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
Wyndham Unveils All-Inclusive Resort Brand – Wyndham Alltra – Through New Strategic Alliance With Playa Hotels & Resorts
Playa Hotels & Resorts N.V. | October 6, 2021
Wyndham's 22nd Brand Debuts with Two Beachfront Resorts in Cancun and Playa Del Carmen, with More Resorts to Follow PARSIPPANY, N.J., Oct. 6, 2021 -- Wyndham Hotels & Resorts (NYSE: WH), the world's largest hotel franchising company with approximately 9,000 hotels across nearly 95 countries, and Playa Hotels & Resorts (NYSE: PLYA), a leading owner, operator and developer of all-inclusive resorts in popular vacation destination in Mexico and the Caribbean, announced today the launch of a new all-inclusive resort brand, Wyndham Alltra. The announcement marks Wyndham's 22nd brand and its first dedicated entirely to the fast-growing,...
Hotels Owners Interested in Interest
Robert Mandelbaum | October 1, 2021
By Robert Mandelbaum, Mark K. Owens The decline in the operating performance of U.S. hotels during 2020 has been well documented. According to the results of CBRE’s 2021 edition of Trends® in the Hotel Industry, total operating revenue during the year declined by 62.2 percent, which resulted in an 82.6 percent drop in gross operating profits (GOP). Similar to the decline in total operating revenues, the 30-day average annual LIBOR rate declined by 68.9 percent. 30-day LIBOR is historically the benchmark rate used by lenders for floating-rate loans, which are a preferred loan type of most institutional hospitality investors. Dec...
U.S. Hotel Profitability Dipped in August
STR | September 30, 2021
HENDERSONVILLE, Tennessee — September 30, 2021 — With the end of the summer travel surge, estimated gross operating profit for U.S. hotels came in lower than the previous month, according to STR‘s August 2021 monthly P&L data release. August GOP was lower on a per-available-room basis as well as when indexed to the comparable month from 2019. Estimated GOP was 111% of 2019 levels in July but just 94% in August. The only key profitability metric to increase month over month was labor per available room. GOPPAR: US$49.31 TRevPAR: US$146.22 EBITDA PAR: US$32.13 LPAR (Labor Costs): US$47.99 “Lower profita...
Lightstone Celebrates Topping Out of Two Additional New York City Marriott Moxy Hotels, Moxy Lower East Side and Moxy Williamsburg
Lightstone | September 30, 2021
NEW YORK, NY – September 30, 2021 – National real estate investor and developer Lightstone today announced the topping out of construction of two Moxy hotels in New York City. Moxy Lower East Side and Moxy Williamsburg, set to open in late 2022, add to Lightstone’s growing hospitality portfolio, which includes four open Moxy hotels: Moxy Times Square, Moxy Chelsea, and Moxy East Village in New York, and Moxy South Beach in Miami. Located at 145 Bowery Street, between Grand Street and Broome Street, Moxy Lower East Side reached its pinnacle at 18 stories. Moxy Williamsburg, located at 353 Bedford Ave, between 4th Street and 5th Stree...
NewcrestImage Sells Hyatt Place in Amarillo, Texas to an Affiliate of KAMP Hotels, LLC
NewcrestImage | September 30, 2021
September 30, 2021 – NewcrestImage has sold its 91-room, four-floor Hyatt Place in western Amarillo to an affiliate of KAMP Hotels, LLC. The hotel opened in December of 2019. “The Hyatt Place is an attractive opportunity for us because of its high-traffic, high-visibility location in the heart of the city’s medical district,” said Kevin Nelson of KAMP Hotels, which is headquartered in Amarillo. Another affiliate of KAMP Hotels recently purchased a nearby property from NewcrestImage – the 90-room, 4-floor Tru by Hilton, located immediately adjacent to the Hyatt Place and open since August of 2018. KAMP Hotels also owns and ...
MGM Resorts International Closes Purchase of Infinity World’s 50% Interest in CityCenter for $2.125B
MGM Resorts International | September 29, 2021
LAS VEGAS, NV - September 28, 2021 - MGM Resorts International today announced the closing of the previously announced purchase of Infinity World Development Corp's ("Infinity World") 50 percent interest in CityCenter Holdings, LLC for $2.125 billion. In addition, MGM Resorts and Blackstone have also closed the previously announced sale-leaseback agreement for Blackstone to acquire the real estate assets of Aria and Vdara for $3.89 billion. Following the transaction, MGM Resorts has leased the property from Blackstone and continues to manage, operate and be responsible for all aspects of the property on a day-to-day basis. In connect...
IHG Expands in Coastal France With Five New Properties
IHG Hotels & Resorts | September 29, 2021
IHG Hotels & Resorts, one of the world’s leading hotel companies, is expanding its presence in one of its primary markets of France, with four new hotel signings and an exciting opening. Situated on France’s charismatic coastline, the five-strong collection of new properties bring three of IHG Hotels & Resorts’ brands to the region for the first time, including Staybridge Suites, Holiday Inn Express, Crowne Plaza and Hotel Indigo. Expansion is a key strategic growth driver for IHG, and the new signings in Cannes, Cagnes-sur-Mer, Arachon-La Teste and Marseilles further cement the company’s presence in continental Europe acro...
Marriott International Plans to Expand Footprint in South Asia With 22 New Signings in the Past 18 Months
Marriott International | September 29, 2021
Leading with rooms in the region, company expects to add more than 2,700 rooms to its portfolio MUMBAI, INDIA — September 29, 2021 — On the heels of the 16th Hotel Investment Conference - South Asia (HICSA 2021), Marriott International today announced it has signed 22 new hotel agreements in South Asia – comprising India, Bhutan, Bangladesh, Sri Lanka, Maldives and Nepal – in the past 18 months, expecting to add more than 2,700 rooms to its fast-growing portfolio. Marriott International currently is the hotel chain with the largest number of rooms in the South Asia region and expects to continue its solid growth with these new signi...
MGM Resorts Selected by Osaka as Integrated Resort Partner
MGM RESORTS INTERNATIONAL | September 29, 2021
LAS VEGAS, NV – September 29, 2021 – MGM Resorts International today announced that MGM Japan, together with its joint-venture partner ORIX, has been selected by Osaka as the region's integrated resort partner. Osaka's selection of the MGM-ORIX consortium marks an important step in MGM's long-term bid to develop one of Japan's first integrated resorts. Details of the proposed approximately $10 billion development were also unveiled, showcasing MGM's vision to bring a world-class resort experience to Osaka that is designed to transform the region into one of the world's top entertainment and hospitality destinations and that ...
JMBM Is Hotel Counsel for Condor Hospitality in $305 Million Hotel Portfolio Sale
Global Hospitality Group® | September 29, 2021
LOS ANGELES, CA – September 29, 2021 – The Global Hospitality Group® of Jeffer Mangels Butler & Mitchell LLP (JMBM) is pleased to announce its representation of Condor Hospitality Trust in the sale of the company's entire portfolio to Blackstone Real Estate Partners. The $305 million deal was announced September 23, 2021 and is expected to close by the end of the year. Condor Hospitality Trust (NYSE American:CDOR) is a publicly-traded real estate investment trust specializing in the ownership of premium-branded select-service, extended stay, and limited-service hotels franchised under brands including Hilton, Marriott, and IHG. J...
Hilton Launches Large-Scale Franchise Model in Asia Pacific
Hilton | September 28, 2021
SINGAPORE – 28 September 2021 –Hilton, the fastest growing hotel company in Asia Pacific and a recognized global leader in franchising, today announced the launch of its large-scale franchise model in China. The business model will allow independent hotel owners in China to benefit from Hilton’s innovative commercial strategies and extensive support network, as the company welcomes investors and owners to explore franchising opportunities with its award-winning upscale focused-service brand, Hilton Garden Inn. Alan Watts, president, Asia Pacific, Hilton, said, "As a leading global hospitality company with over 100 years of expe...
Choice’s Ascend Hotel Collection Adds Four Properties to Portfolio
Ascend Hotel Collection | September 27, 2021
ROCKVILLE, MD – September 27, 2021 – Choice Hotels International, Inc.'s Ascend Hotel Collection recently added four properties to its global portfolio of independent resort, boutique and historic hotels: Haywood Park Hotel in Downtown Asheville, North Carolina; Elevate Hotel at Sierra Blanca Ruidoso in Ruidoso, New Mexico; The Inn at Leonardtown in Leonardtown, Maryland and The Leo Collection Detroit in Lincoln Park, Michigan. These new additions offer guests the chance to experience one-of-a-kind hotels and resorts and explore the great outdoors with lake, bay, and mountain getaways. "As guests continue to retu...
Oxford Capital Group and Hunter Pasteur to Break Ground on The Godfrey Hotel Detroit
Oxford Capital Group, LLC and Oxford Hotels & Resorts, LLC | September 27, 2021
DETROIT, MI — September 27, 2021 — Oxford Capital Group and Hunter Pasteur will break ground this week on The Godfrey Hotel Detroit in historic Corktown, bringing a 227-room, lifestyle brand hotel with first-class amenities, as well as hundreds of jobs, with many going to Detroit residents. The property, at 1401 Michigan Ave. between Trumbull and Eighth Street, is scheduled to open in 2023. Oxford’s wholly owned management affiliate, Oxford Hotels & Resorts, LLC, will manage the property. The 227-room, seven-story hotel will feature I|O, Detroit’s largest indoor/outdoor rooftop lounge with expansive views of downtown Detroit and...
IHG Hotels & Resorts and Long-Term Partner PT Hotel Dago Pakar Bringing Hotel Indigo to Bandung, Indonesia
IHG Hotels & Resorts | September 27, 2021
IHG Hotels & Resorts and PT Hotel Dago Pakar are proud to extend their partnership in Indonesia with a second hotel – Hotel Indigo Bandung Dago Pakar – following the success of InterContinental Bandung Dago Pakar. Scheduled to open in 2024, the 275-room Hotel Indigo Bandung Dago Pakar will be located in the prestigious Dago neighbourhood, in the northern region of Bandung. As with every Hotel Indigo property, it will draw on the story of its local area to inspire all aspects of its design, décor and service style. Every detail, from the warmth of the welcome guests receive to the dishes served in the restaurants, create a highl...
Knighthead Funding Provides $19 Million Loan for Full-Service Hotel in Dallas, TX.
Knighthead Funding LLC | September 27, 2021
Greenwich, CT — September 27, 2021 — Knighthead Funding LLC (“Knighthead”) has provided Napali Capital (the “Sponsor”) with a $19 million first mortgage loan for the acquisition of a 152-room full service hotel in Dallas, TX. The financing is secured by the Tru Hotel by Hilton, a full-service, 152-key property located at 1949 N. Stemmons Freeway in Dallas’ Design District. The property’s location makes it a desirable destination for both corporate and leisure travelers. It sits in close proximity to the Dallas Market Center, one of the world’s largest wholesale merchandise marts, as well as Trinity Groves, a 15-acre resta...
Condor Hospitality Trust Enters Agreement to Sell Hotels to Blackstone Real Estate
Condor Hospitality Trust, Inc. | September 23, 2021
NORFOLK, Neb. – September 23, 2021 – Condor Hospitality Trust, Inc. (NYSE American: CDOR) (the “Company”) announced today that it has entered into an agreement with affiliates of Blackstone Real Estate Partners to sell its entire portfolio of hotels in a $305 million transaction. This is an all cash transaction without the assumption of any existing debt. Completion of the transaction, which is expected to occur in the fourth quarter of 2021, is subject to customary closing conditions, including the approval of the Company’s shareholders. Bill Blackham C.E.O. stated " We believe that this is an extremely attractive transaction ...
Bedford Lodging Breaks Ground on The Hoffmann Hotel in Colorado’s Roaring Fork Valley
| September 22, 2021
DALLAS, TX — September 22, 2021 — Bedford Lodging has just broken ground on a 122-room property in Colorado’s Roaring Fork Valley, it was announced by Jeff Blackman, President. The Hoffmann Hotel, a Tapestry by Hilton Collection - Basalt is located in Carbondale, Colorado and is scheduled to open in January, 2023. It will be managed by Five Senses Hospitality Management. The Hoffmann Hotel will be located at 401 Tree Farm Drive in Carbondale, CO. The 4-story, 76,679-square-foot property being developed on a 1.8-acre site, will be part of a lager 42.9 acre mixed use development known as Tree Farm, a world-class lakeside community ...
Marriott Signs With Saxum Group to Develop Residence Inn by Marriott and Fairfield by Marriott in Costa Rica
Marriott International | September 21, 2021
SAN JOSE, COSTA RICA — September 21, 2021 — Marriott International, Inc. today announced it has signed an agreement with Saxum Group to develop the first Fairfield by Marriott and second Residence Inn by Marriott in Costa Rica, growing its portofolio to 17 hotels in this sought after market. The new properties will feature 125 and 117 rooms respectively. "We are proud to work with Saxum Group to bring the Fairfield by Marriott brand to Costa Rica and add the Residence Inn by Marriott to enhance the hospitality offering in the greater metropolitan area (GMA) of San Jose," said Pablo Botero, Marriott International's Senior Direct...
Sonder Holdings Inc. Grows Footprint in Mexico Adding Eight Properties
Sonder | September 21, 2021
SAN FRANCISCO, CA — September 21, 2021 — Sonder Holdings Inc. (“Sonder”), a leading next-generation hospitality company that is redefining the guest experience through technology and design, is adding eight additional properties to its existing portfolio of managed and operated accommodations in Mexico City. Concentrated primarily in the Condesa and Roma neighborhoods, two of the most dynamic and coveted areas of the city, these properties represent an expansion of over 600 units less than a year after Sonder first launched operations in Mexico City. “Mexico is one of the most visited countries in the world for tourism a...
Colebrook Financial Company Finalizes $12 Million Hypothecation Loan for InnSeason Resorts
Colebrook Financial Company | September 21, 2021
Middletown, CT – September 21, 2021 – Colebrook Financial Company, a leading lender to the timeshare and vacation club industries, closed a $12 million hypothecation loan for InnSeason Resorts, a brand that focuses on the true “Northeast Experience.” InnSeason has 50,000 members and six quality resorts in highly sought-after locations under their brand umbrella. This fall, their award-winning Riverwalk Resort will begin Phase II. The east coast company also acquires inventory in key vacation destinations to meet member travel demands. Dennis Ducharme, President and COO, and his partner Billy Curran, CEO, came together to ...
Access Point Financial Forms Strategic Alliance With Pike Hill Lodging Partners and Expands Executive Leadership Team
Access Point Financial | September 21, 2021
Expanded relationship streamlines availability of flexible and comprehensive financial services, with Pike Hill co-founders Tim Peterson and Ankur Shah also joining APF as Co-Heads of Capital Markets and Corporate Development. ATLANTA, GA – September 21, 2021 – Access Point Financial, LLC (APF), a leading direct lender and specialty finance company focused exclusively on the hospitality industry, today announced the expansion of its platform via the forming of a strategic relationship with Pike Hill Lodging Partners (Pike Hill). The enhanced collaboration is notably set to provide industry professionals with access to the combined expert...
Six Senses Partners With Hotel Properties Limited (HPL) for Second Property in the Maldives
Six Senses Hotels Resorts & Spas | September 20, 2021
Six Senses to add second branded property in the Maldives – Kanuhura – on the private island hideaway of Lhaviyani Atoll BANGKOK – September 20, 2021 –Encompassing three private islands – two deserted neighboring islands and Kanuhura itself – this laid-back retreat is the epitome of white sands, turquoise lagoons, lush tropical greenery, and gently swaying palm trees to doze under. This second collaboration with Singapore-based Hotel Properties Limited (HPL) will adopt the Six Senses brand in late 2022 as a northerly sister to the popular Six Senses Laamu. Until then, it is available for bookings through www.kanuhura-mald...
Marriott Signs Agreement with Progetto Majestic S.R.L to Debut First W Hotel in Tuscany
W Hotels | September 20, 2021
Marriott International today announced it has signed an agreement with Progetto Majestic S.R.L. to bring the W Hotels Worldwide brand to the iconic Tuscan city of Florence. Expected to welcome its first guests in 2023, W Florence is set to become a buzzing centrepiece in the heart of the artistic city alongside the Ponte Vecchio riverfront and the Duomo. “Florence is famed for its passion for culture and style, and therefore a perfect destination for the W Hotels brand,” said Candice D’Cruz, Vice President – Luxury Brands, Europe, Middle East & Africa, Marriott International. “With its energetic spaces, bold design, i...
Accor Expands in Sub-Saharan Africa With Signing of Fairmont in Djibouti
Accor | September 20, 2021
The group signs deal to open its first luxury property in Djibouti in 2024 DUBAI, United Arab Emirates — September 20, 2021 — Accor, a world-leading augmented hospitality group with over 400 hotels across India, Middle East, Africa and Turkey, is adding a new flagship property to its portfolio in Africa with Fairmont Djibouti. Set to open in 2024, the hotel will feature 155 rooms and 10 serviced apartments, with five food and beverage outlets combined with 1,398 sqm of Meetings & Events facilities. Located in Djibouti City, the capital of Djibouti and one of the country’s most affluent areas, the property will be strat...
