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
IHG Signs With Al Aqeeq Real Estate Development Company to Develop Crowne Plaza Taiba Riyadh
IHG Hotels & Resorts | November 23, 2021
IHG Hotels & Resorts, one of the world’s leading hotel companies, has announced the signing of a Management Agreement with Al Aqeeq Real Estate Development Company, a wholly owned subsidiary of Taiba Investments for Crowne Plaza Taiba Riyadh. Located on Makkah Al Mukarammah Branch Road, in proximity to the King Faisal Specialist Centre and the Diplomatic Quarter of Riyadh, the new build hotel is scheduled to open in June 2025. Speaking on the announcement, Haitham Mattar, Managing Director, India, Middle East & Africa, IHG said: “With the signing of Crowne Plaza Taiba Riyadh, we continue to expand our footprint in the Kingd...
Valor Hospitality Partners Announces Joint Venture With Moroccan Real Estate Operator, Yamed Group
Valor Hospitality Partners | November 23, 2021
ATLANTA, GA – November 23, 2021 – Valor Hospitality Partners, a global, full-service hotel acquisition, development, management and asset management company, announced today their joint venture, Valor Hospitality North and West Africa (NWA), in partnership with industry leading real estate asset manager, investor, and operator, Yamed Group. This joint venture highlights the pairs’ ambition to be the leader in hotel investment and management through Morocco, Tunisia, Egypt, Senegal and Ivory Coast. The new partnership utilizes Valor Hospitality Partners’ unique industry expertise from managing over 80 global hotel assets througho...
Construction Begins on Moxy Hotel in Tromso, Norway
Core Hospitality | November 23, 2021
Moxy Hotels announced back in 2019 that the brand would launch in Tromso, Norway. Construction of the international lifestyle hotel has now begun with a scheduled opening in the first half of 2023. The 200 rooms will be certified by BREEAM as a sustainable building and by Green Key for sustainable operations. “We are delighted to have begun construction of this extraordinary project. Daimyo is a Norwegian investment company that invests in sustainable companies and properties. And Moxy Tromso is no exception with high ambitions for sustainability, double certifying the property as both a BREEAM and Green Key hotel,” says Anne A...
Hospitality Financial Leadership: Top 10 List for Controlling Labor Costs
David Lund | November 22, 2021
By David Lund Managing labor costs is a never-ending battle in any hotel. No wonder it adds up to on average 50 percent of the total revenue in hotels around the world. To say labor cost is important is an understatement so in this piece, I will highlight the key controls and features to make sure you are on the right track with this all-important aspect of hospitality. Use the list to come up with new action plans to tackle labor costs in your operation and bonne chance! Number 10 – Updated Daily Occupancy Forecast If the people in the departments inside your hotel do not have an up-to-date and accurate fore...
Apple Hospitality REIT Acquires Portfolio of Three Hotels for $126 Million
Apple Hospitality REIT, Inc. | November 19, 2021
RICHMOND, VA – November 19, 2021 – Apple Hospitality REIT, Inc. (NYSE: APLE) (the “Company” or “Apple Hospitality”) today announced the acquisition of a portfolio of three hotels for a total purchase price of $126 million. As previously announced, the portfolio consists of the existing 157-room Hilton Garden Inn Fort Worth Medical Center in Fort Worth, Texas, for a total purchase price of $29.5 million, or approximately $188,000 per key; the existing and recently renovated 112-room Homewood Suites by Hilton Fort Worth Medical Center in Fort Worth, Texas, for a total purchase price of $21.5 million, or approximately $192,000 per ke...
Benchmark Pyramid Adds 34 Hotels to Management Portfolio
Benchmark Pyramid | November 18, 2021
BOSTON and THE WOODLANDS, Texas – November 18, 2021 – Benchmark Pyramid has added 34 hotels to its management portfolio in recent months, as the company sees a surge of demand across all areas of its business in both acquisitions and new management contracts. The new properties in the U.S. include both select- and full-service brands by Marriott, Hilton and IHG, and range in location from Michigan to Texas. In Europe, additions to the portfolio have included three English properties: Staverton Estate in Daventry, Yotel in Manchester, and London EDITION in the capital. Benchmark Pyramid has also taken on new assignments in Spain’s Mallo...
OTA Insight Raises $80M Series B Funding From Spectrum Equity to Bring Data-Driven Decisions to Hospitality Industry
OTA Insight | November 18, 2021
The dynamic market intelligence platform empowers hospitality providers across the globe to make better-informed commercial decisions. London, Denver & Singapore – November 18, 2021 – OTA Insight, the global leader in cloud-based hospitality business intelligence, has raised $80 million from Spectrum Equity, a leading growth equity firm focused on internet-enabled software and transformational data companies. Spectrum Equity joins existing OTA Insight investors Eight Roads, F-Prime Capital and Highgate Technology Ventures. This latest investment will support the company in furthering its mission to enable smarter commercial decision...
HFTP and GFC Get Ready for the USALI 12th Revised Edition; Plan to Release Exposure Drafts for Review by Industry Stakeholders
HFTP | November 17, 2021
Hospitality Financial and Technology Professionals (HFTP®) and the Global Finance Committee (GFC) are preparing for the Fall 2022 release of the 12th Revised edition of the Uniform System of Accounts for the Lodging Industry (USALI). The revision to the current 11th Edition (released in 2014) has gone through a well-considered, in-depth process. Ahead of publishing the newest edition, the HFTP and the GFC has invited leading industry stakeholders to participate in the review of exposure drafts, requesting comments for consideration ahead of the 12th edition publication. “The exposure draft process allows HFTP and the GFC...
Rosewood Le Guanahani St. Barth Opens Following a Four-Year Redesign
Rosewood Le Guanahani St. Barth | November 17, 2021
Rosewood Le Guanahani St. Barth debuts today as the island’s most highly anticipated haven of laidback luxury, joining Rosewood Hotels & Resorts’® iconic Caribbean collection. The ultimate expression of French joie de vivre, infused with the lively and vibrant character of the Caribbean, the resort has been an icon of hospitality since it originally opened in 1986, remaining one of the world’s most discerning island escapes up until its closure in 2017. Having since undergone a comprehensive reimagination that preserves the unique spirit of the fabled resort while infusing contemporary amenities and design details, as well as R...
R.D. Olson Construction Breaks Ground on Talus La Quinta in Coachella Valley, California
R.D. Olson Construction | November 17, 2021
LA QUINTA, CA – November 17, 2021 – R.D. Olson Construction, an award-winning general contracting firm in California, today announced that construction is underway on TALUS La Quinta, a luxury resort in Coachella Valley being developed by The Robert Green Company. Upon completion, TALUS will include hotels from two notable brands, along with a conference center, golf clubhouse and spa facility. The 134-room luxury hotel and a 200-room lifestyle hotel will sit in addition to 29 branded single-family homes and 55 condominiums. R.D. Olson has begun the first phase of construction, which includes a $90 million buildout of the luxury hotel...
Radisson Hotel Group and REALITES Groupe Sign Lincoln Casablanca, a Radisson Collection Hotel, in Morocco
Radisson Hotel Group | November 17, 2021
CASABLANCA, Morocco – November 17, 2021 – Radisson Hotel Group and REALITES Groupe are proud to announce the signing of Lincoln Casablanca, a Radisson Collection Hotel. This historic signing, debuting Radisson Hotel Group’s third brand in Morocco, Radisson Collection, also marks the Group’s ninth hotel signing in Morocco this year, bringing its portfolio in the country to 11 hotels in operation and under development, and setting the Group firmly on track to exceed its ambition of reaching 15 hotels by 2025. “The Lincoln Hotel”, the oldest hotel in Casablanca and a prime example of the city’s Art Deco heritage, was built in ...
Cycas and IHG Partner to Bring Second Holiday Inn Express & Suites to Switzerland
Cycas Hospitality | November 17, 2021
Cycas Hospitality continues to drive forward its ambitious expansion programme, having this month signed its first Swiss hotel. The 119-room Holiday Inn Express & Suites Sion will be operated by the award-winning pan-European operator under its first lease agreement with an investment group of Credit Suisse Asset Management. When it opens in autumn 2024, the new-build property will offer a combination of 95 classic Holiday Inn Express rooms and 24 suites with kitchenette by Sion’s railway station, plus an on-site ground floor restaurant to take advantage of its vibrant location within the new Cour de Gare district and by the new conce...
DiamondRock Debuts Margaritaville Beach House Key West
DiamondRock Hospitality Company | November 16, 2021
BETHESDA, MD – November 16, 2021 – DiamondRock Hospitality Company announced the grand opening of its Margaritaville Beach House Key West following a $3.5 million investment to bring the full Margaritaville experience to life along Key West's largest beach. The rebranded and upgraded resort features Tin Cup Chalice Bar & Chill, a spirited poolside restaurant and bar concept, an expansive retail outlet and popular family-friendly amenities. The oceanfront resort offers 186 spacious suites, a lagoon-style pool, and lounging hammocks throughout the grounds. Exclusive amenities include poolside entertainment, daily refreshments, a ...
Hilton Signs Franchise Agreement With Ken Corporation to Launch Hilton Yokohama in Autumn 2023
Hilton Hotels & Resorts | November 16, 2021
TOKYO, Japan and MCLEAN, VA – November 16, 2021 – Hilton today announced the signing of a franchise agreement with Ken Corporation Ltd. to launch Hilton Yokohama in autumn 2023. The hotel will be situated in Minato Mirai 21, a seaside urban area in central Yokohama within the Kanagawa prefecture. This marks Hilton’s first property in Yokohama, the second largest city in Japan after Tokyo. Guy Phillips, senior vice president, development, Asia & Australasia, Hilton, said, “We are delighted to be expanding our partnership with Ken Corporation with the signing of Hilton Yokohama following many years of shared success with Hilto...
IHG Signs With Nusasiri Public Company Limited for Kimpton Khao Yai
IHG Hotels & Resorts | November 16, 2021
Kimpton Hotels & Restaurants, one of the six brands in IHG Hotels & Resorts’ Luxury & Lifestyle Collection continues its growth momentum in Thailand with the unveiling of Kimpton Khao Yai. This is the third Kimpton to sign in Thailand following the brand’s debut in 2020. Opening in 2024, the 100-room luxury wellness resort Kimpton Khao Yai will offer barefoot luxury across every touchpoint of the guest experience. Capturing the Kimpton brand’s playful and sophisticated design, innovative approach to restaurants and bars, and immersive guest experiences that foster genuine human connections, it will offer a fresh perspect...
Hyatt Regency Salt Lake City Celebrates Topping Out Construction Milestone
HYATT REGENCY | November 15, 2021
SALT LAKE CITY – November 15, 2021 – Hyatt celebrated today Hyatt Regency Salt Lake City’s topping out, which recognizes the accomplishment of reaching the final design height of a building under construction. Located at 170 South West Temple, the 686,784 square foot Hyatt Regency Salt Lake City is on time and on budget and is slated to open in the fall of 2022. “Today marks a significant milestone for Hyatt Regency Salt Lake City, a project Portman Holdings is proud to direct from development through construction,” said Ambrish Baisiwala, CEO of Portman Holdings. “The property is a continuation of our 54-year...
Paramount Lodging Advisors Exceeds $1 Billion in Hotel & Hotel Note Auctions
Paramount Lodging Advisors | November 15, 2021
CHICAGO, IL — November 15, 2021 — Paramount Lodging Advisors (PLA) is pleased to announce a new milestone in hotel real estate transactions. PLA has surpassed $1 Billion in hotel and hotel note auctions. PLA has overseen more than 300 auctions and maintains a 95% closure rate. These statistics place Paramount Lodging Advisors as the most active and successful hotel broker on hotel auction platforms in the United States. Throughout the COVID pandemic period alone – the PLA team has overseen nearly 40 hotel and hotel note auctions culminating in transactions over $200MM in asset value. The PLA closure rate on hotel auction platforms ha...
Dream Hotel Group Partners With Royal Investments for Dream Hotel in Louisville, Kentucky
Dream Hotel Group | November 11, 2021
NEW YORK, NY – November 11, 2021 – Renowned 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 debut its iconic Dream Hotels brand, known for its vibrant dining, nightlife, and entertainment, in Louisville, Kentucky in 2025. The latest signing with Royal Investments, LLC marks the second Dream Hotel location for the developer, following the successful launch of Dream Nashville in 2019. Designed by Miami-based CUBE3 architects with interiors by Josh Held and WATG, Dream Louisville will feature 168 beautifully desi...
Hyatt Enters Agreement With SIR Investments Guyana to Develop Hyatt Place Georgetown Demerara in Guyana
Hyatt Place | November 11, 2021
CHICAGO, IL – November 11, 2021 – Hyatt Hotels Corporation announced today that a Hyatt affiliate has entered into a franchise agreement with SIR Investments Guyana Inc. for the development of Hyatt Place Georgetown Demerara. Expected to open in 2023, the 125-room hotel will be managed by Aimbridge Hospitality and signifies the first Hyatt-branded hotel in Guyana. Located in the Providence community in East Bank Demerara, Hyatt Place Georgetown Demerara will be located only 15 minutes away from the commercial hub of Georgetown and 22 miles from Cheddi Jagan International Airport. The area is already established as one of Guyana’s p...
Hilton Signs With Galatzo Inversiones to Open Hilton Hotels & Resorts Brand on Mallorca’s Costa de la Calma
Hilton Hotels & Resorts | November 11, 2021
MALLORCA, Spain and MCLEAN, VA – November 11, 2021 – Hilton today confirmed plans to open a new hotel under its flagship Hilton Hotels & Resorts brand on Mallorca’s pristine Costa de la Calma. The news follows the signing of a management agreement with Galatzo Inversiones, S.L. The 208-room Hilton Mallorca Galatzo, opening in summer 2022, is the latest hotel to join Hilton’s growing pipeline of properties in Spain, which has seen three hotels open this year alone and includes 23 hotels under nine brands trading or under development in 16 destinations across the country. Patrick Fitzgibbon, senior vice president,...
New Capital and Strategies Targeting Hospitality
Daniel MacDonnell | November 10, 2021
By Daniel MacDonnell, Bradley Hoban Given the significant traction in distribution of the COVID-19 vaccines throughout the United States and general international travel restrictions, leisure travel has begun to recover in 2021 and is expected to continue increasing, with Americans seeking so-called “revenge travel” to a domestic getaway. Business travel is also beginning to show signs of recovery, and some group business related to conference attendance is returning. While the lodging recovery is still rather disjointed throughout the U.S., emerging optimism has led to the restart of hotel construction and a marked increase in tradin...
Hard Rock Hotel New York Set to Debut in April 2022
Hard Rock | November 9, 2021
NEW YORK – November 9, 2021 – The highly anticipated Hard Rock Hotel New York is nearing completion in the heart of Midtown Manhattan, and now accepting reservations for its official debut in April 2022 and beyond. Gracing the iconic skyline at 159 West 48th Street, steps from Times Square, Broadway, Rockefeller Center, Bryant Park and Fifth Avenue shopping, the must-visit entertainment destination aims to honor the legacy of Music Row as the iconic brand's new flagship hotel. "This is a monumental moment for Hard Rock International and a true milestone in our journey to elevate our lifestyle hotels portfolio," said Dale H...
Fontainebleau Development Sets Fourth Quarter 2023 Opening for Fontainebleau Las Vegas
Fontainebleau Las Vegas | November 9, 2021
LAS VEGAS – November 9, 2021 – Fontainebleau Development, which designs, builds, owns, and operates premier hospitality, commercial, retail, and luxury properties, is targeting fourth quarter of 2023 for the opening of its recently acquired 67-story, vertically integrated luxury resort and casino at 2777 S. Las Vegas Blvd. The property has commenced construction and will open under the name Fontainebleau Las Vegas, a monumental expansion that brings full circle the company’s longtime vision of hosting its iconic brand on the Las Vegas Strip. “We are grateful to have the opportunity to finish what we started and finally in...
Dream Hotel Group Plans Two New Hotels in Oklahoma City Set for 2024 Opening
Dream Hotel Group | November 9, 2021
NEW YORK, NY (November 9, 2021) – Celebrated hotel brand and management company Dream Hotel Group today announced plans to open two new Dream Hotel and Unscripted Hotel locations in Oklahoma City, Oklahoma in 2024. Designed by Miami-based CUBE3 Architects and built by general contractor Hensel Phelps, the 220-room Dream Hotel and 174-room Unscripted Hotel will be the centerpiece of a large mixed-use development project with California-based Matteson Capital LLC. Located at the corner of East Reno Street and Oklahoma Avenue, the 14-story Dream Hotel will feature 220 beautifully designed guest rooms and suites, five dynamic dining and nigh...
