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
Tapestry Collection by Hilton Hotel on the Way for Pappas Properties’ Midtown Charlotte Development
Pappas Properties | November 7, 2019
CHARLOTTE, N.C., Nov. 7, 2019 -- Pappas Properties today unveiled details for the next phase of development at its 7-acre property in Midtown Charlotte, including a Tapestry Collection by Hilton Hotel and new office and retail space that will complement the two state-of-the-art medical office buildings already being built for Atrium Health. The 150-room hotel will be the first Tapestry Collection by Hilton location in the Charlotte area. Launched in 2017, Tapestry Collection by Hilton is a collection of hotels that embraces the distinctive, local culture of each hotel's environment, ensuring that each property in the collection offers a un...
70-Room, Limited-Service Hotel in New Mexico to Hit Online Auction Block via RealINSIGHT Marketplace, This December
RealINSIGHT Marketplace | November 7, 2019
Aztec, NM Presidential Inn is being offered significantly below replacement cost with 1.72 Acres included in the sale. This December, Presidential Inn, a 70-room, limited-service hotel located in Aztec, New Mexico, will be auctioned through the online commercial real estate auction platform, RealINSIGHT Marketplace. The offering, presented by Berkadia and RealINSIGHT Marketplace, is unencumbered of management and the current lender will consider financing a new buyer. The new buyer will also have the opportunity to affiliate the Hotel with a new major brand, including Microtel, Comfort Inn, Sleep Inn, Red Lion, Red Roof Inn, o...
Struggling to Afford New AV Equipment in 2020? Financing Options Now Available Through AVaStar
AVaStar | October 15, 2019
Don’t wait for CapEX funds to be available to improve your audiovisual offering; Hoteliers can transition the expense of building/improving AV services from CapEx to OpEx, plus add SaaS to manage self-operating AV to generate more revenue from this investment [Gaithersburg, Md.—October 15, 2019]— AVaStar has teamed with industry funding sources to enable hoteliers to purchase or upgrade Event Technologies (ET) that meet rapidly evolving customer expectations on attractive capital or operating lease terms. Operators needing to become more profitable can now implement new, state-of-the-art equipment and automatically implement best pract...
Access Point Financial Continues Growth Trajectory With Senior Management Team Additions
Access Point Financial | September 11, 2019
Recognized leader in hospitality-focused lending taps seasoned real estate and finance executives for further expansion of management team ATLANTA - September 10, 2019 - Access Point Financial, LLC (APF), a leading direct lender and specialty finance company focused exclusively on the hospitality industry, today announced the appointment of two new managing directors to its senior leadership team, including Justin Perry as Managing Director/Legal Affairs and Lori Tirado as Managing Director/Business Development. The new appointments come on the heels of senior leadership announcements made earlier this year, and are part of an overal...
Sonnenblick-Eichner Company Arranges First Mortgage Financing for Post Ranch Inn, Big Sur, California
Sonnenblick-Eichner Company | September 10, 2019
Beverly Hills, CA (September 10, 2019) – Sonnenblick-Eichner Company announced today that it has arranged first mortgage financing for the Post Ranch Inn, an iconic 39-room, full-service, luxury resort located in Big Sur, CA. The 10-year, interest-only, non-recourse loan has a fixed interest rate of 3.29 percent. The credit spread was sub-120 basis points. Overlooking the Pacific Ocean from the cliffs of Big Sur, Post Ranch Inn is internationally recognized as one of the finest destination resorts in the world. Situated on approximately 90 acres, the property features 39 guestrooms in 27 buildings, a spa, two cliff-top infinity-edge p...
Hotel Franchising in Europe 2019 – The Push Continues for New Ways to Expand
Stephen Collins | July 18, 2019
Hotel Franchising in Europe is an update of our previous report published in 2014. The report aims to assist owners in increasing their understanding and awareness of the franchise business model and current market trends. The fees outlined in this report apply solely to hotels operating in Europe. By Stephen Collins, Sophie Perret Introduction The slew of acquisitions and mergers in the hotel industry over the past few years has rapidly changed the landscape. The ‘big’ brands are larger than ever and must continue to drive growth, lest they fall behind their peers. Their coverage, loyalty programmes and distribution channels are ac...
Access Point Financial Appoints New Senior Leadership Team to Accelerate Corporate Growth and Program Expansion
Access Point Financial | July 15, 2019
Recognized leader in hospitality-focused lending announces key appointments, including Dilip Petigara as CEO and Michael Lipson as Chairman of the Board ATLANTA – July 15, 2019 – Access Point Financial, LLC (APF), a leading direct lender and specialty finance company focused exclusively on the hospitality industry, today announced two key appointments to its senior leadership team, naming Dilip Petigara as Chief Executive Officer and Michael Lipson as Chairman of the Board of Directors. The appointments were made as part of aggressive new corporate growth initiatives put in place to meet the growing demand for financial services in th...
Sonnenblick-Eichner Company Arranges $29,000,000 of Construction Financing for Cambria Hotel Calabasas, Calabasas, California
Sonnenblick-Eichner Company | July 10, 2019
Beverly Hills, CA (July 9, 2019) – Sonnenblick-Eichner Company announced today that it has arranged $29,000,000 of construction financing for the Cambria Hotel Calabasas, a 125-room, select-service hotel to be located on Las Virgenes Road, just one block south of U.S. Highway 101/Ventura Freeway in Calabasas, CA. Amenities at the hotel will include meeting space, indoor/outdoor dining and a lobby bar, an outdoor pool, a business and fitness center, and surface parking for approximately 150 cars. The loan provided funding in excess of 65% of total project costs and was provided by an international commercial bank. The hotel’s excelle...
Opening a Hotel? An Asset Manager Can Help!
Saurabh Gupta | July 9, 2019
By Saurabh Gupta Hotel openings are an elaborate affair that seek focused inputs from the ownership at a pre-opening stage. While the hotel management company and operations team are largely responsible for the pre-opening preparation, the owner also has his/her tasks cut out. Here’s a look at the very basic set of expectations from an owner of a managed-hotel at this stage: Approve pre-opening budgets Approve annual business plans along with revenue and expense budgets Approve the recruitment of key personnel like the GM Approve capital expenditure and FF&E spends Objectively assess the readiness of the operations ...
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...
Mountain Shore Properties Named Hyatt’s 2019 Developer of the Year
Mountain Shore Properties (MSP) | June 10, 2019
June 10, 2019. Charleston, SC. Mountain Shore Properties, a Charleston, South Carolina-based developer, has been named Developer of the Year by Hyatt as part of Hyatt’s owner awards. Through this series, Hyatt recognizes owners and developers for their contributions and shared commitment to deliver a superior level of care. The awards were presented by Hyatt’s leadership team in April at Hyatt’s Americas owners conference in Nassau, Bahamas at Grand Hyatt Baha Mar. In receiving Developer of the Year, Mountain Shore Properties was recognized for its excellent construction quality, efficiency, and hotel development in strategic locatio...
MSD Partners Closes Sale of 1,047-Room Boca Raton Resort & Club From Blackstone Group for $461.6 Million
MGM Resorts International | June 10, 2019
Jeff Ostrowski | The Palm Beach Post, Fla. June 07--In the biggest property sale in Palm Beach County history, the Boca Raton Resort & Club sold this week for $461.6 million, according to deeds made public Thursday. A company affiliated with billionaire Michael Dell announced in April that it would buy the iconic club from Blackstone Group, but the buyer and seller didn't disclose the price at the time. Dell's MSD Partners is the new owner of the 1,047-room hotel. Dell himself visited the hotel several times from 2000 to 2004, when the Boca Resort hosted annual meetings of The Business Council, an organization made up of the heads of th...
Parisi Udvar Hotel Budapest Officially Joins The Unbound Collection by HyattThe Unbound Collection by Hyatt
The Unbound Collection by Hyatt | June 10, 2019
CHICAGO (June 7, 2019) Hyatt Hotels Corporation (NYSE:H) announced today the opening of Párisi Udvar Hotel Budapest as part of The Unbound Collection by Hyatt, following major restoration and full-scale renovation. The hotel is managed by Mellow Mood Hotels. It features 110 guestrooms and is situated on Ferenciek Square, between the River Danube and the bustling city center. As part of a collection of distinct hotels with their own unique stories, Párisi Udvar Hotel Budapest will offer an ideal location from which to explore the city’s rich history. Once home to Budapest’s most fashionable shops and cafés, the one-of-a-kind building...
Aiden by Best Western Opens in Austin, Texas Marking U.S. Brand Debut
Best Western Hotels & Resorts | June 9, 2019
Phoenix, Arizona (June 7, 2019) – Best Western® Hotels & Resorts today announced the arrival of Aiden® by Best Western in Austin, Texas. The first U.S. location for the company’s modern, suburban boutique brand, Aiden by Best Western @ Austin City Hotel will reflect Austin’s distinctive vibe while bringing comfort and convenience to guests. “We are excited to expand the footprint of Aiden to North America, and especially to the city of Austin, whose quirky vibe is perfectly reflected in the brand’s exciting style,” said Brad LeBlanc, Senior Vice President and Chief Development Officer for Best Western Hotels & Resorts...
Investor Ben Mallah pays $20 million for Holiday Inn Westshore near Tampa International Airport
November 5, 2018
Nov. 05--TAMPA -- Largo real estate investor Ben Mallah likes to say that while the other kids were out playing football, he was inside playing Monopoly. That hasn't changed. Last week Mallah paid $20 million to buy the Holiday Inn Westshore, his second recent significant investment in Westshore and his third hotel near Tampa International Airport. "It's a great place to be," Mallah said Monday. TIA is growing, Westshore is attracting new business, and the Florida Department of Transportation paid $37 million for what it expects to become a transit hub. "There's a lot of activity." In the Holiday Inn deal...
Sonnenblick-Eichner Company Arranges $50,000,000 of First Mortgage Financing for Hotel Theodore, Seattle, Washington on Behalf of Provenance Hotels
Sonnenblick-Eichner Company | July 25, 2018
Beverly Hills, CA (July 25, 2018) – Sonnenblick-Eichner Company announced today that it has arranged $50,000,000 of interim first mortgage financing to refinance Hotel Theodore, a 20-story, 153-room, full-service, luxury boutique hotel located at the corner of 7th Avenue and Pine Street, in the heart of downtown Seattle, Washington, one block west of the Washington State Convention Center. The floating rate loan was sized to a debt yield of less than 6% and priced over LIBOR at a spread in the mid-300s. Loan proceeds are being used to refinance the existing acquisition and renovation loan as well as provide a return of equity to the borr...
Sonnenblick-Eichner Company Arranges $22,000,000 of First Mortgage Financing for Shops at the Pier, on Behalf of Provenance Hotels and Bolour Associat
Provenance Hotels | December 6, 2017
Beverly Hills, CA, December 6, 2017 -- Sonnenblick-Eichner Company has secured $22 million of interim first-mortgage financing for the Shops at the Pier, on the renowned beachfront, The Strand, in Hermosa Beach, California. The property is owned by a joint venture comprised of Portland, Oregon-based Provenance Hotels and Bolour Associates, Beverly Hills, California. Located at the base of the Hermosa Beach Pier, the Shops at the Pier is a mixed-used project, which includes 18,192 square feet of fully leased retail space and nine apartment units. Hermosa Beach is an affluent beach community in Southern California, which attracts millions...
Opportunity Knocks as Real Estate and Hospitality Execs Sense More Stable Foundation For Deal Making
EY | August 1, 2013
EY's global survey shows vast majority of senior real estate, hospitality and construction executives see global economy on the upswing, positioning industry for growth NEW YORK, 1 AUGUST 2013 - Real estate executives are far more confident about the global economy than they were just six months ago, according to EY's Global Capital Confidence Barometer for Real Estate, Hospitality and Construction. The report, which surveyed 117 senior executives from real estate, hospitality and construction (RHC) companies around the world, found there is increased optimism about the global economy. Eighty-five percent of those surveyed said the global ec...
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