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
Hospitality Financial Leadership: What Is the Only Thing We Know for Sure About the Hotel Budget?
David Lund | April 25, 2022
By David Lund The budget is a BIG deal. Heck, it consumes so much time and energy in the hotel. Getting it right is a critical element to any branded, managed hotel. If you are reading this and you do not prepare an annual budget, you are probably scratching your head and wondering what I am talking about. Read all about how to prepare a budget right here. In your average hotel, the budget process is a two- to three-month deal. It means, or it should mean, each key manager is implicated in doing their part by preparing and negotiating the payroll and expenses for the department they manage. The annual gut-wrenching process we call...
U.S. Hotel Construction Pipeline Projects Up Slightly Year-Over-Year
Lodging Econometrics | April 25, 2022
April 25, 2022 – PORTSMOUTH, NH - According to the Q1 2022 Construction Pipeline Trend Report for the United States from Lodging Econometrics (LE), the total U.S. construction pipeline stands at 5,090 projects/606,302 rooms at the end of the first quarter of 2022. LE analysts report that the total U.S. construction pipeline shows a small increase year-over-year (YOY), up 2% by projects, but down 3% by rooms. At Q1‘22, there are 961 projects/128,784 rooms currently under construction, down 27% by projects and 28% by rooms YOY. Projects scheduled to start in the next 12 months, at 1,911 projects/223,030 rooms, are up 2% by projects and 3...
What the 2022 Revitalization of EB-5 Financing Means Today: Part 2
Jim Butler | April 25, 2022
By Jim Butler and the Global Hospitality Group® Part two of our recent article in Westlaw Today explores the opportunities available to developers and investors now that the EB-5 program is back on track. For part 1, click here. This article was originally published on Westlaw Today on April 14, 2022. What the 2022 Revitalization of EB-5 Financing Means for Real Estate Developers and Other Entrepreneurs: Part 2 What are foreign investors looking for? Experts expect to see a flood of interest in the EB-5 program, both from foreign investors anxious to immigrate to the US, and from real estate developers with shovel-ready project...
Sonder Holdings Expands Spanish Footprint Adding Two New Properties in Barcelona and Madrid
Sonder | April 21, 2022
BARCELONA, Spain & MADRID--Sonder Holdings Inc. (“Sonder”, Nasdaq: SOND), a leading next-generation hospitality company that is redefining the guest experience through technology and design, is more than doubling its total live and contracted units in Spain by securing two additional prime properties in Barcelona and Madrid. In Barcelona, Sonder will open a 65-unit hotel on Paseo de Gracia, in one of the city’s most important shopping and business areas, containing several of Barcelona’s most celebrated pieces of architecture. Set to open in the second half of 2022, Sonder’s Paseo de Gracia location will feature a rooftop ter...
Hyatt Signs With Affiliate of SIGNA and CENTRAL Group for Thompson Vienna
Hyatt Hotels Corporation | April 20, 2022
CHICAGO (20th April, 2022) - Hyatt Hotels Corporation (NYSE: H) announced today that a Hyatt affiliate has entered into a management agreement with an affiliate of SIGNA and CENTRAL Group for Thompson Vienna, a stunning new sophisticated lifestyle hotel to be located in the Austrian capital. The milestone development demonstrates Hyatt’s drive to expand its brands throughout Europe, along with a strong commitment to growing the Thompson Hotels portfolio. Expected to open in late 2024, the 148-room hotel will be located on Mariahilferstrasse (Mariahilfer Street) in the popular retail area of Vienna, as part of an exciting development br...
Olympia Hotel Management to Operate The Benson Hotel and Faculty Club Opening 2023
Olympia Hotel Management | April 20, 2022
April 20, 2022. Portland, ME. Olympia Hotel Management has been chosen to operate The Benson Hotel and Faculty Club, a new boutique hotel developed by the Denver-based Aimco, located at the heart of the world-class University of Colorado Anschutz Medical Campus in Aurora, Colorado. The Benson Hotel and Faculty Club will be the center of hospitality at the nationally recognized Anschutz Medical Campus, situated between downtown Denver and Denver International Airport. It is designed to accommodate the needs of the Hospitals and University by offering high-quality meeting facilities, full-service lodging, and space for meetings and social fu...
Q1 2022 Major U.S. Hotel Sales Survey
Daniel Lesser | April 20, 2022
By Daniel Lesser As the world was emerging from a once in century pandemic, global and national events during the first three months of 2022 have resulted in a transformative quarter unlike any for nearly 80 years. During the nuclear superpower age, the notion of an unprovoked brutal attack and invasion of a sovereign state was the stuff of fiction. "Never again" is a phrase associated with the Holocaust, the genocide of European Jews during World War II. Unfortunately, the phrase is merely two words as history is currently repeating itself in Eastern Europe. As of the end of Q1 2022, skyrocketing energy and food costs have greatly ...
What the 2022 Revitalization of EB-5 Financing Means Today: Part 1
Jim Butler | April 19, 2022
By Jim Butler and the Global Hospitality Group® Since the renewal of the EB-5 program this year, there has been a lot of talk about what this means for developers interested in taking on new projects. Our recent article in Westlaw Today sums up the latest information about the program. Part one is below; part two will be published next week. This article was originally published on Westlaw Today on April 14, 2022. What the 2022 Revitalization of EB-5 Financing Means for Real Estate Developers and Other Entrepreneurs: Part 1 After being sidelined for the last few years by circumstances culminating with the pandemic and the lapse o...
DoubleTree by Hilton Set to Debut in Fujairah at Al Taif Business Centre
DoubleTree by Hilton | April 19, 2022
DoubleTree by Hilton Fujairah City Centre is expected to open in 2022 Dubai, UAE - Hilton and Al Taif Investment today announced the signing of a management agreement to open DoubleTree by Hilton Fujairah City Centre – a new build hotel that will soon grace this vibrant city of the northern United Arab Emirates. Located in the city centre, the hotel forms part of a mixed-use development known as Al Taif Business Centre which includes offices and residences. The hotel also has direct access to the Al Taif Business Centre mall. “We conceptualized and designed Al Taif Business Centre as an inclusive facility, providing an iconic fus...
Radisson Individuals Signs The Cocoa Village Hotel Near Florida’s Fastest Growing Cruise Terminal
Radisson Individuals | April 19, 2022
Minneapolis, MN— Radisson Hotel Group Americas today announced the signing of The Cocoa Village Hotel, a member of Radisson Individuals in the stunning city of Cocoa, Florida. Set to open in 2023, this will be the first newly constructed hotel for the brand. Located in the heart of Cocoa, guests will be able to explore the historic downtown and enjoy the new hotel and its many amenities. The hotel is also just minutes from Port Canaveral, the fastest growing cruise terminal in the nation and second largest in North America. Whether in town for business, pleasure, or to jump start a vacation before embarking on a world class cruise, The Coc...
Hotel Insurance – A Largely Uncontrollable Cost
Robert Mandelbaum | April 19, 2022
To analyze recent changes in hotel insurance costs, and the factors that influence those changes, we examined the operating statements of 3,156 U.S. hotels that reported insurance expenses for the Trends® survey each year from 2015 through 2021 (estimated). By Robert Mandelbaum & Tom Cleary In 2020 and 2021, U.S. hotel operators did a praiseworthy job controlling expenses to offset the significant declines in revenue. Based on data from CBRE’s Trends® in the Hotel Industry survey of annual operating statements from thousands of properties across the U.S., not only have we seen a reduction in the variable expenses associated wi...
Benchmark Pyramid to Acquire Portland-Based Provenance Hotels
Benchmark Pyramid | April 18, 2022
BOSTON, THE WOODLANDS, TX and PORTLAND, OR – April 18, 2022 – Benchmark Pyramid and Provenance Hotels (Provenance) today announced the signing of a definitive agreement under which Benchmark Pyramid will acquire Portland, Oregon-based Provenance, adding 12 unique hotels to Benchmark Pyramid’s portfolio of more than 240 properties across the U.S., Europe and the Caribbean. Terms of the transaction were not disclosed. “We couldn’t be more thrilled to welcome the Provenance family into Benchmark Pyramid’s storied portfolio,” said Warren Fields, Benchmark Pyramid’s chief executive officer. “The decades of highly s...
Decline Continues in U.S. Hotel Construction, but Planning Activity is Up
STR | April 14, 2022
HENDERSONVILLE, Tennessee — April 14, 2022 — While a steady hotel construction decline continues nationally, volume in New York City and Nashville represents a significant percentage of those markets’ existing supply. Additionally, planning activity continues to rise nationally with markets like Miami, Phoenix and San Francisco showing increased interest from developers, according to STR. U.S. Hotel Pipeline March 2022 (percentage change in comparison with March 2021): In Construction: 154,881 rooms (-15.7%) Final Planning: 177,756 rooms (-16.8%) Planning: 297,046 rooms (+26.3%) New York City ...
The Americas and Asia Pacific Regions Show Increased Hotel Pipeline Activity
STR | April 14, 2022
LONDON — April 14, 2022 — Two of the four world regions, the Americas and Asia Pacific, showed a year-over-year increase in hotel pipeline activity at the end of the first quarter, according to March 2022 data from STR. March 2022 (% changes in comparison with March 2021) Europe In Construction: 226,597 rooms (-12.2%) Final Planning: 158,057 rooms (-12.7%) Planning: 164,690 rooms (+5.8%) Total Under Contract: 549,344 (-7.7%) Germany (42,712) and the U.K. (31,796) lead Europe in total rooms in construction. Asia Pacific In Construction: 482,689 rooms (+4.3%) Final Planning: 147,854 roo...
Electra America Hospitality Group Purchases Brand New West Palm Beach Property to Transform to Luxury Hotel Residence
Electra America | April 14, 2022
West Palm Beach, FL – April 14, 2022 – Electra America Hospitality Group (EAHG), a joint venture between Electra America and AKA, has acquired a brand new property in downtown West Palm Beach that will be transformed into an upscale, hotel residence catering to the city’s rapidly growing corporate and leisure travel community. The joint venture purchased the newly built, six- story building located at 695 S. Olive Avenue, for $84 million from developer Transwestern Development Company. It is conveniently located within walking distance of historic Clematis Street, the Brightline West Palm Beach train station, numerous restaurants and...
Deal Activity in Travel and Tourism Sector Improved by 1.8% in Q1 2022 Compared to Q1 2021
GlobalData | April 13, 2022
A total of 289 deals* were announced in the global travel and tourism sector during Q1 2022, according to GlobalData, a leading data and analytics company. An analysis of the company’s Financial Deals Database reveals that this is a growth of 1.8% compared to the 284 deals that were announced in Q1 2021. Aurojyoti Bose, Lead Analyst at GlobalData, comments: “This growth was driven by improvement in some of the key markets. Meanwhile, several other key markets experienced subdued activity due to prevailing market volatility and uncertainty.” While markets such as the US, the UK, Japan, India, Germany and Spain witnessed improvem...
Grand Orlando Resort at Celebration Under New Ownership, Management; Announces $35 Million Renovation
Tishman Hotel Corporation | April 13, 2022
CELEBRATION, FL – April 13, 2022 – The Grand Orlando Resort at Celebration is under new ownership and management. The 718-room property, located just 1.5 miles from Walt Disney World, was recently purchased by Tishman Hotel Corporation. StepStone Hospitality has been named the management company and will oversee the property. The resort is currently undergoing a $35 million renovation, which includes guest rooms and suites, outdoor pool areas, a restaurant and on-site conference center, with completion expected in early 2023. The room renovation construction is contained to one of the hotel’s six towers at a time, to avoid interruption...
Baird/STR Hotel Stock Index Increased 2.2% in March
Baird | April 11, 2022
HENDERSONVILLE, Tennessee, and MILWAUKEE — April 11, 2022 — The Baird/STR Hotel Stock Index increased 2.2% in March to a level of 5,882. Year to date through the first three months of 2022, the stock index increased 2.4%. “Hotel stocks increased in March but underperformed their benchmarks as stock market volatility eased and geopolitical concerns did not worsen,” said Michael Bellisario, senior hotel research analyst and director at Baird. “Underlying hotel fundamentals continued to improve in March, and the outlook appears more favorable today than just one month ago despite all of the background noise in the stock ma...
Ennismore Signs With ActivumSG to Open SLS Barcelona, the First SLS Hotel in Europe
ENNISMORE | April 11, 2022
NEW YORK - April 11, 2022 - Ennismore and ActivumSG Capital Management have signed a long-term management agreement that will bring Ennismore's lifestyle brand SLS to Europe for the first time, opening a 490-room hotel on the seafront of Barcelona in the second half of 2024. The 31,326 sqm development is next to the beach and fronts the marina on the northeast side of Barcelona's 22@ district - the former industrial area revitalized under a major regeneration program. It is the last seafront plot in metropolitan Barcelona available for hotel development, with the main structural work scheduled to be completed in the coming m...
The Siegel Group Completes Sale of Four Extended-Stay Properties for $184.5M
The Siegel Group | April 11, 2022
LAS VEGAS - April 11, 2022 - The Siegel Group, a real estate investment and management company, announced today that it had sold four extended-stay properties in an off-market transaction for $184.50 million at a blended per unit cost of approximately $167,400. Each property was operated under the company’s successful Siegel Suites® brand of flexible-stay communities which has locations throughout the United States. These assets were sold unencumbered of the Siegel Suites brand. The properties sold included two assets in the Las Vegas market totaling approximately 400 units and another two locations in the Phoenix market totaling just...
Centara Celebrates Construction Milestone for Inaugural Hotel in Japan
Centara Hotels & Resorts | April 7, 2022
Bangkok, Thailand – April 7, 2022 – Centara Hotels & Resorts, Thailand’s leading hotel operator, has confirmed a July 2023 opening date for Centara Grand Hotel Osaka. The group’s Chief Executive Office Thirayuth Chirathivat was recently in Japan for the project’s topping-off event alongside his business partner counterparts in Taisei Corporation and Kanden Realty & Development, and made time to visit the hotel site on Namba street. Construction is well underway with the 35-storey structure completed and overall progress nearing its halfway milestone. When complete, Centara’s debut property in Japan will feature 51...
Kiawah River Celebrates Groundbreaking of The Dunlin, Auberge Resorts Collection
Kiawah River | April 7, 2022
Johns Island, SC – April 7, 2022 – Kiawah River, a new waterfront community and the Charleston region’s first agrihood, announced the groundbreaking of The Dunlin, Auberge Resorts Collection on Friday, April 1, 2022. Located on the property’s 2,000 acres of picturesque land, The Dunlin, Auberge Resorts Collection, will be a charming, family-friendly getaway that invites guests to take in the natural beauty and simple pleasures of an authentic sea island lifestyle upon its opening in 2024. “For the past several years, we have built a vibrant community at Kiawah River,” said John Darby, CEO of The Beach Company. “...
Sonnenblick-Eichner Company Arranges $30,000,000 of First Mortgage Financing for The Inn at the Pier, Pismo Beach, California
Sonnenblick-Eichner Company | April 7, 2022
Beverly Hills, CA - April 7, 2022 - Sonnenblick-Eichner Company has arranged $30 million of long-term, fixed-rate financing for the Inn at the Pier, a 104-room, full-service, luxury boutique hotel located one-half block from the Pacific Ocean in Pismo Beach, CA. The non-recourse loan was funded by a Life Company and priced in the low 4 percent range with interest-only payments for the entire term. Proceeds from the loan also provided for a return of equity to the Borrower. The Inn at the Pier features a full-service restaurant, pool and spa, and the only roof-top bar in Pismo Beach. Other amenities include 1,200 square feet of meeti...
Groups360 Raises $35 Million in Funding to Support Rapid Growth
Groups360 | April 7, 2022
$35 Million Investment from Zigg Capital, Blackstone Innovations Investments, and Fir Tree Partners to Accelerate Growth NASHVILLE, TN – April 7, 2022 – Groups360, a leading platform for booking group travel, today announced the completion of a $35 million funding round led by Zigg Capital and including Blackstone Innovations Investments, and Fir Tree Partners. They join existing investors Accor, Hilton, IHG Hotels & Resorts, and Marriott International. Groups360 provides real-time availability and instant booking capabilities for both hotel room blocks and meeting space, streamlining group travel for organizers, attendees, a...
