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
Marriott International Signs Agreement With Grupo Hoteles Panamericano to Bring the Sheraton Hotels Brand to Patagonia Region
Marriott International, Inc. | December 15, 2020
Marriott International announced today that is has signed an agreement with Grupo Hoteles Panamericano to bring the iconic Sheraton Hotels brand to Bariloche, a major tourism center located in the foothills of the Argentinean Andes. Slated to debut in January 2022, the property is expected to feature 161 rooms after undergoing an extensive conversion. Located in Bariloche’s city center atop an elevation with outstanding views to the Nahuel Huapi Lake, Sheraton Bariloche, currently branded as Hotel Panamericano Bariloche, is situated just steps from San Martín street- the destination’s buzzing entertainment center featuring a broad sel...
What Exactly Are Owners Looking for From Their GM’s When It Comes to the Operational Finances?
David Lund | December 14, 2020
The Slick Talk Interview - David Lund & Interviewing for Financial Success for Your Hotel In this hard hitting interview you will learn what to tell your owner about how you're going to successfully manage their asset. What are the leadership strategies you will use to generate a superior return on their investment? How will you show up as the number one and instill confidence and lead your team around the money piece? If you're looking for the silver lining in all that is Covid in the hotel industry right now and getting your aspiring career back on track, then you are not going to want to miss this one....
Hyatt Grows Boundless Portfolio of Lifestyle Brands in the Americas With New Hotel Openings and Strong Development Pipeline Slated Through 2021
Hyatt Hotels Corporation | December 11, 2020
CHICAGO-- December 11, 2020--Hyatt Hotels Corporation (NYSE: H) announced today mindful growth of the Alila, Hyatt Centric and Thompson Hotels brands with nearly 20 new hotels that have opened in 2020 and hotels planned to open in the Americas through 2021. This strong growth is fueled by Hyatt’s 2018 acquisition of Two Roads Hospitality and Hyatt’s commitment to growing with intent and offering compelling experiences and benefits for guests and World of Hyatt members. Hyatt’s boundless portfolio – which also includes the Andaz and Caption by Hyatt hotel brands – provides guests opportunities to immerse themselves in distinctive...
New Boutique Hotel Brand Vib® Breaks Ground in Tempe, Arizona
Best Western Hotels & Resorts | December 10, 2020
Tempe, Arizona (December 10, 2020) – Best Western® Hotels & Resorts (BWHR) today announces the groundbreaking of its urban, upscale boutique brand, Vīb, in Tempe, Arizona. Vīb currently boasts 16 properties in the global pipeline, and Vīb Tempe will be joining locations in Springfield, Missouri; Bangkok, Thailand and Antalya, Turkey. Located at 511 South Farmer Avenue, the 102-room Vīb Tempe will serve as BWHR’s corporate hotel, giving the global hospitality company a bigger footprint in its home state of Arizona. BWHR has been located in Arizona since 1966 with its Phoenix-based corporate office serving as the global headquart...
Kimpton Hotels & Restaurants Launches Development of the Kimpton in Midtown in Atlanta, Georgia
Kimpton Hotels & Restaurants | December 10, 2020
SAN FRANCISCO (December 10, 2020) – Today Kimpton Hotels & Restaurants announces construction for its third boutique hotel in Atlanta, scheduled to open in 2022. As part of the planned landmark Midtown Union complex, the new 230-room hotel will offer a ground-level chef-driven restaurant and bar, a second-story bar and lounge and 5,400 square feet of meetings and events space. Located in the Arts Center of Midtown at 17th Street and West Peachtree Street, the Kimpton in Midtown will bring in much of the neighborhood’s vibrant arts and culture scene to its own innovative exterior and interior design to become a beacon for local and ...
Sunstone Hotel Investors Completes Sale of 502-Room Renaissance Los Angeles Airport for $91.5 Million
Sunstone Hotel Investors, Inc. | December 9, 2020
IRVINE, Calif., Dec. 9, 2020 -- Sunstone Hotel Investors, Inc. (the "Company" or "Sunstone") (NYSE: SHO), the owner of Long-Term Relevant Real Estate® in the hospitality sector, today announced the sale of the 502-room Renaissance Los Angeles Airport for a gross sale price of $91.5 million, or approximately $182,300 per key. The sale price represents a 12.2x multiple on 2019 Hotel Adjusted EBITDAre and a 6.8% capitalization rate on 2019 Hotel Net Operating Income. The disposition of the hotel furthers the Company's strategy of concentrating its portfolio into Long-Term Relevant Real Estate® and further enhances the Company's liqu...
Marriott to Debut First AC Hotel in the Dominican Republic With 2021 Opening of AC Punta Cana
AC Hotels | December 8, 2020
MIAMI, Dec. 8, 2020 -- The world's largest hotel chain, Marriott, together with investment firm EGI Business Group, adds to its growing portfolio in Latin America with the introduction of AC Punta Cana in the Spring of 2021. The property will be the first project from EGI Business Group in the Caribbean, the first AC Hotel in the Dominican Republic, and will be managed by Highgate. Tackling a growing trend in travel that combines business with leisure, this 129-room property will enhance the brand's signature take on precision and attention to detail to cater to the demands of essentialists who live by design and wish to make th...
Improving the Hotel Bottom-Line Begins With Knowing How to Read a P&L
HotStats | December 7, 2020
By Aggie Wojciechowska "Here's the bottom line..." It's a familiar turn of phrase that is succeeded by the speaker getting to the sum or crux of the issue—the overarching point. In running a hotel, getting to the bottom line means getting to what matters: profit. In order to arrive at that point, there are many inputs, both revenue and expense related, which mingle together to produce an outcome. The telling of that dance is recorded in the profit and loss statement (P&L), a signpost that records the story, of which the bottom line is the finale. How to read the story is the first step toward financial success. The P&L (al...
AMJ Group Plans First Hyatt-Branded Hotel in Gainesville, Florida
Hyatt Place | December 7, 2020
GAINESVILLE, Fla. (December 7, 2020) – AMJ Group today announced plans to develop the first Hyatt-branded hotel in Gainesville, Hyatt Place Gainesville Downtown. Expected to open in spring 2022, Hyatt Place Gainesville Downtown will bring the brand’s intuitive design, inspired by Gainesville’s uniquely creative and artistic culture, casual atmosphere and practical amenities, such as free Wi-Fi and 24-hour food offerings, to downtown Gainesville, adding to the historic neighborhood. With 145 guestrooms, a second-floor elevated pool, market, lounge, restaurant and 1,800 square feet of meeting space, Hyatt Place Gainesville Downtown wi...
IHG Signs With Siamese Asset to Bring Crowne Plaza to Bangkok
IHG | December 3, 2020
Franchise agreement signed with long-term partner for Crowne Plaza Bangkok Rama 9 InterContinental Hotels Group (IHG®) has signed a landmark franchise agreement with real estate experts, Siamese Asset to expand its world-renowned Crowne Plaza brand in Bangkok. The new Crowne Plaza Bangkok Rama 9 hotel will open in 2025in a prime city location, close to the Thai capital’s new central business district. The announcement signals the first time IHG has completed a franchise agreement in Thailand, as they expand their relationship with long-term partner Kew Green, a franchisee of more than 40 hotels in the UK. Kew Gree...
Edwardian Hotels London Plans April 2021 Opening of The Londoner
Edwardian Hotels London | December 3, 2020
December 3 2020 - As some of the most prolific players in the London hospitality scene, Edwardian Hotels London has not slowed in their quest to launch The Londoner, at a time when the industry needs it most. Taking center stage on Leicester Square, The Londoner will welcome arrivals from April 2021, not only placing guests in the world’s first super boutique hotel, but also at the heart of the West End theatreland. Boutique in feeling yet staggering in scale, The Londoner is set to transform the city’s hotel landscape. In excess of £300 million of investment towards the group’s most ambitious project to date, Edwardian Hotels London ...
Hilton Plans Three New Hotels in Portugal
Hilton | December 2, 2020
LISBON and MACLEAN, Va. - Hilton (NYSE: HLT) today announced plans to double its portfolio in Portugal with agreements to open three new hotels, representing a combined investment of around EUR 60 million. The additions of Hilton Porto Gaia, Legacy Hotel Cascais, Curio Collection by Hilton and DoubleTree by Hilton Lagoa Azores mark a significant milestone for Hilton and underscore the company’s confidence in the Portuguese market. Patrick Fitzgibbon, Senior Vice President, Development, EMEA, Hilton, said: “With more than 24 million visitors last year, Portugal is perfectly positioned to capture pent-up consumer demand as internation...
Hyatt Signs With Olympus Property Holding Affiliate to Develop Hyatt Regency London Olympia
Hyatt Regency | December 1, 2020
Situated in a new development in West London, Hyatt Regency London Olympia will mark the second Hyatt Regency hotel in the capital LONDON (December 1, 2020) – Hyatt announced today that a Hyatt affiliate has entered into a management agreement with an affiliate of Olympus Property Holding Limited to develop a new Hyatt Regency hotel in London. The 196-room hotel is slated to open in 2024 and will mark the eighth Hyatt-branded property and the second Hyatt Regency hotel in London. Hyatt Regency London Olympia will add to the current portfolio of Hyatt Regency hotels in the United Kingdom, joining Hyatt Regency Birmingham, Hyatt Regen...
The Asia Pacific Construction Pipeline, Excluding China, Remains Steady Year-Over-Year
Lodging Econometrics (LE) | December 1, 2020
December 1, 2020 – PORTSMOUTH, NH – According to the recent Asia Pacific, excluding China, Hotel Construction Pipeline Trend Report from Lodging Econometrics (LE), Asia Pacific’s total construction pipeline, excluding China, remained steady year-over-year (YOY) to end the third quarter of 2020 at 1,820 projects/385,194 rooms, up 2% by projects and down slightly by 1% by rooms YOY. While coronavirus cases surge again across Europe and the United States, the Asia Pacific region has been one of the few regions of the world to successfully control the spread of COVID-19. This has allowed for hotel construction to continue throughout the ...
Austin to Experience a 10% Increase in Hotel Room Supply Over the Next 12 Months
HotelMarketData | December 1, 2020
HotelMarketData (HMD) Index indicates over 4,000 new hotel rooms under construction to become available in the Austin region by the end of Q4 2021 01-December-2020 – Chicago, IL – Austin, Texas anticipates a 10% increase in the supply of hotel rooms by the end of the fourth quarter of 2021. The total supply will increase from 40,676 currently available to over 44,790 available rooms as 26 hotels are slated to open in the Austin region over the next 12 months. According to the HMD Index, which provides real-time supply and construction pipeline data for the US hotel industry, the supply of luxury rooms within Austin is expected to ...
Wyndham Hotels & Resorts Plans First Wyndham Grand Property in Australia
Wyndham Hotels & Resorts | November 30, 2020
SINGAPORE (November 30, 2020) –Wyndham Hotels & Resorts, the world’s largest hotel franchising company with approximately 9,000 properties across 90 countries, is ramping up its plans for expansion in Australia with the announcement of Wyndham Grand® Adelaide, a major new landmark that will become one of the tallest hotels in South Australia and the first Wyndham Grand hotel for the country when it opens in 2024. Wyndham Grand Adelaide will rise 120 meters from King William Street in Adelaide’s Central Business District, becoming a new icon for the city. The estimated AUD150 million skyscraper is being developed by Equinox Propert...
Hospitality Financial Leadership: A Bit About “You Sally”
David Lund | November 30, 2020
By David Lund By someone’s estimate there are roughly one million hotels in the world. I take it that number includes all the different kinds of hotels from small inns and hostels all the way up to your full-service multi-outlet mega hotel operations. For simple math I am going to estimate that half of this number of hotels fall into the small inns and hostels, and that leaves 500,000 of what I’m going to call real hotels. Of those 500,000 I am willing to bet that 50 percent do not know about or use “You Sally.” If we ramp that number up by multiplying the 250,000 real hotels by the average number of department managers, GMs and...
Developer R&F UK and Hyatt Plan for Park Hyatt London River Thames at Nine Elms
Park Hyatt | November 25, 2020
CHICAGO --Hyatt Hotels Corporation (NYSE:H) announced today that a Hyatt affiliate has entered into management agreement with R&F UK for a new Hyatt-branded hotel in London. The 203-room Park Hyatt London River Thames is expected to open in 2022 and will be located within R&F UK’s Nine Elms development on the south bank of the river. The addition of the hotel to the U.K. market signifies Hyatt’s continued brand growth into Europe’s leading cities. “The addition of the Park Hyatt brand to London is a key milestone for Hyatt,” said Felicity Black-Roberts, vice president of development Europe, Hyatt. “It has always been a...
Wyndham Hotels & Resorts Begins Development of the Wyndham Grand Adelaide in Australia
Wyndham Grand | November 25, 2020
PARSIPPANY, N.J. (November 25, 2020) – Wyndham Hotels & Resorts, the world’s largest hotel franchising company with approximately 9,000 properties across 90 countries, is ramping up its plans for expansion in Australia with the announcement of Wyndham Grand® Adelaide, a major new landmark that will become one of the tallest hotels in South Australia and the first Wyndham Grand hotel for the country when it opens in 2024. Wyndham Grand Adelaide will rise 120 meters from King William Street in Adelaide’s Central Business District, becoming a new icon for the city. The estimated AUD150 million skyscraper is being developed by Equin...
Marriott International Signs Agreement With Magellan Development Group to Open the St. Regis Chicago and the Residences at the St. Regis Chicago in Il
Marriott International | November 25, 2020
Marriott International, Inc. today announced it has signed an agreement with Magellan Development Group to introduce its iconic St. Regis Hotels & Resorts brand to Chicago. The project is anticipated to include 191 hotel rooms – including 33 spacious suites – and 393 branded residences within the 101-story building. Previously under construction as the luxury Wanda Vista Hotel and Vista Tower, the property is being rebranded as the St. Regis Chicago and the Residences at the St. Regis Chicago. Expected to welcome its first residents in December 2020 and hotel guests by July 2021, the project will serve as a key property in the neighb...
Access Point Financial Provides FF&E Financing for Aloft Omaha Aksarben Village
Access Point Financial | November 23, 2020
Recognized leader in hospitality-focused lending closes loan for the property’s furniture, fixtures, and equipment during construction OMAHA, Neb. - November 23, 2020 – Access Point Financial, LLC (APF), a leading direct lender and specialty finance company focused exclusively on the hospitality industry, today announced the completion of an agreement with Center 60 Hospitality to finance the furniture, fixtures and equipment at the recently built Aloft Omaha Aksarben Village in Omaha, Nebraska. Center 60 Hospitality sourced Access Point Financial to secure a $450,000 loan to finance the hotel's furniture, fixtures, and equipme...
The University of Chicago Announces Newest Addition to South Side Campus: The David Rubenstein Forum Now Open for Booking
BENCHMARK® | November 19, 2020
The Forum Joins Portfolio of BENCHMARK®, a global hospitality company (Chicago, IL) November 19, 2020 -- The University of Chicago proudly announces that the David Rubenstein Forum, an innovative new meeting facility on its iconic South Side campus, is now open for booking. The Forum provides a dynamic convening hub for the kind of rigorous inquiry, vigorous debate, and academic collaboration that defines the University of Chicago, and makes it a destination for scholars, students, thought leaders and dignitaries from around the world. The building, designed by the acclaimed New York architecture firm of Diller Scofidio + Renfro and t...
Paramount Capital Advisors Secures $9.2MM Loan for Hotel Development
Paramount Capital Advisors | November 17, 2020
Paramount Capital Advisors is pleased to announce the closing of a $9,200,000 construction loan for the development of the 135 room Hampton Inn and Suites in Goddard, Kansas. The Property will be part of the Genesis Sports Complex, which when complete, will consist of 10 baseball fields hosting baseball and softball tournaments, an Aquatic Facility which will include pools for competition, as well as a water park, surfing machine, lazy river plus a 12,000 sq. ft. Health Club. The loan represents approximately 50% of the total cost of the project. The three-year construction loan was priced at a spread of 350 basis points over a Libor floor...
Access Point Financial Secures $8.85 Million to Refinance the Grand Rapids’ Delta Hotel by Marriott
Access Point Financial | November 16, 2020
Recognized leader in hospitality-focused lending completes full loan funding for Grand Rapids’ Delta by Marriott airport hotel ATLANTA - November 16, 2020 – Access Point Financial, LLC (APF), a leading direct lender and specialty finance company focused exclusively on the hospitality industry, today announced the completion of an agreement with Lodging Opportunity Fund REIT to refinance the Delta by Marriott in Grand Rapids, Michigan. As part of the deal, Access Point Financial secured $8.85 million for the Delta by Marriott Grand Rapids Airport property. Lodging Opportunity Fund REIT approached Access Point Financial to provide th...
