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
Sundance Mountain Resort Breaks Ground on The Inn at Sundance
SUNDANCE MOUNTAIN RESORT | June 14, 2024
From enhanced skier experiences to new accommodation, the next act in the Sundance story balances progress and preservation Sundance, UTAH (June 14, 2024) – Sundance Mountain Resort broke ground on the forthcoming Inn at Sundance Resort, commencing a new era for the famed property. Projected to open in 2025-26, the new 63-room, ADA-accessible inn at the resort’s base village will satisfy a long-awaited need for the renowned destination. Inn at Sundance – the flagship project of the Sundance Mountain Resort’s Act II era – continues the legacy upheld by its iconic founder Robert Redford, and its new ownership group. This next chap...
Great Wolf Lodge Celebrates “Topping Out” Milestone for Mashantucket Resort in Connecticut
Great Wolf Resorts, Inc. | June 13, 2024
The first Great Wolf Lodge in Connecticut is now accepting reservations for summer 2025. MASHANTUCKET, Conn.. – (June 13, 2024) – Great Wolf Lodge Mashantucket reached a significant milestone today as Turner Construction hoisted the final beam needed to complete vertical construction into place for the family-friendly indoor water park resort. Now, Turner, along with Neuman Pools and ID3 Group, will focus on completing the elaborately themed interior portions of the resort, including all 549-guest suites, the 91,000-square-foot indoor water park and 61,000-square-foot Great Wolf Adventure Park, along with the various eateries a...
Alternative Financing to Help Close Hotel Deals
Emil Iskandar | June 12, 2024
Like other commercial real estate (CRE) sectors, the hospitality industry has seen a drop in deal volume. The very stubborn inflation level kept benchmark lending rates elevated for most of last year, and this trend is expected to continue this year. To make matters worse, lenders—particularly local and regional banks—are facing their own issues with maintaining sufficient liquidity to make loans, as well as managing CRE concentration and sub-performing loans in their books. The pool of active hospitality lenders is arguably much smaller today, and those who are still actively lending are very selective in adding new loans to their balanc...
IHG Hotels & Resorts To Establish Its First Hawai‘i Luxury and Lifestyle Destination Under Kimpton Partnership With the Historic Coco Palms Res
IHG | June 12, 2024
ATLANTA (June 12, 2024) – Kimpton Hotels & Restaurants announced today that it is partnering with Kauai’s landmark Coco Palms Resort, establishing the first location in Hawaii for IHG Hotels & Resorts’ fast-growing luxury and lifestyle portfolio. Following a historically sensitive restoration of the iconic property, Coco Palms, A Kimpton Resort, will once again become an inspiring tropical retreat for travelers and the Kaua‘i community to explore all the expansive experiences the destination has to offer. The transformed resort is anticipated to open in 2026. Idyllically located amidst breathtaking natural surroundings in t...
IHG Signs With Siddhya Hotels & Resorts to Develop Holiday Inn Resort Kufri
IHG | June 11, 2024
The new-build resort situated in the Shimla district will open its doors to guests in 2026 Destination shot 11, June 2024, National: IHG® Hotels & Resorts, one of the world’s leading hotel companies, has announced the signing of a management agreement with Siddhya Hotels & Resorts Pvt Ltd. for the development of Holiday Inn Resort Kufri. Set to open in 2026, the signing aligns with IHG’s expansion strategy in India and build on its commitment to provide diverse and exceptional hospitality experiences across leisure destinations in the country. Holiday Inn is one of the most loved and recognized h...
Virgin Hotels & Resorts Applauds Trio of Financial Management Solutions Supporting Its Growth
Aptech | June 11, 2024
Named among hospitality’s ‘Best Finance & Accounting Software’ 2024, Aptech’s enterprise accounting, business intelligence, and targeting/forecasting technologies is enabling the six-year young brand to share data and streamline efficiencies across its development pipeline; Visit Aptech at HITEC Charlotte June 24-27 in Booth #2644 PITTSBURGH, June 11, 2024 — Formed to shake up the hotel industry, Virgin Hotels, a luxury lifestyle brand, is on a fast track for growth. Its properties in Chicago, Dallas, Las Vegas, Nashville, New Orleans, and New York each opened with a trio of Aptech financial management solutions, and hote...
Accor Signs With Naia Developments for Two Swissôtel Properties in Ras El Hekma
ACCOR | June 10, 2024
Set to open in Q3 2027, Swissôtel Ras El Hekma and Swissôtel Residences Ras El Hekma will offer 250 keys and 100 branded residences. Accor, a world-leading hospitality group, has signed a milestone agreement with Naia Developments to develop two Swissôtel addresses, marking the brand’s debut on Egypt’s Mediterranean coast in Ras El Hekma. The partnership agreement will see Accor operate Swissôtel Ras El Hekma and Swissôtel Residences Ras El Hekma, both of which are set to open in Q3 2027, strengthening Accor’s presence on the North Coast of Egypt. Boasting a prime seafront location, Swissôtel Ras El Hekma and Swissôt...
Sam Nazarian’s sbe Unveil First Sites for Project HQ in Montreux, Switzerland and Detroit, Michigan
sbe | June 6, 2024
Well Poised for Continued Domestic and International Expansion, Project HQ Has 15+ Additional Hotels Under Discussion With Applications in Both Adaptive Reuse and Conversion Developments LionGrove Has Committed to Building 10 HQ Hotels Across the Caribbean and Along the Sun Belt of the US sbe Announces a $50MM Key Money & Sliver Equity Fund for HQ Hotels that will Propel Its Growth and Further Expansion sbe Announces the Expansion of its Hotel Platform Leadership Team with the Addition of Over 15 Highly Experienced Industry Veterans from Around the Globe LOS ANGELES, June 6, 2024 -- Project HQ Hotels & Residences, led by Sam N...
Everhome Suites Expands in the Northeast With Three New Groundbreakings in New Hampshire, New Jersey, and New York
Everhome Suites®: Closer to Home | June 6, 2024
Choice Hotels continues to strengthen its leadership position in extended stay with Everhome Suites' growth NORTH BETHESDA, Md., June 6, 2024 -- Choice Hotels International, Inc. (NYSE: CHH), one of the world's largest lodging franchisors, continues to expand its Everhome Suites brand with recent groundbreakings in Portsmouth, New Hampshire; Rochester, New York; and Somerset, New Jersey, developed in collaboration with Highside Companies. The extended stay demand fundamentals make these locations an ideal fit for the Everhome Suites midscale brand, catering to both business and leisure travelers. Within the category, Choice has nearly ...
Playa Hotels & Resorts and Marriott Sign Agreement to Open Paraiso de la Bonita, a Luxury Collection Adult All-Inclusive Resort, Riviera Maya
Playa Hotels & Resorts N.V. | June 6, 2024
Anticipated to open in late 2024, the property will undergo a conversion process before bringing The Luxury Collection brand to the Mexican Caribbean Ft. Lauderdale, Fla. (June 6, 2024) – Playa Hotels & Resorts, owner and operator of all-inclusive resorts in Mexico, Jamaica, and Dominican Republic, is pleased to announce an agreement with Marriott International Inc. to expand The Luxury Collection brand in the Mexican Caribbean with Paraiso de la Bonita, a Luxury Collection Adult All-Inclusive Resort, Riviera Maya. Set to open in late 2024, the resort will be situated on 14 acres of lush natural landscape, nestled between a mangrov...
IHG Signs With AXA IM Alts for Return of Holiday Inn to Kyoto
IHG | June 5, 2024
Japan’s first Holiday Inn opened in Kyoto in 1973, so the opening heralds a return to the brand’s roots in Japan Holiday Inn Kyoto Gojo will be the eleventh hotel under the Holiday Inn brand family in Japan The project is IHG’s second agreement with AXA IM Alts With more than 4,300 open worldwide, Holiday Inn is the world’s largest hotel brand family Tokyo, 5 June, 2024: IHG Hotels & Resorts (IHG) today announced that it has signed a management agreement with AXA IM Alts to open Holiday Inn Kyoto Gojo by early 2025. The opening heralds the return to the brand’s roots in Japan, with the first Holiday Inn openin...
Brandt Hospitality Group Getting Great Results From Accounting Software Partner
Aptech | June 5, 2024
The tech-savvy third-party hotel management and ownership company calls Aptech’s PVNG Enterprise Accounting Solution ‘user friendly’ and ‘intuitive’ and says support is ‘best in the industry’; Visit Aptech at HITEC Charlotte June 24-27 in Booth #2644 PITTSBURGH, June 5, 2024 — Brandt Hospitality Group, a third-party hotel management company based in Fargo, N.D., is always looking to be more efficient and keep its overhead costs low. With 17 hotels and 10 different brands in its growing portfolio and ownership in most properties, the operation’s team set out to find a scalable accounting system to deliver on the expectat...
Hard Rock International Announces REVERB by Hard Rock Scottsdale Development To Open in 2026
Hard Rock | June 4, 2024
SCOTTSDALE, Ariz., June 4, 2024 -- Today, Hard Rock International announced development plans for REVERB by Hard Rock Scottsdale, a music-themed hospitality experience featuring entertainment and outdoor spaces, 195 hotel rooms, an outdoor pool, a rooftop bar and more. The $60 million project in partnership with ERES Capital is expected to open in late spring / early summer 2026, anchoring The Sydney, a mixed-use entertainment-focused development in the heart of Scottsdale's 101 Entertainment Corridor. REVERB by Hard Rock Scottsdale will be a contemporary hotel connecting today's traveler through music, local culture and events. W...
Resurgence in Full-Service Projects in the Global Construction Pipeline at Q1 2024
Lodging Econometrics | May 31, 2024
The Q1 2024 Global Hotel Construction Pipeline Trend Report from Lodging Econometrics (LE) reveals that the total global pipeline hit an all-time high for room counts and highlights a significant increase in full-service projects at the close of the first quarter. LE analysts report that, at Q1, the total global pipeline stands at 15,366 projects/2,382,195 rooms, a 6% increase in projects, and a 3% increase in rooms year-over-year (YOY). There are 6,195 projects/1,101,602 rooms currently under construction worldwide at Q1. Projects scheduled to start construction in the next 12 months stand at 3,840 projects/528,251 rooms, for an 8% incre...
The Hoxton To Open in Florence Later This Year
The Hoxton | May 31, 2024
Returning to Italy, The Hoxton’s expansion continues with Florence set to open later this year. Bringing new energy to the city and marking a new chapter for the late-Renaissance palazzo it inhabits, the hotel will have 161 bedrooms including a 3-bedroom house, spacious lobby, an Italian Riviera-inspired restaurant, sprawling courtyard, cosy late night wine bar, and dedicated event spaces. Located in the historical centre of Florence, The Hoxton is surrounded by cobblestone streets filled with galleries, boutique and bakeries. Florence’s world-famous landmarks such as the Duomo and Uffizi Gallery are within walking distance, and Fortezza ...
Six Pitfalls for Full-Service Hotel Development
Dan Voellm | May 30, 2024
By Dan Voellm Part 1: Two pitfalls for full-service hotel development Hotel development is a complex undertaking. It requires little of the skills to operate and monetize the asset. Owners and architects are often ill-equipped to measure up the requirements for running a successful hotel a few years down the road. While certain industry trends exist, fundamentals still need to be observed. Words of caution for those attached to specific brands or roles a hotel is meant to fulfill – in today’s world of hyper-efficiencies it is becoming more difficult to provide everything for everyone. Or specifically: provide a comprehensive range of s...
A Closer Look at Hotel Interest Rates: Past and Future
Dan P. McCoy | May 30, 2024
By Daniel P. McCoy Over the past couple of months, it has become increasingly clear that interest rates for hotel financing, and just about everything else, may stay higher for longer. As markets adjust to this expectation, many investors are realizing that they may not be able to delay deals until rates drop back down to so-called “normal” levels. There is mounting pressure for financing decisions that will need to be made in the coming months. In this article, we have compiled and analyzed historical hotel interest rate data, as well as indications from the Federal Open Markets Committee (FOMC or “Fed”) on the anticipated direc...
IHG Partners With SM Group to Bring First voco Hotel to Fujian Greater China
IHG | May 30, 2024
May 30, 2024, Xiamen: IHG Hotels & Resorts (IHG) announced a new partnership with SM Group to develop the first voco™ hotel in Fujian province – voco Xiamen SM city. Scheduled to open in the second half of 2025, this hotel will be nestled within the core area of Xiamen at SM Xiamen complex. This signing resonates with Greater China's national strategy to develop Fujian, enhancing IHG’s presence in southeastern region markets and further emphasizing its long-term commitment to the Greater China market. With the rapid development of tourism industry, Greater China enjoys the largest domestic tourism market and emerges as a glo...
Hyatt and Kiraku Announce Plans for New Luxury Hot Spring Ryokan Brand ATONA in Locations Across Japan in 2026
ATONA | May 29, 2024
The first round of funding secured 10 billion yen for the Atona Impact Fund CHICAGO/TOKYO (May 29, 2024) – Hyatt Hotels Corporation (NYSE: H) and Kiraku, Inc. (“Kiraku”) today announced that ATONA, the modern hot spring ryokan (Japanese-style inn) brand, will open properties in Yufu, Yakushima, and Hakone. The ATONA brand was announced in 2022 under a joint venture between a Hyatt affiliate and Kiraku, a Japanese company dedicated to preserving valuable assets for future generations. The first ATONA ryokans are slated to open in 2026 across some of Japan’s top hot spring destinations and areas of natural beauty. Hyatt and Ki...
IHG Signs With GPKP to Develop Holiday Inn Prayagraj in Uttar Pradesh
IHG | May 29, 2024
The new hotel is set to open in 2025, bringing world-class hospitality to the city 29th May, 2024, National: IHG® Hotels & Resorts, one of the world’s leading hotel companies, has signed a management agreement with GPKP to develop Holiday Inn Prayagraj, in Uttar Pradesh. Scheduled to open in 2025, the signing underscores IHG's commitment to expanding its footprint across key secondary markets within India. Holiday Inn is one of the most loved and recognized hotel brands in the world with over 70 years of history. Deeply rooted in family and business travel, Holiday Inn has a vision to provide a quality, consistent and authe...
BWH Hotels Prioritizes Growth in the Middle East
BWH Hotels | May 29, 2024
Phoenix, Arizona (May 29, 2024) – BWHHotels (BWH) announces plans for significant growth of its portfolio in the Middle East in 2024 and beyond. On the heels of a successful appearance at the Arabian Travel Market in Dubai, which saw BWH execute signings of brand-new management deals in Saudi Arabia, BWH will soon bring eight new hotels and one new branded residence in the region into its portfolio of brands, with other development prospects in the works. BWH is demonstrating its commitment to growth in the Middle East with these new signings and associated management agreements. The new additions will feature its “core” brands as we...
IHG Hotels & Resorts Strengthens Portfolio in Egypt With Two New Crowne Plaza Signings
IHG | May 28, 2024
The dual signing sees the expansion of IHG’s premium brand in Egypt and introduces the Crowne Plaza brand to Cairo’s New Administrative Capital Cairo, Egypt – 28 May 2024: IHG® Hotels & Resorts, one of the world’s leading hotel companies, has signed a management agreement with Urbnlanes Development to bring two new Crowne Plaza hotels to Egypt. The dual signings will see the introduction of Crowne Plaza Cairo New Administrative Capital and the Crowne Plaza New Cairo Yellow. Set to open in 2028, both new Crowne Plaza hotels promise a unique blend of premium hospitality and convenience for guests. True to the Crowne Plaz...
Wall of U.S. Hotel Debt Maturities To Catalyze Transactions
JLL | May 28, 2024
With the amount of maturing debt in critical stress expected to decline over the next few years, the opportunity to invest in the dislocation is now $5.8 billion of U.S. hotel single-asset securitized loans, including CMBS and CRE CLOs are coming due for maturity in 2024. Despite the U.S. hotel industry demonstrating strong RevPAR performance, there are multiple headwinds that could impede the refinancing of these securitized loans and compel owners to transact instead. These headwinds include the lagging profitability of U.S. hotels, persistently high interest rates, and historically high costs of property insurance. As such, if the loom...
TFE’s Australian Hospitality Brand, A by Adina, To Make European Debut in 2025
A BY ADINA | May 28, 2024
VIENNA: Three years after TFE’s homegrown A by Adina made its debut in Australia, TFE Hotels has announced the premium brand will head offshore with the opening of A by Adina Vienna Danube in Austria in 2025. The international announcement comes as TFE’s Joint Venture Partner, TOGA Group, marks another A by Adina milestone closer to home, with NSW Government approval now confirmed for construction to commence on the 204-key A by Adina Sydney Central, which is part of Australia’s biggest innovation district, Tech Central. TFE Hotels CEO, Antony Ritch, said the A by Adina brand would be moving into a riverfront precinct that was settin...
