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
Hotel Sector Has Weathered the Pandemic Storm but Financing Remains Tough as Lenders Become Cautious
HVS | May 12, 2021
London - May 12, 2021 - Hotels have weathered the pandemic storm well with support from lenders, with a bounce back of trade expected, although for some this may take three to four years to achieve. This was one of the key conclusions heard at a webinar on hotel financing held yesterday [11 May 2021] attended by over 400 senior industry executives organised by global hotel consultancy HVS, legal expert Bird & Bird, publishing group EP Business in Hospitality and restructuring advisory firm AlixPartners. The webinar, moderated by Bird & Bird’s James Salford, kicked off by polling the audience, finding that most expected a 0.5% ...
IHG Hotels & Resorts Begins Construction on Atwell Suites Denver Airport – Tower Road in Colorado with a 2022 Opening Planned
IHG Hotels & Resorts | May 11, 2021
[video width="1024" height="768" mp4="https://www.hotel-online.com/wp-content/uploads/2021/05/atwellsuitesdenver-2.mp4"][/video] IHG Hotels & Resorts, one of the world’s leading hotel companies, announced today that the second Atwell Suites hotel is now under construction in Denver, owned by Kendall Combs and KJ Hotel Properties. The new Colorado property follows the Atwell Suites Miami Brickell, which is expected to open later this year. IHG also announced the latest signings for the brand including Galveston, Texas, owned by Harold Smart and Smart Hotels and Fishers, Indiana owned by Mitesh Patel and Striving Legacy Fish...
Rosewood Hotels & Resorts to Open the 140-Room Rosewood Hangzhou in China in 2025
Rosewood Hotels & Resorts | May 10, 2021
HONG KONG - May 10, 2021 - Rosewood Hotels & Resorts® continues its strategic growth in China with the announcement of Rosewood Hangzhou opening in 2025. Located in Wangjiang New City, an emerging hub of innovation, technology and financial services in the heart of Hangzhou, the new build luxury hotel will occupy prime real estate within a progressive mixed-use development project set to revamp the city skyline. The latest expression of Rosewood's ambitious Asian expansion, which includes five properties in the pipeline in Mainland China alone, Rosewood Hangzhou is poised to become the newest destination of choice for affluentia...
Hyatt Reports First-Quarter 2021 Results
Hyatt Hotels Corporation | May 6, 2021
CHICAGO - May 6, 2021 - Hyatt Hotels Corporation ("Hyatt" or the "Company") (NYSE: H) today reported first-quarter 2021 financial results. Net loss attributable to Hyatt was $304 million, or $2.99 per diluted share, in the first quarter of 2021, compared to net loss attributable to Hyatt of $103 million, or $1.02 per diluted share, in the first quarter of 2020. Adjusted net loss attributable to Hyatt was $363 million, or $3.57 per diluted share, in the first quarter of 2021, compared to Adjusted net loss attributable to Hyatt of $35 million, or $0.35 per diluted share, in the first quarter of 2020. Refer to the table on page 11 of the schedul...
Hilton Reports First Quarter Results
Hilton | May 6, 2021
MCLEAN, Va. - May 6, 2021 - Hilton Worldwide Holdings Inc. ("Hilton" or the "Company") (NYSE: HLT) today reported its first quarter 2021 results. The following results reflect the material impact that the novel coronavirus ("COVID-19") pandemic has had on Hilton's business. Highlights include: Diluted EPS was $(0.39) for the first quarter, and diluted EPS, adjusted for special items, was $0.02 Net loss was $109 million for the first quarter Adjusted EBITDA was $198 million for the first quarter System-wide comparable RevPAR decreased 38.4 percent on a currency neutral basis for the first quarter from the same period in 2020 A...
The Surrey: Reuben Brothers to Reimagine Iconic New York Hotel in Partnership With Corinthia Hotels and Casa Tua
CORINTHIA HOTELS | May 5, 2021
NEW YORK - May 5, 2021 - Luxury Upper East Side hotel, The Surrey, was acquired by Reuben Brothers in 2020, marking another milestone for their growing hospitality collection. Undergoing an extensive transformation, the hotel is slated to reopen in early 2023 as The Surrey, a Corinthia Hotel, operated and managed by Corinthia Hotels, a collection of individually-designed and distinctive five star hotels located in some of the most exciting destinations across Europe and the Middle East, and now North America. The Surrey, a Corinthia Hotel will mark the Corinthia group's first property in the United States and a second collabor...
IHG Signs With Holdmark Property Group to Bring InterContinental Parramatta to Sydney
IHG Hotels & Resorts | May 5, 2021
The world’s largest luxury hotel brand, InterContinental Hotels & Resorts, is set to arrive in Greater Western Sydney with the opening of InterContinental Parramatta, in partnership with owner Holdmark Property Group. Scheduled to open in 2025, the impressive, new-build InterContinental Parramatta will be part of a vibrant mixed-use development that also includes offices and a ground floor retail precinct. The building itself will be one of the most exciting high-rises to grace the city’s skyline, with the owners in the process of running an architectural competition to find a winning design. The state-of-the-art hotel will deli...
Omni PGA Frisco Resort Breaks Ground in Texas.
Omni Hotels & Resorts | May 5, 2021
Frisco, TX – May 5, 2021 – Omni Hotels & Resorts announced today the start of construction on the highly anticipated Omni PGA Frisco Resort featuring 501 guest rooms and seven four-bedroom golf villas. Set to open in Spring 2023, this extraordinary resort development in partnership with PGA of America and the City of Frisco will become a leading destination for golf providing an unparalleled experience for those who are advanced players, new to the game, and everything in between. Peter Strebel, President of Omni Hotel & Resorts broke ground alongside owners Bob Rowling, Founder of TRT Holdings, Inc., and Blake Rowling, Presiden...
Shangri-La Group Forms Joint Venture With Samty Group for a Luxury Hotel in Kyoto, Japan
Shangri-La Group | May 5, 2021
Hong Kong – May 5, 2021 – Shangri-La Group announced a new joint venture with Samty Co., Ltd to develop a luxury hotel in Kyoto, Japan. The location of the proposed hotel is just north of the Nijo Castle, a UNESCO World Heritage Site, one of the most popular tourist destinations in Kyoto. It is conveniently situated just four kilometers north of Kyoto Station, one of the main gateways into the city. This hotel will be Shangri-La Group’s second hotel in Japan, after Shangri-La Tokyo. “We are thrilled with this new partnership with Samty Group,” said Shangri-La Group Chief Executive Officer Lim Beng Chee. “This project brings toge...
NOUN Hotel Breaks Ground in Norman, Oklahoma
NOUN HOTEL | May 5, 2021
NORMAN, OKLAHOMA – May 5, 2021 – Managing partner Scott Lambert is pleased to announce NOUN Hotel, a premiere four-story boutique hotel, has broken ground and is expected to welcome its first guests in summer 2022. Located in downtown Norman at 542 South University Boulevard on Campus Corner next to the University of Oklahoma, NOUN Hotel will feature 92 modern guest rooms, including two luxurious 900-square-foot suites, a signature restaurant and bar, an intimate speakeasy bar, a banquet room for up to 150, boardroom, an outdoor/indoor bar, and on-site parking. NOUN Hotel will be managed by Lambert, who will drive the hotel’s develop...
California Cannabis Tourism Association (CCTA) Evolves to Cannabis Travel Association International
Cannabis Travel Association International (CTAI) | May 5, 2021
Santa Rosa, Calif. — May 5, 2021 — The California Cannabis Tourism Association (CCTA) founded in 2017 is changing its name-- as well as its geographic focus-- to the newly branded Cannabis Travel Association International (CTAI). The new web site www.CannabisTravelAssociation.org launched this week. Formed to promote the development of safe and responsible cannabis tourism, unify the cannabis and tourism industries, and advocate for an enabling regulatory environment and promoting best practices in the cannabis space, the Association is evolving as a response to the global movement to integrate cannabis and tourism ecosystems. ...
Hotels, After Tough Year, Are Back in Investors’ Sights
JLL | May 4, 2021
Capital-raising and hotel sales highlight investor optimism for the sector’s recovery Hotel investment is gaining momentum amid improving prospects for travel. Blackstone Group and the Starwood Group in March bought hotel operator Extended Stay America for US$6 billion, the largest deal in the U.S. since COVID-19 hit. In Madrid, German investor Commerz Real acquired an office building at city’s airport with intentions to convert it into a 280-room hotel branded by Zleep Hotels. In a recent JLL survey, 70 percent of investors said they will be targeting hotels in Asia Pacific. Global hotel investment is expected to increase up to 35...
Red Rock Resorts to Sell Palms Casino Resort for $650 Million
| May 4, 2021
LAS VEGAS - May 4, 2021 - Red Rock Resorts, Inc. ("Red Rock" or the "Company") today announced a definitive agreement between its subsidiary Station Casinos LLC and a subsidiary of the San Manuel Band of Mission Indians ("San Manuel") to sell the Palms Casinos Resort for $650 million in cash, subject to customary adjustments. The transaction is subject to regulatory approvals and other customary closing conditions. Milbank LLP represented Red Rock and Deutsche Bank Securities Inc. is acting as financial advisor to Red Rock on the transaction. Latham & Watkins LLP represented San Manuel and Jefferies LLC is acting as financ...
Pro-invest Group and IHG Launch Kimpton Hotels & Restaurants in Australia With 2021 Sydney Debut
IHG Hotels & Resorts | May 4, 2021
After years of anticipation, Kimpton Hotels & Restaurants will arrive in Australia in 2021, with IHG Hotels & Resorts and Pro-invest Group planning to convert and reposition Sydney’s Primus Hotel as Kimpton Sydney. As the industry pioneer that first introduced the boutique concept in the US in 1981, Kimpton Hotels & Restaurants is renowned for its signature heartfelt service and creating guest experiences that foster genuine human connections. Today, its playful brand philosophy is celebrated worldwide, delivered through thoughtful perks and amenities, inventive meetings and events, distinctive, design-forward interiors, and ...
Hilton Signs With Shimao Group Holdings to Launch Four Luxury Hotels in China
Hilton | April 30, 2021
SHANGHAI, China and MCLEAN, Va. - Leading global hospitality company Hilton (NYSE: HLT) and Shimao Group Holdings Ltd. (Shimao) today announced the signing of a landmark agreement to launch four luxury hotels in China: Waldorf Astoria Shenzhen, Conrad Shanghai, Conrad Wuhan and Conrad Zhuhai. When they open, the hotels will mark the entry of Hilton’s iconic luxury brands, Waldorf Astoria and Conrad, in the four cities, while Conrad Shanghai takes the spotlight as the largest Conrad hotel in Asia to open, with more than 700 rooms. The multi-deal signing signals optimism from both companies on the luxury tourism outlook in China and a...
IHG Signs With Choengmon Real Estate for Kimpton Koh Samui in Thailand
IHG Hotels & Resorts | April 29, 2021
IHG Hotels & Resorts, one of the world’s leading hospitality companies, is proud to announce the expansion of Kimpton Hotels & Restaurants with the signing of Kimpton Koh Samui, the second Kimpton hotel in Thailand following the brand’s debut in October 2020. The 138-key luxury boutique beachfront property on Choengmon Beach will open later this year where guests will enjoy Kimpton’s signature heartfelt service and locally-inspired design features. A short drive to Chaweng Beach, Fisherman’s Village walking street and Koh Samui International Airport, domestic and international travellers alike will benefit from its convenie...
Hotel Investment Guide: How to Buy and Sell Hotel Real Estate?
Catherine Rey | April 28, 2021
By Catherine Rey It’s not on the average person’s to-do list to buy a hotel, or sell one, for that matter. Therefore finding trusted guidance and information on how to buy and sell hotel real estate can be difficult or outdated. Whether you’re interested in this topic because you’re doing research on how to go about buying a hotel property in the future, or whether you’re actively buying or selling a hotel at the moment and need to answer some burning questions, or you’re simply curious about the hotel real estate market and the hotel industry itself - this guide will put you on the right track. This article aims to answer t...
A Year Later, the Hotel Industry Recalibrates, Reassesses
HotStats | April 27, 2021
Just over a year after the World Health Organization declared COVID-19 a pandemic, the global hotel industry is—slowly—stirring from hibernation and seeing at least modest gains in traveler demand. The wait has been long, and it remains a work in progress. But making headway is all you can ask for after a 12-month headache. In the U.S., which saw performance calve last March, before bottoming out in April, small gains continued to be made in most key performance indicators in March 2021—though the strides only shined a light on the decrepitude that was 2020. Consider gross operating profit per available room, which was up 328.9...
Arbor Lodging Management Is Emerging Strong From Pandemic With Aptech Financial Solutions
Aptech Computer Systems Inc. | April 27, 2021
Leveraging Execuvue and Targetvue for business intelligence and budgeting and forecasting since 2020, this hotel management group is retrieving relevant data in real time and making smarter business decisions that impact its profitability and growth PITTSBURGH — April 27, 2021 — Prior to the 2020 pandemic, Arbor Lodging Management made a critical financial decision; the hotel management group operating Marriott, Hilton, Hyatt, and InterContinental Hotel Group brands partnered with Aptech, the industry standard for hospitality financial management. With 12 new hotels entering its system in January 2020, Aptech’s Execuvue business intell...
Park Hotels & Resorts Completes Sale of W New Orleans – French Quarter for $24.1M ($249K per Key)
Park Hotels & Resorts | April 26, 2021
TYSONS, Va. - April 26, 2021 - Park Hotels & Resorts Inc. today announced that it has closed on the sale of the 97-room W New Orleans – French Quarter (the “Hotel”) located in New Orleans, LA, for gross proceeds of approximately $24.1 million, or $249,000 per key. When adjusted for Park’s anticipated capital expenditures (“capex”), the sale price represents a 4.3% capitalization rate on the Hotel’s 2019 net operating income (5.8% excluding capex), or 17.9x the Hotel’s 2019 EBITDA (13.3x excluding capex). Proceeds from the sale will be used to repay debt. The sale of the Hotel marks the 25th non-core hotel that Park has...
Hard Rock Hotels® Plans Global Expansion With Eight New Properties Across Brazil
Hard Rock | April 26, 2021
HOLLYWOOD, Fla. - April 26, 2021 - Hard Rock Hotels today announced plans for development of eight hotels with approximately 3,000 rooms in several key cities throughout Brazil, including Sao Paulo, Fortaleza, Ilha de Sol, Campos do Jordão, Foz do Iguaçu, Jericoacoara, Natal and Recife. The hotel properties, developed and owned by Brazil-based real estate developer VCI S.A., will be managed by the Hard Rock Hotel brand, which is renowned for the top-notch guest experiences it provides travelers around the world. The addition of these properties under Hard Rock's diverse hospitality portfolio marks the continued international expansio...
PACE Financing on a Roll: $6 Million Loan for Kimpton La Peer Hotel in West Hollywood
David Sudeck | April 26, 2021
By Jim Butler, David Sudeck Hotel finance lawyer: PACE Financing is now mainstream Over the past five years, PACE financing has gained wider acceptance, and moved from a novel technique to a mainstream practical solution for financing. For more background on what PACE financing is, why it can be attractive, why it is becoming more popular and how JMBM’s attorneys can help, see PACE Financing – Now an accepted tool for hotel lenders and borrowers. Our lawyers are at the leading edge of this important new trend. And we think that sharing some of our client’s successes with PACE financing may help others evaluate this t...
ESJ Capital Partners to Redevelop Jungle Island, an Eco-Adventure Park in Miami
ESJ Capital Partners | April 22, 2021
MIAMI – April 22, 2021 – ESJ Capital Partners (hereinafter: ‘ESJ”), an Aventura, Florida-based commercial real estate firm and a registered Investment Advisor, has secured the final approvals necessary to move forward with developing a one-of-a-kind eco-adventure destination and hotel on 18.5 acres of prime waterfront in Miami. The $300 million project is an ambitious re-imagining of the historic “Jungle Island,” a zoological theme park and botanical gardens built in 1936 that once boasted the largest and rarest collection of exotic animals and birds. It is located on Watson Island, roughly five minutes from both downtown Miam...
Sandals Resorts International Announces Plans for Three New Hotels in Jamaica
Sandals Resorts International | April 21, 2021
MONTEGO BAY, Jamaica - April 21, 2021 - Signaling the brand's ongoing confidence in the destination, Sandals Resorts International (SRI), the Caribbean's leading luxury all-inclusive resort company, will add three new hotels to its Jamaica roster. According to SRI Executive Chairman Adam Stewart, Sandals Resorts will transform two all-inclusive resorts in Jamaica acquired last year - the former Jewel Dunn's River Beach Resort & Spa in Ocho Rios and Jewel Runaway Bay Beach Resort & Waterpark plus a prime parcel of beachfront land adjacent to the Ocho Rios resort, into three distinct experiences under the Sandals Reso...
