Sonnenblick-Eichner Company Arranges $26,750,000 of First Mortgage Financing for Two Northern California Hotels
Sonnenblick-Eichner Company | January 10th, 2023
Hilton to Bring First Waldorf Astoria Property to Costa Rica
Hilton | November 15th, 2022
Accor Transforms Its Accounting System for Hotels in Middle East with Infor SaaS Solution
Infor | June 8, 2021
Leading hotel group digitally transforms its financial management with Infor SunSystems on AWS, positioning the group for regional hospitality rebound DUBAI, UAE – June 8, 2021 – Infor, the industry cloud company, today announced that Accor IMEA, an augmented hospitality leader with more than 400 hotels in India, Middle East, Africa and Turkey, is transforming its accounting systems with Infor SunSystems, a powerful financial management solution, on AWS. The transformation will position the group to benefit from an anticipated rebound in the region’s hospitality sector as the impact of the COVID-19 pandemic abates and the region ...
At Q121 the Asia Pacific Construction Pipeline, Excluding China, Stands at 1,759 Projects/371,856 Rooms
Lodging Econometrics (LE) | June 1, 2021
June 1, 2021 – PORTSMOUTH, NH According to analysts at Lodging Econometrics (LE), the aAsia Pacific region construction pipeline, excluding China, ended the first quarter of 2021 at 1,759 projects/371,856 rooms, down 8% by both projects and rooms year-over-year (YOY). Throughout the region, countries are working to roll out vaccines as they continue the battle against COVID-19. As of May 23, the Maldives lead the region’s vaccine race with 29.24% of adult residents fully vaccinated. Singapore and Mongolia follow the Maldives, with just over 27% of each population reported as fully vaccinated. As more countries throughout the region...
Paramount Lodging Advisors Arranges the Sale of the DoubleTree by Hilton St. Louis Airport Hotel
Paramount Lodging Advisors | May 25, 2021
St. Louis, MO—Paramount Lodging Advisors (PLA) has successfully sold the DoubleTree St. Louis Airport located at 4505 Woodson Rd. PLA Associates Beau Mullenix and Lora Simpson, and Senior Managing Director Adam Montufar represented the seller in this transaction. The sale of the 158-room hotel is the second property transacted by PLA in the St. Louis market to close this month. The DoubleTree by Hilton STL Airport recently underwent a comprehensive $5.5MM renovation and is ideally located directly South of St. Louis Lambert International Airport. "Selling a privately owned, full-service airport hotel during COVID is not an easy assign...
Marriott International Signs Agreement to Debut The Ritz-Carlton Brand in Ningbo
Marriott International | May 25, 2021
Marriott International today announced the signing of an agreement with the Ningbo Central Plaza Construction and Development Co. Ltd to bring Marriott Bonvoy’s iconic Ritz-Carlton brand to the heart of Ningbo. Expected to open in 2025, The Ritz-Carlton, Ningbo is set to elevate luxury in the destination with its legendary service. “We are pleased to announce the signing of The Ritz-Carlton, Ningbo. This hotel will redefine the luxury hotel experience in the vibrant coastal city through The Ritz-Carlton brand’s refined style and legendary services,” said Gavin Yu, Senior Vice President of Development, Greater China, Marriott Intern...
Europe’s Hotel Construction Pipeline Remains Healthy and Continues to Grow in the First Quarter of 2021
Lodging Econometrics (LE) | May 25, 2021
May 25, 2021 – PORTSMOUTH, NH – According to the latest Europe Hotel Construction Pipeline Trend Report from Lodging Econometrics (LE), analysts at LE report that at the start of 2021, Europe’s hotel construction pipeline increased 5% by projects and 6% by rooms year-over-year (YOY). Europe ends the first quarter of 2021 with 1,928 projects/310,523 rooms, a record high project and room count for the region. As the hotel construction pipeline remains strong in Europe, vaccination rates also continue to rise and European governments are beginning to ease restrictions on travel and tourism. On May 19, the European Union (EU) announced t...
Cambria Hotel New Haven Breaks Ground in Connecticut
Cambria Hotels® | May 24, 2021
ROCKVILLE, Md., May 24, 2021- Cambria Hotels, an upscale brand franchised by Choice Hotels International, Inc. (NYSE: CHH), continues its expansion around the country with the official start of construction on a Cambria hotel in New Haven, Connecticut. The six-story, 130-room upscale hotel is expected to open in Summer 2022. Located at 20 Dwight Street in the coastal city of New Haven, the Cambria Hotel New Haven is a short walk to Yale University, Yale New Haven Hospital Saint Raphael Campus, Yale New Haven Children's Hospital, and Yale School of Medicine. The hotel is also near New Haven Green, West River Memorial Park, Hammonasset B...
Oakmont Corporation Breaks Ground on Four Seasons Resort and Residences Cabo San Lucas at Cabo Del Sol
Cove Club at Cabo Del Sol | May 24, 2021
CABO SAN LUCAS, MX (May 24, 2021) – California-based Oakmont Corporation and Four Seasons Hotels and Resorts, an international leader in luxury hospitality, celebrates two major milestones for the new Four Seasons Resort and Residences Cabo San Lucas at Cabo Del Sol. The prominent oceanfront development along the famed Los Cabos Corridor has secured more than $100 million in reservations from its initial, private pre-sale launch of the residences, and just began construction on site. “It is an honor to be in partnership with Four Seasons Hotels and Resorts, an iconic brand we know will bring an unparalleled level of luxury to the Golde...
Colebrook Financial Announces Receivable Loan to Latitude Vacation Club
Colebrook Financial Company | May 20, 2021
Caribbean Resort Offers Latitude Vacation Club+ Featuring Ancora Cap Cana Marina Resort and Villas in the Dominican Republic Middletown, CT (May 20, 2021) –Latitude Vacation Club has entered into an agreement with Colebrook Financial Company, a leading lender to the timeshare and travel club industries to provide a receivable loan. Latitude Vacation Club’s home resort, Ancora Cap Cana Marina Resort & Villas is inside Cap Cana, a gated community of 33,000 acres—twice the size of Manhattan-- located 10 minutes from Punta Cana’s International Airport. This is a first-time development for Cecil Latta, well known for his sales an...
iVvy Announces AUD$7M (U.S. $5.4M) Pre-IPO Investment Round to Accelerate Global Growth
iVvy | May 20, 2021
New funding to accelerate U.S. and European growth of iVvy’s venue management platform as it disrupts the fast-recovering hospitality and event industries QUEENSLAND, Australia, May 20, 2021 – iVvy, an innovative, cloud-based event and venue management platform, has raised $7 million Australian dollars (US$5.4 million) in a pre-IPO round to further accelerate the growth of the company’s leading sales and catering software, particularly in the U.S. and European markets. iVvy plans to list on the Australian Securities Exchange within the next 12 months. The pre-IPO round was led by Thorney Investment Group, one of Australia’s mo...
Agilysys Reports Fiscal 2021 Fourth Quarter Revenue of $36.3M
Agilysys | May 19, 2021
Reports Record Recurring Revenue of $22.9M and Adjusted EBITDA of $7.1M and Quarterly Free Cash Flow of $13.0M and Cash Balance Increase of $6.6M to $99.2M Announces Fiscal 2022 Revenue Guidance of $160M to $170M with Adjusted EBITDA of 15% Alpharetta, GA – May 19, 2021 - Agilysys, Inc. (Nasdaq: AGYS), a leading global provider of next-generation cloud-native SaaS and on-premise hospitality software solutions and services, today reported operating results for its fiscal 2021 fourth quarter and fiscal year ended March 31, 2021. Summary of Fiscal 2021 Fourth Quarter Financial Results • Total net revenue was $36.3 million, compared...
Avison Young 2021 Transactions
Avison Young | May 19, 2021
ATLANTA – May 19, 2021 – Avison Young Hospitality Group announced today that the firm has closed its 22nd hotel transaction of the 2021 year. The closed hotel transactions were across many brand families and located from California through the midwest and eastern seaboard states. Included in the sales were extended stay, upscale, full service, select service, and limited-service hotels. Of most notable was an eastern seaboard Marriott portfolio transaction led by Avison Young brokers, Mike George and Andrew Broad. Additionally, Brad Sinclair, Michael Bernath, Thierry Roch, and Wendy Blissett have all closed multiple transactions thus...
Should You Be Looking at Commercial PACE (C-PACE) Financing Now?
Jim Butler | May 18, 2021
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Authors of www.HotelLawBlog.com Why so many are looking at Commercial PACE (C-PACE) financing now? Is C-PACE financing for you? Commercial PACE financings have topped $800 million and are still growing. Should you be considering it for your hotel or other commercial real estate? Join us for a condensed, 30-minute program to help you evaluate whether this financing program is right for your property, how it can be used, and what to expect in the next few years. This free webinar will take place on Tuesday, June 22, 2021 at 10:30 AM PDT / 1:30 PM EDT. Register now. Led...
Deal-Making Activity in the Travel & Tourism Sector Dropped by 34.3% During April 2021, Finds GlobalData
GlobalData | May 17, 2021
A total of 71 deals (comprising mergers & acquisitions (M&A), private equity, and venture financing) were announced in the global travel and tourism sector during April, which is a decline of 34.3% over 108 deals announced in March, according to GlobalData, a leading data and analytics company. Aurojyoti Bose, Lead Analyst at GlobalData, comments: “The travel and tourism sector is still reeling under the impact of the COVID-19 pandemic. Although the rebound in deal activity in March brought in some cheers, it could not be sustained for long with April again reversing the trend.” The announcement of private equity, venture fi...
Hospitality Financial Leadership: The Infamode Machine
David Lund | May 17, 2021
By David Lund There has been a great deal of progress and technology that helps hotels and businesses in general keep better financial information. This story is about the early days and how things changed rapidly in my world. With those changes came opportunities. I also remember how some struggled with all the changes. It in turn makes me think of the current situation in our world and I can take some solace from knowing there is still more to come. I can recall working in the early days and using green columnar pads to enter food and beverage purchase information. There were no personal computers at work. For those of you who are stu...
Hyatt Reports First-Quarter 2021 Results
Hyatt Hotels Corporation | May 6, 2021
CHICAGO - May 6, 2021 - Hyatt Hotels Corporation ("Hyatt" or the "Company") (NYSE: H) today reported first-quarter 2021 financial results. Net loss attributable to Hyatt was $304 million, or $2.99 per diluted share, in the first quarter of 2021, compared to net loss attributable to Hyatt of $103 million, or $1.02 per diluted share, in the first quarter of 2020. Adjusted net loss attributable to Hyatt was $363 million, or $3.57 per diluted share, in the first quarter of 2021, compared to Adjusted net loss attributable to Hyatt of $35 million, or $0.35 per diluted share, in the first quarter of 2020. Refer to the table on page 11 of the schedul...
Hilton Reports First Quarter Results
Hilton | May 6, 2021
MCLEAN, Va. - May 6, 2021 - Hilton Worldwide Holdings Inc. ("Hilton" or the "Company") (NYSE: HLT) today reported its first quarter 2021 results. The following results reflect the material impact that the novel coronavirus ("COVID-19") pandemic has had on Hilton's business. Highlights include: Diluted EPS was $(0.39) for the first quarter, and diluted EPS, adjusted for special items, was $0.02 Net loss was $109 million for the first quarter Adjusted EBITDA was $198 million for the first quarter System-wide comparable RevPAR decreased 38.4 percent on a currency neutral basis for the first quarter from the same period in 2020 A...
Hotels, After Tough Year, Are Back in Investors’ Sights
JLL | May 4, 2021
Capital-raising and hotel sales highlight investor optimism for the sector’s recovery Hotel investment is gaining momentum amid improving prospects for travel. Blackstone Group and the Starwood Group in March bought hotel operator Extended Stay America for US$6 billion, the largest deal in the U.S. since COVID-19 hit. In Madrid, German investor Commerz Real acquired an office building at city’s airport with intentions to convert it into a 280-room hotel branded by Zleep Hotels. In a recent JLL survey, 70 percent of investors said they will be targeting hotels in Asia Pacific. Global hotel investment is expected to increase up to 35...
Hilton Signs With Shimao Group Holdings to Launch Four Luxury Hotels in China
Hilton | April 30, 2021
SHANGHAI, China and MCLEAN, Va. - Leading global hospitality company Hilton (NYSE: HLT) and Shimao Group Holdings Ltd. (Shimao) today announced the signing of a landmark agreement to launch four luxury hotels in China: Waldorf Astoria Shenzhen, Conrad Shanghai, Conrad Wuhan and Conrad Zhuhai. When they open, the hotels will mark the entry of Hilton’s iconic luxury brands, Waldorf Astoria and Conrad, in the four cities, while Conrad Shanghai takes the spotlight as the largest Conrad hotel in Asia to open, with more than 700 rooms. The multi-deal signing signals optimism from both companies on the luxury tourism outlook in China and a...
Bill Doak Joins Stockdale Capital Partners as Head of New Hospitality Platform
Stockdale Capital Partners | April 19, 2021
LOS ANGELES – April 19, 2021 – Stockdale Capital Partners (“Stockdale”), a Los Angeles-based, vertically-integrated real estate investment firm, announced that hospitality veteran William “Bill” Doak has joined the company as a Managing Director and Head of Stockdale Hospitality. Bill Doak has more than 30 years of hospitality industry experience, with senior leadership roles in operations, marketing, product development, and asset management with top real estate investment and hotel firms including: CIM Group, Four Seasons Hotels and Resorts, Ian Schrager Company, JRK Hotel Group, Loews Hotels, and Morgans Hotel Group. With CI...
Virdee Announces Strategic Financing From Leading SaaS Investors, Bringing Total Seed Funding to $4 Million
Virdee | April 19, 2021
With investment from Silverton Partners and Participation from LiveOak Venture Partners and DJR Advisors, Virdee Seizes Rapid Market Demand to Scale its Solutions Quickly Across Real Estate Verticals AUSTIN, Texas – April 19, 2021 – Virdee, a SaaS company delivering digital check-in and virtual concierge services to the hospitality and commercial real estate industries, has added a strategic round from seasoned SaaS investors to further accelerate its growth across hospitality, multifamily, student housing and medical verticals where demand has been strong. Financing was provided by Silverton Partners, an early-stage investment firm b...
SLS Debuts in Middle East With Opening of SLS Dubai Hotel and Residences
Accor | April 5, 2021
DUBAI, United Arab Emirates, April 5, 2021 -- Accor, a world-leading hospitality group, today announced the expansion of the international SLS Hotels & Residences brand to the Middle East with the opening of SLS Dubai. Developed in partnership with World of Wonders Real Estate – the new property is one of Dubai's tallest buildings and is set to officially welcome guests and residents on April 5, 2021. The highly anticipated opening is a testament to the SLS brand's longstanding reputation and experience in creating and delivering extraordinary, unforgettable and timeless experiences. This news comes on the heels of A...
Sonesta Launches Global Hotel Franchising Organization
Sonesta | March 31, 2021
Positioned to Grow Current Base of Approximately 1,200 Franchised and Managed Hotels and Leading Brands Across Multiple Customer Segments Brian Quinn Appointed as Sonesta Franchising’s Chief Development Officer Newton, MA – March 31, 2021 – Sonesta International Hotels Corporation (Sonesta) today announced the launch of its renewed global hotel franchising organization. Less than ten days after completing its acquisition of RLH Corporation, Sonesta is now one of the largest hotel companies, with approximately 1,200 franchised and managed properties. The company offers a complete platform of franchise services, hotel operations, and f...
Avison Young 2021 Transactions
Avison Young | March 25, 2021
ATLANTA – March 25, 2021 – Avison Young Hospitality Group announced today that the firm has just closed its 14th hotel transaction of the 2021 year. The closed hotel transactions were across many brand families and located from California through the Midwest and eastern seaboard states. Most of the assets were in the mid-market to upper mid-market tiers. Keith Thompson said, “We are beginning to see transactions close at the best rate since the start of COVID and it is our expectation that 2021 will be a much stronger investment cycle than the second half of 2020.”...
Avison Young Closes Hotel Loan Portfolio
Avison Young | March 25, 2021
ATLANTA – March 25, 2021 – Avison Young Hospitality Group announced today that the firm has closed on a hotel loan portfolio led by Avison Young principal, Andrew Broad. The portfolio consisted of multiple hotel loans in the Carolinas secured by upper midscale Marriott branded hotels. Andrew Broad, Principal said, “This portfolio loan sale represents what could be the next transaction market cycle. MCR Development was the purchaser of the portfolio and we have deep history with them. In the 2021 hotel transaction market, the greatest character traits a buyer can have is, credibility, capability, and the willingness to do what they sa...
