total pipeline. At the close of the quarter, these top franchise companies also ...
Six Senses Napa Valley Coming to Northern California’s Aetna Springs
IHG Hotels & Resorts | January 25, 2023
BANGKOK – January 25, 2023 – Six Senses is taking its wellness and sustainability formula to a sanctuary in Napa County, an agricultural haven producing some of the world’s most sought-after wine. Named after the natural thermal Aetna Springs discovered in the 1870s, the original resort thrived until the 1970s as a natural spa destination, with Aetna Mineral Water also sold throughout the American West. “Six Senses Napa Valley will marry the region’s beauty with the unique natural resources of the original Aetna Springs,” said Six Senses CEO Neil Jacobs. “Working with Weller Development Partners, Pegasus Capital Advisors,...
Dallas Is Tops With the Largest Hotel Construction Pipeline in the U.S. and Record-High Project Counts at the Close of Q4 2022
Lodging Econometrics (LE) | January 25, 2023
January 25, 2023 – PORTSMOUTH, NH According to the fourth quarter United States Construction Pipeline Trend Report from Lodging Econometrics (LE), the U.S. market with the largest hotel construction pipeline by projects is Dallas with a record high count of 176 projects, accounting for 20,790 rooms. Following Dallas is Atlanta with 145 projects/18,100 rooms, Los Angeles with 122 projects/19,419 rooms, Phoenix with 116 projects/16,229 rooms, and Nashville with 106 projects/14,198 rooms. U.S. markets with the most projects currently under construction are New York, with 61 projects/9,976 rooms, and Phoenix, with 28 projects/5,522 rooms. Fo...
Agilysys Fiscal 2023 Third Quarter Revenue Rises 26.5% to Record $49.9M
Agilysys | January 25, 2023
Includes Recurring Revenue of $30.2M and Subscription Revenue Growth of 28.8% Quarter Positive Adjusted EBITDA of $8.1M and GAAP EPS of $0.13 Per Share Raises Fiscal 2023 Annual Revenue Guidance to $195M to $198M; Reiterates Greater Than 15% Adjusted EBITDA ALPHARETTA, GA – January 25, 2023 - Agilysys, Inc. (NASDAQ: AGYS), a leading global provider of hospitality software solutions that deliver High Return Hospitality, today reported operating results for its fiscal 2023 third quarter and period ended December 31, 2022. Summary of Fiscal 2023 Third Quarter Financial Results • Total net revenue increased 26.5% to a record $49.9 m...
The Unbound Collection by Hyatt Brand to Expand in Japan With Plans for Hotel Toranomon Hills
The Unbound Collection by Hyatt | January 24, 2023
CHICAGO (January 24, 2023) – Hyatt Hotels Corporation (NYSE: H) announced today that a Hyatt affiliate has entered in a management agreement with a Mori Building affiliate for Hotel Toranomon Hills, which will be located at the heart of Tokyo’s emerging business center as part of the new Toranomon Hills Station Tower. Slated to open in late 2023, the 205-luxury hotel will debut The Unbound Collection by Hyatt brand in Tokyo and will mark the second hotel within The Unbound Collection by Hyatt brand in Japan, further demonstrating Hyatt’s intentional brand growth in the Asia Pacific region. “We are thrilled for these plans to d...
YOTEL Signs First Hotel in The Kingdom of Saudi Arabia Set to Open in 2025
YOTEL | January 24, 2023
JANUARY 24, 2023 – YOTEL – a global hospitality brand known for challenging the status quo – announces its first hotel signing Saudi Arabia. Scheduled to open in 2025, the YOTEL property will also be the first hotel to open in Oxagon, which will be the home of advanced and clean industries in NEOM, Saudi Arabia. “Oxagon’s ambition to house hospitality assets where innovative design, sustainability and technologies converge, echoes our core values at YOTEL,” said Hubert Viriot, CEO of YOTEL. “We understand that the Non-Stop traveller craves destinations that won’t slow them down, and Oxagon promises to be a unique destin...
Ennismore Announces JO&JOE’s First North American Hotel With Signing in Tulum, Mexico
Ennismore | January 23, 2023
NEW YORK, Jan. 23, 2023 -- Ennismore, the fastest-growing lifestyle hospitality company, with owner and developer, Soda Urbana, announce the first JO&JOE development in North and Central America, JO&JOE Tulum set to open at the end of 2024. JO&JOE Tulum will offer 300 beds with approximately 84 guest rooms, including 45 private rooms, 30 small dorms, 9 large dorms and a handful of suites, ideally catering to the lifestyle hostel experience which travellers continue to look for in Tulum. Other amenities will include a bar, restaurant, open kitchen, guest laundry room, locker room and a 50 sq. m. meet...
Kasada to Develop a Dual-Branded Hotel in the District of Angré, Abidjan, Côte d’Ivoire
Kasada | January 23, 2023
JOHANNESBURG & PORT LOUIS, Côte d'Ivoire--Kasada, the leading independent real estate private equity platform dedicated to hospitality in sub-Saharan Africa, announced today that it will build a new dual-branded hotel in Abidjan within the largest retail-led mixed-use development currently being developed by HCCP. The complex, scheduled to open in 2024, will seek to be certified EDGE, the World Bank’s green building certification program, and will boast over 150 hotel keys, a shopping center with over 60 stores, restaurants, a mini entertainment park, offices, a co-working space, and a clinic. Olivier Granet, Kasada’s Managing Par...
