News Top: March
Cooper Manning Joins AJ Capital Partners as Senior Managing Director – Investor Relations
AJ Capital Partners | March 31, 2016
Chicago, Ill. – AJ Capital Partners announced today the hire of a new member to its executive team. Cooper Manning joins the team as Senior Managing Director - Investor Relations, focusing primarily on new business development and managing and curating investor relationships. Cooper will assist in the future growth of the Graduate Hotels portfolio – a hotel collection targeting university-anchored markets across the country that celebrates each town's unique local culture and history. "Cooper is a longtime partner and friend of AJCP," says Ben Weprin, founder and CEO of AJ Capital Partners. "We've worked with Cooper together...
Highgate Appoints Rob Dann as Executive Vice President of Operations
Highgate | March 1, 2016
New York, NY – March 1, 2016 - Highgate, a premier hospitality investment and management company, has partnered with seasoned hospitality executive, Rob Dann. Dann plays a key role in expanding Highgate's global portfolio, currently 100 properties and nearly 27,000 rooms in key gateway markets. Through a joint venture, Highgate and Dann have invested in a programmatic roll-out of Home2 Suites by Hilton, an all-suite, extended-stay hotel brand featuring residential-like amenities and contemporary design. Dann will oversee the development and management of Highgate's Home2 Suites portfolio in the U.S. Highgate currently has one prop...
Ocean House Management Names Three Key Members to Management Team at Spicer Mansion in Mystic, Connecticut
Spicer Mansion | March 10, 2016
MYSTIC, C.T. – March 10, 2016 – Spicer Mansion, a new ultra-luxury inn set minutes from the maritime seaport of Mystic, Connecticut, is pleased to announce the key appointments of Louis Shapazian as Innkeeper, Jennifer Backman as Executive Chef, and Charlotte Berdensey as Food & Beverage Manager, in advance of its highly anticipated May 4, 2016 opening. All three team members bring extensive luxury hospitality experience, including roles at other hotels in the Ocean House Management Collection. Louis Shapazian joins the Spicer Mansion team with ten years of hospitality leadership experience. Most recently, Shapazian was ...
Marriott Counters – Starwood Accepts
Marriott International, Inc. | March 21, 2016
BETHESDA, Md. and STAMFORD, Conn., March 21, 2016 -- Starwood's Board of Directors determined that revised terms from Marriott constitute a superior proposal compared to previously announced offer by Consortium led by Anbang Insurance Group. Increased cash consideration to $21.00 for each share of Starwood common stock. Revised exchange ratio of 0.80 shares of Marriott common stock for each share of Starwood common stock. Targeted annual G&A synergies increased to $250 million run-rate. Marriott and Starwood special stockholder meetings to be held on April 8, 2016 with transaction closing planned for mid-2016. Marriott ...
Hoteliers, the Party is Over; Act Now
Joel Ross | March 2, 2016
By Joel Ross The black swans have landed and the party is over. U.S. hotels' revenue per available room in January grew 2.4%, according to STR data. Results for the week ending 13 February saw RevPAR up 0.2%* and occupancy down 3%. For months, the investors in the stock market have said hotels will get softer results, but the industry pundits at the Americas Lodging Investment Summit refused to pay attention. Although the macro situation is very different, and we are not having a financial crash and likely not a recession, the hotel industry pundits and others are acting just as they did in 2008 at ALIS—ignoring the world outside ...
10 Things You Need to Know About Millennial Travelers
nSight | March 23, 2016
Millennials already make up 40% of leisure travelers who book travel online. They've grown up in the digital age so tech is part of their DNA. They don't think twice about booking a flight online, posting online for a last minute hotel or restaurant recommendation, or even spending the night in a stranger's home in a city a thousand miles away from home. In an almost desperate attempt to win them over, the travel industry is throwing everything they've got at them – building niche brands, introducing mobile-driven amenities and just trying to be hip enough to matter. What the industry needs to understand is that this is not a demo...
Never Try To Prove Guests Wrong, Even When They Are!
Doug Kennedy | March 9, 2016
By Doug Kennedy Coming up through the ranks in the hotel industry, I remember well hearing my managers use the old adage "The customer is always right." At one hotel they even put a sign up that said: "Rule number one: the customer is always right. Rule number two: when the customer is wrong, see rule number one." In recent years I have learned that the original phrase dates back to 1909 and is now credited to Harry Gordon Selfridge, who was the founder of Selfridge's department stores in London. Of course in the hotel business we refer to our customers as guests, but the idea is the same. As my frontline career progressed from being a ...
Starwood Determines Revised Anbang Proposal is Likely to Lead to a Superior Proposal
Starwood Hotels & Resorts Worldwide, Inc. | March 28, 2016
STAMFORD, Conn.- March 28, 2016 - Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) ("Starwood") today announced that its Board of Directors, in consultation with its legal and financial advisors, determined that a revised, non-binding proposal from a consortium consisting of Anbang Insurance Group Co., Ltd., J.C. Flowers & Co. and Primavera Capital Limited (the "Consortium") is reasonably likely to lead to a "Superior Proposal" as defined in Starwood's merger agreement with Marriott International, Inc. (NASDAQ: MAR) ("Marriott"). On March 26, 2016, Starwood received a non-binding proposal from the Consortium, under which th...
When it Comes to Room Assignments, Details Matter
Pierre Boettner | March 3, 2016
Don't promise room-type availability at booking that you can't deliver at check in By Pierre Boettner There are so many aspects of our business that have changed with the Internet age. Before, when a traveler called a hotel, that guest was basically yours to lose. Now when a traveler visits a hotel website, there needs to be an incentive to compel the guest to make the booking; until that guest-engagement process begins, the hotel hasn't won a thing. Today's hotel marketers are realizing that they need to provide website visitors with as many customization and personalization options as possible if they are going to hook potential custo...
DS Hospitality Taps Hotel Equities to Manage New Courtyard by Marriott in Dripping Springs, TX
Hotel Equities | March 16, 2016
Atlanta, GA–March 16, 2016 – Atlanta-based Hotel Equities announced its selection as the management firm for the new-build Courtyard by Marriott in Dripping Springs, Texas, just 25 miles west of Austin Texas. The Courtyard by Marriott will begin construction in April with opening expected in the second quarter of 2017. Hotel Equities will work directly with ownership and design and through the construction process to ensure a great hotel for this thriving market. HE will also work in market closely with Marriott and the community to ensure all pre-opening training and hiring are in place prior to opening. DS Hospitality, LLC...
$14-billion Bid for Starwood Hotels Puts Chinese Firm Anbang in Spotlight
March 14, 2016
March 14--REPORTING FROM BEIJING -- A $14-billion bid for Starwood Hotels and Resorts Worldwide Inc. surfaced Monday, putting a spotlight on Chinese firm Anbang Insurance Group and complicating a plan to meld Starwood and Marriott International Inc. into the world's largest hotel company. Starwood told Marriott on Friday that it received an unsolicited offer from a consortium led by Anbang, according to a statement released Monday by Marriott. Starwood confirmed that it had received a proposal but did not name the lead company in the consortium. Anbang appears to be making big plays in the American hotel industry. In 2014, the insur...
Three Secrets Your CMBS Banker Does Not Want You to Know
Brian Holstein | March 28, 2016
By Brian Holstein Navigating the CMBS market can be a confusing and challenging process. Here are three CMBS secrets that will strengthen your negotiating position and ensure that you leave nothing on the table. #1 – EVERYTHING is Negotiable! Remember, this is not a car loan, or even a home loan for that matter. If your attorney or broker does not have at least 30-50 individual comments to a loan agreement (not including the swapping of "sole and absolute" for "reasonable"), you are leaving money and excess risk on the table. Just like the legal system, the key to a well negotiated loan agreement is "precedent." If it's been done...
Hilton and IBM Pilot “Connie,” The World’s First Watson-Enabled Hotel Concierge
IBM Watson: Pioneering a New Era of Computing | March 9, 2016
MCLEAN, Va. - Hilton Worldwide (NYSE: HLT) and IBM (NYSE: IBM) today announced a collaboration to pilot "Connie" - the first Watson-enabled robot concierge in the hospitality industry. Connie draws on domain knowledge from Watson and WayBlazer to inform guests on local tourist attractions, dining recommendations and hotel features and amenities. Connie, named for Hilton's founder Conrad Hilton, marks the first time IBM has developed a Watson-enabled robot for the hospitality market. Connie will work side-by-side with Hilton's Team Members to assist with visitor requests, personalize the guest experience and empower tra...
Airbnb Stumbles Yet Again, this Time with West Bank Settlements
March 11, 2016
March 11--Among the rapidly growing family of on-demand startups, I always thought Airbnb was the smart one. If Uber was the obnoxious, impulsive brother, then Airbnb was the more thoughtful, emotionally astute sibling, more likely to offer you a warm hug than a violent chest bump. But recent events tell us that Airbnb's benign image masks a detached, tone-deaf corporation whose incompetence in public stagecraft risks undermining its $25 billion valuation. First, there was the disastrous advertising campaign last fall that seemed to lecture San Francisco on how to spend the tax revenue the company helpfully generates. And now this: ...
Anbang – A Brief History Lesson: A Once-obscure Chinese Insurer that’s Taking a Fast, Multibillion-dollar Ride up to the Penthouse of the Amer
March 15, 2016
March 15--Nearly 30 years after cash-rich Japanese companies began snapping up prime U.S. real estate, Chinese companies are following suit at a record pace as they search for solid international investments to make up for slowing growth at home. The latest is Anbang Insurance Group Co., a once-obscure Chinese insurer that's taking a fast, multibillion-dollar ride up to the penthouse of the American hotel industry, aided perhaps by its ties with Chinese political leaders. Formed only 12 years ago, Anbang is aggressively trying to buy luxury U.S. hotel properties from Southern California to New York in $21 billion worth of potential ...
Do You Really Need a Separate Brand for Millennials?
Vikram Singh | March 1, 2016
By Vikram Singh Almost every other week, there is an article about how hotels are trying to "embrace" the Millennial traveler. Basically, anyone born from the 1980s to the early 2000s is in this group. It's everyone's new favorite generation to talk about in the hospitality and travel marketing realm. But are they really that different from the rest of us? Do they "Tru-ly" need their own brands? The Brand Approach All the big brands seem to be in a rush to get the Millennials' dollars and build loyalty with them. Their solution so far has been large-scale branding. For a large hotel company, the biggest reason to launch a new brand is t...
NewcrestImage to Develop Dual-Branded AC Hotel and Hyatt Place in Oklahoma City’s Bricktown Historic District
NewcrestImage | March 31, 2016
NewcrestImage has purchased a 60,000 sq. ft. site in the heart of Oklahoma City's Bricktown historic district for development of a dual-branded hotel. Construction will begin by NewcrestImage Construction LLC in early April for a 142-room AC Hotel by Marriott and a 134-room Hyatt Place, with opening expected in the third quarter of 2017. The property is strategically located adjacent to the 13,000-seat Chickasaw Bricktown Ballpark and within a few blocks of the Cox Convention Center, which attracts thousands of visitors every month to events at its one million square feet of multi-purpose space. Bricktown consists of 50 square blocks in...
Eric Hassberger Joins AJ Capital Partners as Senior Managing Director for Both AJ Capital Partners and Graduate Hotels
AJ Capital Partners | March 15, 2016
Chicago, Ill. – AJ Capital Partners announced today the hire of a new member to its executive team. Eric Hassberger joins the team as Senior Managing Director, as a member of both the AJ Capital Partners and Graduate Hotels teams focusing on the strategic direction for Graduate and the future growth of the company both within and outside of the Graduate platform. Graduate Hotels is a hotel collection targeting university-anchored markets across the country that celebrates each town's unique local culture and history. "Eric is an excellent cultural fit for our Company," said Jasin Alfaro, COO of AJ Capital Partners. "His talent and...
Ritz-Carlton Reserve Set To Debut in Bermuda with Caroline Bay in 2018
The Ritz-Carlton Hotel Company, L.L.C. | March 16, 2016
CHEVY CHASE, MD – (MAR. 16, 2016) – The Ritz-Carlton Hotel Company, L.L.C., the iconic leader in luxury lodging, today announced plans to unveil its first Ritz-Carlton Reserve resort, Caroline Bay in Bermuda in 2018. The resort will operate under a long term management agreement with George's Bay Hotel Ltd. and George's Bay Residences Ltd. The announcement marks a significant milestone for the development of Ritz-Carlton Reserve in the Caribbean and Latin America. The project will represent the third Reserve location to open in the region, following the celebrated opening of Dorado Beach, a Ritz-Carlton Reserve in 2012 and t...
Thompson Hotels Appoints Amanda Parsons General Manager and Serena McCabe Director of Sales & Marketing for Thompson Seattle
Thompson Seattle | March 31, 2016
SEATTLE, Wash. – Thompson Hotels announced the appointments of Amanda Parsons as General Manager and Serena McCabe as Director of Sales & Marketing of Thompson Seattle, the brand's first property in the Pacific Northwest, set to open June 2016. With extensive boutique hotel industry experience and vast knowledge of the luxury travel sector, the management team will oversee operations and lead initiatives to support Thompson Hotels' global reputation of delivering sophisticated experiences to its discerning clientele. "Amanda and Serena have an intimate understanding of the transforming downtown Seattle destination, and th...
A Word to the Wise Regarding Asset Management
Ken Greger | March 23, 2016
By: Ken Greger How to Avoid Sticking that Sharp Pencil in Your Eye As an industry advisor and in a position to see all components of the hotel world – the property, the team, the guests, the brand, the management company, the ownership and capital partners – it's amazing how a group of very smart people seem to regularly overlook key fundamentals, and that is the Asset Managers. Of course, this doesn't pertain to all Asset Managers, but those of you reading this article will know if you're being described. Before presenting the issue, first a review of the business. It's not rocket science. There is a point to made, so pleas...
Expedia’s Accelerator Program – The Final Nail in the Coffin of Hotel Profitability
the Author and HeBS Digital | March 1, 2016
By Max Starkov Background Though Expedia's new Accelerator Program has not officially launched, it has been widely discussed by the company's top management during investor calls and TV interviews. It is also being promoted to hotels in a number of locations by Expedia's market managers. What exactly is the Accelerator program? Simply put, it is a "bid for position" commission program in which hoteliers are encouraged to provide Expedia with a higher commission in exchange for better visibility (read higher ranking) of the property listing in Expedia's search/availability results pages. The idea is that if a property is in a dire occupa...
Thomas Klein Tapped as New Chief Operating Officer for Canyon Ranch
Canyon Ranch | March 8, 2016
March 8, 2016 - We are pleased to announce the appointment of Thomas Klein as the new Chief Operating Officer for Canyon Ranch®, replacing retiring Peter Smith. Tom will be joining our team effective Monday, April 11, and will be based out of our Fort Worth, Texas, office. Tom joins us from Fairmont Hotels and Resorts in San Francisco, where he directed all aspects of hotel operations for seven Fairmont properties in California as regional vice president /general manager. Born in Germany and fluent in German, he brings a wealth of international experience including previous top positions with Swissötel Hotels and Resorts (Chica...
Hyatt to Acquire Thompson Miami Beach Hotel and Rebrand as The Confidante, Joining the Unbound Collection by Hyatt
Hyatt Hotels Corporation | March 24, 2016
CHICAGO- March 24, 2016 - Hyatt Hotels Corporation (NYSE: H) today announced that a wholly-owned subsidiary has entered into an agreement to purchase the 380-room Thompson Miami Beach hotel from an affiliate of Geolo Capital. The transaction is expected to close in late April, and the hotel will be rebranded as The Confidante upon opening, joining the existing properties in the recently launched The Unbound Collection by Hyatt brand. "The acquisition of this high-quality hotel allows Hyatt continued strategic growth in a critical market for both the company and for our newest brand, The Unbound Collection by Hyatt," said Stephen Haggert...
Former Bavarian-American Hotel Set to Reopen as Park Plaza Nuremberg
PPHE Hotel Group Limited | March 3, 2016
March 2016 - Nuremberg, Germany; home to an eclectic blend of Medieval and Renaissance architecture is welcoming the best-connected, contemporary 177-roomed Park Plaza Nuremberg in spring 2016. Bringing a fresh energy to the vibrant Bavarian city, the striking Albrecht Dürer and Martin Behaim-inspired hotel will open in an enviable location opposite Nuremberg Central Railway Station in the former home of the Bavarian-American Hotel. Park Plaza Nuremberg will become Nuremberg's best-connected hotel occupying a prime position in front of the 19th Century Nuremberg Central Railway Station and a stone's throw from motorways connecting ...
