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
Mews Closes $185 Million in Fundraising to Transform the Hospitality Industry for Brands and Their Guests
Mews | December 15, 2022
• The Series C fundraising brings the total amount raised to date to over $225 million. • Latest funding led by Kinnevik and Goldman Sachs Asset Management; Akhil Chainwala from Kinnevik and Kirk Lepke from Goldman Sachs to join the board. • Funding will be used to accelerate product innovation, global expansion and consolidation through its Mews Ventures arm. Amsterdam, New York, 15 December 2022 - - Mews, a leader in hospitality technology, today announced it has closed its Series C round at $185 million. The equity investment was led by Kinnevik and the Growth Equity business within Goldman Sachs Asset Management with ...
Kimpton Reveals Name of First On-Campus Hotel, The Forum Hotel at the University of Virginia Darden School of Business in Charlottesville
Kimpton Hotels & Restaurants | December 13, 2022
CHARLOTTESVILLE, VA (December 13, 2022) – Today, Kimpton Hotels & Restaurants, part of IHG Hotels & Resorts' Luxury & Lifestyle Collection, announced the name of its first on-campus hotel, The Forum Hotel at the University of Virginia Darden School of Business in Charlottesville, and the appointment of its leader, General Manager Kelly Brown. Set to open in spring 2023 on the Goodwin Family Grounds of the Darden School, The Forum Hotel will reflect the vibrant atmosphere and purpose-driven culture of the Darden community by creating a dynamic meeting place for students, alumni, faculty and guests. The Forum is now taking reserva...
RKS Hotels Group Streamlines Accounting Processes for Its Alberta Canada Properties
Aptech Computer Systems, Inc. | December 13, 2022
Hotel ownership and development group adds PVNG enterprise accounting solution from Aptech to provide cloud accessibility and customized reporting PITTSBURGH, December 13, 2022 — Two RKS Hotels Group Ltd. properties in Alberta, Canada, will go live with PVNG by Aptech this month. The enterprise accounting solution will automate all general ledger, accounts payable, statistics, financials, and bank reconciliation processes in the cloud for the Four Points by Sheraton Edmonton South and the Travelodge by Wyndham Edmonton West hotels. Aptech is an IBM and Prophix business partner offering web-enabled business intelligence, budgetin...
Sonnenblick-Eichner Company Arranges Sale of the Cannon’s Hotel Development Site in Dana Point, California
Sonnenblick-Eichner Company | December 13, 2022
Beverly Hills, California (December 13, 2022) --Sonnenblick-Eichner Company announced today that it has arranged the sale of the fee simple interest in the Cannon’s Hotel Development Site in Dana Point, California. The former home of Cannon’s Restaurant, the site is fully entitled and has received California Coastal Commission approval for a 100-room boutique luxury hotel. The property is located on a bluff-top overlooking the Dana Point Harbor and Marina with expansive, panoramic views of the Pacific Ocean and the California Coastline. The property was sold to a private investor. The site is located one block south of Pacific Coa...
Olympia Hotel Management to Operate The Crossroads Inn on the Campus of Vassar College
Olympia Hotel Management | December 12, 2022
December 12, 2022. Poughkeepsie, New York. Olympia Hotel Management has announced that it has been selected to develop and operate a new hotel called The Crossroads Inn and its restaurant, The Salt Line, located on the campus of Vassar College in Poughkeepsie, New York. The Crossroads Inn and The Salt Line are part of a new conference complex called The Vassar Institute for the Liberal Arts. The Vassar Institute will convene scholars and thought leaders from Vassar, the local area, and around the globe. Reflecting the Vassar ethos of “going to the source,” the Institute will create a space for meaningful dialogue and lively debate....
AWC and Accor Sign the First Strategic Multiple-Property Framework Agreement
Accor | December 9, 2022
Global hospitality leader, Accor, has signed its first multiple-property framework agreement with Asset World Corporation (AWC), Thailand’s leading integrated lifestyle real-estate group. The Framework Agreement with AWC signals Accor’s continued rapid expansion across Thailand, a strategic market which continues to shine on the world stage. Under the partnership, Accor and AWC will develop more than 1,000 room keys across multiple Accor-branded hotels in key tourism destinations throughout the country, providing unique offerings and experiences for guests. “Accor has always been a pioneer in expanding into new frontiers, working ...
Accor and Overseas Chinese Town (OCT) Hotel Group Sign Long-Term Partnership
December 9, 2022
Accor is pleased to announce a new strategic partnership with Overseas Chinese Town (OCT) Hotel Group, expanding the relationship between the two companies and embarking on a new and exciting journey to develop leading-edge hospitality projects in China. Accor is the world’s leading creator of hospitality brands, with an unrivalled portfolio of over 40 hotel brands across all segments. Accor and OCT Hotel Group are now closely exploring opportunities with many of these brands, beginning with Fairmont Hotels & Resorts, one of Accor’s most prestigious luxury brands. Fairmont Shenzhen Interlaken is set to open by the end of 2024. ...
Hyatt Signs With Caribe Hospitality for Hyatt Centric Escazu San Jose
Hyatt Centric | December 8, 2022
CHICAGO (December 8, 2022) - Hyatt Hotels Corporation (NYSE: H) announced today that a Hyatt affiliate has entered into a management agreement with an affiliate of Caribe Hospitality S.A. for Hyatt Centric Escazu San Jose. Expected to open in 2024, the lifestyle hotel will debut the Hyatt Centric brand in Costa Rica and will mark the third Hyatt Centric hotel in Central America, further demonstrating Hyatt’s intentional brand growth in Latin America and the Caribbean region, fueled by leisure travel demand. Located along the Próspero Fernández Highway in Escazu, Hyatt Centric Escazu San Jose will be situated in the heart of the ac...
LRE & Companies and American Hospitality Services Unveil New Mixed-Use Project in Sacramento, CA Metro Area County
LRE & Companies | December 7, 2022
SAN RAFAEL, CA — December 7, 2022 — 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 unveiled the plans for Roseville Junction, a new mixed-use project in Placer County, CA, one of the state’s fastest-growing counties. “Without a doubt, Roseville Junction is in a class of its own,” said Akki Patel, CEO of LRE & Companies. “Nothing like this project has been done befor...
Hilton Expands Nevada and Mountain Resorts Portfolio With Signing of Waldorf Astoria Lake Tahoe
Hilton | December 5, 2022
LAKE TAHOE, Nev. and MCLEAN, Va. – Today, Hilton (NYSE: HLT), announced the signing of a brand and management agreement with EKN Development Group to welcome the iconic Waldorf Astoria Hotels & Resorts brand to Nevada’s Crystal Bay and Incline Village community with the all-season Waldorf Astoria Lake Tahoe, expected to debut in 2027. Situated on a 15-acre site, the mixed-use development will introduce 76 guest rooms and 61 best-in-class Waldorf Astoria branded residences to the highly sought-after Nevada side of Lake Tahoe. Managed by Hilton, the new build luxury hotel will mark Waldorf Astoria Hotels & Resorts’ first pro...
IHG Partners With Katara Hospitality for Carlton Cannes, a Regent Hotel Set to Open in 2023
IHG Hotels & Resorts | December 5, 2022
MONDAY DECEMBER 5 – CANNES: IHG Hotels & Resorts (IHG), one of the world’s leading hotel companies, has today announced an historic addition to its Regent Hotels & Resorts portfolio - a continuation of its partnership with the hotel’s owner and developer Katara Hospitality. The announcement celebrates the longstanding partnership between IHG Hotels & Resorts and Carlton Cannes owner Katara Hospitality, an award-winning Qatar-based global hotel developer and operator with over 50 years of experience in luxury hospitality. Carlton Cannes, a Regent Hotel will open in Spring 2023 after a two-year multi-million Euro rede...
Choice Hotels Breaks Ground on Everhome Suites in Nampa, Idaho
Everhome Suites | December 5, 2022
ROCKVILLE, Md., Dec. 5, 2022-- Continuing to drive growth across its industry-leading extended stay portfolio, Choice Hotels International, Inc. (NYSE: CHH) announced the groundbreaking of the Everhome Suites in Nampa, Idaho. The construction milestone comes on the heels of another successful quarter of sustained segment growth for Choice Hotels, whose Everhome brand – which launched in 2020 as the industry's first new construction midscale extended stay offering in nearly a decade – now boasts more than 50 hotels in the pipeline. "Everhome Suites continues to grow, fueled by increasing demand from savvy hoteliers looking for bra...
Hospitality Financial Leadership – How to Prepare a 5-Year Proforma
David Lund | December 5, 2022
By David Lund Preparing a five-year financial plan for your hotel might sound daunting, but it is all in your head. Let’s lay it out. You are either dreaming about a business that does not exist yet and you need a plan, or you are up and running and you want to look into the future and pave a path forward. Either way you need to same tools. The first tool you need is market information: CBRE or STR are both helpful. CBRE can provide you in-depth marketplace analysis that will draw you a very clear picture of the rates and occupancy of several different hotel asset classes in your area. If you are already up and running, it is yo...
Valuing Hotels Amid Rising Capital Market Costs: A Case Study
Anne R. Lloyd-Jones | November 30, 2022
By Anne R. Lloyd-Jones The capital markets have experienced a signficant shift in the past six months, and financing for hotel projects is both less available and more expensive than it was in the first half of 2022. Driven by successive increases in the federal funds rate, interest rates have risen and are now typically in the 6% to 8% range, depending on the asset and market. At the same time, concerns related to a potential recession and the impact of inflation on operating costs and consumer spending have induced a layer of caution about the near-term outlook for the industry. As a result, loan-to-value ratios have declined and amortiz...
Sonnenblick-Eichner Company Arranges $22 Million of First Mortgage Leasehold Financing for DoubleTree by Hilton Los Angeles-Commerce, Los Angeles, CA
Sonnenblick-Eichner Company | November 29, 2022
Beverly Hills, CA (November 29, 2022) -- Sonnenblick-Eichner Company announced today that it has arranged $22 million of non-recourse first mortgage financing for the leasehold interest in the Doubletree by Hilton Los Angeles-Commerce, a 201-room hotel located in the city of Commerce, approximately six miles southeast of downtown Los Angeles. The five-year loan was placed with an international money-center bank at a fixed interest rate of 5.9% for the entire term. Proceeds were used to pay off a maturing CMBS loan and provided for a return of equity to the partnership. Amenities at the hotel include a full-service restaurant and bar...
Nobu Hospitality and Aldar Properties Plan Nobu Hotel, Restaurant, and Residences in Abu Dhabi
Nobu Hospitality | November 28, 2022
NEW YORK, November 28, 2022 - Nobu Hospitality, the fastest growing luxury lifestyle brand, and Aldar Properties (PJSC), one of the leading real estate developers and managers in the UAE, announce plans to create the Nobu Hotel, Restaurant, and Residences in Abu Dhabi. Opening in 2026 on Saadiyat Island, a world class cultural hub, Nobu Hotel will boast 165 luxuriously spacious guest rooms and suites, including a stunning Nobu Villa. As one would only expect from the legendary culinary brand, the hotel will offer unrivalled destination dining including a magnificent Nobu restaurant with spectacular waterfront and Guggenheim Abu Dhabi views...
Larger Scale Projects Dominate the Middle East Hotel Construction Pipeline at Q3 Close
Lodging Econometrics (LE) | November 28, 2022
November 28, 2022 – PORTSMOUTH, NH According to the Q3 2022 Middle East Construction Pipeline Trend Report from Lodging Econometrics (LE), at the end of the quarter, the hotel construction pipeline in the region stands at 535 projects/134,897 rooms. At the close of the third quarter, projects presently under construction stand at 320 projects/87,149 rooms. Projects scheduled to start construction in the next 12 months are at 87 projects/21,713 rooms, up 12% and 16% respectively, year-over-year (YOY). Projects in the early planning stage are at 128 projects/26,035 rooms. The Middle East has the largest average room size for new cons...
Accor Signs New ibis Styles hotel in Indonesia’s BSD City
Accor | November 23, 2022
JAKARTA - Accor has continued to expand its portfolio of hotels and resorts in Indonesia with the signing of a new ibis Styles hotel in BSD City, the rapidly emerging urban center in Greater Jakarta. Scheduled to open its doors in the second quarter of 2024, ibis Styles Serpong BSD will be located just 15 minutes drive from Indonesia’s largest convention center and surrounded by major business, retail, and lifestyle centers. Downtown Jakarta and Soekarno-Hatta International Airport are less than an hour’s drive away. This brand-new, design-led economy hotel will feature unique, creative, and playful interiors and international facilit...
Spirides Provides $14 Million Construction Financing for Major League Baseball Player Hotel in Dunedin, FL
Spirides Hotel Finance Company | November 22, 2022
TAMPA, FL—Spirides Hotel Finance Company has successfully provided, and the borrower has officially closed $14 million in construction-to-permanent mortgage financing from a Midwest U.S. headquartered bank to finance the development of a lodging facility in Dunedin, Florida for players of the Toronto Blue Jays Baseball Club, a Major League Baseball franchisee. Florida is well known for its multiple professional baseball Spring training facilities. After building in Dunedin their “second home,” a 65-acre, $100 million Player Development Complex training facility that includes a 115,000 square-foot multipurpose building, the Toronto B...
Hotel Conversions in Europe’s Hotel Construction Pipeline Reach All-Time High
Lodging Econometrics (LE) | November 21, 2022
November 21, 2022 – PORTSMOUTH, NH According to the Q3 2022 Europe Hotel Construction Pipeline Trend Report from Lodging Econometrics (LE), analysts report that at the close of the third quarter, Europe’s hotel construction pipeline stands at 1,660 projects/258,476 rooms. Projects under construction in Europe stand at 790 projects/126,899 rooms, while projects planning to start construction in the next 12 months recorded 408 projects/60,085 rooms. Projects in the early planning stage have 462 projects/71,492 rooms. Travel activity in Europe has been rebounding over recent months and is expected to continue through the end of the yea...
Marriott International Signs Agreement With GURNER to Debut the St. Regis Brand in Australia
St. Regis Hotels & Resorts | November 18, 2022
Marriott International, Inc., today announced it has signed a management agreement with visionary property development company GURNER™ to bring the St. Regis brand to Australia’s Gold Coast. The landmark signing of The St. Regis Gold Coast Resort will bring the brand’s timeless glamour, rich heritage, bespoke Butler Service, and signature rituals to one of Australia’s fastest-growing cities upon its expected opening in 2027. “This signing of The St. Regis Gold Coast Resort in Australia is momentous for Marriott International, and a wonderful advancement for the destination. The St. Regis brand promises a vanguard spirit steeped i...
Extended Stay America Breaks Ground on Premier Suites Duncan in South Carolina
Extended Stay America | November 18, 2022
Charlotte, NC, November 18, 2022— Extended Stay America celebrated today's official groundbreaking of the Extended Stay America Premier Suites Duncan property located in Duncan, South Carolina. The franchised property is being developed and managed by VMV Capital and is located off I-85 in Spartanburg County between Greenville and Spartanburg. The four-story, 88-room Extended Stay America Premier Suites will feature complimentary Wi-Fi, a free healthy breakfast, premium cable, a fitness room, onsite guest laundry, and our signature spacious lobby with additional vending options. In addition, the rooms include fully equipped kitchens with ...
Pullman Hotels & Resorts Continues Expansion in China With Two Recent Openings and a New Development Signing
Accor | November 17, 2022
Pullman Hotels & Resorts, an Accor premium hospitality brand, announced the opening of Pullman Jinhua – a 322-room hotel in the heart of Jinhua City in Zhejiang Province, one of the major cities in the Yangtze River Delta G60 Science and Technology Innovation Corridor. The opening of Pullman Jinhua comes less than two weeks after Pullman Shenzhen North began welcoming guests – a superbly located hotel, high among the uppermost floors of the landmark North Station Huide Tower in the Longhua District of Shenzhen. Accor is also set to open Pullman Huai’an Falcon before year-end, while a new Pullman hotel development has just...
Ruby Hotels Expands to Scotland With Planned Hotel in Edinburgh
Ruby Group | November 17, 2022
The expansion of the Ruby Group, under the leadership of founder and CEO Michael Struck, is progressing rapidly despite the challenges in the European hotel market. The new Ruby Hotel in Edinburgh is located directly on the famous shopping street of Princes Street, opposite Princess Street Gardens Park, and comprises around 300 rooms across seven floors. The hotel features a rooftop terrace with panoramic views of both the World Heritage Edinburgh Castle and Edinburgh Old Town. Public areas include a 24/7 bar which, like the rooms themselves, follows Ruby's Lean Luxury philosophy. The new Ruby Hotel will be a conversion with partial new co...
