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
Paramount Lodging Advisors Successfully Transacts in Houston With the Sale of the Four Points by Sheraton Hobby Airport
Paramount Lodging Advisors | April 6, 2022
Houston, TX - Paramount Lodging Advisors (PLA) has successfully executed the sale of the Four Points by Sheraton Hobby Airport. Austin, TX-based Sr. Managing Director Kami Burnette and Sr. Associate Mason McDavid along with Sr. Managing Directors Brent Clemens and Bennett Webster represented the special servicer in the transaction. The 79-key, 2011 built hotel is ideally located near Hobby Airport. The buyer has increased the number of hotels owned in the submarket and is looking to capitalize on economies of scale as the Hobby submarket continues to recover after airline travel was disrupted with the onset of COVID-19. “With viru...
Hilton Expands Presence in Japan’s Cultural Capital With Signing of Hilton Kyoto
Hilton Hotels & Resorts | April 6, 2022
TOKYO, Japan and MCLEAN, VA - April 6, 2022 - Hilton (NYSE: HLT) today announced the signing of a management agreement with Tokyo Tatemono Co., Ltd. to launch Hilton Kyoto in 2024. The property will be Hilton’s first flagship-branded hotel in Japan’s cultural capital, a popular destination for both international and domestic travelers. “We are delighted to partner with Tokyo Tatemono Co., Ltd. to bring Hilton’s flagship brand to Kyoto. This is the third hotel development inked by Hilton in Kyoto, following the opening of ROKU KYOTO, LXR Hotels & Resorts last year, and Hilton Garden Inn Kyoto Shijo Karasuma which i...
The Development Boom in the Dominican Republic
CHICOS 2022 | April 5, 2022
By Kristina M. D'Amico Historical Demand to the Dominican Republic The Dominican Republic is one of the fastest growing economies in the Caribbean and the most popular tourist destination in the Caribbean region. Its tropical climate, white-sand beaches, diverse mountainous landscape, and colonial history attracts visitors from around the world. The country has 28 provinces spread across six main regions, with the East & Southeast region, which encompasses the cities of Punta Cana and Bávaro, serving as the most popular tourist destination and offering nearly 50% of all hotel rooms in the country. Over the last 20 ye...
IHG Signs Two New voco Hotels in Guadalajara and Saltillo, Mexico
voco hotels | April 5, 2022
IHG Hotels & Resorts, one of the world’s leading hotel companies, today announced the signings of two new voco hotels in Guadalajara and Saltillo, Mexico. The signings mark the introduction of the voco hotels upscale hospitality brand to the Mexico market, and an extension of its global reach beyond its current foothold in major cities in the United States, Europe, Asia, Africa and Australia. Scheduled to open in late 2022 under the ownership of Vertex Ophthalmic Group, the voco hotel Guadalajara Neruda will occupy five floors of the 11-story Neruda 2828 mixed-use project within the city’s financial district. Featuring 104 guest ro...
Paramount Lodging Advisors Successfully Sells the Wyndham Garden Inn Oklahoma City Airport
Paramount Lodging Advisors | April 5, 2022
Oklahoma City, OK – Paramount Lodging Advisors (PLA) successfully transacted on the Wyndham Garden Oklahoma City Airport. Austin, TX-based Sr. Managing Director Kami Burnette and Sr. Associate Mason McDavid as well as Managing Director Rob Willard represented the seller. The 244-room hotel is optimally located approximately four miles north of Will Rogers World Airport in Oklahoma City. The new buyer is looking forward to ramping property performance after renovating the 1984-built hotel and as airline and corporate business return to pre-pandemic levels in the MSA. “The Oklahoma City hotels were negatively impacted by COVID-19 and ...
2022 Update: EB-5 Is Back! What Every Real Estate and Hotel Developer Needs to Know
Jim Butler | April 4, 2022
By Jim Butler and the Global Hospitality Group® Click here for the latest articles on EB-5 Financing, and here for C-PACE Financing. The hotel development and financing world is buzzing with the news that the EB-5 program has been renewed, creating new opportunities for upcoming projects. My partner David Sudeck and I have written the short update below to help get you up to speed. EB-5 Reform and Integrity Act of 2022 EB-5 is revitalized and renewed by Jim Butler & David Sudeck In case you haven’t heard, EB-5 is back! On March 15, President Biden signed the Omnibus Spending Bill, which included the “EB-5 Reform...
Construction Underway for Caesars Republic Scottsdale in Arizona
HCW Development | April 4, 2022
SCOTTSDALE, AZ - April 4, 2022 - National real estate development and property management company, HCW, is excited to announce above-ground construction is currently underway for the highly anticipated Caesars Republic Scottsdale luxury brand hotel. The 11-story, 265-room hotel is on schedule to open in Q1 2024. Prior to its opening, Caesars Republic Scottsdale is now accepting reservations for its indoor/outdoor event spaces that offers a one-of-a-kind experience unlike any other hotel in the Valley of the Sun with best-in-class amenities. Booking inquiries for Q2 2024 can be made directly on the website, caesarsrepublicscottsdale.com...
Waldorf Astoria Makes Landmark Debut in Australia With Signing of Waldorf Astoria Sydney
Waldorf Astoria Hotels & Resorts | April 4, 2022
SYDNEY, Australia - April 4, 2022 - Waldorf Astoria Hotels & Resorts, one of Hilton’s (NYSE: HLT) iconic luxury hotel brands, today announced its expansion into Australia with the signing of Waldorf Astoria Sydney. The hotel is part of AW One Circular Quay’s mixed-use development, One Circular Quay, which is considered one of the few prime harborside sites in Sydney. Waldorf Astoria Sydney will offer unrivaled views of the city’s famous Harbour Bridge and Opera House, bringing Waldorf Astoria’s internationally acclaimed service to the heart of Australia’s eastern metropolis. Construction has commenced on the 28-floor, 220-k...
Diriyah Gate Development Authority Plans New Armani Hotel in Diriyah, Riyadh, Saudi Arabia
Armani Hotels & Resorts | April 4, 2022
MILAN – April 4, 2022 – Armani Hotels & Resorts and Diriyah Gate Development Authority (DGDA) announce plans for a signature Armani Hotel to be built in the city of Diriyah, Kingdom of Saudi Arabia, an area set to become an extraordinary international cultural and lifestyle destination inspired by the rich heritage of the country. With resemblance to Armani Hotels & Resorts’ current hotels in Dubai and Milan, the property will be managed by Emaar Hospitality Group. The 300 year-old site located just 15 minutes from Riyadh is the birthplace of the Kingdom and the capital of the First Saudi State. The area is home to the UNESCO...
Hospitality Financial Leadership: The Key Attributes of a Proper Hotel Financial Statement
David Lund | April 4, 2022
By David Lund Having a monthly financial statement for your hotel is the key to creating an effective management process inside your business. But, like many things in life, hotel financial statements are not all equal. To be effective your statement needs to be in shape, and it must have the proper features that allow you the insight you need to make better operating decisions in a timely manner. That is what this is all about, defining what the modern-day standards are when it comes to designing and producing a good hotel financial statement. Monthly First and foremost, you MUST produce your financial statement each mo...
KSL Capital Partners Invests in The Pig Hotels
The Pig Hotels | April 1, 2022
London – April 1, 2022 – The Pig Hotels announced today that an affiliate of the specialist travel and leisure private equity firm KSL Capital Partners, LLC (“KSL”) has acquired the parent company of The Pig Hotels in partnership with its co-founder Robin Hutson. Robin will continue as Chairman of the company and will retain a stake in the business. Tom Ross, previously Group Operations Director, has taken on the role of Managing Director. Terms of the transaction were not disclosed. Founded in 2011, The Pig Hotels are a much-loved collection of award-winning rural boutique hotels with acclaimed restaurants built on a commitment t...
Dream Hotel Group Moving Forward With Construction of 168-Key Hotel in Downtown Louisville, Kentucky
Dream Hotels | April 1, 2022
NEW YORK, NY – April 1, 2022 – Celebrated hotel brand and management company Dream Hotel Group , home to its Dream Hotels, Unscripted Hotels, The Chatwal and new By Dream Hotel Group brands, today announced plans to move forward with construction of 168-key Dream Hotel in downtown Louisville, Kentucky, set to open in 2025. During a meeting on Wednesday, March 30, Louisville’s West Main Street Architectural Review Committee unanimously approved a request to demolish portions of the Main Street buildings, while preserving nearly 60 feet of the original buildings and the historic facades for the planned hotel. The hotel’s food and be...
Twelfth Avenue Realty Holdings Completes Sale of W Nashville to Xenia Hotels & Resorts for $328.7M
Xenia Hotels & Resorts, Inc. | March 30, 2022
NASHVILLE, TN – March 30, 2022 – Twelfth Avenue Realty Holdings, LLC (Twelfth Avenue Realty), today announced it has completed the sale of W Nashville to Xenia Hotels & Resorts, Inc. (NYSE: XHR) (Xenia) for a sales price of $328.7 million or $950,000 per key. Designed by The Rockwell Group and built by Yates Construction, the luxury lifestyle property opened in October 2021 in the vibrant Gulch neighborhood of Nashville. The concept, programming and design direction of W Nashville was led by hospitality veterans David Tessier and Anna Gomez of Hospitality Gaming Advisors along with local partners Mark Bloom and Larry Papel of...
Recent Expense Rise Presents Threat to Hotel Profit
HotStats | March 30, 2022
February was a stronger month all around for the global hotel industry, but escalating line item expenses could derail what’s already a fragile profit rebound. In the U.S., gross operating profit per available room (GOPPAR) hit $65.98 for the month, more than $40 higher than January and the highest it’s been since October. It’s still well below pre-pandemic profit, which was recorded at more than $90 in February 2019. Ever since profit fell dramatically in April 2020, well into negative territory, U.S. hotels have steadily climbed back, but the drive back to normal GOPPAR levels has come in fits and starts. The precipitous drop in...
Oak View Group Acquires 25 Acres in Las Vegas With Vision to Build Retail & Entertainment District Including 20,000 Seat Arena, Casino and Hotel
| March 30, 2022
LAS VEGAS, NV - March 30, 2022 - Oak View Group (OVG), the global venue development, advisory, and investment company for the sports and live entertainment industry, today announced its vision to welcome a newly planned entertainment district including an arena in Las Vegas. Groundbreaking and construction for the estimated $3B point of destination entertainment district and arena are scheduled for 2023. The 25 acres, which is located on 66.5 acres of land near the intersection of two major freeways, I-15 and I-215, will feature an 850,000 square foot arena, a casino, a hotel, and an additional entertainment venue amphitheater. Feat...
Spirides Provides $7 Million in Loans to Refinance Debt & Renovate Two Hotels in Sylva, NC
Spirides Hotel Finance Company | March 29, 2022
TAMPA, FLORIDA—Spirides Hotel Finance Company has successfully provided and the borrower has officially closed $7 million in loans to refinance the existing mortgage debt and fund renovations to the Holiday Inn Express and Clarion Pointe hotels in Sylva, North Carolina. The 67-room Holiday Inn Express Sylva, NC is located at 26 Rufus Robinson Road. Its ownership retained the services of Spirides Hotel Finance Company to provide them with a new conventional mortgage which has a much lower fixed rate of interest than that of their previous mortgage as well as additional funds to perform a comprehensive Holiday Inn Express “Formula Blue...
Hilton Signs With Hotel Ambasciatori Srl for Tapestry Collection by Hilton Hotel in Venice
Tapestry Collection by Hilton | March 29, 2022
VENICE, Italy, and MCLEAN, VA - March 29, 2022 - Hilton (NYSE: HLT) today announced the signing of a franchise agreement with Hotel Ambasciatori Srl to open Ambasciatori Venice Mestre, Tapestry Collection by Hilton in the Mestre area of Venice. Joining three operating hotels in Venice, under the Hilton Hotels & Resorts, DoubleTree by Hilton and Hilton Garden Inn brands, the 83-room hotel will be Tapestry Collection by Hilton’s first in northern Italy when it opens next year. “Tapestry Collection by Hilton is growing rapidly across Europe, and has added its first hotels in Spain, France, Portugal and the U.K. since ...
Access Point Financial Refinances Portfolio of Four Hotels for Walker Reynolds Lodging Partners
Access Point Financial | March 29, 2022
Hospitality’s leading capital provider provides funding for four hotels across three states, owned by Walker Reynolds and managed by Aileron Management. ATLANTA, GA – March 29, 2022 – Access Point Financial, LLC (APF), a leading direct lender focused exclusively on the hospitality industry, announced today that the company has originated $45.75MM in floating-rate debt to refinance four hotels owned by Walker Reynolds Lodging Partners (WRLP), a Colorado-based private real estate investment firm. The hotels are all managed by Aileron Management, the exclusive management company of WRLP, and include a Residence Inn by Marriott in S...
Radisson Signs Radisson Blu Hotel, Perth, Set for Q2 2022 Opening Following Extensive Renovation
RADISSON HOTEL GROUP | March 28, 2022
Radisson Hotel Group is delighted to announce the signing of the Radisson Blu Hotel, Perth, a landmark property that first opened in 1890 as one of the original British railway hotels, like the nearby Gleneagles hotel. Set to open its doors in Q2 2022, the hotel will once again become the crown jewel of Perth, the “Gateway to the Highlands”. Sitting within landscaped gardens close to the River Tay, the hotel is undergoing an extensive transformation of all guest rooms and public areas to align with the Radisson Blu brand. With 75 guest rooms and suites, a restaurant, lobby bar, garden bar, fitness room and treatment rooms, visitors w...
Cost Efficiencies and Strong Investor Appetite Hold Hotel Values Relatively Firm, Says HVS Report
HVS | March 28, 2022
London - March 28, 2022 - Europe’s hotels saw a recovery in values in 2021 buoyed by cost efficiencies, strong demand in the second half of the year and continued investment interest, according to the annual European Hotel Valuation Index published this week by global hotel consultancy HVS. The report indicates a 5% average improvement on values compared with 2020. The fact investors maintained their interest in hotels during the pandemic has held values fairly steady, particularly in properties with good potential and in strong locations driving demand for deals that are realistically priced. There was no real volume of distressed s...
The Siegel Group Completes Sale of Artisan Hotel Boutique for $11.9M
The Siegel Group Nevada, Inc. | March 25, 2022
LAS VEGAS, NV – March 25, 2022 – The Siegel Group Nevada, Inc., a Commercial Real Estate & Development Company, announced today that it had completed the sale of the Artisan Hotel Boutique; a 64-room boutique hotel located in Las Vegas, Nevada. The sale price was $11.90 million. The Siegel Group is proud to be one of the first companies to have brought boutique hotels to Las Vegas starting in 2007. As a long-time leader in off-strip, boutique hotel properties, The Siegel Group not only brought this unique style to Las Vegas with the Artisan Hotel Boutique, but also with The Gold Spike Hotel & Casino, Oasis at Gold Spike, The Re...
Melia Partners With Invest Islands to Create Gran Meliá Lombok in Indonesia
Invest Islands | March 25, 2022
Lombok, Indonesia – March 25, 2022 – Invest Islands, the leading Asian real estate investment company, has unveiled Gran Meliá Lombok, a breath-taking new beachfront and hillside resort that is set to elevate the island’s travel and hospitality industry to spectacular new heights. Conceived by Invest Islands’ project team in conjunction with Bali-based Inspiral Architecture & Design Studios, and managed by Meliá Hotels International, one of the leading companies in resort hotels worldwide, Gran Meliá Lombok is a masterpiece of high-style, low-impact design that weaves seamlessly into its tropical surroundings. It is located ...
Deal Activity in the Travel & Tourism Sector Down by 2% During February 2022, Finds GlobalData
GlobalData | March 24, 2022
A total 96 deals—comprising mergers & acquisitions (M&A), private equity, and venture financing deals— were announced in the global travel and tourism sector in February 2022, according to GlobalData. The leading data and analytics company notes that this represents a decline of 2% compared to the previous month. Aurojyoti Bose, Lead Analyst at GlobalData, comments: “While there is still prevailing uncertainty among deal makers in the sector, deal activity remains a mixed bag across different market and deal types.” The number of M&A deals decreased by 15.9% while the number of venture financing and privat...
Radisson Launches New Brand, Radisson Inn & Suites
RADISSON HOTEL GROUP AMERICAS | March 24, 2022
Minneapolis, MN — March 24, 2022 — Radisson Hotel Group Americas today unveiled the new Radisson Inn & Suites brand, an upper midscale, limited-service hotel brand intended to defy the repetition and predictability of this popular hotel segment. With its unique lifestyle personality, the brand delivers a relatable and reassuring guest experience that is reliably differentiated, while offering owners flexible standards to drive profitability and higher returns with hotels in airport locations, metropolitan areas, and mixed development communities. Modern Comfort Radisson Inn & Suites guests can enjoy the appeal ...
