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
C-PACE Update: Global Hospitality Group® Completes $172M in C-PACE Transactions for Hotel and Other Real Estate Projects in 2022
Jim Butler | March 15, 2023
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Authors of www.HotelLawBlog.com The Global Hospitality Group of Jeffer Mangels Butler & Mitchell LLP (JMBM) is pleased to announce the completion of $172 million in C-PACE (Commercial Property Assessed Clean Energy) financing transactions for the year 2022. This total includes over $97 million in hotels and condos, more than $58 million in multifamily, and $16 million in senior living facilities. C-PACE is a low-cost, nonrecourse financing that creates a lien on the real property and is repaid through property taxes. It first emerged as a technique for funding energy...
New York City’s 2018 & 2021 Hotel Zoning Amendments
March 2, 2023
By Cole Masler Hotels are a vital part of New York City’s economy, accounting for approximately $13 billion of revenue per year. In recent years, however, the City Planning Commission has adopted certain amendments to New York City’s Zoning Resolution in an attempt to curtail hotel development. These changes have been top-of-mind for owners and developers involved in the New York City hotel real estate market. One such amendment, passed in 2018, is known as the M1 Hotel Text Amendment. This zoning amendment established the need for a special permit in order to build new hotels, motels, tourist cabins, and boatels in light manufac...
Completion Stage Underway for the 12th Revised Edition of the Uniform System of Accounts for the Lodging Industry (USALI)
AHLA | February 28, 2023
The revision to the lodging industry’s authoritative financial and operating reporting standards has been led by the Global Finance Committee, sponsored by HFTP and AHLA. The Global Finance Committee (GFC), jointly sponsored by Hospitality Financial and Technology Professionals (HFTP®) and the American Hotel & Lodging Association (AHLA), have restarted its work on the 12th Revised Edition of the Uniform System of Accounts for the Lodging Industry (USALI). The independent group of global financial leaders from the most prominent U.S. and international hotel brands, operators, owners and other industry authorities met January 3...
What Is an Occupancy Rate?
STR | February 17, 2023
Occupancy rate is one of the global hotel industry’s foundational performance metrics, showing the percentage of rooms occupied in a property, segment or geographic area for any given time. The objective of successful revenue management is to achieve the optimal occupancy level for driving growth in revenue per available room (RevPAR) and profitability. Factors that influence occupancy rate There is a wide range of factors that can impact occupancy levels in a property, market, submarket, etc. For example, the presence of events can lead to surges in demand, which in turn increases occupancy levels. Major concert tours in Dublin...
Hilton Reports Fourth Quarter and Full Year Results
Hilton | February 14, 2023
MCLEAN, VA - Hilton Worldwide Holdings Inc. ("Hilton" or the "Company") (NYSE: HLT) today reported its fourth quarter and full year 2022 results. Highlights include: Diluted EPS was $1.21 for the fourth quarter and $4.53 for the full year, exceeding the high end of guidance Diluted EPS, adjusted for special items, was $1.59 for the fourth quarter and $4.89 for the full year, exceeding the high end of guidance Net income was $333 million for the fourth quarter and $1,257 million for the full year, exceeding the high end of guidance Adjusted EBITDA was $740 million for the fourth quarter and $2,599 million for the full year, excee...
Marriott International Reports Fourth Quarter and Full Year 2022 Results
Marriott International, Inc. | February 14, 2023
Marriott International, Inc. (NASDAQ: MAR) today reported fourth quarter and full year 2022 results. Anthony Capuano, Chief Executive Officer, said, “Our performance in 2022 was terrific. Just two years after experiencing the sharpest downturn in our company’s history, we reported record financial results. Our fee-driven, asset-light business model generated significant cash during the year, allowing us to both invest in the growth of our business and return $2.9 billion to shareholders. “For the fourth quarter, worldwide RevPAR1 grew 5 percent compared to 2019, driven by a 13 percent increase in ADR. With the exception of Greate...
Chartwell and Southstar Break Ground on $500M Mixed-Use Aureum Project in Franklin, Tennessee
Chartwell Hospitality | February 13, 2023
NASHVILLE, Tenn.--Chartwell Hospitality, in a joint venture with co-developer Southstar, broke ground on their $500 million Aureum Project. Aureum is a 22-acre mixed-use project that will offer residents unique living, working, and entertainment options in one premier location known as the “Golden Corner” of Franklin, TN. Aureum’s first phase will consist of 355 residential units for sale and rent which Chartwell Residential will develop. The development will include office space, retail, and entertainment venues, along with two hotels to be developed by Chartwell Hospitality. In addition, Aureum will offer more than five acres of op...
Use a Business Mindset: David Lund on Hotel Finance
David Lund | February 13, 2023
David Lund, a financial consultant for hotels, shares his thoughts on how hotels should approach hotel finance software and tools, and the role technology plays in daily operations, highlighting the skills needed to succeed. With vast experience in hospitality operations, finance, and accounting, David offers his unique view on the hospitality business and advocates financial literacy for hoteliers as one of the most crucial skills to have. How did your journey in hospitality start? I grew up in the shadow of the Algonquin Hotel in my hometown of St. Andrews, New Brunswick, in Canada. I ended up working there right out of high school and w...
Sonnenblick-Eichner Company Arranges $50,000,000 of Construction Financing for the Lionsback Resort, Moab, Utah
Sonnenblick-Eichner Company | February 7, 2023
Beverly Hills, CA – February 7, 2023 – Sonnenblick-Eichner Company has arranged $50 million of construction financing for Phase I of the Lionsback Resort in Moab, Utah, a 175-acre development located adjacent to internationally renowned Canyonlands and Arches National Park in eastern Utah. Proceeds from this fixed rate, non-recourse construction loan will be used to complete the Phase I onsite infrastructure improvements and vertical construction of the initial 34 single family homes, as well as the horizontal infrastructure of Phase II. To be built over five phases, at build-out, the $350 million development will include 188 single-...
Hospitality Financial Leadership: Top 10 List for Controlling Hotel Expenses
David Lund | January 16, 2023
By David Lund The word “expenses” needs to be defined and refined for this article. Expense broadly refers to any cost a business has including payroll, goods and services and cost of goods, “the cost required for something; the money spent on something.” That is its definition according to Oxford Dictionaries. To refine that we need to step back and see that hotel expenses are specifically goods and services, and not payroll or cost of goods (e.g., food cost). To put even a sharper focus on this distinction, it is hotel expenses defined according to the Uniformed System of Accounts for the Lodging Industry (USALI). That ...
Agilysys to Report Fiscal 2023 Third Quarter Results January 24th and Host Conference Call and Webcast
Agilysys | January 11, 2023
ALPHARETTA, GA. — January 11, 2023 — Agilysys, Inc. (AGYS), a leading global provider of hospitality software solutions and services that deliver High Return Hospitality, announced today that it will release its fiscal 2023 third quarter results after the market closes on Tuesday, January 24th, 2023 and host a conference call and webcast at 4:30 p.m. ET that day. Both the call and webcast are open to the public. All participants should register for the call using the participant registration URL: https://register.vevent.com/register/BI92e7fb3f342349caafb48725c1a83416 Once registered, participants will receive a confirmation email w...
Paramount Lodging Advisors Welcomes Hunter Johnson to Team
Paramount Lodging Advisors | January 10, 2023
CHICAGO, IL – The Paramount Lodging Advisors (PLA) team is thrilled to welcome Hunter Johnson as Senior Associate. Hunter’s office will be based in Southwest Colorado with a focus on Colorado and Utah. Hunter has covered the industry with experience in hotel purchasing, financing, and brokerage. In the last 24 months, he has transacted over $87MM from small independent hotels to IHG and Hilton assets. “I am honored and grateful to be part of such an entrepreneurial, honorable, and hardworking team,” stated Johnson. If you would like to reach out to Hunter, he can be contacted at hunter@paramountlodging.com or 970.880.0621....
Sonnenblick-Eichner Company Arranges $26,750,000 of First Mortgage Financing for Two Northern California Hotels
Sonnenblick-Eichner Company | January 10, 2023
Beverly Hills, CA – January 10, 2023 -- Sonnenblick-Eichner Company, on behalf of Woodside Hotel Group, has arranged $26,750,000 of non-cross collateralized, fixed rate, first mortgage financing for the Lafayette Park Hotel & Spa and The Lodge at Bodega Bay, located in Lafayette and Bodega Bay, California, respectively. The $15 million loan on the Lafayette Park Hotel retired an existing life insurance company loan and provided for over $4 million of capital to renovate the guestrooms. Proceeds from the $11.75 million loan on The Lodge at Bodega Bay paid off an existing bridge loan facility and provided for a return of partnership...
Mews Closes $185 Million in Fundraising to Transform the Hospitality Industry for Brands and Their Guests
Mews | December 15, 2022
• The Series C fundraising brings the total amount raised to date to over $225 million. • Latest funding led by Kinnevik and Goldman Sachs Asset Management; Akhil Chainwala from Kinnevik and Kirk Lepke from Goldman Sachs to join the board. • Funding will be used to accelerate product innovation, global expansion and consolidation through its Mews Ventures arm. Amsterdam, New York, 15 December 2022 - - Mews, a leader in hospitality technology, today announced it has closed its Series C round at $185 million. The equity investment was led by Kinnevik and the Growth Equity business within Goldman Sachs Asset Management with ...
Sonnenblick-Eichner Company Arranges Sale of the Cannon’s Hotel Development Site in Dana Point, California
Sonnenblick-Eichner Company | December 13, 2022
Beverly Hills, California (December 13, 2022) --Sonnenblick-Eichner Company announced today that it has arranged the sale of the fee simple interest in the Cannon’s Hotel Development Site in Dana Point, California. The former home of Cannon’s Restaurant, the site is fully entitled and has received California Coastal Commission approval for a 100-room boutique luxury hotel. The property is located on a bluff-top overlooking the Dana Point Harbor and Marina with expansive, panoramic views of the Pacific Ocean and the California Coastline. The property was sold to a private investor. The site is located one block south of Pacific Coa...
Spirides Provides $14 Million Construction Financing for Major League Baseball Player Hotel in Dunedin, FL
Spirides Hotel Finance Company | November 22, 2022
TAMPA, FL—Spirides Hotel Finance Company has successfully provided, and the borrower has officially closed $14 million in construction-to-permanent mortgage financing from a Midwest U.S. headquartered bank to finance the development of a lodging facility in Dunedin, Florida for players of the Toronto Blue Jays Baseball Club, a Major League Baseball franchisee. Florida is well known for its multiple professional baseball Spring training facilities. After building in Dunedin their “second home,” a 65-acre, $100 million Player Development Complex training facility that includes a 115,000 square-foot multipurpose building, the Toronto B...
Hilton to Bring First Waldorf Astoria Property to Costa Rica
Hilton | November 15, 2022
GUANACASTE, Costa Rica and MCLEAN, Va. – (November 15, 2022) – Today, Hilton (NYSE: HLT) announced the signing of the first Waldorf Astoria Hotels & Resorts property in Costa Rica, the new-build Waldorf Astoria Guanacaste, currently under construction and expected to open in 2025. Exceptionally located on a peninsula with unobstructed ocean views, Waldorf Astoria Guanacaste will offer 190 guest rooms and 25 Waldorf Astoria branded residences in the tropical paradise of Guanacaste known for its dramatic scenery, lush forests and beautiful beaches. The property will focus on sustainable luxury with an emphasis on architecture that blend...
With Deal Leverage Shifting to Buyers and Financial Sources, All Eyes are On Hospitality Prognosis for 2023
Keith Worsham | November 15, 2022
By Keith Worsham In this article we take a look at the shifting landscape of hospitality industry transactions as post-pandemic travel trends begin to reveal themselves and operators grapple with the ramifications of more than two years of RevPAR setbacks. A Post-Pandemic Comeback... Of Sorts Prospects for the hotel industry going into 2023 fall somewhere between somewhat rosy and risky. The hospitality industry gathered in mid-August at the 14th Annual Hotel Data Conference in Nashville, Tennessee to discuss the near-term outlook, and as the editors of Hotel News Now (HNN) shared, “Speakers…acknowledged that the industry still is...
Q3 2022 Major U.S. Hotel Sales Survey
Daniel Lesser | November 9, 2022
By Daniel Lesser Economists, politicians, and business leaders are split on whether the U.S. economy is heading for a recession, is already in one, or will merely experience a slowdown. With continued supply chain disruptions, geopolitical conflicts (most notably the war in Ukraine), and the Fed’s determination to continue increasing the federal funds interest rate, there is tremendous uncertainty around inflation and where the economy is heading. Mixed signals abound, however U.S. gross domestic product (GDP) increased for the first time this year in the third quarter, expanding at a higher-than-expected 2.6 percent annually. Unemployme...
Hyatt Reports Third Quarter 2022 Results
Hyatt Hotels Corporation | November 3, 2022
CHICAGO (November 3, 2022) - Hyatt Hotels Corporation ("Hyatt" or the "Company") (NYSE: H) today reported third quarter 2022 financial results. Highlights include: Net income was $28 million in the third quarter of 2022 compared to net income of $120 million in the third quarter of 2021. Adjusted net income was $72 million in the third quarter of 2022 compared to Adjusted net income of $241 million in the third quarter of 2021. Diluted EPS was $0.25 in the third quarter of 2022 compared to $1.15 in the third quarter of 2021. Adjusted Diluted EPS was $0.64 in the third quarter of 2022 compared to $2.31 in the third quarter of 2021. ...
Marriott International Reports Outstanding Third Quarter 2022 Results
Marriott International | November 3, 2022
Marriott International, Inc., (NASDAQ: MAR) today reported third quarter 2022 results. Anthony Capuano, Chief Executive Officer, said, “We are very pleased to report another quarter of outstanding results. Global RevPAR1 more than fully recovered, rising nearly 2 percent above 2019. In the third quarter, RevPAR compared to 2019 improved sequentially from the second quarter in every region around the world. “In the U.S. & Canada, our largest region, RevPAR exceeded 2019 levels by 3.5 percent in the third quarter. Occupancy in the region has been rising throughout the year, reaching 72 percent in September, just 2 percentage poin...
Avison Young Announces Recent Hotel Closings
Avison Young | November 3, 2022
ATLANTA – November 3, 2022 – Avison Young Hospitality Group announced that over the last two weeks the firm has closed several hotel transactions listed below. Brad Sinclair and Michael Bernath closed the sale on the 106-room Home2 Suites in York PA Brad Sinclair and Michael Bernath closed the sale on the 100-room Hampton Inn & Suites in York PA Mike George and Rick George closed the sale on the 120-room Holiday Inn Cary North Carolina Rick George and Mike George closed the sale on a Hampton Inn in central Illinois Chris Martin closed the sale on the 100-room Comfort Inn & Suites in Tallahassee Florida The team c...
Spirides Provides $6.3 Million Debt Refinancing + Cash Out for Holiday Inn Express in Latta, SC
Spirides Hotel Finance Company | November 1, 2022
TAMPA, FL—Spirides Hotel Finance Company has successfully provided, and the borrower has officially closed a $6.3 million mortgage loan from a southeast U.S. headquartered bank to refinance the existing mortgage debt plus take $1.5 million cash out of the Holiday Inn Express in Latta, South Carolina. The $1.5 million cash taken out of the loan proceeds will be used by the borrower as an owner’s cash equity down payment to build another hotel in North Carolina where they already own the land. This Holiday Inn Express features 68 guest rooms and suites in one 4-story building situated on 4 acres of land. It is located at 2513 Cattle ...
Wyndham Hotels & Resorts Reports Third Quarter 2022 Results
Wyndham Hotels & Resorts | October 27, 2022
Company Raises Full-Year 2022 Outlook Board Increases Share Repurchase Authorization by $400 Million Company Grows System-Wide Rooms by 4% and Development Pipeline by 10% PARSIPPANY, N.J., Oct. 27, 2022 -- Wyndham Hotels & Resorts (NYSE: WH) today announced results for the three months ended September 30, 2022. Highlights include: Global RevPAR grew 12% compared to third quarter 2021 in constant currency. U.S. RevPAR grew 2% compared to third quarter 2021 and represents 110% of 2019 levels. System-wide rooms grew 4% year-over-year, including 1% of growth in the U.S. and 9% of growth internationally. Development pipeline ...
