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
Colebrook Financial Company Finalizes $12 Million Hypothecation Loan for InnSeason Resorts
Colebrook Financial Company | September 21, 2021
Middletown, CT – September 21, 2021 – Colebrook Financial Company, a leading lender to the timeshare and vacation club industries, closed a $12 million hypothecation loan for InnSeason Resorts, a brand that focuses on the true “Northeast Experience.” InnSeason has 50,000 members and six quality resorts in highly sought-after locations under their brand umbrella. This fall, their award-winning Riverwalk Resort will begin Phase II. The east coast company also acquires inventory in key vacation destinations to meet member travel demands. Dennis Ducharme, President and COO, and his partner Billy Curran, CEO, came together to ...
Deal-Making Activity in the Travel & Tourism Sector Declined by 17.4% During August 2021
GlobalData | September 15, 2021
A total of 57 deals (comprising mergers & acquisitions [M&A], private equity, and venture financing) were announced in the global travel and tourism sector during August 2021, which is a decline of 17.4% over 69 deals announced in July, according to GlobalData, a leading data and analytics company. Aurojyoti Bose, Lead Analyst at GlobalData, comments: August marks the second consecutive month of decline in deal activity for the travel and tourism sector after rebounding in June. The subdued deal activity could be attributed to dampened deal-making sentiments as uncertainty due to the COVID-19 pandemic still looms. All t...
Cascade Investment Affiliate Agrees to Acquire Controlling Stake in Four Seasons Hotels and Resorts
Four Seasons Hotels and Resorts | September 8, 2021
TORONTO - September 8, 2021 - Four Seasons Hotels and Resorts ("Four Seasons" or "the Company"), the world's leading luxury hospitality company, today announced that its longstanding shareholder, an affiliate of Cascade Investment, L.L.C. (collectively, "Cascade"), has entered into a definitive agreement to acquire a controlling interest in the Company. In the all-cash deal, Cascade will increase its existing 47.5 percent stake to 71.25 percent by purchasing half of the existing 47.5 percent stake owned by an affiliate of its long-term investment partner Kingdom Holding Company ("KHC") for $2.21 billion, valuing Four Seasons at a $10 bill...
Avison Young Hospitality Group – Red Roof Inns
Avison Young | August 23, 2021
ATLANTA – August 23, 2021 – Avison Young announced today it has successfully closed the sale of 32 Red Roof Inns over the last 19 months. The hotels were located in most of all US regions and ranged in room counts, size and demand generators. The broker leading in these transactions was Wendy Blissett, Principal with Avison Young. Keith Thompson said, “These closings represent a continued investment trend into limited-service hotel product which has outperformed most all other hospitality segments.”...
Avison Young Hospitality Group Closes Marriott Sales
Avison Young | August 18, 2021
ATLANTA – August 18, 2021 – Avison Young announced today it has successfully closed the sale on four Marriott Courtyards and five Springhill Suites. The properties were located from the pacific northwest, Midwest, and eastern seaboard states. The brokers involved in the closings were Brad Sinclair, Andy Broad and Michael Bernath. Keith Thompson said, "These closings represent a continued investment trend into hospitality and the hotels ranged from cash flowing assets to closed hotels all with large required pips. Most importantly they were all priced on 2019 performance levels."...
Paramount Lodging Advisors Successfully Transacts Godfrey Tampa
Paramount Lodging Advisors | August 17, 2021
Paramount Lodging Advisors (PLA) has successfully executed the sale of the Godfrey Hotel & Cabanas Tampa. The PLA team representing the seller was led by Bennett Webster, Brent Clemens, and Brian Guernier. The sale allowed the lender to unwind their existing interest on the $45MM non-performing loan. “Despite the ongoing national and regional challenges in the current market, our team remains very bullish on the longer-term industry rebound. We believe Florida will remain at the forefront of the recovery,” stated Bennett Webster The sales add to Paramount Lodging Advisors’ continued and unprecedented success over the cou...
Paramount Lodging Advisors Successfully Closes a Five-Hotel Portfolio Sale in Texas
Paramount Lodging Advisors | August 16, 2021
Paramount Lodging Advisors (PLA) has successfully executed the sale of a TownePlace Suites and four Fairfield Inn & Suites(s) located throughout the Houston MSA and Victoria, TX. The PLA team representing the seller included Texas-based Managing Director Kami Burnette and Associate Mason McDavid, as well as Senior Managing Directors Bennett Webster and Brent Clemens. The five assets totaled ~360 rooms and were sold to individual buyers. “In spite of the continuing COVID-related impairments, market fundamentals are improving and the midscale buyer segment is aggressively pursuing acquisitions with the assistance of SBA financing ...
Paramount Lodging Advisors Successfully Transacts in Texas, Louisiana, Oklahoma With Seven-Asset Portfolio Sale
Paramount Lodging Advisors | August 12, 2021
Paramount Lodging Advisors (PLA) has successfully executed the sale of the Courtyard Houma LA, Staybridge Suites Laredo TX, Holiday Inn Express & Suites Cotulla TX, Fairfield Inn & Suites San Angelo TX, Staybridge Suites San Angelo TX, Springhill Suites Ardmore OK and Hampton Inn Denton TX via online auctions. The hotels were part of a larger portfolio. The PLA team representing the seller was led by Kami Burnette, Brent Clemens, and Bennett Webster “Despite the ongoing national and regional challenges in the current market, our team remains very bullish on the longer-term industry rebound and we believe Texas will remain at...
Baird/STR Hotel Stock Index Rose 1.9% in July
Baird | August 11, 2021
HENDERSONVILLE, Tennessee, and MILWAUKEE — August 11, 2021 — The Baird/STR Hotel Stock Index rose 1.9% in July to a level of 5,086. Year to date through the first seven months of 2021, the stock index was up 11.2%. “Hotel stocks were positive but performance was mixed in July with the hotel brands significantly outperforming the hotel REITs,” said Michael Bellisario, senior hotel research analyst and director at Baird. “While second-quarter earnings so far have exceeded expectations, investors appear to be focused on the potential impact of the Delta variant domestically, how business travel might unfold post-Labor Day, and broad...
Avison Young Hospitality Group Portfolio Sale
Avison Young | August 11, 2021
ATLANTA – August 11, 2021 – Avison Young announced today it successfully represented a publicly traded hotel company in the sale of a Twenty Property Portfolio. This Marriott and Hilton-branded portfolio included properties covering 13 states nationwide and sold for $211,000,000. The buyer was a West Coast-based family office who was looking to add these premier select-service properties to its core assets. The brokers involved in the sale were Andy Broad, Brad Sinclair and Michael Bernath. The portfolio properties included the Hilton Garden Inn Dallas Allen - Allen, TX.; Hampton Inn & Suites Allen - Allen, TX.; Hilton Garden In...
Spirides Provides $4.1 Million Loan to Refinance Debt of Best Western in San Angelo, Texas
Spirides Hospitality Finance Company | August 10, 2021
TAMPA, FLORIDA—Spirides Hospitality Finance Company has successfully provided and the borrower has officially closed a $4.1 million loan to refinance the existing mortgage debt of the Best Western SureStay in San Angelo, Texas. Also known as the Pearl on the Concho, this iconic 164-room hotel is located at 333 Rio Concho Drive in the heart of the downtown historic, cultural, commercial, and entertainment district of San Angelo, Tom Green County, Texas. The hotel is a full-service, midscale, family-centric hotel that was first built as one of the original Holiday Inn Holidomes which feature a very large indoor recreational atrium with s...
U.S. CMBS Delinquencies Tumble in July With Strong Hotel Resolutions
Fitch Ratings | August 6, 2021
Fitch Ratings-New York-06 August 2021: Fitch Ratings’ U.S. CMBS delinquency rate fell 22 bps to 3.59% in July from 3.81% in June, due to more loan resolutions, fewer new delinquencies and strong new issuance. Resolution volume was strong, totaling $1.7 billion in July, up from $1.6 billion in June. Most resolutions were hotel ($958 million) and retail ($524 million) loans. Borrowers continue to bring loans current as property cash flows improve, although some are still receiving debt relief. New delinquencies were $853 million in July, down from $1.0 billion in June. The roll rate of 30 to 60 days delinquent was 35% from June to July,...
KSL Capital Partners Launches Select Service Hotel Platform
Mission Hill Hospitality | August 6, 2021
Mission Hill Hospitality Builds Growing Portfolio Across US DENVER, CO – August 5, 2021: An affiliate of KSL Capital Partners, LLC (“KSL”), a leading investor in travel and leisure businesses, has launched Mission Hill Hospitality, a portfolio company created to acquire select service and extended stay hotels. To date, Mission Hill Hospitality has acquired 12 hotels. KSL historically has focused on full-service hotels, particularly in leisure destinations generally supported by a mass affluent consumer. Mission Hill Hospitality represents an opportunity to invest in select service and extended stay hotels, which, according to Co...
Wyndham Hotels & Resorts Reports Second Quarter 2021 Results
Wyndham Hotels & Resorts | July 29, 2021
PARSIPPANY, N.J. - July 29, 2021 - Wyndham Hotels & Resorts (NYSE: WH) today announced results for the three months ended June 30, 2021. Highlights include: Second quarter diluted earnings per share was $0.73 compared to diluted loss per share of $1.86 in second quarter 2020; second quarter adjusted diluted EPS was $0.95 compared to adjusted diluted EPS of $0.10 in second quarter 2020. Second quarter net income was $68 million compared to a net loss of $174 million in second quarter 2020; second quarter adjusted net income was $89 million compared to adjusted net income of $9 million in second quarter 2020. Second quarter adjus...
Hilton Reports Second Quarter 2021 Results
Hilton | July 29, 2021
MCLEAN, Va. - July 29, 2021 - Hilton Worldwide Holdings Inc. ("Hilton" or the "Company") (NYSE: HLT) today reported its second 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 $0.46 for the second quarter, and diluted EPS, adjusted for special items, was $0.56 Net income was $128 million for the second quarter Adjusted EBITDA was $400 million for the second quarter System-wide comparable RevPAR increased 233.8 percent on a currency neutral basis for the second quarter from the same period in 2...
Agilysys Reports Fiscal 2022 First Quarter Revenue of $38.7M
Agilysys | July 28, 2021
Reports Record Recurring Revenue of $23.2M Inclusive of Subscription Record Revenue of $10.2M Reports Adjusted EBITDA of $6.9M and Positive GAAP EPS of $0.06 With Quarterly Free Cash Flow of $7.7M and Cash Balance Increase of $4.7M to $103.9M Alpharetta, GA – July 28, 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 2022 first quarter ended June 30, 2021. (Please click here for complete financial information.) Summary of Fiscal 2022 First Quarter Financial Results ...
Avison Young 2021 Transactions
Avison Young | July 27, 2021
ATLANTA – July 28, 2021 – Avison Young Hospitality Group announced that the firm closed its 50th hotel transaction for 2021. Of the 50 closings, 29 were Hilton and or Marriott branded assets and the remaining transactions were among other brand families. Geographically, the hotels were located from the Pacific Northwest, California, across the Midwest and along Eastern seaboard states ending with Connecticut Keith Thompson said, “The closings represent broad segment diversity from upper upscale, midscale to economy and even a couple of independent hotels. It was good to see corporate-driven hotels transacting at a more brisk pace tha...
Sonnenblick-Eichner Company Arranges $38,000,000 of Interim First Mortgage Leasehold Financing for The Portofino Hotel & Marina, Redondo Beach, C
Sonnenblick-Eichner Company | July 21, 2021
Beverly Hills, California – July 21, 2021 – Sonnenblick-Eichner Company announced today that it has arranged $38,000,000 of interim first mortgage leasehold financing for The Portofino Hotel & Marina, a 161-room full-service hotel located in Redondo Beach, California. The new five-year floating-rate LIBOR-based loan replaces a maturing loan. The hotel features a full-service restaurant and lounge, lobby bar and indoor/outdoor meeting and event space. Amenities also include an outdoor pool, a jacuzzi and a fitness and business center. The property includes a 181-slip marina and 19 apartments. The hotel is located within Los A...
Paramount Lodging Advisors Arranges the Sale of the Holiday Inn La Mesa San Diego, California
Paramount Lodging Advisors | July 14, 2021
Paramount Lodging Advisors (PLA) is pleased to announce the sale of Holiday Inn La Mesa San Diego to Greens Group based in Irvine CA. The hotel is located at 8000 Parkway Dr, La Mesa, CA, proximate to a diverse base of demand generators that included San Diego State University, Sharp Grossmont Hospital, Regen BioPharma, Zander Therapeutics, Grossmont Center for Clinical Research, and Kaiser Permanente. The two-story, 141-room, Holiday Inn hotel will undergo a multi-million-dollar renovation to be repositioned as a Holiday Inn Express. The PLA team members Senior Managing Director, Scott Griemsmann and Senior Associate, Subu Thiagarajan ...
Radisson Hotel Group Signs New Radisson Hotel at Beijing Daxing International Airport
Radisson Hotel Group | June 30, 2021
Beijing - 30 June 2021 - Radisson Hotel Group continues to expand its presence in China’s most dynamic destinations with the signing of a brand-new Radisson hotel at Beijing Daxing International Airport, the spectacular new global gateway that opened in 2019 and is expected to become one of the world’s busiest airport. Scheduled to start welcoming guests in Q1, 2022, Radisson Hotel Beijing Daxing Airport is a modern and stylish upscale hotel located within the Airport Economic Zone, just 1.2km from the international terminal. The hotel will form part of an eco-friendly, mixed-use development that is set to receive the LEED Pl...
Paramount Lodging Advisors Successfully Transacts Las Vegas Hotel
Paramount Lodging Advisors | June 29, 2021
Paramount Lodging Advisors (PLA) is pleased to announce the sale of the property at located at 1440 E Craig Rd, North Las Vegas was represented by Associate, Suzanna Farley Aldrich. “The My Place Hotel Franchise added a new franchisee to its family with the sale of the North Las Vegas My Place Hotel. Congratulations to both the seller and the buyer! This property is a great addition to the buyers’ growing portfolio and allows the franchise to continue its impressive growth even in this challenging market,” stated Suzanna. The four-story, 63-room, MyPlace Hotel opened in 2018 in one of Nevada’s fastest-growing cities. The Hotel i...
BuildCentral Announces Geospex™, a New Planned Construction Visualization Tool for Real Estate Market Opportunity and Risk Analysis
BuildCentral | June 23, 2021
Real estate, finance and construction industry pros can now use planned construction data visualization to better understand opportunities and risks in key markets. CHICAGO, June 23, 2021 -- BuildCentral today announced Geospex™, a new planned construction visualization tool built for real estate, finance and construction industry professionals. Geospex™ provides a new way for construction industry, finance and real estate professionals to better evaluate their key markets for growth opportunities and potential risks. Using ESRI geospatial technology, Geospex™ pairs planned real estate development data from BuildCentral with ...
BLLA’s Boutique Hotel Investment Conference Concludes With Highest Reviews Showing the Upward Trending Results for Future
the Boutique & Lifestyle Leaders Association (BLLA) | June 9, 2021
The Boutique Lifestyle is clearly an opportunity to participate in some of the most ingenious projects post-Covid, globally June 9, 2021, Los Angeles - The Boutique Hotel Investment Conference 2021, powered by BLLA, was deemed an astounding success by not only attendees, judging by the dozens of testimonials coming in, but also the association’s leadership as well as their program planning committee. The nearly 100 speakers lead participants through the twists and turns of buying, investing, and operating today’s most popular and promising boutique hospitality sector. The opportunities presented through presentations, discussions, deba...
Pebblebrook Hotel Trust Announces Update on Recent Operating Trends and Contract to Sell The Roger New York
Pebblebrook Hotel Trust | June 9, 2021
BETHESDA, Md.--June 9, 2021-- Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced an update on recent operating trends, including: Operating Trends: Overall operating trends continue to improve each week, and the Company expects to achieve positive Adjusted EBITDAre in the second quarter of 2021; Strong leisure demand; Business transient demand improving: Leisure demand continues to show robust growth. Business transient travel is in the early stages of its recovery, and the Company is encouraged with improved group activity and booking trends; Balance Sheet: The Company currently estimates its liquid...
