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
Meet Turnbull Capital Group at The Lodging Conference
Turnbull Capital Group | September 20, 2021
The Principals of Turnbull Capital Group are aligned with some of the most creative debt and preferred equity providers in the hospitality industry and have exclusively transacted hotels and resorts for 37 years, 20 years as the visionary and Founder of CBRE Hotels. The Lodging Conference Founder Mr. Morris Laskey (deceased) and Dr. Donald W. Wise were professional and personal friends for over 30 years. When The Lodging Conference launched with its first ever event in 1995 at the Phoenician Scottsdale Luxury Collection Resort, Dr. Wise was a speaker on the finance panel for this very first inaugural event. This has always been ...
Omni Hotels & Resorts Breaks Ground on Omni Tempe Hotel at ASU
Omni Hotels & Resorts | September 17, 2021
TEMPE, AZ – September 17, 2021 – Omni Hotels & Resorts announced today it broke ground on Omni Tempe Hotel at ASU, a 330-guest-room hotel, set to open in 2023, in the heart of downtown Tempe on the Arizona State University (ASU) campus. Peter Strebel, president of Omni Hotel & Resorts, broke ground alongside Tempe Mayor Corey Woods, as well as ASU President Michael Crow, Regent Bill Ridenour and John Creer, vice president of real estate at ASU, and other notable guests. The 16-story hotel, located at 7 East University Drive, will augment Tempe's revitalized downtown area, and bring some of the largest conference and m...
Historic Koi Nation Native American Tribe Plans Shiloh Resort & Casino in California Wine Country
| September 16, 2021
SANTA ROSA, CA - September 16, 2021 - The Koi Nation, one of the state's federally recognized Native American tribes, today announced it has selected a 68-acre site in unincorporated Sonoma County to re-establish its tribal land base. The Koi have filed plans to build a resort and casino on the site, exercising their sovereign rights under federal law. The property selection restores the Tribe's ability to exercise its rights to self-governance and will provide a base for economic development that will sustain the Koi Nation's independence within a few miles of its ancestral home. "The Koi Nation has had to struggle harder th...
Caesars Entertainment Unveils Official Renderings of Caesars Virginia – a $500 Million Resort to Be Built in Danville
Caesars Entertainment, Inc. | September 16, 2021
DANVILLE, VA - September 16, 2021 - Caesars Entertainment shared official renderings today for Caesars Virginia, its $500 million resort expected to break ground by the end of the year in Danville. Following incredible support by the voters of Danville last November, Caesars Entertainment has been hard at work developing plans for Caesars Virginia, which will include 500 hotel rooms, a state-of-the-art casino floor, Caesars Sportsbook, World Series of Poker Room, new restaurant and entertainment offerings, and much more. "Caesars Virginia will be an economic driver for the region, both as a tourist and entertainment draw an...
Deal-Making Activity in the Travel & Tourism Sector Declined by 17.4% During August 2021
GlobalData | September 15, 2021
A total of 57 deals (comprising mergers & acquisitions [M&A], private equity, and venture financing) were announced in the global travel and tourism sector during August 2021, which is a decline of 17.4% over 69 deals announced in July, according to GlobalData, a leading data and analytics company. Aurojyoti Bose, Lead Analyst at GlobalData, comments: August marks the second consecutive month of decline in deal activity for the travel and tourism sector after rebounding in June. The subdued deal activity could be attributed to dampened deal-making sentiments as uncertainty due to the COVID-19 pandemic still looms. All t...
Fairmont Hotels & Resorts Repositions the Iconic Century Plaza Hotel to Fairmont Century Plaza
Fairmont Century Plaza | September 14, 2021
LOS ANGELES – September 14, 2021 – Premiering on September 27, 2021, the completely reimagined Fairmont Century Plaza will build upon its legacy as a Los Angeles cultural landmark and haven for visionaries across art, film, music, politics, and business. The hotel pays tribute to its star-studded history while ushering in a new age of glamour, infusing cutting-edge amenities with pioneering guest experiences. Originally deemed “The Hotel of the Future,” famed architect Minoru Yamasaki’s mid-century modern icon returns as the centerpiece of a $2.5B mixed-use development project on 6.14 acres, which includes two 44-story towers wi...
Radisson Signs Three New Hotels Within Saudi Arabia’s Thakher Makkah Megaproject
Radisson Hotel Group | September 14, 2021
Makkah / Dubai / Brussels — September 14, 2021 — Radisson Hotel Group is proud to announce the signing of three hotels within the Thakher Makkah megaproject, an urban development in the city of Makkah, Saudi Arabia. Further strengthening its presence across two brands, the Park Inn by Radisson Makkah Thakher City Tower West, the Park Inn by Radisson Makkah Thakher City Tower East and the Radisson Hotel Makkah Thakher City are set to open in Q4 2022. The new signings will add a total of 992 rooms and apartments, doubling the Group’s portfolio in Makkah, a key target growth market in Saudi Arabia. Despite the challenges due to the pande...
Foley Entertainment Group Acquires Santa Barbara’s Hotel Californian
THE FOLEY ENTERTAINMENT GROUP | September 14, 2021
SANTA BARBARA, CA – September 14, 2021 – Lee & Associates, a leader in commercial real estate services throughout North America, announces one of the largest-ever sales of hotel property in Santa Barbara, the Hotel Californian located at the front door of the city’s booming Funk Zone has traded to one of businessman Bill Foley’s companies for an undisclosed figure. The deal, which closed September 1, was led by local Santa Barbara commercial real estate firms Radius Commercial Real Estate and Lee & Associates Central Coast, with Austin Herlihy and Chris Parker of Radius representing the seller, and Steve Leider and Cl...
It’s Time for Hotel Finance Teams to Re-Evaluate Their Budget ‘Drivers’
Jill Wilder | September 14, 2021
By Jill Wilder As we are all aware, budgeting for 2022 will present some challenges, without a crystal ball we are going to need to use our knowledge to form new ways to plan for our future. While historical drivers helped hoteliers in previous years with their future planning, it’s a whole new ballgame today, as the very way a hotel operates is radically different from even a year ago. As in the past, just comparing departmental profits from previous months is just one piece of the puzzle. To have better, more accurate budgeting numbers for the year ahead, hoteliers need to re-evaluate their drivers and establish a new baseline data set...
Microtel by Wyndham to Open 20 New Hotels in Greater China by the End of 2022
Microtel by Wyndham | September 13, 2021
SHANGHAI and SINGAPORE - September 13, 2021 - Wyndham Hotels & Resorts, the world's largest hotel franchising company and leading provider of hotel management services with approximately 9,000 hotels across nearly 95 countries, continues to expand its portfolio in China with 20 new Microtel by Wyndham hotels by the end of 2022, located in key cities and emerging destinations across the country. Designed to provide travelers with modern conveniences, Microtel by Wyndham made its debut in China in late 2019 as a midscale brand. The brand has since grown to a collection of six hotels, including locations in Hangzhou, Hefei, Guiyang, Kunmi...
Baird/STR Hotel Stock Index Dipped 3.4% in August
STR | September 13, 2021
HENDERSONVILLE, Tennessee, and MILWAUKEE — September 13, 2021 — The Baird/STR Hotel Stock Index dipped 3.4% in August to a level of 4,911. Year to date through the first eight months of 2021, the stock index was up 7.4%. “Hotel stocks continued their streak of relative underperformance in August as investors remained focused on the impact of the Delta variant and the likely changes to post-Labor Day business travel trends,” said Michael Bellisario, senior hotel research analyst and director at Baird. “The near-term trajectory of the recovery has flattened; however, investors appear to have priced in near-term downside sce...
Hyatt and The Wharf Plan New Park Hyatt Hotel in Changsha
Park Hyatt | September 13, 2021
SHANGHAI / HONG KONG – September 13, 2021 – Hyatt and The Wharf (Holdings) Limited today announced plans for a new Park Hyatt hotel in Changsha, the capital of Hunan province, marking the luxury Park Hyatt brand’s entry into Central China. Situated within the iconic landmark Changsha IFS, the new luxury hotel is expected to offer global travelers refined, sophisticated and unparalleled experiences in Changsha. Slated to open in 2023, Park Hyatt Changsha will feature 230 guestrooms and offer world-class culinary and wellness experiences, as well as inspiring spaces for meetings and events. “We are delighted to work with Th...
Pebblebrook Hotel Trust Completes Sale of Villa Florence San Francisco on Union Square for $87.5M
Pebblebrook Hotel Trust | September 10, 2021
BETHESDA, MD – September 10, 2021 –Pebblebrook Hotel Trust today announced that it closed on the sale of the 189-room Villa Florence San Francisco on Union Square in San Francisco, CA for $87.5 million to a third party. Based on the hotel’s operating performance for 2019, the $87.5 million reflects a 12.4x EBITDA multiple and a 7.2% net operating income capitalization rate (after an assumed annual capital reserve of 4.0% of total hotel revenues). The EBITDA multiple and net operating income capitalization rate are adjusted for the annualized impact of current retail rental income and a one-time retail lease termination fee. Proc...
Lightstone Celebrates Topping Out of Dual-Branded Marriott Moxy and AC Hotels in Downtown Los Angeles
Lightstone | September 10, 2021
LOS ANGELES – September 10, 2021 – National real estate investor and developer Lightstone, today announced the topping out of construction on the dual-branded Moxy Los Angeles Downtown and AC Hotel Los Angeles Downtown. The property is located in the heart of Downtown Los Angeles, directly across the street from the LA Convention Center and Staples Center, on the corner of West Pico Boulevard and Figeroua Street. Scheduled to open in late 2022, the 37-story, 600,000-square-foot mixed-use tower will consist of a dual-branded, 380-room Moxy hotel and a 347-room AC hotel. The property will also include over 22,000 square feet of premium d...
La Colección Resorts by Fiesta Americana Adds Three New Properties
La Colección Resorts | September 10, 2021
Mexico City, Mexico – September 10, 2021 – La Colección Resorts by Fiesta Americana, a collection of distinctive urban and beach resorts located across Mexico and the Dominican Republic, continues to grow its portfolio with new resort offerings and brands located in different Mexican destinations. Marking the first Curamoria Collection property within La Colección Resorts by Fiesta Americana is Náay Tulum, a boutique resort concept already open that melds intimate luxury and signature experiences. Guests will also soon have new Live Aqua hotels to choose from, best known for its sensorial experiences, with new...
Hotel 1000 Seattle Joins LXR Hotels & Resorts
Hotel 1000 Seattle | September 10, 2021
SEATTLE, WA – September 10, 2021 – LXR Hotels & Resorts has officially entered the United States’ Pacific Northwest region with the addition of Hotel 1000 Seattle, a 120-room urban luxury retreat located in the city’s vibrant Downtown business and arts district. The property, previously known as Loews Hotel 1000, joined the LXR portfolio in late August 2021, making it the third domestic addition to Hilton’s luxury collection brand and the first LXR property in the region. The transition will be followed by a 2022 renovation to further elevate the guest experience with added amenities, and enhanced design. Located at First Avenu...
Conrad Hotels & Resorts Signs First Hotel in California, Conrad Los Angeles at The Grand LA
Hilton | September 10, 2021
MCLEAN, VA – September 10, 2021 – Conrad Hotels & Resorts, one of Hilton’s luxury hotel brands, today announced its debut in California with the signing of Conrad Los Angeles. The hotel is part of Related Companies’ mixed-use development, The Grand LA, designed by Frank Gehry, located in downtown Los Angeles. “With Los Angeles experiencing its largest downtown development boom in nearly a century, we believe 2022 is the right time to introduce such a dynamic hotel and exciting development to this cultural epicenter,” said Danny Hughes, executive vice president and president, Americas, Hilton. “We’re thrilled to continue...
Hilton Signs With Sun Group to Launch New Curio Collection by Hilton Resort in Phu Quoc, Vietnam
Hilton | September 9, 2021
SINGAPORE – September 9, 2021 –Hilton (NYSE: HLT), one of the world’s fastest-growing hospitality companies, has signed a management agreement with one of Vietnam’s leading hospitality and real estate development company Sun Group to launch a new resort under Curio Collection by Hilton in Phu Quoc, Vietnam. Curio Collection, a portfolio of over 100 handpicked hotels and resorts around the world, provide a one-of-a-kind stay experience with distinctly unique amenities and services, while backed by the Hilton name. Set to open in Phu Quoc in 2023, the 197-key La Festa Phu Quoc, Curio Collection by Hilton, will represent Hilton’s fi...
Cascade Investment Affiliate Agrees to Acquire Controlling Stake in Four Seasons Hotels and Resorts
Four Seasons Hotels and Resorts | September 8, 2021
TORONTO - September 8, 2021 - Four Seasons Hotels and Resorts ("Four Seasons" or "the Company"), the world's leading luxury hospitality company, today announced that its longstanding shareholder, an affiliate of Cascade Investment, L.L.C. (collectively, "Cascade"), has entered into a definitive agreement to acquire a controlling interest in the Company. In the all-cash deal, Cascade will increase its existing 47.5 percent stake to 71.25 percent by purchasing half of the existing 47.5 percent stake owned by an affiliate of its long-term investment partner Kingdom Holding Company ("KHC") for $2.21 billion, valuing Four Seasons at a $10 bill...
IHG Hotels & Resorts Extends Partnership With RB Capital to Bring Next Generation Holiday Inn to Singapore
IHG Hotels & Resorts | September 8, 2021
Holiday Inn Singapore Little India takes the strategic collaboration between the two groups to nearly 1,000 keys across three properties in Singapore IHG Hotels & Resorts and long-term partner RB Capital are excited to bring the next generation Holiday Inn experience to Singapore as the world-renowned brand’s expansion continues. The 300-room Holiday Inn Singapore Little India will rebrand from Park Hotel Farrer Park on 7 September ahead of a renovation that will see it relaunch with a vibrant fresh identity and positioning. The Holiday Inn brand is one of the most recognised hotel brands in the world with 1,234 properties glob...
Rockbridge Plans 212-Room Independent Lifestyle Boutique Hotel in Columbus, Ohio
ROCKBRIDGE | September 8, 2021
Columbus, OH – September 8, 2021 – After many months developing plans and coordinating with stakeholders amid pandemic conditions, Rockbridge announced new details of the plan for the North Market Mixed-Use Development originally revealed in 2019. This marks a significant next step in bringing the project’s transformational vision to life – and highlights the commitment, perseverance and collaboration of the development team, North Market and the City of Columbus. Rockbridge is working to finalize the plan and secure ongoing support for the proposed 31-story development, which will be reviewed by the Downtown Commission and Histo...
NewcrestImage Sells AC Hotel by Marriott in Phoenix, Acquires Sinclair Hotel in Fort Worth
NewcrestImage | September 7, 2021
NewcrestImage has concluded two major hotel transactions -- a sale and an acquisition. The Dallas-based company sold its 199-room, 13-floor AC Hotel at Arizona Center in downtown Phoenix to Arbor Lodging Properties, a Chicago-based hotel investment and management firm. The hotel opened in February of this year as a joint venture with Las Vegas-based LaPour Properties and Atlanta-based Peachtree Hotel Group. In a separate transaction, NewcrestImage acquired the historic 164-room, 17-floor Sinclair Hotel in downtown Fort Worth, which is a luxury property in Marriott’s Autograph Collection. The hotel’s features include a fine dinin...
Park Hotels & Resorts Completes Sale of Le Meridien San Francisco for $221.5M
Park Hotels & Resorts | September 7, 2021
TYSONS, VA - September 7, 2021 - Park Hotels & Resorts Inc. today announced that it completed the previously announced sale of the Le Meridien San Francisco. The Company also provided an operational and liquidity update. Recent Highlights Closed on the sale of the 360-room Le Meridien San Francisco on August 31, 2021, for total proceeds of $221.5 million, or approximately $615,000 per key. When adjusted for Park’s anticipated capital expenditures (“capex”), the sale price represents a 5.9% capitalization rate on 2019 net operating income (6.5% excluding capex), or 15.0x 2019 EBITDA (13.7x excluding capex). Procee...
Hospitality Financial Leadership – Understanding REVPAR Index
David Lund | September 7, 2021
By David Lund ...
