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
Schulte Hospitality Group Opens Newly Renovated Embassy Suites by Hilton in Auburn Hills, Michigan
Embassy Suites by Hilton | June 5, 2019
June 5, 2019 - AUBURN HILLS, Mich. and MCLEAN, Va. - Embassy Suites by Hilton, a global brand of upscale, all-suite hotels from Hilton (NYSE: HLT), announced today the opening of a newly renovated hotel located in the Detroit area. Owned and operated by Schulte Hospitality Group, the hotel is perfectly situated to allow guests easy access to businesses, shopping and entertainment. Embassy Suites by Hilton prides itself on offering guests an approachable and stress-free experience at each of its spacious, all-suite hotel properties. Fresh off a modern renovation of the Hilton Suites Auburn Hills hotel, the newly branded Embassy Suites by...
Fairfield Inn & Suites Asheville Airport/Fletcher Opens in North Carolina Following Renovation and Rebranding
Fairfield Inn & Suites | June 5, 2019
Fletcher, NC – June 5, 2019 – The 113-room Fairfield Inn & Suites by Marriott in Fletcher, North Carolina is scheduled to open on Wednesday, June 5, 2019 with a new décor that provides guests with a feeling of warmth and calm while traveling. Located at 155 Underwood Road, the Fairfield Inn & Suites Asheville Airport/Fletcher will operate as a Marriott franchise, owned by Kodak Hospitality, LLC and managed by Blue Star Hospitality of Fletcher, North Carolina. The Fairfield Inn & Suites Asheville Airport/Fletcher is located in the Blue Ridge Mountains and just one mile from the Asheville Regional Airport. T...
The Hotel Group Opens Home2 Suites by Hilton - Yakima Airport, Washington
The Hotel Group | June 4, 2019
Seattle, WA, June 4, 2019 — The Hotel Group (THG), a leading national hotel management and investment company, announced today that the Home2 Suites by Hilton - Yakima Airport, located in Washington State, is now open for business. Yakima based Hogback Development built the four-story, 107-room, property to feature both studio and one-bedroom suites. The hotel is geared to savvy cost-conscious travelers, staying one night or one month, and features an in-suite kitchen, free breakfast, innovative Spin2Cycler laundry and the Home2 Suites guarantee of comfort and satisfaction. "We are pleased to partner with Hogback Development on TH...
New Dual-Branded Hilton Garden Inn and Homewood Suites by Hilton Property Opens in Chicago Downtown South Loop
Hilton Garden Inn | June 4, 2019
CHICAGO and MCLEAN, Va. – June 4, 2019 – Hilton (NYSE: HLT) today announced the opening of its newest hotel, the dual-branded Hilton Garden Inn Chicago Downtown South Loop and Homewood Suites by Hilton Chicago Downtown South Loop. The new property brings a total of 342 new rooms and suites (many featuring scenic lakeshore views) to downtown Chicago's bustling South Loop neighborhood along with 95 new hospitality jobs. The dual-brand hotel adds even more versatile options for guests visiting the Windy City, which attracted a record number of nearly 58 million tourists in 2018.* "The popularity of Chicago and its flourishing S...
Hilton Partners With Lucror Resources and Sixty West Funds for 125-Room Motto Hotel in Atlanta’s Old Fourth Ward Neighborhood
Motto by Hilton | June 4, 2019
June 4, 2019 - MCLEAN, Va. - Hilton (NYSE: HLT) today announced the first U.S. signing of a Motto by Hilton hotel in the Old Fourth Ward neighborhood of Atlanta, Ga. in partnership with Lucror Resources and Sixty West Funds. Motto by Hilton, Hilton's newest lifestyle hotel brand launched in October 2018, introduces a fresh approach to modern travel, bringing together efficient, micro-guest rooms, activated social spaces, centrally located urban destinations, locally inspired design and a communal vibe to cater to travelers looking for value and one-of-a-kind experiences. Situated at 40 Boulevard NE, the 125-room Motto by Hilton Atlanta ...
Hilton Signs With PanJam Investment Limited for First Tapestry Property in the Caribbean, ROK Hotel, Kingston
Tapestry Collection by Hilton | June 4, 2019
MCLEAN, Va. and KINGSTON, Jamaica – June 04, 2019 – Hilton (NYSE: HLT) today announces the signing of ROK Hotel, Kingston, Tapestry Collection by Hilton, representing the brand's debut in the Caribbean. Slated to open in 2020, the 168-room property, owned by PanJam Investment Limited, sits in a multi-purpose complex on the Kingston Waterfront and will include retail, on-site entertainment and commercial office spaces. "Strategically focused on our expansion across the Caribbean and Latin America, we value the opportunity presented with Tapestry Collection by Hilton," said Juan Corvinos, vice president, development, Caribbean...
Pebblebrook Hotel Trust to Sell LA’s 132-Room Hotel Amarano Burbank for $72.9M
Pebblebrook Hotel Trust | June 3, 2019
BETHESDA, Md.-- 6/3/2019 -- Pebblebrook Hotel Trust (NYSE: PEB) (the "Company") today announced that it executed a contract to sell the 132-room Hotel Amarano Burbank in Los Angeles, California for approximately $72.9 million to a third party. The contracted sale price reflects a 15.8x EBITDA multiple and a 5.7% net operating income capitalization rate (after an assumed annual capital reserve of 4.0% of total hotel revenues) 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 16.9x EBITDA multiple and a 5.3% net operating income capitalization ra...
RIU Hotels & Resorts Plans Two Property Development on Recently Acquired Site in Pointe Sarène Area on Senegal’s West Coast
RIU Hotels & Resorts | June 3, 2019
Palma de Mallorca, 3 June 2019 The international chain's investment in Pointe Sarène amounts to 150 million euros The project will take place as part of the local authorities' drive to develop tourism in this destination The RIU Hotels & Resorts chain has announced the purchase of a 25-hectare site in the Pointe Sarène area on Senegal's west coast, a paradise destination that is in the midst of the tourist development process. With it, the chain strengthens its commitment to the continent of Africa, where it already owns six hotels (five in Cape Verde and one in Tanzania) and runs a further five hotels in Morocco. The plan...
RIU Hotels & Resorts Plans Two Property Development on Recently Acquired Site in Pointe Sarène Area on Senegal’s West Coast
RIU Hotels & Resorts | June 3, 2019
Palma de Mallorca, 3 June 2019 The international chain's investment in Pointe Sarène amounts to 150 million euros The project will take place as part of the local authorities' drive to develop tourism in this destination The RIU Hotels & Resorts chain has announced the purchase of a 25-hectare site in the Pointe Sarène area on Senegal's west coast, a paradise destination that is in the midst of the tourist development process. With it, the chain strengthens its commitment to the continent of Africa, where it already owns six hotels (five in Cape Verde and one in Tanzania) and runs a further five hotels in Morocco. ...
Dream Hotel Group Partners With Legacy Developments for The Chatwal Valle de Guadalupe, Mexico to Open in 2021
Dream Hotel Group | June 3, 2019
NEW YORK, NY (June 3, 2019) – Renowned hotel and brand management company Dream Hotel Group today announced plans to launch its five-star luxury brand The Chatwal in Valle de Guadalupe, Mexico in 2021. Today's announcement represents a major milestone for Dream Hotel Group as it marks the second Chatwal Hotel location and fourth hotel deal signed in Mexico in the last 18 months. "We are excited to work with José Mireles Verástegui and his partners in bringing The Chatwal brand to Valle de Guadalupe," said Dream Hotel Group CEO Jay Stein. "Valle de Guadalupe is one of the most exciting up-and-coming wine and food regions in Mexico and a...
IHG ANA Hotels Group Japan and Yokohama Grand InterContinental Co. Setting Sail in Yokohama With New InterContinental Hotel
| May 31, 2019
InterContinental Hotels Group (IHG®) has announced InterContinental Yokohama Pier 8 will open its doors to guests in November 2019 in the Minato Mirai area of Yokohama. The franchise agreement was made by IHG's domestic operating company, IHG ANA Hotels Group Japan (Head office: UK, Japan: Tokyo; CEO: Hans Heijligers) and Yokohama Grand InterContinental Co., Ltd. (Yokohama City, Kanagawa Prefecture Nishi-ku Minato Mirai 1-1-1, President and Representative Director: Azuma Umemura). InterContinental Yokohama Pier 8 will be built on the premises of the 'Yokohama Hammer Head Project' which is developed by SHINKO PIER CRUISE TERMINAL Co.,Lt...
Sam Moon Group Plans September 2019 Opening of 130-Room Hyatt Place Fort Worth/Alliance Town Center
Hyatt Place | May 30, 2019
FORT WORTH (May 30, 2019) – Hyatt Place Fort Worth/Alliance Town Center is expected to open in September 2019. The new, five-story, 130-room hotel will offer business and leisure travelers an open, intuitive design, casual atmosphere, and practical amenities, such as free Wi-Fi, 24-hour food offerings and a 24-hour fitness center. "Fort Worth is a world-class city and key business and leisure destination, and Hyatt Place Fort Worth/Alliance Town Center will add a wonderful new option for business and leisure travelers visiting the Alliance area," said General Manager Erin Alamillo. Hyatt Place Fort Worth/Alliance Town Center will be s...
IHG Signs With Kanden Amenix to Open ANA Holiday Inn Resort Shinano-omachi Kuroyon in 2020
May 30, 2019
30 MAY 2019 -- IHG® will open ANA Holiday Inn Resort Shinano-omachi Kuroyon in 2020, following the signing of a management agreement with Kanden Amenix Co., Ltd. Guests at the hotel, which is the second Holiday Inn Resort in Japan, can look forward to world-class facilities including a restaurant, swimming pool and spa, tennis courts, golf course, hot spring bath and gym, as well as a variety of activities that can be enjoyed in every season. The hotel long been a favourite with visitors to Kurboe Dam who are looking for an experience that's immersed in nature. In Q2 2020 it will reopen as ANA Holiday Inn Resort Shinano-omachi Kuroy...
Latin America’s Hotel Construction Pipeline Enters Third Year of a Cyclical Slowdown
Lodging Econometrics | May 30, 2019
May 30, 2019 – PORTSMOUTH, NH - In the recent Latin America hotel construction pipeline trend report, analysts at Lodging Econometrics (LE) state that the total construction pipeline stands at 717 projects/123,804 rooms, down 8% year-over-year (YOY) as it enters the third year of decline from its 2015-2016 peak. Projects presently under construction stand at 329 projects/57,735 rooms. Projects scheduled to start construction in the next 12 months stand at 207 projects/34,712 rooms and those in the early planning stage are at 181 projects/31,357 rooms. The first quarter of 2019 had 29 new hotels/5,405 rooms open. The LE forecast fo...
IHG Signs With Omenport Developments for Hotel Indigo® London – Clerkenwell
May 29, 2019
IHG® (InterContinental Hotels Group), one of world's leading hotel companies has signed a Management Agreement with Omenport Developments Ltd for Hotel Indigo® London – Clerkenwell. The 151-room hotel will be the fifth Hotel Indigo in London and is expected to open in early 2021. Located in the heart of the city, Hotel Indigo London – Clerkenwell brings a brand defining property to IHG's pipeline. Established in 2004, Hotel Indigo is IHG's upscale boutique brand and has over 100 hotels across more than 15 countries. The brand is set to double its portfolio presence over the next three to five years and continue its g...
IHG Signs With Empire Group for New Kimpton Hotel & Restaurant in Hong Kong
| May 29, 2019
InterContinental Hotels Group (IHG®) and Empire Group announce the signing of a new Kimpton Hotel & Restaurant in Hong Kong today, as IHG expands the boutique luxury brand's presence in Greater China. The signing comes on the heels of the brand's first opening in Asia in March 2019 - Kimpton Da An in Taipei. With the signing of Kimpton in Hong Kong, the brand now has five hotels in the development pipeline across Greater China, all located in tier one cities and popular travel destinations including Shanghai, Sanya, Nanjing and Beijing. Jolyon Bulley, Chief Executive Officer, IHG Greater China, said: "Kimpton Hotels & Restaurants ...
Canada’s Hotel Construction Pipeline Remains Strong With Double Digit Increases Year-Over-Year
Lodging Econometrics | May 28, 2019
May 28, 2019 – PORTSMOUTH, NH - Analysts at Lodging Econometrics (LE) report that at the close of the first quarter of 2019, the total construction pipeline in Canada remains strong with 264 projects/33,023 rooms. Construction pipeline projects and rooms are both up an impressive 11% year-over-year (YOY). A driving force of the pipeline's double-digit growth is the surge in projects in the early planning stage with 80 projects/11,328 rooms, up 48% and 53% YOY, respectively. Currently, there are 93 projects/10,466 rooms under construction and 91 projects/11,229 rooms scheduled to start construction in the next 12 months, a record h...
Richard Branson’s Virgin Hotel opening in New Orleans in 2021; hotel will cost $80M, host 230 rooms
May 22, 2019
May 23-- May 23--Virgin Group's idiosyncratic founder, Richard Branson, shoveled dirt with Mayor LaToya Cantrell Thursday to symbolically mark the start of construction on a new 230-room Virgin Hotel, which is slated to open in 2021. The $80 million project, going up at 550 Baronne Street, on the corner of Layette Street in the Warehouse District, is a joint venture with Maryland-based Buccini/Pollin Group, which is also in partnership with Virgin Hotels on a project in Nashville, Tennessee. The New Orleans hotel, which will be managed by Virgin Hotels and jointly owned with BPG, will be the seventh Virgin Hotel to open in the U.S. ...
Hyatt Signs With Realtejo – Hotelaria e Turismo to Develop Hyatt Regency Lisbon in Portugal
Hyatt Regency | May 20, 2019
CHICAGO-- 20 May 2019 -- Hyatt Hotels Corporation (NYSE:H) announced today that a Hyatt affiliate has entered into a franchise and related agreements with Realtejo – Hotelaria e Turismo, S.A., owned subsidiary of United Investments Portugal and Fibeira, to develop the first Hyatt branded hotel in Portugal: Hyatt Regency Lisbon. Expected to open in late 2020, the hotel will feature 200 hotel rooms and apartments and will be located between Rua Guerra Junqueiro and Avenida da Índia, a stunning waterfront location facing Tejo River. The foray into Lisbon, Portugal's coastal capital city, is an important milestone for Hyatt, si...
Ormond Group’s New Social Hotel Brand, MoMo’s, Set for October 2019 Debut in Kuala Lumpur
| May 20, 2019
20th May 2019 - MoMo's, Ormond Group's new playful hospitality concept, will launch its first property in central Kuala Lumpur within the eclectic Chow Kit neighborhood this October. Home to 99 guest rooms, MoMo's KL will be a newly renovated, exciting hangout in the city, providing a fun and laid-back multi-dimensional space where visitors and locals can collide in harmony. MoMo's celebrates creative collaboration whilst offering a design-led lifestyle hotel at a value-for-money price point. Alongside micro rooms, MoMo's KL will provide guests with a dynamic social space that engage with creative communities and urban nomads. The hotel...
RevPAR Is Only One Piece of the Picture
David Eisen | May 17, 2019
By David Eisen Imagine you're scouting a young baseball player or footballer—someone experts have pegged as the next Derek Jeter or Lionel Messi. You can't, however, just take their word for it; you have to see their performance for yourself and also dig into the numbers—into how they rate statistically. Now, imagine you are only allowed to consult one statistic, such as batting average (hits divided by at-bats) or goals scored. Then, imagine that within this context, our Jeter heir apparent is hitting a more-than-respectable .315, and our Messi-to-be is his team's leading goal scorer. Great news, right? Well, yes and no. ...
HVS Market Pulse: Downtown Omaha, NE
Sara Olson | May 17, 2019
By Sarah Olsen Local Economy and Redevelopment Projects A major revitalization period commenced in Omaha's Downtown Central Business District approximately 15–20 years ago when several high-profile projects were completed. Between 2002 and 2005, development projects included the construction of the First National Bank Tower (both the city's and the state's tallest building), the CHI Health Center, the Gallup Riverfront Campus, the Union Pacific Center, and the Holland Performing Arts Center. Another wave of redevelopment has hit the shores of the Missouri River in recent years, and several major projects are either currently under...
Sam Moon Group Begins Construction of Hyatt House in North Houston’s Metropark Square
Sam Moon Group | May 17, 2019
DALLAS – May 17, 2019 – Sam Moon Group announces the commencement of construction for a Hyatt House extended stay hotel at the Metropark Square mixed-use development in Shenandoah, Texas. The 5-story, 148-room hotel is slated to open in November 2020. The hotel developer is Sam Moon Group; contractor is VCC and architect is Type Six. The senior lender for the project is Veritex Community Bank and Bedrock Group raised EB-5 Funds for the construction of the Hyatt House Metropark Shenandoah/The Woodlands. "We are excited for the closing of financing and to begin construction with our partners VCC on Hyatt House Metropark Shenan...
How to Add Value to Your Hotel Asset
Carrie Russell | May 16, 2019
By Carrie Russell At the most basic level, the value of a hotel is based on the property's net income divided by a capitalization rate. As such, one has two possible levers to adjust as a means of increasing a property's value: either increase the property's net income or decrease the capitalization rate. The capitalization rate, which is a factor that represents both the risk and the desired return associated with a given asset, is in actuality difficult to influence. Firstly, returns are market driven, which means that the capitalization rate is determined by market forces, not the will of owners. Secondly, it is the buyer's perceptio...
