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
RLJ Lodging Trust Completes Sale of Kingston Plantation for $156 Million ($244K/Key)
RLJ Lodging Trust | July 2, 2019
BETHESDA, Md. -- RLJ Lodging Trust (the “Company”) (NYSE: RLJ) today announced that the Company sold two hotels located in Myrtle Beach consisting of the 385-room Hilton Myrtle Beach Resort and 255-room Embassy Suites by Hilton Myrtle Beach Oceanfront Resort (“Kingston Plantation”) for $156.0 million or approximately $244,000 per key. “We are pleased with the solid execution and attractive multiple generated by the sale of these two beachfront hotels,” commented Leslie D. Hale, President and Chief Executive Officer. “This transaction is a continuation of our strategic efforts to sell non-core hotels and recycle capital into m...
Gehr Hospitality Acquires the 129-Room Hyatt Place, King of Prussia
Gehr Hospitality | July 2, 2019
LOS ANGELES -- Gehr Hospitality, a division of The Gehr Group (www.Gehr.com), announced the acquisition of the 129-room Hyatt Place, located in King of Prussia, PA, through a joint venture with Oakhurst Advisors, LLC. The acquisition was financed by Wells Fargo, and The Plascencia Group represented the seller. Ms. Thuong Luong and Ms. Molly Caccamo of Gehr Hospitality led the transaction on behalf of the Company. We like the Philadelphia market, and in particular the local demand generators in the King of Prussia sub-market,” said David Lifschitz, President and CEO of The Gehr Group, “and we welcome the addition of this property to our...
Renaissance New York Chelsea Coming to Manhattan Fall 2019
Renaissance Hotels | July 1, 2019
NEW YORK (July 1, 2019) - Come Fall 2019, Renaissance New York Chelsea Hotel will officially open its doors as one of the tallest properties in Manhattan’s enchanting Flower District rising 430-feet-high. Located on the site of the former Antique Garage, a beloved indoor flea market, the impeccably appointed hotel is set to become the Chelsea neighborhood’s prime address. “This project brings together the past and present of Chelsea,” said General Manager of Renaissance New York Chelsea Hotel Chris Rynkar. “Not only will guests experience the heart of the neighborhood, from the ground level to the skyline, every detail intentiona...
What Is “Hospitality Financial Leadership Anyway?”
David Lund | July 1, 2019
By David Lund This is a question I have been asked many times. Exactly what is financial leadership and why hospitality? Finding the three words together “HFL” in a sentence three years ago was not possible. I know because I tried to google them and came up with a bunch of leadership consultants and courses. Even the words “financial leadership” revealed surprisingly little. Some tidbits about CEO’s and their role but nothing any broader. Financial leadership is in my opinion the cornerstone of any manager, executive or leader’s business acumen. It enables the individual to see the importance of being plugged into the strate...
IHG Signs With Quality Group and Sunnyseeker Hotels for Hotel Indigo® Cyprus – Larnaca
IHG | July 1, 2019
IHG® (InterContinental Hotels Group), one of the world’s leading hotel companies, has today announced the signing of Hotel Indigo® Cyprus - Larnaca. Set to open at the end of 2019, the hotel is signed under a franchise agreement with Quality Group and Sunnyseeker Hotels, a rapidly expanding hotel management company which is currently operating a number of hotels across the country, and under the ownership of Quality Group, one of the premier property development companies in Cyprus. The Hotel Indigo® Cyprus Larnaca will be located in one of the best historic areas of Larnaca close to the city centre and airport, which is the largest i...
The Lost Stone Villas & Spa Joins The Unbound Collection by Hyatt
The Unbound Collection by Hyatt | July 1, 2019
CHICAGO -- Hyatt Hotels Corporation (NYSE: H) announced today that The Lost Stone Villas & Spa officially joined The Unbound Collection by Hyatt in Tengchong, Yunnan Province of Southwest China, marking the second property under The Unbound Collection by Hyatt in Greater China. The resort, built using six types of natural stone used throughout the property’s paths, walls and roof of the buildings, received its namesake as it blends seamlessly into the nearby mountains, almost appearing lost in nature. “We are pleased to expand The Unbound Collection by Hyatt brand in China with The Lost Stone, an all-villa resort, located near the ...
Hotel Market in Grand Rapids Continues to Boom
Joseph Pierce, MAI | July 1, 2019
By Joseph Pierce, MAI Michigan’s economy is growing again, and Grand Rapids is leading the way. Since 2009, Grand Rapids has had the fastest growing regional economy in the state, increasing 29.2% to $58 billion, according to Michigan-based Bridge Magazine. The Metro Grand Rapids area has also been recognized as one of the fastest growing economies in the country. Headlight Data ranked Grand Rapids the 7th fastest growing economy in the U.S., based on Gross Regional Product (GRP) over the previous five years. All of this is good news for the thriving Grand Rapids hotel market. According to Experience Grand Rapids, the area’s officia...
Simon and Norwich Partners Breaks Ground on AC Hotel by Marriott at South Florida’s Sawgrass Mills
Sawgrass Mills | June 26, 2019
SUNRISE, Fla., June 26, 2019 -- Simon®, a global leader in premier shopping, dining, entertainment and mixed-use destinations today announced it has commenced construction to bring the AC Hotel by Marriott brand to Sawgrass Mills, the largest outlet and value retail shopping destination in the United States. The 174-room hotel is expected to open in late 2020 – a timeframe that would coincide with the shopping center's 30th anniversary. Plans for the eight-story hotel, which is being developed with Norwich Partners, call for modern guest rooms and public spaces designed with sleek furnishings, an open closet system, and elegant art and ...
MCR Acquires Residence Inn By Marriott Albuquerque Airport
MCR | June 26, 2019
NEW YORK / JUNE 26, 2019 - Hot! Hot! Hot! MCR, the sixth-largest hotel owner-operator in the United States, has acquired the 110-room Residence Inn by Marriott Albuquerque Airport. Just 5 miles southeast of downtown, the property is close to many of the city’s sizzling destinations for work and play. New Mexico is known for its Hatch chiles: the carne adovada, a slow-cooked pork dish in red chile sauce, is legendary at Albuquerque’s Mary & Tito’s Café, though you’ll even find green chiles at McDonald’s! Yet these days what’s heating up the Duke City is the arrival of tech companies. Netflix recently purchased ABQ Studios, ...
Radisson Hotel Group Partners With One Pro Investments for Restoration of Australia’s Imperial Hotel
Radisson Hotel Group | June 26, 2019
Radisson Hotel Group™ is proud to announce the signing of the Asia Pacific region’s inaugural Radisson Collection hotel, to be located in Australia’s alluring Blue Mountains. Scheduled to open in 2023, Imperial Hotel, A Radisson Collection Hotel will mark the rebirth of one of Australia’s first great “tourist hotels”, which opened in 1878 and has hosted Prime Ministers and royalty, including King George V and George VI. It remains an iconic building today and the symbol of a prosperous era in Mount Victoria. The original Imperial Hotel building will now be restored to its former glory and a collection of stylish chalets will...
The Venetian Macao and The Parisian Macao Will Become InterContinental Alliance Resorts Through IHG and Sands China Partnership
IHG | June 25, 2019
IHG®, one of the world’s leading hotel companies, and Sands China, Ltd. announced today that The Venetian Macao and The Parisian Macao will become InterContinental Alliance Resorts beginning today. In addition, The Londoner Hotel in Macao will join the alliance when it opens in 2020 following the renovation of the current Holiday Inn Macao Cotai Central. IHG and The Venetian Resort Las Vegas also announced the long-term extension of their alliance. The partnership extends through to 2027 at all five properties. InterContinental Alliance Resorts partners with world-renowned hotel operators in landmark locations to bring luxury resorts to...
Pebblebrook Hotel Trust Executes Contract to Sell D.C.’s Rouge Hotel for $42 Million
Pebblebrook Hotel Trust | June 24, 2019
BETHESDA, Md. -- Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that it executed a contract to sell the 137-room Rouge Hotel in Washington, D.C. for $42.0 million to a third party. The contracted sale price reflects a 17.4x EBITDA multiple and a 5.0% net operating income capitalization rate based on the hotel’s operating performance for 2018. Based on the trailing 12-month period ended March 2019, the contracted sales price reflects a 17.7x EBITDA multiple and a 4.9% net operating income capitalization rate. The net operating income capitalization rates are after an assumed annual capital reserve of 4.0% of total...
Waldorf Astoria Hotels & Resorts to Debut in Mexico with Conversion of The Resort at Pedregal
Waldorf Astoria Hotels & Resorts | June 24, 2019
LOS CABOS, Mexico and MCLEAN, Va. – June 24, 2019 – Waldorf Astoria Hotels & Resorts, Hilton’s (NYSE: HLT) iconic luxury hotel brand, today announces its upcoming debut in Mexico as it assumes operation of the award-winning The Resort at Pedregal and rebrands the iconic hotel as Waldorf Astoria Los Cabos Pedregal. Known as one of the best hotels in Mexico and recently acquired by affiliates of Walton Street Capital Mexico, the luxury retreat is set on 24 acres of dramatic mountains and pristine beaches, and is primed to welcome guests with True Waldorf Service beginning Q4 2019. “As the brand’s first property to debut in Mex...
Pinnacle Advisory Group Issues Hotel Management RFQ for a 225-Room Hotel at the University of Virginia
Pinnacle Advisory Group | June 24, 2019
On behalf of the University of Virginia, Pinnacle Advisory Group is seeking qualifications from a hotel management company to develop and operate a proposed independent, upper upscale, hotel with 225-rooms and 25,000 SF of meeting space on the campus of UVA. To receive a copy of the RFQ please contact Anne Purcell (apurcell@pinnacle-advisory.com)....
Blue Sky Hospitality Acquires New Orleans Marriott Metairie and Long Island Marriott
Blue Sky Hospitality Solutions | June 24, 2019
UNIONDALE, N.Y., June 24, 2019—Officials of Blue Sky Hospitality (BSHS), one of the leading and fastest growing hotel owner/operators in the United States, today announced that the company has acquired the 220-room New Orleans Marriott Metairie at Lakeway in La., and the 615-room Long Island Marriott in Uniondale, N.Y. “The hotel cycle is maturing, which creates growth opportunities for experienced operators and investors with a contrarian approach to the industry,” said David Fincannon, COO, BSHS. “We have accumulated a substantial portfolio of managed and owned properties in just six months, and we have a substantial appetite to ...
Congress Group and AECOM Capital Celebrate Groundbreaking of Tennessee’s First Four Seasons Hotel and Private Residences Nashville
AECOM Capital | June 21, 2019
NASHVILLE (June 21, 2019) – Four Seasons Hotels and Resorts, the world’s leading luxury hospitality company; The Congress Group Inc., a Boston-based real estate investment and development firm; and AECOM Capital, the investment arm of AECOM, today celebrated the groundbreaking of Four Seasons Hotel and Private Residences Nashville. “Today, we officially celebrate the start of construction on an iconic tower which will become synonymous with Nashville’s skyline,” said Dean Stratouly, president of The Congress Group. “Four Seasons Hotel and Private Residences Nashville will be the premiere luxury destination to live and stay. In ...
Marriott International Signs Contract With BPM Real Estate Group to Bring The Ritz-Carlton Brand to Portland, Pacific Northwest for First Time
Marriott International | June 21, 2019
Marriott International, Inc. (NASDAQ: MAR) has signed an agreement with developer BPM Real Estate Group to bring its Ritz-Carlton brand for the first time to Portland and the Pacific Northwest. Under the contract, the brand would manage 251 hotel rooms and 138 residential units – including eight spacious penthouses – within a nearly $600 million, 35-story tower that would have sweeping views of the city’s majestic landscape. Construction is expected to commence later this year, with an anticipated opening in early 2023. “This landmark project is a game changer for The Ritz-Carlton brand and the City of Portland,” said Noah Silver...
OYO Hotels to Invest $300 Million in the U.S.
OYO Hotels & Homes | June 20, 2019
June 20, 2019, San Francisco / New York – OYO Hotels & Homes, the young hotel startup, which also happens to be one of the world’s fastest-growing hospitality companies, celebrates its growth in the U.S. by announcing plans to invest $300 million over the next few years. The new-age hospitality company currently offers great living spaces throughout its 50+ OYO Hotels in 35 cities and 10 states, led by a strong team of more than 350 OYOpreneurs across 15 states. The company’s ability to win customers by introducing its popular concept of ‘comfort design’, and deliver value-chic hospitality experiences at hard-to-ignore prices, m...
MCR Acquires Courtyard by Marriott Newark Downtown in New Jersey
MCR | June 20, 2019
NEW YORK / JUNE 20, 2019 - Sweet dreams are made of this: MCR, the sixth-largest hotel owner-operator in the United States, has acquired the 150-room Courtyard by Marriott Newark Downtown. The pitch-perfect property is just steps from the Prudential Center, one of New Jersey’s premier venues for live music. The Courtyard by Marriott Newark Downtown made history when it debuted in 2012 as the city’s first new hotel in 40 years — and its prime location will help concertgoers get into the groove this summer. Hang tough with New Kids on the Block (along with fellow 90s sensations Salt-N-Pepa, Tiffany, Debbie Gibson and Naughty by Nature)...
Hospitality Lodging Systems Adds 12 Properties to Management Portfolio
| June 20, 2019
June 20, 2019 - Atlanta-based Hospitality Lodging Systems (HLS) continues to grow its network of hotels with the addition of 12 properties so far in 2019 – 7 under the Budgetel brand, three under the AmeriVu brand, and 2 under the Haven Hotel brand: The 7 Budgetel brand hotels are in: Raleigh, NC with 128 rooms Montgomery, Alabama with 108 rooms Birmingham, Alabama at the airport with 100 rooms Fairfield, Alabama with 75 rooms Huntsville, Alabama with 63 rooms Pine Mountain, Georgia with 61 rooms Butler, Missouri with 42 rooms The 3 AmeriVu brand hotels are in: Wilmington, NC with 113 rooms Wolcott, Conn...
White Lodging Breaks Ground on First Moxy Hotel in Texas
White Lodging | June 20, 2019
MERRILLVILLE, Ind., June 20, 2019 - White Lodging today announced its third Moxy Hotel, which officially broke ground and is on schedule to shake up the traditional hospitality experience for travelers in late 2020. The 162-room Moxy Austin is located alongside the University of Texas at Austin campus at the intersection of Guadalupe and West 26th streets, and will feature stylish, locally inspired design at an affordable price point. With thoughtful, tech-enabled bedrooms, interactive gathering spaces and approachable service, Moxy boldly reinvents the traditional hotel stay and aims to surprise travelers with a playful, spirited and fun...
Rivers Casino Pittsburgh Plans Summer Groundbreaking of $60 Million North Shore Hotel
Rivers Casino Pittsburgh | June 18, 2019
PITTSBURGH -- Rivers Casino Pittsburgh announced today that it will break ground on a $60 million North Shore hotel later this summer. The seven-story, four-star property will be called “The Landing Hotel Pittsburgh” and will include 219 guest rooms. The hotel will attach to the existing casino on the east facade, facing the Carnegie Science Center. Rivers Casino Pittsburgh received approval for a hotel from the Pittsburgh Planning Commission in 2017. The development was postponed following the approval of gaming legislation that added category 4 “mini-casinos” and reshaped the Pennsylvania casino landscape. In the meantime, Riv...
Hyatt Enters Agreement With Resort 4 SA for First Alila Branded Resort in Europe
Alila | June 18, 2019
CHICAGO (June 18, 2019) – Hyatt Hotels Corporation (NYSE: H) announced today that a Hyatt affiliate has entered into a management agreement with Resort 4 SA, owned by Ben Golf Investissements SA, for Europe’s first Alila branded resort. Overlooking a picturesque lake, Alila La Gruyère will be a luxury destination resort offering a high-end golf course with stunning views and an authentic wellness retreat, enhancing Hyatt’s lifestyle and wellbeing offerings for guests. With 85 rooms and 27 residences, the resort is expected to open in 2023, marking a significant growth milestone for Hyatt since the Alila brand integrated into the Hya...
Extended Stay America Celebrates Topping-Off of New Hotel in Gibsonton – Riverview, Florida
Extended Stay America | June 18, 2019
Charlotte, NC, June 18, 2019 — Extended Stay America, Inc. (NASDAQ:STAY) announced today the “topping off” of its new hotel in Gibsonton - Riverview, Florida, signifying the final beam has been placed and that the structural framework is complete. The 124-room Extended Stay America Tampa-Gibsonton- Riverview will open in the Fall of 2019 and is part of the company’s ongoing strategy to extensively grow its portfolio of hotels through development and franchising. Extended Stay America continues to seek new properties throughout the United States. “This is a great location for our first new prototype hotel in 13 years that falls...
