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
Hyatt Reports First Quarter 2022 Results
Hyatt Hotels Corporation | May 13, 2022
System-wide RevPAR Surges in March, Strengthens Further in April; Over 40% of $2.0B Asset Disposition Commitment Closed or Under Contract CHICAGO (May 13, 2022) - Hyatt Hotels Corporation ("Hyatt" or the "Company") (NYSE: H) today reported first quarter 2022 financial results. Net loss attributable to Hyatt was $73 million, or $0.67 per diluted share, in the first quarter of 2022, compared to a net loss attributable to Hyatt of $304 million, or $2.99 per diluted share, in the first quarter of 2021. Adjusted net loss attributable to Hyatt was $36 million, or $0.33 per diluted share, in the first quarter of 2022, compared to Adjusted ne...
Hilton Reports First Quarter Results; Resumes Capital Return to Shareholders
Hilton | May 13, 2022
MCLEAN, Va. - Hilton Worldwide Holdings Inc. ("Hilton" or the "Company") (NYSE: HLT) today reported its first quarter 2022 results. Highlights include: Diluted EPS was $0.75 for the first quarter, and diluted EPS, adjusted for special items, was $0.71 Net income was $211 million for the first quarter Adjusted EBITDA was $448 million for the first quarter System-wide comparable RevPAR increased 80.5 percent, on a currency neutral basis, for the first quarter compared to the same period in 2021 System-wide comparable RevPAR was down 17.0 percent, on a currency neutral basis, for the first quarter compared to the same period in ...
IHG: First Quarter Trading Update to 31 March 2022
IHG Hotels & Resorts | May 13, 2022
Q1 group RevPAR up 61% vs 2021 and attaining 82% of 2019’s level Average daily rate up 27% vs 2021 and in line with 2019 Americas and EMEAA saw sequentially improved trading in February and March after a challenging January Greater China trading in March impacted by tightening of localised travel restrictions Gross system size growth of +4.9% YOY, +0.7% YTD; opened 6.6k rooms (45 hotels) in Q1, broadly similar to 2021 Net system size growth of +3.4% YOY (adjusted for Holiday Inn and Crowne Plaza removals in 2021), +0.5% YTD Global system of 885k rooms (6,028 hotels); 68% across midscale segments, 32% across upscale and...
Marriott International Reports First Quarter 2022 Results and Reinstates Quarterly Cash Dividend
Marriott International, Inc. | May 13, 2022
First quarter 2022 comparable systemwide constant dollar RevPAR increased 96.5 percent worldwide, 99.1 percent in the U.S. & Canada, and 88.5 percent in international markets, compared to the 2021 first quarter; First quarter 2022 comparable systemwide constant dollar RevPAR declined 19.4 percent worldwide, 14.5 percent in the U.S. & Canada, and 31.7 percent in international markets, compared to the 2019 first quarter; First quarter reported diluted EPS totaled $1.14, compared to reported diluted loss per share of $0.03 in the year-ago quarter. First quarter adjusted diluted EPS totaled $1.25, compared to first quarter 202...
Sonnenblick-Eichner Company Arranges $50,000,000 of First Mortgage Financing for the Cliffs Hotel & Spa, Pismo Beach, California
Sonnenblick-Eichner Company | May 11, 2022
Beverly Hills, CA – May 11, 2022 – Sonnenblick-Eichner Company has arranged $50 million of long term fixed rate first mortgage financing for the Cliffs Hotel & Spa, a 162-room, full-service, luxury boutique hotel located on a bluff overlooking the Pacific Ocean in Pismo Beach, California. The non-recourse loan was funded by an investment bank and priced at 4.8 percent with interest-only payments for the entire term of the loan. Proceeds from the loan provided for a return of equity to the Borrower in order to purchase a partnership interest. Located along California’s central coast, the Cliffs Hotel & Spa features direct...
Rivers Casino Portsmouth Celebrates Construction Milestone With Topping-Off Ceremony
Rivers Casino Portsmouth | May 10, 2022
PORTSMOUTH, Va.--Rivers Casino Portsmouth announced the completion today of the steel framing for the new gaming and entertainment complex on Victory Boulevard, which will open in early 2023. At a Topping-Off Ceremony this morning, a Rivers-yellow steel beam — signed by the Ballard-Yates construction teams, Rivers Casino Portsmouth leadership, and local officials — was raised against the backdrop of celebratory music and hoisted into place. The beam marks a significant construction milestone for the property since its groundbreaking in December 2021. “We began moving dirt and setting the stage less than a year ago, and we are maki...
IHG Extends Multiple Development Agreement Across Northern Europe With tristar GmbH
IHG Hotels & Resorts | May 10, 2022
The agreement sees the partnership grow to 60 hotels with IHG Hotels & Resorts by 2025 with developments planned in Germany, Austria, Switzerland, Poland, and Italy IHG® Hotels & Resorts, one of the world’s leading hospitality companies, today announces the extension of its multi-property development agreement for the DACH region (Germany, Austria and Switzerland) and expands the growth ambition to Italy and Poland. In 2022 alone, tristar GmbH will open four new Holiday Inn Express hotels and a Hotel Indigo in Vienna, marking the brand's entry into the Austrian market. The announcement is a further development of IHG’s str...
Developer’s EB-5 Handbook for Construction Financing — New 3rd Edition
Jim Butler | May 9, 2022
By Jim Butler and the Global Hospitality Group® JMBM’s Global Hospitality Group® and EB-5 Finance Group™ are pleased to publish an updated edition of The Developer’s EB-5 Handbook for Construction Financing. This new and improved handbook provides essential resources for developers considering EB-5 financing for their next project. The recent EB-5 Reform and Integrity Act of 2022 and the reauthorization of the Regional Center Program, a crucial part of EB-5’s success, has generated renewed interest in the program’s low-cost funding opportunities. The Global Hospitality Group® has developed an approach to guide clients thr...
Orient Express Will Open Second Hotel in Italy at Palazzo Donà Giovannelli in Venice
Orient Express | May 5, 2022
Legendary travel brand Orient Express, part of the world-leading Accor group, has signed a partnership agreement with Italian hospitality group Arsenale S.p.A to open the second Orient Express hotel in Italy at the spectacular Palazzo Donà Giovannelli in Venice. The Groups have selected architect and interior designer Aline Asmar d’Amman and her studio Culture in Architecture to design and decorate the space. Venice, once the gateway to Constantinople and a mythical stop on the legendary Orient Express train – that opened its doors in 1919 with the completion of the Simplon tunnel linking Switzerland to Italy – will be the home of t...
IHG Signs With Oscars Group for Crowne Plaza Shell Cove Marina on the NSW South Coast
IHG hotels & Resorts | May 5, 2022
IHG Hotels & Resorts is excited to announce the signing of its first hotel on the NSW South Coast, with the contemporary and inspiring Crowne Plaza Shell Cove Marina planned to open in 2025, following an agreement with Oscars Group. Crowne Plaza Shell Cove Marina will be part of a $1.5 billion master-planned coastal residential, commercial and tourist project within the Shellharbour region. The overall development will include a man-made in-shore harbour and a 270-berth marina, as well as a vibrant town centre that features a supermarket, retail outlets, restaurants, library, community centre, parklands – and the hotel. ...
Pelligra Group Breaks Ground on Holiday Inn and Suites Mawson Lakes in Adelaide, Australia
IHG Hotels & Resorts | May 3, 2022
The growing partnership between IHG Hotels & Resorts and the Pelligra Group has accelerated today with an Adelaide ground-breaking ceremony marking the announcement of the signing of Holiday Inn & Suites Mawson Lakes. Heralding ambitious growth plans for the partnership, the two groups announced the signing of the new-build hotel on the eve of the Australia’s Australasian Hotel Industry Conference and Exhibition (AHICE), which is also being held in Adelaide for the second consecutive year. To mark the occasion, and to signal the great progress already being made, the Mawson Lakes project was officially unveiled at a ...
Avison Young Closes 29 Hotel Transactions
Avison Young | May 3, 2022
ATLANTA – May 3, 2022 – Avison Young Hospitality Group announced today that the hotel brokerage firm has closed 29 separate hotel transactions over that last 150 days totaling just under ½ billion of value. 12 of the hotels were either Hilton, Marriott or Hyatt assets and were located in most US regions. Most notable was the Fall River Resort - Estes Park CO, Hotel Monaco - Chicago, 15 story IHG - Downtown Nashville, Hyatt Place/ Hyatt House dual brand – Scottsdale AZ and the Courtyard Oceanfront – Ocean City Maryland. Three of the sales represented pricing between 400k and 500k per room....
Banyan Tree Group Expands Mexico Portfolio With Signing of Banyan Tree Veya Bacalar
Banyan Tree Veya | May 3, 2022
Singapore, May 3, 2022 – Today, Banyan Tree Group announces the signing of Banyan Tree Veya Bacalar, set to open early 2025 in Mexico’s Bacalar Lagoon region located in the southern part of Quintana Roo. The $28 million, 40-key resort marks Banyan Tree Group’s sixth location in Mexico and third in the Yucatán Region, where the Group continues to expand its multi-brand portfolio of hotels, resorts, galleries, golf, spas and residences. Situated a few hours south of traditional tourist destinations and 30 minutes north of the Belize border, Bacalar is best known for its crystal-clear waters that native Mayans call “the Lagoon of the...
Paramount Lodging Advisors Arranges the Sale of the Sky Rock Inn – Sedona, Arizona
Paramount Lodging Advisors | May 2, 2022
Paramount Lodging Advisors (PLA) is pleased to announce the sale of the Sky Rock Inn located in Sedona Arizona on behalf of Yang Capital. The 108-room hotel located at 1200 W Highway 89 in Sedona, is situated atop the West Sedona hilltop affording the best 360-degree views in the market. The hotel was purchased by Dauntless Capital Partners, an investment firm that builds and invests in durable businesses throughout the hospitality, consumer healthcare, manufacturing, and industrial sectors. The hotel will continue to operate under the Sky Rock Inn brand as well as the Spoken lifestyle experience, a supplemental brand to deliver an enhance...
Avison Young’s Hotel Auction Team
Avison Young | April 28, 2022
ATLANTA – April 28, 2022 – Avison Young announced today that Brad Sinclair and Michael Bernath lead Avison Young’s hotel auction team. Over the past 10 months, the team has closed 8 hotels on the Ten-X Auction platform at an average sale of 23% over the reserve pricing. The latest hotel auction ended last week, ultimately selling for 74% over reserve. Avison Young has closed over 80 transactions through the Ten-X platform. Examples of recent closing include the Homewood Suites Lansdale PA, Hilton Garden Inn Cranberry PA, the Springhill Suites Albany/Colonie, NY and the Hampton Inn Omaha, NE. Brad Sinclair said: Our consistent and a...
Marriott, Hilton, and IHG Account for 67% of U.S. Construction Pipeline Projects
Lodging Econometrics | April 28, 2022
April 28, 2022 – PORTSMOUTH, NH – In the recently released Q1 2022United States Construction Pipeline Trend Report from Lodging Econometrics (LE), the franchise companies with the largest U.S. construction pipelines at the end of 2022’s first quarter are Marriott International, with 1,359 projects/171,820 rooms, followed by Hilton Worldwide, with 1,287 projects/146,579 rooms, and InterContinental Hotels Group (IHG), with 785 projects/79,095 rooms. These three companies combined account for 67% of the projects and 66% of the rooms in the total U.S. construction pipeline. At the end of Q1'22, the franchise company with the most project...
Hotel Genevieve, a New Property from Bunkhouse Group, Is Set to Open in Louisville in Spring 2023
Bunkhouse Group | April 26, 2022
Louisville, Kentucky (April 2022) – Bunkhouse, the Austin-based hospitality company founded on the pillars of design, music, and authentic community-driven experiences, announced today a new hotel project in Louisville, named Hotel Genevieve. Scheduled to open in spring 2023, this will be the brand’s first hotel project in Kentucky. The property, with architecture by Memphis-based LLW Architects, is located in the heart of the NuLu neighborhood, featuring 122 rooms on six floors, along with a restaurant, lush rooftop, mini market, and intimate bar. Hotel Genevieve’s name is inspired by a regional type of limestone, Saint Genevieve, ...
The Dallas Market Continues to Lead the U.S. Hotel Construction Pipeline at the Close of the First Quarter
Lodging Econometrics | April 26, 2022
April 26, 2022 – PORTSMOUTH, NH – In the Q1 2022 U.S. Construction Pipeline Trend Report released by Lodging Econometrics (LE), at the close of the first quarter, Dallas leads all U.S. markets in the number of pipeline projects with 165 projects/19,730 rooms. Following Dallas, the U.S. markets with the largest hotel construction pipelines by project count are Atlanta, with 135 projects/17,646 rooms; Los Angeles with 123 projects/20,176 rooms; New York with 122 projects/20,864 rooms; and Phoenix, with 103 projects/13,820 rooms. Markets with the greatest number of projects already under construction are New York, with 90 projects/14,710 ...
Provenance Hotels and Gencom Affiliate Form GenPro
Provenance Hotels | April 25, 2022
PORTLAND, Ore. and MIAMI--Provenance Hotels (Provenance) and affiliates of Gencom, a leading domestic and international investment and development firm, today announced the formation of a special purpose hospitality venture, GenPro. As part of the venture, Provenance will contribute various hotels it owns throughout the United States, along with cash, and the Gencom affiliate will contribute cash. Jointly led by Provenance’s Founder and Chairman, Gordon Sondland, and Gencom Founder, Karim Alibhai, the venture will seek to expand through future acquisitions and/or redevelopment opportunities. GenPro’s hotel assets will be managed by B...
Hospitality Financial Leadership: What Is the Only Thing We Know for Sure About the Hotel Budget?
David Lund | April 25, 2022
By David Lund The budget is a BIG deal. Heck, it consumes so much time and energy in the hotel. Getting it right is a critical element to any branded, managed hotel. If you are reading this and you do not prepare an annual budget, you are probably scratching your head and wondering what I am talking about. Read all about how to prepare a budget right here. In your average hotel, the budget process is a two- to three-month deal. It means, or it should mean, each key manager is implicated in doing their part by preparing and negotiating the payroll and expenses for the department they manage. The annual gut-wrenching process we call...
U.S. Hotel Construction Pipeline Projects Up Slightly Year-Over-Year
Lodging Econometrics | April 25, 2022
April 25, 2022 – PORTSMOUTH, NH - According to the Q1 2022 Construction Pipeline Trend Report for the United States from Lodging Econometrics (LE), the total U.S. construction pipeline stands at 5,090 projects/606,302 rooms at the end of the first quarter of 2022. LE analysts report that the total U.S. construction pipeline shows a small increase year-over-year (YOY), up 2% by projects, but down 3% by rooms. At Q1‘22, there are 961 projects/128,784 rooms currently under construction, down 27% by projects and 28% by rooms YOY. Projects scheduled to start in the next 12 months, at 1,911 projects/223,030 rooms, are up 2% by projects and 3...
What the 2022 Revitalization of EB-5 Financing Means Today: Part 2
Jim Butler | April 25, 2022
By Jim Butler and the Global Hospitality Group® Part two of our recent article in Westlaw Today explores the opportunities available to developers and investors now that the EB-5 program is back on track. For part 1, click here. This article was originally published on Westlaw Today on April 14, 2022. What the 2022 Revitalization of EB-5 Financing Means for Real Estate Developers and Other Entrepreneurs: Part 2 What are foreign investors looking for? Experts expect to see a flood of interest in the EB-5 program, both from foreign investors anxious to immigrate to the US, and from real estate developers with shovel-ready project...
Hyatt Signs With Affiliate of SIGNA and CENTRAL Group for Thompson Vienna
Hyatt Hotels Corporation | April 20, 2022
CHICAGO (20th April, 2022) - Hyatt Hotels Corporation (NYSE: H) announced today that a Hyatt affiliate has entered into a management agreement with an affiliate of SIGNA and CENTRAL Group for Thompson Vienna, a stunning new sophisticated lifestyle hotel to be located in the Austrian capital. The milestone development demonstrates Hyatt’s drive to expand its brands throughout Europe, along with a strong commitment to growing the Thompson Hotels portfolio. Expected to open in late 2024, the 148-room hotel will be located on Mariahilferstrasse (Mariahilfer Street) in the popular retail area of Vienna, as part of an exciting development br...
Olympia Hotel Management to Operate The Benson Hotel and Faculty Club Opening 2023
Olympia Hotel Management | April 20, 2022
April 20, 2022. Portland, ME. Olympia Hotel Management has been chosen to operate The Benson Hotel and Faculty Club, a new boutique hotel developed by the Denver-based Aimco, located at the heart of the world-class University of Colorado Anschutz Medical Campus in Aurora, Colorado. The Benson Hotel and Faculty Club will be the center of hospitality at the nationally recognized Anschutz Medical Campus, situated between downtown Denver and Denver International Airport. It is designed to accommodate the needs of the Hospitals and University by offering high-quality meeting facilities, full-service lodging, and space for meetings and social fu...
