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
Paramount Capital Advisors Welcomes Eli Levenfeld to the Team
Paramount Capital Advisors | March 22, 2021
Paramount Capital Advisors (“PCA”) is pleased to announce the addition of Eli Levenfeld as the newest Associate to the team where he will be responsible for business development, underwriting and closing transactions. Most recently, Levenfeld worked on the Secured Debt Team at Equity LifeStyle Properties, where he originated and closed over $660 million in debt for the company’s portfolio. Mr. Levenfeld received his Bachelor’s degree from The University of Texas at Austin in American Studies and received a Business Certificate from the McCombs School of Business. “We are very excited to have Eli as part our team”, said Jo...
Knighthead Funding Originates $61 Million Loan to Refinance Dorado Beach, a Ritz-Carlton Reserve, in Dorado Beach, Puerto Rico
Knighthead Funding LLC | March 17, 2021
Greenwich, CT (March 17, 2021) – Knighthead Funding has provided a $61 million first mortgage loan secured by Dorado Beach, a Ritz-Carlton Reserve, in Dorado Beach, Puerto Rico. The five-year, floating-rate, non-recourse loan from Knighthead Funding refinances maturing debt. As the first Ritz-Carlton Reserve Hotel in the Americas and one of only five in the world, Dorado Beach, a Ritz-Carlton Reserve, is one of the most luxurious properties under the Ritz-Carlton Reserve flag. Opened in 2012, Dorado Beach, a Ritz-Carlton Reserve, is situated in the exclusive gated neighborhood of Dorado Beach, on the former Laurence Rockefeller estate...
U.S. Market Recovery Monitor – 6 March 2021
STR | March 15, 2021
15 March 2021 - About the MRM As the U.S. hotel industry hits the one-year anniversary of the earliest COVID-19 impact, year-over-year percentage changes become less actionable when analyzing performance recovery. Thus, STR has introduced a weekly Market Recovery Monitor that will categorize each STR-defined market based on an indexed comparison with the same time periods in 2019. An index is simply a ratio that divides current performance by the benchmark (2019 data). For example, during the week ending 6 March 2021, U.S. RevPAR was $48.13. In the comparable week from 2019, RevPAR was $87.75. This produces an index of 54.8 ($48.13/$87....
JLL: Hotel Investment Outlook 2021
JLL | March 1, 2021
This report shares anticipated investor trends accelerated since the onset of the pandemic Uncertainty and cautiousness plagued hotel investor interest in 2020 due to the COVID-19 pandemic, however, the global lodging industry is eager to move forward. According to JLL Hotels & Hospitality’s annual Hotel Investment Outlook, the industry’s resilience has shaped new experiences and demand from consumers. It has also introduced a wave of trends that have been accelerated as hotel leaders quickly shifted operations and strategy to navigate through one of the most transformational and economically challenging times in modern h...
Avison Young Transaction Volume on the Rise
Avison Young | February 24, 2021
ATLANTA – February 24, 2021 – Avison Young Hospitality Group said today that their hotel transaction volume so far in 2021 has been good. The firm went on to say that out of 111 current engagements actively on the market, they have 52 under sale agreement. Keith Thompson said, “clearly, the hospitality real estate market is expecting that vaccines will aid the hotel and travel industry for 2021. Hotel performance this year is still projected to be well below 2019 levels but we are seeing RevPAR beginning to improve. The smart people in the room say 2021 revenue will end the year at 65%-70%+/- of 2019 levels....
Chris Martin Joins Avison Young Hospitality Group
Avison Young | February 23, 2021
ATLANTA – February 23, 2021 – Avison Young Hospitality Group announces that Chris Martin has joined the firm in its Tampa office. Keith Thompson said, “Chris Martin has joined our team from another brokerage firm, and we could not be more pleased. He comes to us with a deep hospitality background and a well-respected reputation in the hotel industry.” Chris J. Martin is an Investment Hotel Broker with Avison Young’s Hospitality Division. During his career, Chris has underwritten and modeled almost $4 Billion worth of hotel properties across the United States, providing him with an accurate forecasting and valuation mindset tha...
Wendy Blissett Promoted to Principal of Avison Young’s Hospitality Group
Avison Young | February 23, 2021
ATLANTA – February 23, 2021 – H. Keith Thompson, Principal of Avison Young’s Hospitality Group, announced today that Wendy Blissett has been promoted to the title of Principal. “I have worked with Wendy for the better part of 26 years and she is an incredible asset to the firm. During the difficult 2020 pandemic year, she was still able to close on numerous separate hotel transactions which was among the best brokerage performance in the hotel industry. She is incredibly smart and client focused and we could not be more happy to welcome her talents at the Principal level,” said Thompson. Blissett joined Avison Young in 2017 wh...
Fitch Maintains 14 US CMBS Single Borrower Hotel Transactions on Negative Watch Due to Pandemic
Fitch Ratings | February 22, 2021
Fitch Ratings - Chicago - 22 Feb 2021: Fitch Ratings has maintained 79 classes from 14 U.S. CMBS single borrower transactions on Rating Watch Negative (RWN). Fitch originally placed the classes on RWN on March 19, 2020. KEY RATING DRIVERS The 14 transactions represent the entire portfolio of Fitch-rated single borrower hotel transactions. The transactions were issued in 2019 (four) and 2018 (10). The majority are secured by an individual hotel property; the underlying properties are located in Florida (six deals), Hawaii (four), Arizona (two) and California (one). There is one transaction secured by a portfolio of La Quinta hotels. Three tr...
Hotel Lawyer: PACE Financing – Now an Accepted Tool for Hotel Lenders and Borrowers
Jim Butler | February 22, 2021
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Authors or www.HotelLawBlog.com Hotel finance lawyer: PACE Financing is now mainstream About five years ago, my partner David Sudeck, a senior member of JMBM’s Global Hospitality Group®, spoke at a hotel industry conference about the attractive features of PACE financing as an innovative financing technique. David has extensive experience with virtually all kinds of real estate financing from senior debt to joint ventures. At the time, he had just finished working on a hotel financing that included components of a senior construction loan from a private lender, Mello ...
Blockchain Technology Shaping the Future of Commercial Real Estate
February 18, 2021
Implications of blockchain technology in Real Estate In short, blockchain technology enables the user to record information on a digital ledger. It divides and stores the entered information in a compartmentalized array across several computer systems on a Blockchain network. Technically speaking, Blockchain technology utilizes Distributed Ledger Technology (DLT), where the stored information becomes impossible to hack, alter or erase. This technology makes information significantly more transparent and safer than conventional ledgers we have been using over centuries. Real estate transactions, a DLT platform allows storing information...
Podcast: Why Every Hotel Leader Needs to be a Financial Leader
David Lund | February 15, 2021
By David Lund Listen to the podcast with Sarah Dandashy (Ask a Concierge). The financial side of hospitality isn’t as sexy (to some) as other parts, but it is, of course, what determines success and that’s super sexy! In the hotel world, knowing the numbers translates to individual and organizational success. KEY POINTS Financial leadership should pertain to every hotel department. Knowing the basics of your numbers is the first step. A multi-functional leadership model is more successful than silos. Click below to listen to David’s podcast. ...
Katara Hospitality Partners With Accor to Launch Maison Delano Brand
Katara Hospitality | February 9, 2021
NEW YORK, Feb. 9, 2021 -- Katara Hospitality, a leading global hotel owner, developer and operator based in Qatar, today announced a new partnership with Accor, a world-leading hospitality group for an exciting new evolution of the iconic Delano brand, Maison Delano planned to open in 2022. Andrew Humphries, Acting Chief Executive Officer of Katara Hospitality said: "We are delighted to have come to this strategic partnership with Accor by adding Maison Delano to our collection of hotels. We believe this collaboration will add operational strength and build on the foundations of our successful portfolio; Katara Hospitality's vision...
Travel & Tourism Sector Witnessed 29.6% Decline in Deal Activity During January 2021
GlobalData | February 9, 2021
A total of 57 deals were announced in the global travel and tourism sector during January 2021, which is a decrease of 29.6% over 81 deals announced in December 2020, according to GlobalData, a leading data and analytics company. Aurojyoti Bose, Lead Analyst at GlobalData, comments: “The travel and tourism sector has been one of the hardest hit by the COVID-19 pandemic with ongoing lockdowns in some of the key markets and travel restrictions bringing business travels mostly to a halt. Resultantly, deal-making appetite also remains muted.” The number of equity offerings, venture financing, mergers and acquisition (M&A), and priva...
Sonnenblick-Eichner Company Arranges $30,500,000 of First Mortgage Financing for Little Palm Island Resort & Spa, Florida Keys, Florida
Sonnenblick-Eichner Company | January 12, 2021
Beverly Hills, California – – Sonnenblick-Eichner Company announced today that it has arranged $30,500,000 of interim first mortgage financing for Little Palm Island Resort & Spa, an iconic 30-suite, full service, luxury resort located in Little Torch Key, Florida. The loan refinanced a recently matured fixed rate loan and closed within 30 days of application. Mast Capital and RWN Management provided the financing. The Resort is located on an exclusive 4.12-acre private island in the world famous Florida Keys. Accessibility to the Resort is by private boat from Little Torch Key, located approximately 3 miles to the north. Am...
Turnbull Capital Group and Dr. Donald W. Wise Present a World Class Team of Professionals to Discuss: Where Are Hotel Asset Values Today?
Turnbull Capital Group | January 12, 2021
Dr. Donald W. Wise, Co-founder and Senior Managing Director of Newport Beach-based Turnbull Capital Group, and Gretta Brooks, Founder & CEO of Plano-based SalesBoost, LLC, are pleased to announce their fourth Webinar in a series on the discovery of hotel and resort values today. This Webinar is moderated by Dr. Donald W. Wise, Founder of CBRE Hotels in the 1984 and Founder of the lodging and hospitality lending group at Walker & Dunlop in 2007. The Webinar is Wednesday January 13th at 9:00 AM PST - 12:00 PM EST ~ we have added Ms. Tanya Pierson, MAI, Senior Managing Director, HVS and 35-year friend Mr. William H Reynolds Jr.,...
Spirides Provides $13.5 Million Hotel Construction Loan for New Comfort Suites in Lake Buena Vista-Orlando, FL
Spirides Hospitality Finance Company | January 11, 2021
TAMPA, FL—Spirides Hospitality Finance Company has successfully provided and the borrower has officially closed a $13.5 million construction and permanent mortgage loan made by a Southeast U.S. headquartered bank to finance the development of a new Comfort Suites in Lake Buena Vista, Orlando, Florida. This new 127-suite, 5-story Comfort Suites will be built on 2.5 acres of land located at 11942 Ravello Resort Drive. Located in Lake Buena Vista and just off of Interstate 4, the site is a short drive from the entrance to Walt Disney World’s Disney Springs shopping, dining, and entertainment complex near the City of Orlando, in Orange C...
2021 Hotel Financing Predictions
Brian Holstein | January 7, 2021
By Brian Holstein Positive Big Picture It is obvious that hotel operating performance will be much better in 2021 than 2020. It is, perhaps, less obvious that hotel lending has already begun staging a comeback that will accelerate throughout the year while continuing to stay ahead of actual hotel performance. Hotel CMBS Lending Rebounds Prior to Hotel Performance Leverage for hotel CMBS loans is currently available in the 55% +/- LTV range as lenders are beginning to close hospitality loans prior to the full return of cash flow. They are using the same forward-looking underwriting tactics that were prevalent in The Great Recession...
What Exactly Are Owners Looking for From Their GM’s When It Comes to the Operational Finances?
David Lund | December 14, 2020
The Slick Talk Interview - David Lund & Interviewing for Financial Success for Your Hotel In this hard hitting interview you will learn what to tell your owner about how you're going to successfully manage their asset. What are the leadership strategies you will use to generate a superior return on their investment? How will you show up as the number one and instill confidence and lead your team around the money piece? If you're looking for the silver lining in all that is Covid in the hotel industry right now and getting your aspiring career back on track, then you are not going to want to miss this one....
Sunstone Hotel Investors Completes Sale of 502-Room Renaissance Los Angeles Airport for $91.5 Million
Sunstone Hotel Investors, Inc. | December 9, 2020
IRVINE, Calif., Dec. 9, 2020 -- Sunstone Hotel Investors, Inc. (the "Company" or "Sunstone") (NYSE: SHO), the owner of Long-Term Relevant Real Estate® in the hospitality sector, today announced the sale of the 502-room Renaissance Los Angeles Airport for a gross sale price of $91.5 million, or approximately $182,300 per key. The sale price represents a 12.2x multiple on 2019 Hotel Adjusted EBITDAre and a 6.8% capitalization rate on 2019 Hotel Net Operating Income. The disposition of the hotel furthers the Company's strategy of concentrating its portfolio into Long-Term Relevant Real Estate® and further enhances the Company's liqu...
Hospitality Financial Leadership: A Bit About “You Sally”
David Lund | November 30, 2020
By David Lund By someone’s estimate there are roughly one million hotels in the world. I take it that number includes all the different kinds of hotels from small inns and hostels all the way up to your full-service multi-outlet mega hotel operations. For simple math I am going to estimate that half of this number of hotels fall into the small inns and hostels, and that leaves 500,000 of what I’m going to call real hotels. Of those 500,000 I am willing to bet that 50 percent do not know about or use “You Sally.” If we ramp that number up by multiplying the 250,000 real hotels by the average number of department managers, GMs and...
Access Point Financial Provides FF&E Financing for Aloft Omaha Aksarben Village
Access Point Financial | November 23, 2020
Recognized leader in hospitality-focused lending closes loan for the property’s furniture, fixtures, and equipment during construction OMAHA, Neb. - November 23, 2020 – Access Point Financial, LLC (APF), a leading direct lender and specialty finance company focused exclusively on the hospitality industry, today announced the completion of an agreement with Center 60 Hospitality to finance the furniture, fixtures and equipment at the recently built Aloft Omaha Aksarben Village in Omaha, Nebraska. Center 60 Hospitality sourced Access Point Financial to secure a $450,000 loan to finance the hotel's furniture, fixtures, and equipme...
Paramount Capital Advisors Secures $9.2MM Loan for Hotel Development
Paramount Capital Advisors | November 17, 2020
Paramount Capital Advisors is pleased to announce the closing of a $9,200,000 construction loan for the development of the 135 room Hampton Inn and Suites in Goddard, Kansas. The Property will be part of the Genesis Sports Complex, which when complete, will consist of 10 baseball fields hosting baseball and softball tournaments, an Aquatic Facility which will include pools for competition, as well as a water park, surfing machine, lazy river plus a 12,000 sq. ft. Health Club. The loan represents approximately 50% of the total cost of the project. The three-year construction loan was priced at a spread of 350 basis points over a Libor floor...
Access Point Financial Secures $8.85 Million to Refinance the Grand Rapids’ Delta Hotel by Marriott
Access Point Financial | November 16, 2020
Recognized leader in hospitality-focused lending completes full loan funding for Grand Rapids’ Delta by Marriott airport hotel ATLANTA - November 16, 2020 – Access Point Financial, LLC (APF), a leading direct lender and specialty finance company focused exclusively on the hospitality industry, today announced the completion of an agreement with Lodging Opportunity Fund REIT to refinance the Delta by Marriott in Grand Rapids, Michigan. As part of the deal, Access Point Financial secured $8.85 million for the Delta by Marriott Grand Rapids Airport property. Lodging Opportunity Fund REIT approached Access Point Financial to provide th...
6 Ways Hotel Benchmarking Can Help the Hotel Industry Rebound
HotStats | November 10, 2020
The hotel industry won’t emerge from the financial chasm caused by COVID-19 overnight, but recent data already points to a rebound. Benchmarking could help quicken the pace of recovery. As the hotel industry continues to thrash its way through the pandemic, hotel benchmarking has the power to not only keep hotels afloat, but also help lift the sector to solid financial ground once again. How Hotel Benchmarking Is Reviving the Hotel Industry It’s no secret that the pandemic broadsided the hotel industry. Consider U.S. hotels, which recorded a gross operating profit per available room (GOPPAR) of $-9.87 in the third quarter, a 110% d...
